What would you do in this situation? (Panama 1982 1 Balboa .500 mule error KM 39.4)
defcatnumismatics
Posts: 22 ✭✭
Hello!
So, I have a question for everyone here - what would you do in this situation:
You purchased a group of Panamanian coins (dates ranging from 1976-1984) containing the following:
27 examples of the Panama 1982 1 Balboa .500 error mule with an estimated mintage of 11 pieces. Each coin appears to weigh somewhere in between 22.6 and 22.68 grams (supposed to be 22.68 g.) None appear to be .500 silver. All have coin rotation.
Photos (because it DID happen)
14 examples of the Panama 1982 5 Balboa .500 error mule with an estimated mintage of 200 pieces. Each coin appears to weigh somewhere in between 30.2 and 30.3 grams. None appear to be .500 silver. All have coin rotation.
Photos (because it DID happen)
All coins appear to be circulated. The rest of the coins in the group are lower denominations from the same date range, all circulated, including what appear to be impaired proofs with mostly low mintages (4,000 or less.)
Would you assume these pieces were some sort of counterfeits or unauthorized restrikes using uncancelled dies from the Franklin Mint? Or would you consider some other reason? I'm reluctant to jump to the conclusion that I'm sitting on some valuable pieces, because it's much more likely to me that they are counterfeits/restrikes.
What do you think? Anyone specialize in these?
Thank you, and have a wonderful weekend.
Comments
I can honestly say I don’t know much about these, but I wouldn’t say the Franklin Mint was the most secure facility in the world.
There could have been (and probably was) a great deal of shenanigans going on there (midnight minting and such).
Perhaps you purchased a part of an ex-worker’s estate—uncatalogued items which he had been saving for years?
Wow, that is really something and I'm sure a fascinating study. The mintages of Franklin Mint items, and especially those intended for "circulation" after 1981 are IMHO quite questionable with some piece of extreme rarity and others not. Problem was as I understand it was that the farm was not being watched over if you know what I mean.
I would need to see the coins up close to tell as the Chinese have been very busy. There is a very good chance that they are legit however and that is a major find if so. The 5 Balboas are not as rare as many people think and the one Balboa even before your mini-hoard perhaps a bit more common that the stated mintage of "11" - I would have guessed perhaps 30 or so.
Most of the One Balboas I've seen have some bag marking to them and just a bit of handling; the 5B coins occasionally come in the "mint sets" cobbled together by the Central Bank of Panama and not well documented in Krause.
As far as the 1984s, they also need to be seen as there were some things going on with that year & even in 1983. You may PM me if you like....
Well, just Love coins, period.
I think they need to be seen in hand to just sort out the issues that seem apparent. Some of the look cleaned and others look as if there is PMD present. Case and point... look at the last two 5 Balboas. One has PMD and looks cleaned to the point where it simply will not straight grade. And that coin just has a look that tells me it needs to be seen in hand. Some of the 5 Balboas could have satin surfaces and someone may have attempted to clean them to make them "bright". There is a big difference in the appearance between the satin finish and those that are PL.
I do think it is possible that some unsold sets were released into circulation. And part of the problem might be that the entire mintages for the various types simply cannot be accounted for which could help explain the surviving population.
And then there is the potential problem of modern counterfeits which also justifies the need for an in hand review.
Hope turns out okay- And you should be skeptical until the best possible expert in Modern Panama FM coins takes an in hand look... including the other coins that are not pictured that are part of the group.
Experience the World through Numismatics...it's more than you can imagine.
Why would there be an estimated mintage for a mule? It would think it more likely that number represents a known population.
Gobrecht's Engraved Mature Head Large Cent Model
https://www.instagram.com/rexrarities/?hl=en
Which is evidently and clearly not the case.
Well, just Love coins, period.
It evidently and clearly could have been the case to the person who wrote that entry in Krause…
Gobrecht's Engraved Mature Head Large Cent Model
https://www.instagram.com/rexrarities/?hl=en
LOL, like that phrase: "clearly could have been".
I have tried to fathom just where and how some of the numbers are generated, and particularly with regards to the Franklin Mint & for that matter the Royal Mint with each for different reasons.
Well, just Love coins, period.
My recollection from contemporary reports about these clad coins with the silver content marking is that the FM would do a limited run of clad coins using the dies prepared for the silver coins, and those coins were shipped to the issuing country/bank for circulation.
The premise was that this would lend sone legitimacy to the FM collector issues if the FM also made some coins for circulation. That was the FM was not just a producer of NCLT, which seemed to matter back then but nit do much now, since NCLT is big business.
That's the way I recall it, in any case.