59-D Wheat Cent story gets more interesting

IrishMike

The 9/30 Coin World has an interesting article on the 59-D wheat cent that the grading companies have refused to slab, even after the secret service claims it's real. For none lincoln collectors, the 59 cents were coined with the memorial reverse. It's up for sale in the Golberg 9/23 auction. Anyway, convicted murderer and forgerer Mark Hofmann now claims that he manufactured the piece from dies prepared using an electroplating process.

It's also interesting to note that his electroplating equipment is now owned by a former correctional guard, who guarded Hofmann for two years and was given the equipment by one of Hofmann's duped clients, He uses it to make nusmismatic replicas.

For those of you who don't know Hofmann or forgotten the story, he took the Mormon community by storm with his forged documents, commited murder to cover up his crimes, then almost accidently blew himself up with a bomb. 60 minutes and other programs covered his story extensively. BTW the guy is a subscriber to Coin World.

kryptonitecomics

Great info, I haven't heard of any of this. My one question is, why won't the grading companies Slab the coin????? Has anyone at the mint been able to authenticate the coin???? When I first saw the title of this thread I thought it was a post about the 1959 D MMO-001 coin that was posted several days ago. I had to re-read the thread to find out we were talking about a wheatie!!

nwcs

An electroplating process is easily identified through many diagnostics. So I would doubt his story. The secret service would have detected it VERY easily.

nwcs

<< <i>Has anyone at the mint been able to authenticate the coin???? >>



That's the secret service's job. And they did authenticate it.

RLinn

Other than stating the belief that the coin is authentic, did the Secret Service provide any supporting rationale for the belief?

kryptonitecomics

<< <i>

<< <i>Has anyone at the mint been able to authenticate the coin???? >>



That's the secret service's job. And they did authenticate it. >>



I wasn't aware that they did that, good info. So PCGS and the rest are missing the bus on certifying this one I take it. Does anyone know what condition the coin is in i.e. MS or circulated? Any pics out there?

baccaruda

you missed the coin world article rlinn. it was an in-depth test. they ran that coin through the wringer with probably 15 different non-destructive tests. it was about a 2 page writeup.

Mark

It seems like some of us are giving more credit to the Secret Service and their assertion that the coin is real versus the slabbing companies and their implicit assertion that the coin is false. Personally, I give a LOT more credibility to PCGS and NGC when it comes to determing whether a coin is authentic than I give the Secret Service. PCGS and NGC employ highly talented people whose livelihoods depend on judging coins. The Secret Service employs highly talented people whose livelihoods depend on many other things than judging coins.

That said, if the coin is an electroplate, I am surprised that PCGS or NGC didn't state this. One possible reason they might decline to assert that the coin is an electroplate is the apparently litigious nature of owners, or at least the current owners.

Mark

lsica

Jeeez, I thought the 1959 Wheatie was just another Walter Breen Fantasy (out of his Encyclopedia of US Coins) like the 64 Franklin.

Or am I wrong, and the 1964 Franklin exists, too?

Steve

This coin has a very storied history, depending on who you believe. The grading services just cannot believe that only ONE coin can exist for this variety. It apparently is a very good looking "fake", IF it is a fake. I believe that the coin will NOT sell at the Goldburg auction next Monday. If and until the major grading services (PCGS,NGC,ANACS,ICG)do grade this coin, I believe it will never receive the kind of money the current owner wants for it. Therefore, he is stuck with it. My opinion. We will find out Monday. Steve

Coulport

Here is an article on it.

Rogues Gallery of Utah Couterfeits

dorkkarl

that 59 wheat is a legendary coin. i know some of the old-time collectors, and the general consensus i'd always heard was "bogus".

K S

RLinn

<< <i>you missed the coin world article rlinn. >>

Thanks, just went back and read it. Knowing that experts can have such disagreements eases my mind over my inability to consistently detect AT.

dbldie55

The secret service does not have a very good record of being able to tell if this types of coins are real or not.

Coulport

It is alleged that there were two different SS agents that authenticated the cent. The first person was not that all skilled. His replacement had to back up the first opinion given. This same second person was noted as taking the ANA counterfeit detection class after making his decision about the coin.

So much for government experts.

IrishMike

I'd say if the grading services wouldn't touch it, it is most likely not real, think of publicity they would get for slabbing a one of a kind.

Gilbert

Curious why he hasn't mentioned the coin until the USSS stated it was authentic.

Also, why do you all feel that the USSS is incompetent to do this; it does fall under their purview. I suppose, prior to th 1970s, counterfeits were just undiscovered????

The controversy now lies with further testing, that if contradicts the "authentic" ruling will allow the USSS to confiscate it as contraband.

On second thought, isn't the skepticism based on the belief that since no others have been discovered it must be a forgery, and NOT on anything scientific?

Plus, didn't the current owner kick out in excess of $17K to get it?


There is also a pretty thorough write up on pg 334 of The Authoritative Reference on Lincoln Cents, by Wexler and Flynn. Bottom line is SO FAR the numismatic community suspects it is counterfeit but can't prove it and the Treasury and US Mint have deemed it genuine because they cannot discover evidence of it being counterfeit.