George Washington $1 Coin

Earendil

Hello everyone,

I recently found a George Washington $1 coin missing the clad layer on the heads side. I already got an offer of around $500.00 for it; does anyone know if that's a good price?

brccoins

Welcome! Do you have pics?

WinPitcher

Is the lettering upside down?

Steve

N8

I would say that with all the hype right now yes? But I'm a rookie so what do I know...

pb2y

Is the lettering upside down?

pb2y

Is the lettering rightside up?

Earendil

Thank you. Sorry, but I forgot to take any before I mailed it away to get a firm offer for it. However, it's just like the state quarters that are being sold on e-bay with missing clad layers. It's in about uncirculated condition; I pulled it from a new roll a few days ago. The side with the Statue of Liberty on it is the same as normal coins, but the side with Washinton's head is missing the layer of brass, and so is only copper. It is a great deal lighter and thinner than normal specimens of the same coin.

It looks just like the dollar here, but is in better condition: http://www.fredweinberg.com/inventory/item.asp?ID=4175
Plus, the copper is much more pronounced.

Earendil

I believe the lettering is "upside down" (I can't exactly remember), although it is barely visible because the rim that it was engraved onto is much thinner than it should be.

zeus135

I'd sell it if I were you, but that's just my 2 cents. The spotlight is on the Washington Dollar since it's been out less than a month. Take advantage of it.

I'll be curious to see if others agree.

ddbird

I'd be happy with the 50000% profit.

pb2y

Get your 500 bucks quickly and run like the dickens

Earendil

Yes, I was quite happy when I was told I'd probably get that much for a $1 investment. I already decided I was would sell it for an amount of that size, and all of the people that I have talked to said it would be wise to take up the offer. I mailed it to an error coin dealer earlier today after having a discussion with him about it; he said he'd mail me a check as soon as he got it.

Thank you for all of your opinions.

pb2y

No No--you should have waited for check to clear than mailed coin

Earendil

The guy is checking out the coin first, then mailing a check if he decides to buy it. $500.00 was the preliminary offer based on what I told him. He said he'd call me as soon as the coin comes in. He's a major dealer of sorts, so I realized that there's going to have to be a certain amount of trust involved here.

pb2y

Did you have signature confirmation on sent package???????????

Earendil

In answer to the above question: No, but I have the receipt postmarked from today for the insurance that I took out for it.

Earendil

The guy I was selling it to said it would be best to just ship it regular mail, and insured, but that I could vary that somewhat based on what I was willing to spend.

DickyBetz

<< <i>Is the lettering upside down?

Steve >>

pb2y

These so called major dealers have screwed collectors on this forum out of big bucks

pb2y

No--he said the lettering downside up

Earendil

I hope that doesn't happen. I didn't know what else to do to ensure that the transaction ran smoothly. In the end, I figured if worst came to worst, it's only a dollar.

pb2y

Correction--the plating was downside up

pb2y

ITS ONLY A DOLLAR YOU SAY---this is the only coin type known here

WinPitcher

Erendil

You did the right thing in selling it. I would have at least gotten a signature though. I'm sure your deal will work out.

How did you come upon this dealer? if i may ask?

Steve

Earendil

I was looking up error coin dealers on the internet, and came across an organization named Fred Weinberg and Co. The website is www.fredweinberg.com. I had a discussion with him about the coin on two separate occasions, including its current rarity and the price that he is currently paying for it. He said (last week) that they have purchased four so far. Overall, he said that I had a good error coin.

pb2y

Fred is a member of this forum

Earendil

That's interesting. He sounded like an honest man on the telephone, and one that really knew his business. I figured following his advice would be the best thing to do, as he's probably done this countless times.

WinPitcher

I figured that and you have NOTHING to worry about.


Steve

pb2y

It will be no problem and a great find. Only 4 found
Fred Weinberg has a good rep here

Earendil

I hope so. The coin is shipped now, so I'll just have to wait until it arrives in California.

gummibear

I doubt that you have anything to worry about with Fred. He has a very good reputation for his honesty. And his price was probably better than you would have done with others. You may or may not have done better on EBAY.

Bodie

It would be great if all works out well. We hear about too many horror stories.

Earendil

I also figured that I could use the $500.00 a lot more than the coin; I'm in college right now. I don't collect errors, and with that sum I can buy textbooks for a semester. I prefer coins that appreciate in value, such as silver I find in circulation.

Rampage

Neat coin. Congratulations on the find. Fred has been in the error coin business over thirty years I believe, so you have nothing to worry about.

Earendil

Thanks. I knew that it was unique when I found it, but as an aesthetic and/ or collectible piece, it really does nothing for me. I enjoy collecting half dollars much more.

pb2y

When you are paid and deal closed don"t feel bad when someday
you see your coin selling for really big bucks. The buyer takes a chance
and hopes he may have the only four

Earendil

Yeah, I thought about that. Silver and gold may go up, but prices of regular coins are much more volatile. I didn't want to wait long enough for the initial price to go down, so I decided to take my chances. Apparently it's not a unique error, just a bit hard to find. It's something that happens every once in a while during the regular production cycle of coins.

pb2y

You would have made big splash on the forum by posting photos.
That will come later.
Good nite and good luck

Earendil

Thank you. Good night. I will take all that you have said into account for next time.