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Thread: New $1 Coins Worth $50

  1. #1
    rickyarrow is offline Good Twelever Aquamarine rickyarrow is on a distinguished road
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    Default New $1 Coins Worth $50

    http://news.yahoo.com/s/ap/20070307/...odless_dollars

    I would just go to the bank and buy and return rolls all day long until you have a pile of coins to sell on EBay

    U.S. Mint goof creates 'Godless dollars' By JOANN LOVIGLIO, Associated Press Writer
    54 minutes ago



    An unknown number of new George Washington dollar coins were mistakenly struck without their edge inscriptions, including "In God We Trust," and are fetching around $50 apiece online.

    The properly struck dollar coins, bearing the likeness of the nation's first president, are inscribed along the edge with "In God We Trust," "E Pluribus Unum" and the year and mint mark. The flawed coins made it past inspectors and went into circulation Feb. 15.

    The U.S. Mint struck 300 million of the coins, which are golden in color and slightly larger and thicker than a quarter.

    About half were made in Philadelphia and the rest in Denver. So far the mint has only received reports of error coins coming from Philadelphia, mint spokeswoman Becky Bailey said.

    Bailey said it was unknown how many coins lacked the inscriptions. Ron Guth, president of Professional Coin Grading Service, one of the world's largest coin authentication companies, said he believes that at least 50,000 error coins were put in circulation.

    "The first one sold for $600 before everyone knew how common they actually were," he said. "They're going for around $40 to $60 on eBay now, and they'll probably settle in the $50 range."

    Production of the presidential dollar entails a "new, complex, high-volume manufacturing system" that the mint will adjust to eliminate any future defects, the mint said in a statement.

    "We take this matter seriously. We also consider quality control a high priority. The agency is looking into the matter to determine a possible cause in the manufacturing process," the statement said.

    Guth said it appeared from the roughly 50 smooth-edge dollars he has authenticated that the problem had to do with quality control rather than a mechanical error.

    "These coins are struck like normal coins, then they go through another machine that adds edge lettering in another process. These apparently skipped that process," he said. "We've seen a couple of instances where the edge lettering may be weak or indistinct, but we're not talking about that here."

    The coin's design has already spurred e-mail conspiracy theories claiming that the religious motto was purposely omitted. That rumor may have started because the edge lettering cannot be seen in head-on photographs of properly struck coins.

    It is the first U.S. coin to have words stamped around the edge since the storied 1933 $20 gold "double eagle," among the rarest and most valuable in the world. In 2002, a 1933 double eagle was sold for $7.59 million — the highest price ever paid for a coin.

    The Washington dollars are the first in a series of presidential coins slated to run until 2016. After Washington, the presidents to be honored on dollar coins this year will be John Adams, Thomas Jefferson and James Madison.

    The 215-year-old Philadelphia mint, located downtown on Independence Mall, employs about 500 people and last year produced about 7.8 billion coins. The overwhelming majority of error coins are caught by inspectors and melted down.

    Bailey said the striking of the Adams coin, expected to roll out in mid-May, will proceed as planned.

    "We are adjusting the manufacturing process to try to eliminate the problems," she said.

    ___

    On the Net:

    U.S. Mint: http://www.usmint.gov

    Professional Coin Grading Service: http://www.pcgs.com
    [/url]

  2. #2
    tron's Avatar
    tron is offline Twelever Gold tron is on a distinguished road
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    Nice...

    I wonder if this can fit into any End of the World theories.

  3. #3
    rickyarrow is offline Good Twelever Aquamarine rickyarrow is on a distinguished road
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    What you may not realize is that a $2,500,000.00 dollar markert was just created out of thin air!!!! The US Gov created a $300,000,000.00 market out of thin air as well

    We have 300 million coins but 50,000 are in error which means 1 in 6000 coins turning up one would be worth $50.00 but really the odds are much better if you live East of the Mississippi River because the Mint of Philly goes to the river while the Denver Mint covers the West of the river and picked up West of the Rockies since San Fran did not mint any coins.

    So if you go to a bank and buy rolls of these coins look for errors you could get a whole roll of coins worth $1100 dollars 25 coins per roll at $50 equals $1100 and if you live East of the Mississippi none of the coins will turn up made from the Denver Mint until we see widespread circulation of the coin....ODDS ODDS ODDS

    So go to the bank and take $2000 dollars and start turning coins over back and forth as fast as you can and I say you could make some money of that $2.5 million dollar market

    Out of thin air

  4. #4
    rickyarrow is offline Good Twelever Aquamarine rickyarrow is on a distinguished road
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    I like to put my money where my mouth is.

    Today I was able to go thru 100 coins but I will start going thru 2000 coins a day.......since I have no other treasure hunt to play.

    I have a new game to play and will keep everyone posted...........

    Arrow O Errors $2,500.000.00

  5. #5
    snowqueen's Avatar
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    good luck ricky!!!

  6. #6
    rickyarrow is offline Good Twelever Aquamarine rickyarrow is on a distinguished road
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    Thanks and if I get a new car I'll have to pick you up for a spin around the East Coast

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    Hmm. I played a similar theory for years when I was a kid and teen. For what I could earn an hour then picking fruit or mowing lawns, it worked out pretty well. My biggest limit was tying up money in the coins. But I was pulling out solid silver or high-percentage silver old coins, when the mints switched to lower percent alloys. And I kept them, to wait for silver prices to rise. They did.

    Look at it this way. Sounds like you have about $2000 that you can tie up in this. That means the most you can look at is 2000 coins per day. At 1 in 6000 coins (let's stick with that, as I live in PA and get lots of new D coins), that's 1 every 3 days.

    Or look at it this way. How many coins can you look at an hour. Say 500 at most? (You'll have to wrap them up again to avoid paying a handling fee.) That means you could make $49 for every 12 hours of work! Almost minimum wage! (But unless/until you get more cash, you can only work 4 hours a day, right?)

    Of course, you could sell your coins as you find them to increase your daily capacity. If you found one roll of all no incription coins, you could up your daily activity to 6 hours. You could net almost $25/day, if you walk to the bank and don't pay for fuel or fare.

    If everyone plays this game, and all 50,000 are up for auction on Ebay, how do you think the price will hold?

    Happy Hunting!

    lizzy

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    ROFLMAO
    ***********************
    We must be willing to get rid of the life we’ve planned, so as to have the life that is waiting for us.
    ~Joseph Campbell

    There are three kinds of people : Those who can count and those that can't.




  9. #9
    lizardlips's Avatar
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    P.S. Oh, another thing to consider from an experienced coin hound. 2000 coins are heavy. If you up your ante to 3000 a day, that's heavier. And, since you're walking to make this profitable, you're going to get in a great workout. Maybe you could try standing in the bank lobby and going through the quarters. You could work at it full time that way, although they might consider it loitering, especially if you lunched on the job.

  10. #10
    jclark3 is offline Junior Twelever Bronze jclark3 is an unknown quantity at this point
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    Default $1 Error

    The U.S. Mint has been pushing the "dollar" coins for some time as a cheaper alternative to the paper dollar. The SaK dollar had popularity for a short time when it came out, then interest faded. Now.. here's a new series, with writing on the edges! They are pretty sweet looking I must say, and I'd prefer using them too the paper dollar. Something about having a pocket full of gold coins that's appealing. Maybe it's the pirate in me, who knows. However...my point... The U.S. Mint can save 500 million dollars a year IF we switched to the "golden" dollar. They last longer, as the paper dollars have a lifespan of around 18 months. The "golden" dollars last MUCH longer. SO.. how do we get people "pumped" about the "new" dollar? Hmmm.. A convinient "error" on a few thousand coins. I also like how it's the "In God We Trust" part of the coin that was left out too. I could read into that all day as well, so I won't even get started. Anyways.. that's my 100 cents.

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