EARLY 1975 GOLD Penny w/2 Dates UNUSUAL 12/74

snapmohr

What is this does anyone know? Never heard of it.
Here is the link to the auction


http://cgi.ebay.com/ws/eBayISAPI.dll?ViewItem&category=31373&item=3905930483&rd=1

snapmohr

ddink

<< <i>This is one of the first 1975 pennies. The penny is dated 12-31-74, and then underneath it is dated 1975. >>



That statement makes no sense at all. Is the date on the coin 1974 or 1975? Not that it's worth anything anyway.

Monstavet

Linkification Complete!

Monstavet

A coin that someone engraved? Gold-plated? Hmmmmm.....

Conder101

These were a privately produced counterstamped issue intended to "commemorate" the legalization of gold ownership that occured on 12/31/74.

darktone

I was wondering when someone would mention one of these coins. They were advertised in TV Guides in 1975. I bought one and still have it. I was only 11 years old so at the time I was proud to have a gold coin in my collection even though it was just plated. It resides in the back of my blue whitman penny book in the one of the undated spaces. I think they cost something like $1.99 at the time. mike

snapmohr

Thanks for the info ...it surely was a curious little peice. Are they worth anything or are they just a cheap little coffee table conversation peice?

Hey Condor, do you know who the privately produced counterstamped issue intended to "commemorate" the legalization of gold ownership that occured on 12/31/74. person or persons were and why did they care about the legalization of gold? I mean it must have been a big deal to whoever it was to take the time to gold plate these lincolns. Was it just lincolns they did or did they gold plate any other coins?
Sorry, I seem to be an infoholic LOL!
Thanks
snapmohr

Conder101

I'm afraid I can't tell you who actually did the counterstamping but as to people cared about the legalization you have to remember that the US people had been forbidden to hold gold for 41 years. There was a lot of market speculation that once they could there were be a great demand and the price of gold would skyrocket. On these speculations gold had been steeply rising for two years. In Jan of 73 gold was $60 per oz, in Jan of 74 it was $130 and the day befor it was legalized it closed in London at $197.50. Three times what it had been just two years earlier, and the gold bugs expected it to just keep rising from there. Two days later it closed in London at $175, a 12.5% drop in two days and from there it kept sliding for a year and a half to $107 in July of 1976

I'm not sure if the counterstamped cent was produced by the gold bugs as an inexpensive commemorative of that "great" day, or the anti gold faction as a satirism of the event being a "pretty, shiny coating over something basicly worthless". It looks nice but there is nothing to it.