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George Washington $1 Coin

EarendilEarendil Posts: 243 ✭✭
in U.S. Coin Forum
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?

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    brccoinsbrccoins Posts: 302 ✭
    Welcome! Do you have pics?
    image
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    WinPitcherWinPitcher Posts: 27,726 ✭✭✭
    Is the lettering upside down?

    Steve
    Good for you.
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    N8N8 Posts: 505
    I would say that with all the hype right now yes? But I'm a rookie so what do I know... image
    First get the knowledge, then the coins.

    imageimage
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    pb2ypb2y Posts: 1,461 ✭
    Is the lettering upside down?
    image

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    pb2ypb2y Posts: 1,461 ✭
    Is the lettering rightside up?
    image

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    EarendilEarendil Posts: 243 ✭✭
    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.
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    EarendilEarendil Posts: 243 ✭✭
    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.
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    zeus135zeus135 Posts: 1,043 ✭
    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.
    My humble '63 mint registry set, not much, but it's mine!
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    ddbirdddbird Posts: 3,168 ✭✭✭
    I'd be happy with the 50000% profit.

    image
    ">"    http://www.cashcrate.com/5663377"
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    pb2ypb2y Posts: 1,461 ✭
    Get your 500 bucks quickly and run like the dickens
    image

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    EarendilEarendil Posts: 243 ✭✭
    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.
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    pb2ypb2y Posts: 1,461 ✭
    No No--you should have waited for check to clear than mailed coin
    image

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    EarendilEarendil Posts: 243 ✭✭
    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.
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    pb2ypb2y Posts: 1,461 ✭
    Did you have signature confirmation on sent package???????????
    image

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    EarendilEarendil Posts: 243 ✭✭
    In answer to the above question: No, but I have the receipt postmarked from today for the insurance that I took out for it.
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    EarendilEarendil Posts: 243 ✭✭
    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.
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    DickyBetzDickyBetz Posts: 3,825


    << <i>Is the lettering upside down?

    Steve >>

    image
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    pb2ypb2y Posts: 1,461 ✭
    These so called major dealers have screwed collectors on this forum out of big bucks
    image

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    pb2ypb2y Posts: 1,461 ✭
    No--he said the lettering downside up
    image

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    EarendilEarendil Posts: 243 ✭✭
    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.
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    pb2ypb2y Posts: 1,461 ✭
    Correction--the plating was downside up
    image

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    pb2ypb2y Posts: 1,461 ✭
    ITS ONLY A DOLLAR YOU SAY---this is the only coin type known here
    image

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    WinPitcherWinPitcher Posts: 27,726 ✭✭✭
    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
    Good for you.
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    EarendilEarendil Posts: 243 ✭✭
    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.
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    pb2ypb2y Posts: 1,461 ✭
    Fred is a member of this forum
    image

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    EarendilEarendil Posts: 243 ✭✭
    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.
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    WinPitcherWinPitcher Posts: 27,726 ✭✭✭
    I figured that and you have NOTHING to worry about.


    Steve
    Good for you.
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    pb2ypb2y Posts: 1,461 ✭
    It will be no problem and a great find. Only 4 found
    Fred Weinberg has a good rep here
    image

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    EarendilEarendil Posts: 243 ✭✭
    I hope so. The coin is shipped now, so I'll just have to wait until it arrives in California.
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    gummibeargummibear Posts: 786 ✭✭✭
    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.

    my car art & My Ebay stuff
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    BodieBodie Posts: 282
    It would be great if all works out well. We hear about too many horror stories.
    I'm not a vigilante, I'm an undocumented border patrol agent!
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    EarendilEarendil Posts: 243 ✭✭
    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.
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    RampageRampage Posts: 9,701 ✭✭✭✭✭
    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.
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    EarendilEarendil Posts: 243 ✭✭
    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.
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    pb2ypb2y Posts: 1,461 ✭
    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
    image

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    EarendilEarendil Posts: 243 ✭✭
    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.
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    pb2ypb2y Posts: 1,461 ✭
    You would have made big splash on the forum by posting photos.
    That will come later.
    Good nite and good luck
    image

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    EarendilEarendil Posts: 243 ✭✭
    Thank you. Good night. I will take all that you have said into account for next time.

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