Call on bag of 1960 Lincoln cents with an official tag of being defective

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logger7
logger7 Posts: 9,870 ✭✭✭✭✭
in U.S. Coin Forum

I got a call from an area antiques dealer a few weeks ago who got a bag of 1960 Lincoln cents from his grandfather tagged as somehow defective to be disposed of. Is this possible? Wouldn't a mint separating defective cents out keep them at the mint and then dispose of them? I asked him to send me pictures and have not gotten them yet.

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  • jmlanzaf
    jmlanzaf Posts: 43,061 ✭✭✭✭✭
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    Not necessarily. They have sent metal out for scrap. If they sent the cents out for scrap, someone in the chain of custody could have grabbed a bag.

    All comments reflect the opinion of the author, even when irrefutably accurate.

  • jmlanzaf
    jmlanzaf Posts: 43,061 ✭✭✭✭✭
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    The modern process is discussed here:

    https://www.coinworld.com/news/us-coins/ever-wonder-what-happens-to-unsold-u-s-mint-p.html

    I don't think they were waffling in 1960.

    All comments reflect the opinion of the author, even when irrefutably accurate.

  • jmlanzaf
    jmlanzaf Posts: 43,061 ✭✭✭✭✭
    edited March 15, 2026 1:49PM
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    The other question here: is the bag considered stolen?

    All comments reflect the opinion of the author, even when irrefutably accurate.

  • johnny9434
    johnny9434 Posts: 34,111 ✭✭✭✭✭
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    Indeed that's odd

  • IkesT
    IkesT Posts: 4,611 ✭✭✭✭✭
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    Maybe it's the tag that is defective.

  • ambro51
    ambro51 Posts: 14,471 ✭✭✭✭✭
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    :D Maybe the rare “medium” date

  • jmlanzaf
    jmlanzaf Posts: 43,061 ✭✭✭✭✭
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    @CaptHenway said:
    I am highly suspicious.

    Suspicious that they are defective or suspicious that they are stolen? They did send out metal to be scrapped. But the process was supposed to be supervised and the metal was not up for grabs.

    I would have thought it would be in large bins not individual bags. Or is it a "ballistic bag"?

    All comments reflect the opinion of the author, even when irrefutably accurate.

  • jmlanzaf
    jmlanzaf Posts: 43,061 ✭✭✭✭✭
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    Paging @FredWeinberg

    All comments reflect the opinion of the author, even when irrefutably accurate.

  • CaptHenway
    CaptHenway Posts: 34,175 ✭✭✭✭✭
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    @jmlanzaf said:

    @CaptHenway said:
    I am highly suspicious.

    Suspicious that they are defective or suspicious that they are stolen? They did send out metal to be scrapped. But the process was supposed to be supervised and the metal was not up for grabs.

    I would have thought it would be in large bins not individual bags. Or is it a "ballistic bag"?

    Whose bag?
    Whose tag?
    In 1960 Cents were issued in Mint-sewn $50 bags. If the bag is never opened, how do we know that the coins are defective? If the bag is opened, how do we know who put what in it?

    Professional Numismatist, Retired. 55 year member ANA. Former ANA Senior Authenticator. Winner of four ANA Heath Literary Awards; three Wayte and Olga Raymond Literary Awards; Numismatist of the Year Award 2009, and ANA Lifetime Achievement Award 2020. Winner of the PNG's 2026 Robert Friedberg Award for "The Enigmatic Lincoln Cents of 1922," Available now from Whitman or Amazon.
  • logger7
    logger7 Posts: 9,870 ✭✭✭✭✭
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    I have the guy's number, he brought it to a shop some years ago and was told he had to open the bag for it to be profitable.

  • ambro51
    ambro51 Posts: 14,471 ✭✭✭✭✭
    edited March 15, 2026 6:28PM
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    Well you know since you started this thread at some point we Will need to see pictures of these defective coins.

  • MsMorrisine
    MsMorrisine Posts: 40,085 ✭✭✭✭✭
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    if he's still holding onto it after being told that, then perhaps you ask what he wants for it on the phone.

    Current maintainer of Stone's Master List of Favorite Websites // My BST transactions
  • jonathanb
    jonathanb Posts: 4,155 ✭✭✭✭✭
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    eBay has a couple of completed sales in the $400 range for an opened bag. I expect an unopened bag would bring more. So technically it would be profitable (to some extent) even if unopened.

  • Bochiman
    Bochiman Posts: 25,790 ✭✭✭✭✭
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    xray it to get some sort of idea

    I've been told I tolerate fools poorly...that may explain things if I have a problem with you. Current ebay items - Nothing at the moment

  • jmlanzaf
    jmlanzaf Posts: 43,061 ✭✭✭✭✭
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    @jonathanb said:
    eBay has a couple of completed sales in the $400 range for an opened bag. I expect an unopened bag would bring more. So technically it would be profitable (to some extent) even if unopened.

    That's a tiny fraction of what 5000 error coins would sell for.

    All comments reflect the opinion of the author, even when irrefutably accurate.

  • jonathanb
    jonathanb Posts: 4,155 ✭✭✭✭✭
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    @jmlanzaf said:

    @jonathanb said:
    eBay has a couple of completed sales in the $400 range for an opened bag. I expect an unopened bag would bring more. So technically it would be profitable (to some extent) even if unopened.

    That's a tiny fraction of what 5000 error coins would sell for.

    I'd love for this to end up as a bag of 5000 error coins. My prediction is "not that".

  • FredWeinberg
    FredWeinberg Posts: 6,040 ✭✭✭✭✭
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    I think we need a better description From the antique dealer.
    Is the bag mint sewn or just an original bag that’s been opened in crimped?
    Does anyone know what the “errors“ might be?
    Like Tom and others I’m very suspicious at this point with very little information available

    Retired Collector & Dealer in Major Mint Error Coins & Currency since the 1960's.Co-Author of Whitman's "100 Greatest U.S. Mint Error Coins", and the Error Coin Encyclopedia, Vols., III & IV. Retired Authenticator for Major Mint Errors for PCGS. A 50+ Year PNG Member.A full-time numismatist since 1972, retired in 2022.
  • jmlanzaf
    jmlanzaf Posts: 43,061 ✭✭✭✭✭
    edited March 15, 2026 9:21PM
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    @FredWeinberg said:
    I think we need a better description From the antique dealer.
    Is the bag mint sewn or just an original bag that’s been opened in crimped?
    Does anyone know what the “errors“ might be?
    Like Tom and others I’m very suspicious at this point with very little information available

    I think we're all a little suspicious of various things. I'm suspicious that, even if real, they must be "stolen".

    All comments reflect the opinion of the author, even when irrefutably accurate.

  • Typekat
    Typekat Posts: 732 ✭✭✭✭✭
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    Here’s my ‘suspicion’ after 30 years in a coin shop:

    Grandpa, for whatever reason, wrote ‘defective’ on a tag, then tied the bag shut.

    30+ years coin shop experience (ret.) Coins, bullion, currency, scrap & interesting folks. Loved every minute!

  • logger7
    logger7 Posts: 9,870 ✭✭✭✭✭
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    I'll follow up if the guy sends me some pictures as he agreed to do after a long talk on the phone.

  • CaptHenway
    CaptHenway Posts: 34,175 ✭✭✭✭✭
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    @logger7 said:
    I'll follow up if the guy sends me some pictures as he agreed to do after a long talk on the phone.

    Great! I am curious to see what the "official tag" looks like!

    Professional Numismatist, Retired. 55 year member ANA. Former ANA Senior Authenticator. Winner of four ANA Heath Literary Awards; three Wayte and Olga Raymond Literary Awards; Numismatist of the Year Award 2009, and ANA Lifetime Achievement Award 2020. Winner of the PNG's 2026 Robert Friedberg Award for "The Enigmatic Lincoln Cents of 1922," Available now from Whitman or Amazon.
  • DesertCoin
    DesertCoin Posts: 482 ✭✭✭
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    Bag is very sus

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