To change direction a bit, I think it's a reasonable speculation that PCGS and NGC would not agree to encapsulate the coin. On the other hand, IGC (for obvious reasons) desires the publicity--whether the coin is seized or not.
<< <i>To change direction a bit, I think it's a reasonable speculation that PCGS and NGC would not agree to encapsulate the coin. On the other hand, IGC (for obvious reasons) desires the publicity--whether the coin is seized or not. >>
Welcome to the boards, savic. I'm fairly sure PCGS said in the past they would have no problem slabbing one.
New collectors, please educate yourself before spending money on coins; there are people who believe that using numismatic knowledge to rip the naïve is what this hobby is all about.
The opposition to aluminum cents by vending machine owners is laughable. When was the last time you put a penny in a vending machine?
Joe >>
We're talking about the world of 1973-74, though. I definitely remember penny vending machines up until the early '80's. You'd get 5 M&Ms for a penny or something like that- boy, I feel old!
One would think on a coin of that magnitude, they could of at least gotten the label straight?!?
mo <><
"Repent, for the kindom of heaven is at hand." ** I would take a shack on the Rock over a castle in the sand !! ** Don't take life so seriously...nobody gets out alive.
ALL VALLEY COIN AND JEWELRY 28480 B OLD TOWN FRONT ST TEMECULA, CA 92590 (951) 757-0334
i think it's the name "Toven" and the simple fact that some haven't read the linked page under the first picture post. they think it should be Token Specimen.
ICG—Independent Coin Grading of Englewood, Colorado—announced today that it had recently certified a 1974 aluminum Lincoln cent. It is the first and only aluminum cent ever certified by a professional third-party grading service. The coin was submitted to ICG by a well-known national dealer on behalf of the Toven family. ICG has graded the coin AU-58 and pedigreed it the “Toven Specimen.”
James Taylor, ICG’s President, reported that the dealer contacted him in the fall of 2004 inquiring as to whether ICG would consider certifying the coin. “I told him we were on record as saying we would.” ICG received the aluminum cent in late January 2005. “We knew immediately it was one of the few aluminum trail pieces that remain from the million and a half that had been struck in 1973, but dated 1974. The only other one that is known to exist is in the Smithsonian’s National Numismatic Collection.
“The coin weighs .93 grams, less than a third of what a regular issue Lincoln cent weighs, and is the exact same diameter, 19 millimeters,” said Taylor. “For Lincoln cent collectors it’s the Holy Grail of the series; for others it’s one of the most intriguing and mysterious coins ever struck by the Mint. Collectors have long known of its existence, but few have ever seen one.”
According to Keith Love, ICG’s Senior Grader, “The coin’s provenance only adds to its lore. According to both the owner and published reports, an on-duty U.S. Capitol policeman, Officer Albert Toven, saw a congressman drop the coin in the basement of the Rayburn Office Building in late 1973. Picking it up, he ran after the congressman to give him back what he thought was a dime. The congressman, rushing off for a vote he was late for, told him ‘Oh, you keep it.’ Upon closer inspection, Toven realized it was not a dime but a trial piece of the aluminum cent. Now deceased, Officer Toven kept the piece, frequently re-telling the story of how he came to own it and showing it at every opportunity until it became part of his family’s history.”
The story behind the Mint’s striking of the 1974 aluminum Lincoln cent is well documented. In the early 1970s, copper prices steadily rose on the international market. By the summer of 1973 the copper content in the cent approached the cost of manufacturing the coin. As a result, the Mint began looking for alternative metals. After testing seven different alloys of aluminum, legislation was sent to Congress in December 1973 which would give the Secretary of the Treasury authority to adopt an aluminum alloy for the one-cent coin.
The bill was sent to the House Banking and Currency Committee and the Senate Banking, Housing and Urban Affairs Committee. Meanwhile, the Mint had already begun striking the aluminum coins, using regular-production Lincoln cent obverse and reverse dies. (Mint records indicate that 1,571,167 of the aluminum cents were eventually struck over the course of two production runs.) In order to show Congressional leaders what the coins would look and feel like, fourteen of the trial pieces were given to the committee members and their staffers—nine to House and five to Senate committee members. (Other pieces were also given to Mint and Treasury officials.)
With the fall of copper prices in 1974 and the opposition of the vending machine industry—
incredibly, the coins would not work in vending machines--the proposal never got out of committee. At this point, the Mint decided to melt down the million and a half pieces it had struck.
Today, no one is certain if any other pieces remain. As previously mentioned, one piece is in the Smithsonian collection and the most recent one, the “Toven Specimen,” after more than 30 years of obscurity, is in an ICG holder.
WOWZER, clarity!!! first we clear up the notion that PCGS wouldn't touch this, now that the label is correct. are we ready to tackle the oft repeated mantra that ICG is nothing but third rate crap??
<< <i>WOWZER, clarity!!! first we clear up the notion that PCGS wouldn't touch this, now that the label is correct. are we ready to tackle the oft repeated mantra that ICG is nothing but third rate crap?? >>
<< <i>RU freakin' kidding me??!! I must have that coin!! BTW, Will PCGS slab it?? >>
I seem to recall that David Hall said "yes"
and free too i might add!
i also seem to recall that he also said ....His responsabiltity lies with the coin owner to grade and encapsulaqte the coin...not to snitch to the feds who owns it.
I think the FED would try to seize it once offered for sale or at auction. They would at least want their cut. It's more an of issue of principle that the Secret Service monitor the sanctity of our coinage. If they can get $20-50K out of it, all the better. Regardless of the nice story, the coin was never monetized and because not all were returned, the FEDs will want them all bank eventually....unless a 50% split is agreed to.
<< <i>Ken, As I recall, your picture was of a nicer grade coin. So at least one more exists? >>
There is one in the Smithsonian collection, which, as I recall, is a Gem Uncirculated... absolutely an awesome coin to hold... not only does it look cool, but it also feels so wrong, given how light it is. An awesome coin indeed!
No, I haven't seen any mainstream media stories. If someone does, let us know. It seems ICG should send out a news release to the mainstream media. It would be good publicity for the collecting community if a story makes it out.
About the vending machines comment, most vending machines (made since mid 1980's) also take the dollar coin. The new parking meters coming out in cities downtown areas also take the dollar coin. I have seen them in San Antonio, TX and Louisville, KY among a few others.
Satisfaction lies in the effort, not in the attainment. Full effort is full victory. -Gandhi
Comments
Collector since 1976. On the CU forums here since 2001.
<< <i>To change direction a bit, I think it's a reasonable speculation that PCGS and NGC would not agree to encapsulate the coin. On the other hand, IGC (for obvious reasons) desires the publicity--whether the coin is seized or not. >>
Welcome to the boards, savic. I'm fairly sure PCGS said in the past they would have no problem slabbing one.
New collectors, please educate yourself before spending money on coins; there are people who believe that using numismatic knowledge to rip the naïve is what this hobby is all about.
<< <i>Neat coin and story.
The opposition to aluminum cents by vending machine owners is laughable. When was the last time you put a penny in a vending machine?
Joe >>
We're talking about the world of 1973-74, though. I definitely remember penny vending machines up until the early '80's. You'd get 5 M&Ms for a penny or something like that- boy, I feel old!
As I recall, your picture was of a nicer grade coin. So at least one more exists?
NOTE: No trees were killed in the sending of this message. However, a large number of electrons were terribly inconvenienced.
Type collector since 1981
Current focus 1855 date type set
<< <i>and another million dollar coin
Not even close to being such. >>
I agree. Probably bring in the range of a copper 1943.
<< <i>I'm fairly sure PCGS said in the past they would have no problem slabbing one. >>
That's correct. David Hall is on record as saying PCGS would slab it.
Russ, NCNE
mo <><
** I would take a shack on the Rock over a castle in the sand !! **
Don't take life so seriously...nobody gets out alive.
ALL VALLEY COIN AND JEWELRY
28480 B OLD TOWN FRONT ST
TEMECULA, CA 92590
(951) 757-0334
www.allvalleycoinandjewelry.com
Russ, NCNE
July 1, 2005
ICG Certifies First Aluminum Cent
ICG—Independent Coin Grading of Englewood, Colorado—announced today that it had recently certified a 1974 aluminum Lincoln cent. It is the first and only aluminum cent ever certified by a professional third-party grading service. The coin was submitted to ICG by a well-known national dealer on behalf of the Toven family. ICG has graded the coin AU-58 and pedigreed it the “Toven Specimen.”
James Taylor, ICG’s President, reported that the dealer contacted him in the fall of 2004 inquiring as to whether ICG would consider certifying the coin. “I told him we were on record as saying we would.” ICG received the aluminum cent in late January 2005. “We knew immediately it was one of the few aluminum trail pieces that remain from the million and a half that had been struck in 1973, but dated 1974. The only other one that is known to exist is in the Smithsonian’s National Numismatic Collection.
“The coin weighs .93 grams, less than a third of what a regular issue Lincoln cent weighs, and is the exact same diameter, 19 millimeters,” said Taylor. “For Lincoln cent collectors it’s the Holy Grail of the series; for others it’s one of the most intriguing and mysterious coins ever struck by the Mint. Collectors have long known of its existence, but few have ever seen one.”
According to Keith Love, ICG’s Senior Grader, “The coin’s provenance only adds to its lore. According to both the owner and published reports, an on-duty U.S. Capitol policeman, Officer Albert Toven, saw a congressman drop the coin in the basement of the Rayburn Office Building in late 1973. Picking it up, he ran after the congressman to give him back what he thought was a dime. The congressman, rushing off for a vote he was late for, told him ‘Oh, you keep it.’ Upon closer inspection, Toven realized it was not a dime but a trial piece of the aluminum cent. Now deceased, Officer Toven kept the piece, frequently re-telling the story of how he came to own it and showing it at every opportunity until it became part of his family’s history.”
The story behind the Mint’s striking of the 1974 aluminum Lincoln cent is well documented. In the early 1970s, copper prices steadily rose on the international market. By the summer of 1973 the copper content in the cent approached the cost of manufacturing the coin. As a result, the Mint began looking for alternative metals. After testing seven different alloys of aluminum, legislation was sent to Congress in December 1973 which would give the Secretary of the Treasury authority to adopt an aluminum alloy for the one-cent coin.
The bill was sent to the House Banking and Currency Committee and the Senate Banking, Housing and Urban Affairs Committee. Meanwhile, the Mint had already begun striking the aluminum coins, using regular-production Lincoln cent obverse and reverse dies. (Mint records indicate that 1,571,167 of the aluminum cents were eventually struck over the course of two production runs.) In order to show Congressional leaders what the coins would look and feel like, fourteen of the trial pieces were given to the committee members and their staffers—nine to House and five to Senate committee members. (Other pieces were also given to Mint and Treasury officials.)
With the fall of copper prices in 1974 and the opposition of the vending machine industry—
incredibly, the coins would not work in vending machines--the proposal never got out of committee. At this point, the Mint decided to melt down the million and a half pieces it had struck.
Today, no one is certain if any other pieces remain. As previously mentioned, one piece is in the Smithsonian collection and the most recent one, the “Toven Specimen,” after more than 30 years of obscurity, is in an ICG holder.
<< <i>WOWZER, clarity!!! first we clear up the notion that PCGS wouldn't touch this, now that the label is correct. are we ready to tackle the oft repeated mantra that ICG is nothing but third rate crap?? >>
Hi Al !
<< <i>are we ready to tackle the oft repeated mantra that ICG is nothing but third rate crap?? >>
I want to know how much ICG had to pay the Toven family to send it to them rather than PCGS or NGC
<< <i>RU freakin' kidding me??!! I must have that coin!! BTW, Will PCGS slab it?? >>
I seem to recall that David Hall said "yes"
and free too i might add!
i also seem to recall that he also said ....His responsabiltity lies with the coin owner to grade and encapsulaqte the coin...not to snitch to
the feds who owns it.
I think the FED would try to seize it once offered for sale or at auction. They would at least want their cut. It's more an of issue of principle that the Secret Service monitor the sanctity of our coinage.
If they can get $20-50K out of it, all the better. Regardless of the nice story, the coin was never monetized and because not all were returned, the FEDs will want them all bank eventually....unless a 50% split is agreed to.
roadrunner
09/07/2006
<< <i>Ken,
As I recall, your picture was of a nicer grade coin. So at least one more exists? >>
There is one in the Smithsonian collection, which, as I recall, is a Gem Uncirculated... absolutely an awesome coin to hold... not only does it look cool, but it also feels so wrong, given how light it is. An awesome coin indeed!
About the vending machines comment, most vending machines (made since mid 1980's) also take the dollar coin. The new parking meters coming out in cities downtown areas also take the dollar coin. I have seen them in San Antonio, TX and Louisville, KY among a few others.