I Must Have Them All!

By James A.  Porter

With the plethora of “doubled-die” errors issued by the U.S. Mint in Philadelphia in 2009, the value of these pennies has slowly increased and the resulting prices paid on eBAY have also gone up.  Since the “Early Childhood” (Log Cabin) and “Formative Years” (Lincoln reading on a log), “Professional Life” and “President in Washington” penny reverses are no longer being produced, all of the product available is finite and most of these coins are currently in the hands of many U.S. and worldwide collectors.

The number of different FY errors now listed by Wexler is 100!  Some die-hard collectors must have them all, and are paying upwards of $50.00 for a single example of the “latest” attributed doubled die error penny!   Using this statistic as an example, that makes the humble U.S. Lincoln Cent one of the most valuable commodities on the planet!
I mean, where else can one purchase anything at such a low face value as one cent, with a potential 5000% profit?   Subsequently, rolls and boxes of the 2009 pennies are now becoming very scarce and often unavailable, and individual 2009 dated pennies are almost impossible to find in circulation; Have you seen any of them?

Just One of the Currently Known 100 FY Philadelphia Doubled Die Errors

2009 Formative Years Pennies Yield Many Errors

The Famous "Skeletal Finger" Doubled Die Error, 2009-P Lincoln Cent Reverse Side, CDDR-009/WDDR-006.

“The Famous Skeleton Finger Reverse” CDDR-009/WDDR-006 

2009 Lincoln Cent Errors

By James A. Porter

I’ve had a lot of fun compiling a photo and descriptive collection of MOST of the (100+) 2009 P Formative Years Lincoln Cent errors this year, what a plethora of informatiion!  I have found many varieties of errors listed by Crawford, Wexler, CONECA, Coppercoins and the rest, by buying individual coins and U.S. Mint LP2 Boxes from sellers on EBAY and elsewhere on the WEB.   I have also made a list of errors associated with certain date, time and lot numbers marked on the ends of U.S. Mint boxes (LP2), and by asking some of the nice people I’ve bought from if they’ve opened any boxes, and which ones yielded the errors.     

    It’s really fascinating to me tracking the evolution of the error types CDDR-001 to WDDR-100+.
I don’t understand why PCGS and other grading companies are turning down a TON of business by not certifying/grading these sometimes rare varieties.  I think that these Lincoln Cent errors are the most significant and visible doubled die errors since the 1955 Lincoln Cent Doubled Die!   

1955 Doubled Die

Some error coins show less delineation in the strike, and I figured these coins are early or later states of that particular die and error.  I’ve found a few unattributed as of yet, I figure Wexler and Crawford and the rest have grown weary because of the sheer number of errors!  

I have been selling these 2009 P Lincoln Cent “Formative Years” error coins on eBAY for about 12 months now, and they seem to be gaining in popularity still, even though the newer issues, the ”Professional Life” and “President in Washington” issues are already becoming more available, despite lower mintages.  

You just can’t seem to find these Philadelphia Mint errors  out here in the West.  Banks don’t have them, and with coin store premiums, prices are about $100.00 for a $25.00 box of “FY” 2009 P bank-wrapped rolls of pennies.  

It has become confusing for buyers on eBAY because the listings of error cents are sometimes by Crawford, sometimes by Wexler numbers. Its ok when we’re talking about CDDR-003 and WDDR-003, because they are the same coin;  But when we are looking for a “Skeleton Finger” CDDR-009/WDDR-006, its easy to get the error numbers transposed when ordering, and end up with the wrong coin being delivered.  More errors are still being discovered, it makes one wonder what was going on in the Philadelphia Mint this year? Apparently, the Denver Mint experienced NO doubled die reverses that have so far been reported, compared to the 100+ different 2009 Philadelphia Mint FY Reverse doubled die error varieties!  

And on the other hand,  

Apparently there are some collectors who believe that the Formative Years Series Errors are a humbug.  Others believe that it is either the result of active imaginations or hallucinations motivated by the power of the almighty buck, of which many thousands of dollars each day are exchanging hands on eBAY.   

CDDR-005 / WDDR-011

CDDR-003 / WDDR-003

 The subtleties in the different Doubled Die Errors can cause difficulty in recognizing which one of the 100+ known Double Die Errors it is.  I mean, can you tell me if this is a CDDR-003 or a WDDR-011?  The two are remarkably similar, and many such instances occur over the series of 100+ errors classified so far.

Silver Eagle Coins-What Are They Worth?

By Jim Porter

What a U.S. Silver Eagle $1 coin might be ”worth” depends on four things;

U.S. Proof $1 Silver Eagle

1.)  Is your Silver Eagle an “Uncirculated” coin or a “Proof”  coin?  Uncirculated coins are generally used as a bullion investment, and are worth around the value of 1 ounce of silver as described in (2) below.  Proof Eagles have a mirror-like surface, and carry a numismatic value in addition to their intrinsic value, so are worth quite a bit more depending on the year issued.  Your 1998 Proof Eagle is worth about $40, yet your Uncirculated 1998 Eagle is only worth about $16 (7/09).  Your 2006 Proof Eagle can be worth as much as $295 (20th Anniversary 3-Piece Set), $210 (Reverse-Proof Coin) or as little as $44 (normal proof coin).

U.S. $1 Uncirculated Silver Eagle

2.)  The bullion “value” is usually the HIGH price that one uses to set the standard base for the actual bullion coin.  You can’t expect to go to your local coin shop and pay this “value-based” price for an ounce of silver, because ALL dealers charge a substantial markup on each coin, based on demand and availability.  Neither can you expect to sell your ounce coin for this price.  If  silver bulliion is worth $17.52 an ounce (http://silverprice.org/), you might expect to pay about $19 per ounce coin.  Yet, if the same day you try to sell that same coin back to the same coin shop you bought it from, you can expect to get between $13 and $15 for it.   Bullion price quotes are only a guideline for your Silver Eagle Coin’s true “buy” or “sell” value.

3.)  “Anything is only worth what people will pay for it.”  You might maximize your sale by selling your coin in an online auction like EBAY, but it more than likely will be a “loss” to you unless you wait until the price of silver increases at least $5.00 an ounce (from your “buy” price) before selling it.  What the coin and bullion market will reflect  for your Silver Eagle’s value depends on supply and demand, like anything else of value. 

4.)  Condition and Grade play a large role in determining value.  Certain Proof Silver Eagles in the 1986 to 2009 run have premiums because they have lower mintages and are rarer because of this  (1993, 1994, 1995, 1996, 1997, 2006 Reverse Proof and 2008-W).  Similarly, certain Uncirculated Silver Eagles have a premium value because of lower mintage numbers and less apparent availability (1986, 1992, and 1996).  The mintmark can also determine rarity and value of Silver Eagle Coins based again on mintage numbers and availability (The “W” mintmark, West Point, for 2006, 2007 and 2008 coins adds a premium). 

Some Silver Eagle Bullion coins have found their way into general “circulation”, and have lost some of their value for not having been handled by cotton-gloved fingers by their edges only.  You can expect to get less for these “circulated coins” when you try to sell them, but also, you might get a better purchase price on them at coin shops and shows when buying them, as they no longer carry the premium as a numismatic collectable.

"Morgan" Silver U.S. $1 Coins 1878-1921

 

Although the Silver Eagle is considered to be an official U.S. $1 “Legal Tender” coin, most collector’s do not consider it to be a “silver dollar”.  The most famous silver dollars were the Morgan Dollar and the Peace Dollar.  The Morgan Dollar was designed by George T. Morgan and was minted from 1878 to 1921.  The Peace Dollar (below) was designed by Anthony de Francisci and was minted from 1921 to 1935.  As a bullion coin, these contain about 0.7 ounce of silver, and you might expect to pay between $16 for a common date “circulated” condition coin (GOOD to about FINE), and $30 for a common uncirculated coin. (Silver is about $17 an ounce today, 11/12/09)

U.S. "Peace" Silver $1 Coin

Thousands of dollars in your pocket change?…

By Jim Porter

The excitement of the treasure hunt has arrived in the form of a new U.S. error coin, namely the District of Columbia U.S. Territorial quarter.  This coin features famous African-American jazz great Duke Ellington at his piano on the reverse side, which has the error.

2009 (Denver Mint) District of Columbia Quarter

Above is the normal coin, without the doubling error that is referred to now as “Type I”.  The Type I error coin, which depending upon its rarity may be worth thousands of dollars,  looks like this:

The 2009-D Type I DC Error Quarter Dollar

Three or more different types of doubling exist on the District of Columbia quarter dollar, but the one above that’s caused all the excitement shows strong doubling of the “ELL” in Duke Ellington’s last name, which appears above his piano keyboard.  EBAY hasn’t had any of this rare type for sale yet, but has had coins for sale that show a lesser degree of “doubling” in other areas. Until more examples of the above Type I error are found, the value is speculative.   I have found one of the Type II doubling errors, and although not as noticeable or exciting as the Type I, several have appeared and sold on EBAY for less than $20.  Here’s what the Type II error looks like:

 

Errors are not new to the United States and Territorial quarters series.  There’s also a “Six Toe” Bear error on the Alaska State Quarter.  There’s been some debate as to whether a scratch or ding in the die created this error, but nevertheless, it is recognized as a bonafide error, and several have sold on EBAY for less than $20. 

 

You may have seen the Wisconsin State Quarter with an “extra leaf ” under the lower left leaves on the ear of corn.  Versions of this error from 2003 have sold for up to $300.00 on EBAY.  Some believe that this error was purposely created by a U.S. Mint employee.

Normal Wisconsin State Quarter

Above is the “High Leaf” and below is the “Low Leaf” errors on the Wisconsin 2003 State Quarter.

There are four new reverses scheduled to be released on the Lincoln Penny in 2009.  This being Abe’s 200th birthday, it is appropriate to honor him again.  The second release, called “The Formative Years” or “Rail Splitter” reverse, has a variety of “errors” on them.  At this time, none of the coin grading services acknowledge this issue as a “doubled die error”, but collector’s do by their obvious interest and purchasing of the coins.  The most visible is the “extra finger” variety, which appears as an extra imprint of Lincoln’s left forefinger, on the left hand which is holding a book.

The Most Visible 2009 P Penny Reverse Error

The many other diverse varieties of the 2009 P Lincon Cent reverse errors are subtly different, and take a good loupe to be able to see them.   All varieties seem to be recognized by a widespread base of people buying and selling them on EBAY.  Perhaps they will grow or shrink in popular acceptance as error coins, but their apparent availability suggests that they are not  as rare as other error coins past and present.  (One dealer sells a “potential” roll for $39.99)

Variety of Errors on 2009 P Lincoln Cent Reverse

There are many, many more “errors” on the “Formative Years” Lincoln Bicentennial Commemorative 1 cent coin, and its really getting out of hand with all the different slight variations selling for ridiculously high prices on EBAY.  When all the smoke settles, perhaps they will be valued by their true rarity, if that can ever be determined.  In the meantime, I asked Abe what he thinks of the frenzy to find one of these error coins, and here is his response…

He's spinning in his grave!

 

The 1995 One Cent coin from Philadelphia (no mint mark below the date) also had a “Doubled Die” version, worth about $50.00 in mint state.

The '95 Doubled Die shows some slight doubling in the word "LIBERTY".

 A valuable error was minted in 1972 on the Lincoln cent obverse.  This “doubled die” is far more apparent than any since 1955.  It is valued in the $300 range for Mint State specimens.

1972 Doubled Die Obverse "LIBERTY"

 

This strongly doubled 1972 obverse is worth the most, there are varieties doubled to a lesser degree which are worth far less.  Some unscrupulous dealers try to pass off the less valuable ones as the rarer variety.  Its best to research thoroughly before purchasing ANY error coin. 

The most famous error coin is probably the 1955 Doubled Die One Cent coin, in terms of both notoriety and value.  Uncirculated versions of this coin bring upwards of $3,000.00.   The year it was issued, the coin was almost immediately discovered, and it started a nationwide “treasure hunt” for bags and rolls of 1955 P (Philadelphia, no mint mark) pennies.  Some lucky people found a roll of uncirculated coins then, other ver lucky ones found bags with many hundreds of uncirculated specimens.  Since then, they have apparently dissipated into the hands of worldwide error collectors and investors, as its value has increased at better than bank interest rates.

Of course, there are those who would take advantage of folks who do not know by representing a lesser value “Poorman’s Double Die” as the real ’55 Doubled Die Cent shown above, but the “Poorman’s” coin is quite common and only worth a few bucks in Mint State.  Shown below, the “Poorman’s DD” shows only minor “doubling”, of the last 5 of the date 1955.

"Poorman's Double Die" is not a true "doubling".

Minor, less noticeable errors exist in U.S. coinage which attract niche collector groups.  The 1922 “No D” one cent piece was caused by the use of extremely worn dies at the Denver Mint.  Pennies without any mintmark were produced at the Philadelphia Mint, but none were struck there in 1922, which makes the mintmark-free coin an obvious error.  This version of the 1922 “Weak D” penny also  has a weaker reverse, and is worth less than the strong reverse variety with an entirely missing mintmark.

1922 "No-D" Cent

Errors have always held a curious attraction to collectors, because they continually keep sufacing each year, even ones from the past which might seem unattainable to the average person.  In 1943, a few copper blanks (planchets) found their way into the production line at the Philadelphia Mint and were released along with all the other normal pennies that year.  Because of a copper shortage, the “normal” pennies minted in 1943 were made from zinc plated steel blanks, and the copper 1943 dated penny is worth about a quarter million dollars!  Before you get excited about the copper 1943 penny in your collection, the magnet test rules out copper plated fakes which are abundant, and no doubt the source of much fun and ridicule of those who have run about the house screaming, “I FOUND ONE!”

What Happened To My Investment?

Did you go heavy into diversified stocks or real estate in 2006?  The economy was in a totally different land then, I let my then wife talk me into buying a house in Las Vegas where the housing market was hot at that time. 

Now, like so many others here and throughout the U.S., I am upside-down in my mortgage and house value by $110,000.00 and, apparently, still falling.  At least I had the sense to pull out of the aggressive funds that I had invested in the stock market in 2007, with only a minor loss that has since been recovered by moving my money to the conservative and steady but low-earning fund that it has been in for almost two years now.

The U.S. Government, via the U.S. Mint, is selling gold and silver bullion coins at a shameful markup to many Americans who I think truly believe that the death of the dollar is imminent.  Its not just the dollar, but the world economy that still, believe it or not, hinges on it.  The U.S. Mint has stopped selling platinum bullion coins, and only the one ounce Gold Eagle is still available in the regular bullion coin series.  The 1/2, 1/4 and 1/10 ounce gold coins have not been minted yet, and might not be this year. 

U.S. Commemorative issues such as the Lincoln Silver Dollar and the Louis Braille Silver Dollar coins have sold well with 325,000 proof and 125,000 uncirculated Lincoln Dollars sold, and 78,430 Proof and 46,572 uncirculated Louis Braille Dollars sold so far.  The Mint is no longer selling the two roll package of P (Philadelphia) and D (Denver) new reverse Lincoln cents for $8.95 plus $4.95 shipping.  If you want these issues, don’t look for them to be released to the public through the normal channels (banks), they are appearing sporadically now and will continue to do so through the remaining three reverses to be issued this year.

Good luck trying to find these...

 

Just lately, the stock markets seem to have experienced some upward baby steps, but profit taking is hiolding the gains to a minimum.  The same thing has been happening to the metals markets for the last 6 months, with rapid gains followed by drastic falls, always within the 60 day moving averages of about $10 to $15 an ounce f0r silver, $800 to $900 an ounce for gold.  The somewhat predictable nature of these rises and falls has caused consternation to long term investors, but the short-termers are having fun.  The prices are on the higher side now, but should fall back again soon to provide everyone yet another investment opportunity.  Played correctly, beats the hell out of bank interest.

Today (May 14, 2009) gold closed at $928 an ounce, silver at $14.02.  Since most bullion dealers have charged shameful commissions for both metals all year, the current prices are merely the average cost for the year for these commodities.  Insiders in Numismatics have their “deals” with the Mint to buy at a reduced price, then charge what they please for the bullion coins. 

If you want to beat the trends, buy MS (mint state) grades of rare U.S. Gold and Silver coins of the past, and key date common coins like the 1909 S VDB cent, which perform well through recessions.

Logo Mania

Hey Janet Napolitano, I will create “logos” for the myriad new branches of our government, and it won’t cost you the $3 million that’s been paid by our government since 2003, I will do them for $10 apiece!   I noticed a stain under the cat cage at the animal shelter the other day, that’s one logo.   My pen stopped writing, so I scritch scratched on a blank piece of paper and, voila!   LOGOS!   With apologies to our starving artists, logo design is not rocket science.

With all the waste in government that occurs each day, I am sure that my $10 per logo fee will be affordable and just as effective to advertise the government’s departmental business interests.   If the “logo” department needs petty cash, they can borrow from the U.S. Mint, which charges $1,289.00 for one ounce of gold, which currently (April 19, 2009) is worth $867.40!   With sales numbering 56,527, the new logo budget will hardly be noticed from the $67,210,603.00 generated by the gold sales (and that’s just from the new St. Gaudens High Relief coin).   If you include the government income from the other bullion coin sales (platinum, gold and silver), heck, even $20 a logo is affordable.

 Why does our government have to advertise anything, especially the embarrassingly large number of bureaus and departments absorbing our tax dollars?  Once upon a time we got along just fine with only 5 branches of government, that had no subdivisions or auxilliary bureaus.  And why is our government in business selling off bullion coins anyway?   Don’t get me wrong, I think that its great to be in business and turn a profit, but isn’t it a conflict of interest for our own government to be making so much money selling their own coins?   You could have purchased the new Lincoln Cent reverse design from the U.S. Mint for 14 cents a coin (2 rolls of 50 coins, one “P” one “D” for $8.95 plus $4.95 shipping), except that they sold out all 97,149 sets.   Or, you can wait until (if) the banks get them and buy ‘em for 1 cent apiece.   Great going, Ed Moy (Director of the Mint), you have orchestrated another big win for the Fed.  

 It would really be great if some of these profits could be used to bail out upside down mortgage holders like me!  There has been a lot of talk about this lately, but mostly about people waiting on the phone for someone to talk to them. 

  O.K., I’ll make ‘em for $5 a logo, that’s reasonable isn’t it?   There’s lots of characters in foreign alphabets available on my computer that will do, that’s at least a hundred more logos for our government!  Please let me know soon, I have a late mortgage payment to make!

U.S. Gold Coins

Discovering United States Gold Coins

Whether you buy them at a coin shop, or find them using a metal detector, the information here may help to authenticate your U.S. Gold Coins.

   Liberty Gold Dollar Type I  

Type I Liberty $1, Weight 1.672 grams .900 Gold, .100 Copper, 13 mm Diameter

 Indian Gold Dollar Type II

Type II Indian $1, Weight 1.672 grams .900 Gold, .100 Copper, 15 mm Diameter

 Indian Gold Dollar Type III  

Type III Indian $1 Weight 1.672 grams .900 Gold, .100 Copper, 15 mm Diameter

Liberty & Indian $1 Gold 

 

These $1 coins minted between 1849 and 1889 were designed by James B. Longacre. They contain .04837 oz. of gold. Smaller than a dime, these coins were lost from pockets and purses because they would slip through small holes in either.

 

 Liberty Gold $2.50 “Quarter Eagle”

Liberty $2.50, Weight 4.18 grams .900 Gold, .100 Copper, 18 mm Diameter Reeded Edge

Indian Gold $2.50 “Quarter Eagle” 

Indian $2.50, Weight 4.18 grams .900 Gold, .100 Copper, 18 mm Diameter Reeded Edge

These $2.50 coins minted between 1840 and 1929 were designed by Christian Gobrecht (Liberty), and Bela Lyon Pratt (Indian) The $2.50 Indian Head gold coins were only struck for 13 years (1908-1915, and 1925-1929). They both contain .12094 oz. of gold.

 $3 ‘Indian Princess’ 

$3 Indian Princess, Weight 5.015 grams .900 Gold, .100 Copper, 20.5 mm Diameter Reeded Edge

The $3 “Indian Princess” gold coin containing .14512 oz. gold, was designed by James B. Longacre. Not a popular coin or denomination, it was “kept”, rather than circulated by the public.

$4 ”Stella” Gold 

$4 Stella, EXTREMELY RARE

The rare $4 “Stella”, so named for the star on the reverse, had two varieties: The flowing hair type, designed by Charles E. Barber, and the coiled hair type by George T. Morgan, designer of the famous “silver dollar” of 1879-1921. Only [700+] Flowing Hair $4 Stellas were minted in 1879, and just 8 “Coiled Hair” coins from 1880 are known to exist !   The coins were minted in 93% gold, 7% copper/silver. There were also patterns minted in gold, aluminum, copper and white metal. 

 $5 Liberty Gold Half Eagle 

$5 Liberty, Weight 8.359 grams .900 Gold, .100 Copper, 21.6 mm Diameter Reeded Edge

 $5 Indian Gold Half Eagle 

$5 Indian, Weight 8.359 grams .900 Gold, .100 Copper, 21.6 mm Diameter Reeded Edge

  The $5 Liberty Half Eagle, designed by Christian Gobrecht, was struck at all seven mints, the “No Motto” variety (1839-1865) being the rarest.The $5 Indian Half Eagle was designed by Bela Lyon Pratt with its unique “incused” or recessed design similar to his 2½ dollar coin. Both $5 coins contain .24187 oz. gold. 

  

$10 Liberty Gold Eagle 

$10 Liberty, Weight 16.718 grams .900 Gold, .100 Copper, 27 mm Diameter Reeded Edge

$10 Indian Gold Eagle 

$10 Indian, Weight 16.718 grams .900 Gold, .100 Copper, 27 mm Diameter 46 Raised Stars (1907-1911), 48 Raised Stars (1912-1933) on Edge

  The $10 Liberty Eagle design was by Christian Gobrecht, the Indian designed by Augustus Saint-Gaudens. Both coins contain .48375 oz. of gold. The edge of the Indian coin was distinguished by 46 raised stars representing the States of the Union, with 48 stars after 1911.

 

$20 Liberty Gold Double Eagle  

$20 Liberty, Weight 33.436 grams .900 Gold, .100 Copper, 34 mm Diameter Reeded Edge

$20 Saint-Gaudens Gold Double Eagle

$20 Saint-Gaudens, Weight 33.436 grams .900 Gold, .100 Copper, 34 mm Diameter E*PLURIBUS*UNUM on Edge

The $20 Liberty Double Eagle design was by James B. Longacre.   Many numismatists (coin collectors) consider the $20 Saint-Gaudens Double Eagle America’s most beautiful coin obverse (front side).   It was designed in 1907 by Augustus Saint-Gaudens.  The Saint-Gaudens Double Eagle was struck in two varieties, High Relief with a “wire-edge” and Roman Numeral Date (rare), and in a Flat Rim variety. Both coins contain .9675 oz. of gold.  There are many other varieties of United States gold coins, too numerous to mention here.  The $20 Liberty Double Eagle design was by James B. Longacre.   Many numismatists (coin collectors) consider the $20 Saint-Gaudens Double Eagle America’s most beautiful coin obverse (front side).   It was designed in 1907 by Augustus Saint-Gaudens.  The Saint-Gaudens Double Eagle was struck in two varieties, High Relief with a “wire-edge” and Roman Numeral Date (rare), and in a Flat Rim variety. Both coins contain .9675 oz. of gold.  There are many other United States gold coins, too numerous to mention here.  

Advice For Detectorists and Argonauts

This is just a sample of some of the more likely encountered treasures one might find while metal detecting or prospecting in areas where gold was mined or exchanged in the past.  If an area has been unimproved for many years, and has historically been known to be a place where people bought refreshments, played, gambled, reclined on grass, or watched athletic or equestian events, then you can find coins there.  If an area is being bulldozed after many years of being in a native, unimproved state, it is even more likely that the modern detectorist using currently available high-tech detector equipment will stand better chances of finding treasures that eluded searchers in the past.  A developed site that is being rebuilt is just as good a place to hunt on weekends when the construction crews aren’t there. 

Always ASK land owners or developers for permission to search on their land for “relics”! 

Always offer to share a percentage (specific) of any valuable items you might find with the property owner, as well as reassuring them that you take full responsibility for any injuries that you might personally sustain.  If you are a safe hunter, this courtesy can be a very lucrative concession. 

Old Ghost Towns are within 8 hours driving range from almost every city in the U.S.  The surrounding miles hold treasure tales and forgotten caches of booty just begging to be detected.  Old maps can usually be found at the Public Library or in your local Bureau of Land Management, Chamber of Commerce or sometimes in local Real Estate Offices. Public Lands are still available for responsible use by the  public, only as long as you care to become personally active in defendeing this right.  Practice this right responsibly and you might find a “Mint” in treasure someday.