Philippines Rarity? 1982 FM 1 Piso (U) Uncirculated

7Jaguars

This coin not published until recently is evidently quite rare:

Please add any knowledge you may have of this coin.

Elmhurst

I've seen these in junk coin bins. What is rare about it, date, variety, etc.?

WCC

Is the coin a proof or circulation strike?

If a circulation strike, I am dubious any coins from this period are legitimately rare unless it was not released into circulation and subsequently melted.

An example is the 1977 Rhodesia half cent. The estimate I have seen is 10 survivors. However, even here, it's almost certainly at least a low multiple, as the combined TPG population count is already 15.

7Jaguars

This is a (U) uncirculated FM mint marked currency version that was UNKNOWN or at least undocumented until I published it last year. It is my understanding that a Philippine collector has offered 20,000 USD for this coin - I certainly would sell it at that price.

This particular coin I very much doubt if you have seen in a junk bin as it has the FM mintmark which is seen on the reverse below the "8" of the date. The regular Philippine mint version comes in two types that are relatively common. Please lead me to the junk bin that has this particular date and mint in uncirculated!

I agree with the Rhodesia statement by WCC, however this coin is of a different ilk. No others have been on sale in 38 years; it does not mean there may not be others but I have correspondence that a very few were released.

It is quite similar to the Malta coins struck by the FM mint in 1976 where the 25c and 50c coins were minted to the tune of 300 and 150 and sent to the central bank in Valetta and evidently melted, so even fewer than that number survive.
And I do know a bit about the FM currency issues that were made in small numbers to "legitimize" the coins released in proof sets, etc. A number of them are very rare, and although we love all the Hispanic world coins written about in these columns basically show them their hind parts when it comes to rarity.

WCC

That explains why it is rare, but then it apparently was a "circulation" issue "made rare" and if only a few released, why it's essentially never seen.

It sounds like the 1931 South Africa circulation 3P which had a mintage of 66, except that this coin was believed to have been released into circulation, as were every single one of the currently scarce to rare Latin coins referenced in your post.

NGC has graded three, assuming these coins are actually not proofs. I know of several "mechanical errors", including one I submitted myself which wasn't even worn.

If this was a US or Western European coin, probably almost all would survive today in high grade but the whereabouts of any better examples aren't common knowledge. None have been reported to exist.

7Jaguars

Yes, a huge "fun" factor is keeping on the lookout and finding these coins, of rarity and curiosity, and at reasonable prices.

I think I will resubmit as they missed this call ATS, slabbing it as a proof which it clearly is not. If I do locate the buyer, I certainly would sell at that price but imagine such a buyer would want it slabbed. That would not be a bad "ROI" - USD10 dollar purse to then sell for over USD 20k!

1984worldcoins

@7Jaguars said:
Yes, a huge "fun" factor is keeping on the lookout and finding these coins, of rarity and curiosity, and at reasonable prices.

I think I will resubmit as they missed this call ATS, slabbing it as a proof which it clearly is not. If I do locate the buyer, I certainly would sell at that price but imagine such a buyer would want it slabbed. That would not be a bad "ROI" - USD10 dollar purse to then sell for over USD 20k!

Yes, that coin needs to get to a collector that will cherish it's rarity! And that guy will surely pay for it.

7Jaguars

I just need to learn how to speak Tagalog! LOL

If I pull this off, I may qualify for a "You Suck" Award!!!