What's the smooth edge dollar worth ?

I know someone on a non-coin forum that has a couple of them. I think he wants to sell. If he brings them raw to a local dealer ( and they are legit coins), what would be a fair buy price over the counter from a dealer ?

I saw somebody call it a $50 coin in the PCGS thread, and prices of $200 and more on ebay for certified, so I don't know what to tell him for a price, as I'm not up to date on this thing.

 

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They are worth what someone is willing to pay. On ebay it seems that if they are slabbed they are going for about $100+...and raw it seems like they are going for alittle under $100. My suggestion is to find a dealer that you can trust and buy a raw one.

Speedy

 

I don't want to buy any, just advise somebody ( non-collector) what is a fair price to accept.

 

What a reputable dealer will offer, or what he nets from an EBay auction if he chooses to go that route.

 

have seen the NGC 64's going for a little under a hundred. the 65's about two hundred or a little less . The 66's out of my league. Seen some dealers selling the 64 ngc non edge lettering for well over $200, so one has to shop around. Read somewhere that there may be an estimate of the number of these non edge lettering coins next week. not sure about that. Anyhow it will be just a an estimate

Personally I have not heard of any major finds of these coins lately. Could have easily missed it. I do not have access to a local coin dealers so most of my purchased are on line. Myself, i would not buy an uncertified Washington error coins. If you go the raw route, make sure yourdealers know about coins and is just not buying and selling. There have been some reports of dealers sending coins off to get certified and came back body bagged. would think that the number of these altered coins may increase in the months ahead . I had rather spend a $100 on a certified coin, PCGS or NGC than on a raw one for what ever they are selling for these days.

Just my opinion . Good luck

 

I hope $10,000

 

I think these fill fizzle out in time. I can't see it ever getting to the leel of a 55 DD cent.

I may be wrong but I think these $100-200 prices can't be sustained, somebody has to buy them, and all I see are sellers.

 

What dealer would accept any of these off the street, in effect risking his business goodwill on a few hundredths of a gram?

 

That crossed my mind also. I guess if the dealer trusts his skills to determine it is genuine, he can then maybe pay $50 for it over the counter, send it out for slabbing, then sell it for $100 or so. If sold raw somebody could come back anytime later saying he bought a fake from the dealer, so if dealing I might choose to sell only slabbed on this item.

 

From another( non-coin) site we got talking about GW dollars, then the error. I said I thought you could sell it for $50 or so. A poster said he has two, and the idea of turning that into $100 seems to appeal to him, I then started this thread to see what you guys think it can sell for.

These things are starting to look a lot easier to buy,than sell !

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Quote:
Originally Posted by Doug
I'm curious what he found, BF. If its the no edge lettering error, I believe that's worth around $50 ( but I'd have to check that), that would be cool as I think rolls are 25 coins, so that's like $1,000 profit.

Really? I have two with no rim lettering sitting in my change jar. You're telling me that's worth $100? How could I go about redeeming those?

above is from elsewhere

 

IMO shouldn't be worth more than $1, maybe $10 at most, it's just far too common an error. I think with the hype is over and the dust settles this will be worth around $25 or so, $50 at the most. I could be wrong, but it's already starting to look like it's difficult to resell at what they were recently bought for.

 

Sometimes I think these Mint "estimates," half of these are based on counterfeits, they just don't know it yet. I picked up two rolls of these from a local bank, when they first came out. Some of the edge-lettering is "weaker" than on others, requiring less coin (e.g., milligrams) to "shave off," in order to counterfeit. On the other hand, like you say, you offer a dealer a "slabbed" coin, from a reputable TPG, and I can see a transaction like that turning a profit.

Here's a rule of thumb for these: you buy/sell the slab, not the coin.

 

so we have come to that have we.... i think it still comes down to knowing the coin before you buy it... I would never advocate buying the slab over the coin.. ever ... you just need to be educated enough to make the right descision ... There are ways to figure out the fake washington smoothe edge coins, but online pics wont help much .. in hand magnification will be the easiest way to tell the fakes ....

good hunting ...

 

I have to admit, I recently bought 3 of these rimless NGC slabbed Washington errors. One graded an MS65 and the other two MS64's. I have convinced myself that these will be worth more than the $80.00 average I have paid for them IF I ever decide to get rid of them. These are also the ONLY error coins I have ever thought about purchasing too.

 

I beg your pardon, but I don't think that's very realistic. These coins are genuine or fake, not based on what a discriminating eye can see through a magnifying glass, but on what a properly-calibrated scale and calipers can determine within tolerances that are virtually unprecedented. We had those tolerances listed someplace, I forget the thread. But, let's face it, people aren't buying these so-called "error" coins for the sheer appreciation of it, and, that means, who cares whether they're fake, so long as a reputable TPG says they're not. And, let's get back to what I just said, on the "weak" edge-lettering. If I were a counterfeiter, and I knew I was dealing with these tolerances, I think I'd be bright enough to know to stay away from the deeper-engraved edge-lettering. And, when the Mint is all over the place on the mintage figures on these, and when these are selling for anywhere from fifty times your money back, and up, they're going to making these in high school machine shop, before long, if they aren't already, and, neither you, nor a TPG, is going to be able to discern the difference, because they're all going to be within the accepted tolerances. Just a prediction...

PS: You must have already purchased some of these "raw," huh? If so, I'd send them in for slabbing, now, before the TPGs figure out the truth, that they don't know what in the heck they're doing with them...

 

just so you know, i havenet bought any of the washington coins, i have gotten some 'for face' from my bank, but i wont buy them for a premium .. also you might want to take a look at NGC's website. they issued a report or an article on the fakes...they mentioned that with the ake smoothies, you can take a look at the edge and its 'too' smooth. all coins that come from the mint have bag and coin marks on the edge, the fakes are too smooth meaning they are missing the marks. NGC said that was one of the biggest and easiest ways to determine fakes.

and even still .. i would never advocate buying the slab instead of the coin .. its just not right, and a very bad yet easy habbit to fall into!!!

 

Daggarjon, I made that statement regrettably. I'm really just saying, on this nature of error, one wants to be double-sure it's authenticated, before shelling out the dough. But I think we're on the same page, there.

 

The authenticity of this useless coin really seems to be an issue, here. I happenned to be at a bank today, checked if they have any, as I have yet to see one of these coins "live", they didn't.

It really looks like this error is going to drop,IMO. Plenty of sellers, yet nobody seems to be a buyer, esp. if not slabbed.

If I got some smooth edge ones for face, I'd sell ASAP.

 

/amen, finally someone who gets it.

 

Buy all the Washington Smoothies you can get your hands on

edges out there and all it takes is a measly 6,000 collectors to each stash away 10 of these for a long term investment and the supplly dries up. You could buy 10 graded NGC 64's and 65's for about $1200 and with a few million collectors out there I bet this will happen where you will have collectors and investors putting 10 or more away. I already have 8 from pcgs and ngc and I'm not even a full time collector, but just someone who knows how rare it is for something like this to come out of the mint. Like another poster said in another forum, here we have a presidential coin with a circulation of only 60,000 and over 100 million collectors. These coins will rock and don't matter how many are thrown out on ebay each day there are always enough bidders to absorb the supply and as the hoards and sellers dry up I bet these coins sell for three times of what they are today by 2008. There is a seller on ebay called instantauctions who has a boatload of ngc graded smooth errors and they are selling these like there is no tomorrow. If they have 3000 of these I don't blame them for taking $400k or $500k since their basis was probably about $3000, but I guarantee you they will be kicking themselves in a year when they realize they could have had well over a million dollars instead. Another poster talked about the 1955 double die and the 1937 Buffalo 3 legged and I agree that these were nothing more than a die error which to me is no big deal because you can find coins all day long in circulation if you spend enough time with some kind of die error, but when a coin is missing its date and all the other good stuff then this to me becomes a whole seperate coin, whereas a double die is just a slight malfunction in the machinery. This coin is going to do phenomenally well, just watch and see.