United States Presidential Dollar Coins

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United States Presidential Dollar Coins

Unread postby James » Fri Feb 23, 2007 6:04 am

So the United States has decided to mint dollar coins featuring the various United States presidents. They have started with George Washington and they will work through the ranks, four presidents a year, until they reach… some point or another. Hopefully someone after or before Bush and Clinton.

What do you think?

<hr>
I used to collect coins but I stopped long ago. I was tempted to collect the state quarters but I couldn’t be bothered to do it. I still think it would be neat to have a collection of each state. The thing that always stands in my way is my need to do things right if I’m going to do it—I would wind up in banks buying mint coins for my set.

Anyway, because my cousin has me buying these goofy things for him, I decided to buy some for myself. After checking no less than forty banks (I stopped visiting them after about twelve and sat down on the phone) I finally found one that carried mint rolls. I purchased about $80 worth of ’em—$25 for myself in a roll, $2 for an album, and some extras to give away to friends and family. I thought for a moment about keeping some around to give to bums but I decided against it when I realized it would go to liquor and cigarettes just like all the other money people give them. Best to feed ’em at McDonalds.

Washington was released about a week ago.

Here’s the coin face:
Image

Here’s the coin tail:
Image

It is interesting to note how easy these scratch. These coins were opened by the bank and haven’t been circulated—but look at the scratches! I’m certainly going to keep my collection bit (which may never really be worth anything but hey, who cares, it will always be worth a dollar a coin!) in the mint wrapping so they will always be assumed 'mint'.

Want to see something interesting? See something unusual? Look carefully.
Image

Don’t see it? Look at these photos and check the text on the coin sides:
Image

Image

Nice, huh? Some coins are printed with the text placed as you would expect it, with the coin face up, reading the side. On other coins the text is reversed completely. You can find both variations in the same coin roll, be it from the mint in Philadelphia or Denver. Already scammers are hard at work on eBay selling these ‘error’ coins for <a href="http://cgi.ebay.com/2-George-Washington-gold-dollar-coin-coins-Error_W0QQitemZ320085460173QQihZ011QQcategoryZ523QQrdZ1QQcmdZViewItem">grossly</a> <a href="http://cgi.ebay.com/2-George-Washington-gold-dollar-coin-coins-Error_W0QQitemZ320085407544QQihZ011QQcategoryZ523QQrdZ1QQcmdZViewItem">inflated</a> <a href="http://cgi.ebay.com/2-George-Washington-gold-dollar-coin-coins-and-holders_W0QQitemZ320085275264QQihZ011QQcategoryZ523QQrdZ1QQcmdZViewItem">prices</a>. Of the coins I have opened nearly all of them display this variation with about a 50% variation and they are from the Denver mint—nearly all the coins you see like this on eBay are from the Philadelphia mint. Whoever thought you could buy coins from the bank and sell them, immediately, for a 3000% profit? Sometimes I wish I had less ethics…

Another ‘error’ that has apparently turned up: a few people have listed dollar coins with no text printed along the sides. <a href="http://cgi.ebay.com/New-George-Washington-Gold-Dollar-Mint-Error_W0QQitemZ230093055064QQihZ013QQcategoryZ524QQssPageNameZWDVWQQrdZ1QQcmdZViewItem">this fellow</a> apparently received a roll of them and has sold one on ebay for $600. People are skeptic about this one for the time being—it would be quite easy to doctor the text out (for someone skilled with metal). Weighing the coin or examining it with a microscope is the only way to find out for certain. Time will tell if this is a clever scam or if this is a legitimate error, and if so, how much it will be worth.

<i>To any it may concern: I took the photographs in this post.</i>
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Unread postby Kong Wen » Fri Feb 23, 2007 6:12 am

I noticed the stuff on the rims in the larger picture and thought it was pretty interesting! Is it just the year?
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Unread postby James » Fri Feb 23, 2007 6:19 am

It reads as follows, all ’round the coin:

“<a href="http://en.wikipedia.org/wiki/In_God_We_Trust">IN GOD WE TRUST</a> • 2007 <a href="http://en.wikipedia.org/wiki/United_States_mint">D [or P: Mint]</a> • <a href="http://en.wikipedia.org/wiki/E_pluribus_unum">E PLURIBUS UNUM</a> • ”

In addition to appearing regularly or inverse the text does not appear at any particular point on the coin. 2007 could be above Washington’s head or under his collar. What people don’t yet know is how common all these variations will be, whether anyone will care, and how this might affect value. They do seem to agree, though, that the text is hard to read (20/20 people were complaining about it—I don’t have trouble at all), and that they hate having the date and mint on the side.
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Unread postby Kong Wen » Fri Feb 23, 2007 6:44 am

Having that stuff on the side is neat, but it seems like it's meant for collectors... Aren't the sides usually ridged because that's where coins tend to wear?

I doubt the variations on where the text appears will be worth much of anything, since I imagine the process doesn't have a set start-point. But the upsidedowniness might be a valuable variation if it weren't around 50-50. What do I know, I don't collect coins.
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Unread postby James » Fri Feb 23, 2007 6:55 am

Kong Wen wrote:Having that stuff on the side is neat, but it seems like it's meant for collectors... Aren't the sides usually ridged because that's where coins tend to wear?

I couldn’t honesty answer that. Maybe someone else can? It is certainly one of the places coins wear most but there’s not a whole heck of a lot to wear down. I always thought the ridges made it easier for people to handle the damn things without dropping them. Pennies and nickels—and the Sacagawea dollar coin—do not have ridges. Quarters, dimes, and the old Susan B. Anthony dollar coins do. On these new dollar coins they could only be ornamental: they won’t stop me from dropping the coins in the Taco Bell drive through. I’m sure it is aesthetic.

Kong Wen wrote:I doubt the variations on where the text appears will be worth much of anything, since I imagine the process doesn't have a set start-point. But the upsidedowniness might be a valuable variation if it weren't around 50-50. What do I know, I don't collect coins.

Provided they don’t oversaturate the market with the coins, <i>and</i> they become popular, they could actually be worth something to collectors years down the road. Heck, the die hard collector already has four coins to get: two mints, two variations. And that’s not including any odd variations out there. Funny thing is that when I first saw the inverse text I thought it was a government scam to make them more collectible—I may still be right. Or I may simply be paranoid.

Now I’m pretty much thinking of odd unexpected things to do with them.
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Re: United States Presidential Dollar Coins

Unread postby Jimayo » Fri Feb 23, 2007 7:00 am

James wrote:<hr>
I used to collect coins but I stopped long ago. I was tempted to collect the state quarters but I couldn’t be bothered to do it. I still think it would be neat to have a collection of each state.


I've got those. Really really hard, cause as you know I'm from canada. And I don't travel.
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Unread postby Kong Wen » Fri Feb 23, 2007 7:01 am

I think the cheaper coins don't have ridges because they're more expendable. No one cares if they get lost, worn out, or skimmed, because they're not as valuable and thus probably have a significantly lower production / circulation cost than other coins.
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Unread postby James » Fri Feb 23, 2007 7:12 am

Jimayo wrote:I've got those. Really really hard, cause as you know I'm from canada. And I don't travel.

Do you have some, or do you have a set?
In Utah I used to get Canadian 'quarters' and 'dimes' all the time.

Kong Wen wrote:I think the cheaper coins don't have ridges because they're more expendable. No one cares if they get lost, worn out, or skimmed, because they're not as valuable and thus probably have a significantly lower production / circulation cost than other coins.

That makes sense. And I imagine there could be extra costs involved too. Not that I know a whole heck of a lot about these things anyway. It is starting to seem like practicality isn’t as important a concern with dollar coins (e.g. no ridges on the Sacagawea). That, and America’s consistent rejection of them…
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Unread postby Jimayo » Fri Feb 23, 2007 7:29 am

James wrote:Do you have some, or do you have a set?
In Utah I used to get Canadian 'quarters' and 'dimes' all the time.


Complete set. Not mint or anything cause I just bought them from the till at timmy ho's when I worked there(and my mom got some). We've got quite the coin collection.
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Unread postby James » Fri Feb 23, 2007 7:45 am

Jimayo wrote:Complete set. Not mint or anything cause I just bought them from the till at timmy ho's when I worked there(and my mom got some). We've got quite the coin collection.

Nice. I suppose I would have a half-decent set if I had a binder to motivate me—I’ve probably got half a set in my junk change cup—but I’m in the United States. I wonder if you’re actually going to see these dollar coins in Canada. Heck, I’m wondering how much of them I’m going to see in actual <i>use</i> here.
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