Florida Bank Turns Coin Collector into Millionaire with Washington Error Coins
BonPecheur
Posts: 157
YIKES ! 
Florida Bank Turns Coin Collector into Millionaire with Washington Error Coins
Article Highlight: "Coin collector from Homestead, Florida may have 10,000 George Washington one-dollar presidential error coins."
Miami, FL 03/28/07 - The popularity of the new George Washington one dollar presidential coin has caused a frenzy among both serious coin collectors as well as the novice.
This beautiful golden coin has become very well known due to the errors that have been uncovered recently where all the edge lettering on the coin is missing rendering it the "Godless coin".
It is unknown how many error coins were released by the mint undetected.
An estimated 300 million coins were produced.
A Florida bank confirmed to our sources that a single coin collector from Homestead, Florida may have ten boxes containing one thousand error coins in each box.
This collection would have an estimated value of 3 million dollars.
The United States mint is now in the process of releasing the new John Adams presidential coin.
Florida Bank Turns Coin Collector into Millionaire with Washington Error Coins
Article Highlight: "Coin collector from Homestead, Florida may have 10,000 George Washington one-dollar presidential error coins."
Miami, FL 03/28/07 - The popularity of the new George Washington one dollar presidential coin has caused a frenzy among both serious coin collectors as well as the novice.
This beautiful golden coin has become very well known due to the errors that have been uncovered recently where all the edge lettering on the coin is missing rendering it the "Godless coin".
It is unknown how many error coins were released by the mint undetected.
An estimated 300 million coins were produced.
A Florida bank confirmed to our sources that a single coin collector from Homestead, Florida may have ten boxes containing one thousand error coins in each box.
This collection would have an estimated value of 3 million dollars.
The United States mint is now in the process of releasing the new John Adams presidential coin.
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Comments
Ankur
PCGS Registries
Box of 20
SeaEagleCoins: 11/14/54-4/5/12. Miss you Larry!
<< <i>YIKES !
I think the following statement, more than the rest of the article, is the reason real for the YIKES!
<< <i>This beautiful golden coin... >>
Chris
My small collection
Want List:
'61 Topps Roy Campanella in PSA 5-7
Cardinal T206 cards
Adam Wainwright GU Jersey
Now it seems to me that the most reasonable explanation is that a hopper (or two) somehow bypassed the edge lettering machine and got over to the packaging area. Not part of a hopper. So I think there are either 350,000 of these coins out there, or perhaps 700,000. But not under 350,000.
EDIT: In the latest CW, the Mint clarified there are 150,000 to 170,000 dollars in a hopper, not 350,000 as they originally said.
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.
Thanks for posting this new information. It casts a brighter light of understanding on what's happening with these coins. My gut hunch from the start was a mintage of six figures, and this hopper information supports that. No wonder prices on eBay are softening considerably of late.
Although I believe it might be possible for someone to find/accumulate
up to 10,000 coins, I find it extremely doubtful that the person mentioned
has TEN BOXES OF SOLID PLAIN EDGE COINS.
Anything is possible, but it's a bit of a stretch to think that 10,000 PLAIN EDGE
coins were wrapped in paper rolls, without any normal edge lettered coins.
Supposedly, approx. 8,000 pieces, from one person (Bank Teller?) were the
ones sold to HSN, which they have been selling like hot cakes for $399.95,
at least four different times, selling 500+ to 1,000 + pieces each of the four times
they've been offerered on the HSN TV show, and their website.
Either the person in the story found a few plain edges, and thinks they are all like
that, OR - AND I'VE RECEIVED THREE PHONE CALLS IN THE PAST WEEK LIKE THIS -
The person can't find the Date, MM, Motto/Wording on either side of the coin, and thinks
they have the "Missing / Godless " Coins.
Three people called me, all diff., with word that they have ORIGINAL PAPER WRAPPED
ROLLS WITH THE ERROR - when I asked how they could tell if the rolls were still unwrapped,
they replied " I can't see the Date or In God We Trust, E Pluribus Unun on EITHER side
of the coins on the end of the rolls." I had to explain that the wording was on edge -
they were unaware of it.....
So.......we don' know what the real deal is.........
Exactly.
Steve
<< <i>Before we get too excited, let's think about this article.........
Although I believe it might be possible for someone to find/accumulate
up to 10,000 coins, I find it extremely doubtful that the person mentioned
has TEN BOXES OF SOLID PLAIN EDGE COINS.
So.......we don' know what the real deal is......... >>
I was thinking the same thing, I have not heard of a single person who has found a roll of solid plain edge coins much less a whole box of them. Most people seem to have found them mixed in with regular edge coins although anything is possible.
``https://ebay.us/m/KxolR5
"La Vostra Nonna Ha Faccia Del Fungo"
numbers of these out there - I've mentioned
30K, 50K, - but even with the newer pieces
being found, I don't think (could be wrong!)
there's still more than those numbers out there.
This is based on talking to dealers, collectors,
and having a rough idea of what has been
sent to the grading services so far - in addition
to just "keeping my ears to the ground", and
watching Ebay, other sales, etc. etc.
The Mint, as of today, STILL doesn't know exactly
how they got out in quantity, and has no idea
of the quantity involved - but I'm pretty sure, at
least at this point, that it's not 100,000's of thousands
of 'em, by any stretch.....
Tell us your source.
Look for an ebay listing next week: "Adams dollar minted on Washington planchet"
Joe
<< <i>This could really get out of hand worse than it already is.
Look for an ebay listing next week: "Adams dollar minted on Washington planchet"
Joe >>
<< <i>Is the mint planning to improve how they make these so it doesn contine with the rest of the Presidential dollars?
Ankur >>
Why would they when the errors bring so much publicity. Maybe just reduce the number of errors every other coin so that collectors of errors will pay more for the rare ones and keep the publicity high.
No Way Out: Stimulus and Money Printing Are the Only Path Left
But just like the Redfield and other hoards of Morgan dollars in years past, the possibility exists that there could be piles (perhaps BIG ones) of the silly things out there that the owners aren't talking about and won't be seen for years, or there could be stacks of 1,000-coin boxes sitting in the backs of vaults yet to be discovered.
IMO Kranky's post about 350,000-coin bins taking the coins from presses to the edge-lettering machines gives the strongest indication yet of the upper end of the mintage possibility involved here. Bottom line, however, is we'll never really know for sure.
<< <i>According to CW, the Mint has confirmed that there are approximately 350,000 coins in each hopper which transports the minted dollars to the edge lettering machine.
Now it seems to me that the most reasonable explanation is that a hopper (or two) somehow bypassed the edge lettering machine and got over to the packaging area. Not part of a hopper. So I think there are either 350,000 of these coins out there, or perhaps 700,000. But not under 350,000. >>
And NO-ONE at the MINT seen this?
What is going on with the Q & A at the mint? How can someone just not see this? 350,000-750,000 coins with no edge lettering, I find this very difficult to believe, oh wait were talking about the U.S. Mint, yes, I do believe it!
Later, Paul.
Later, Paul.
<< <i>Is the mint planning to improve how they make these so it doesn contine with the rest of the Presidential dollars?
Ankur >>
Improve? You mean make more errors? The Mint couldn't possibly have done a better job of promoting these coins than by creating these errors.
My icon IS my coin. It is a gem 1949 FBL Franklin.
"Our sources?" An unnamed collector in a specific town, described by an unnamed bank? "May have [ten boxes of 100% errors]?"
Sounds like tabloid reporting to me. Certainly an interesting article, but please, let's have the original source.
EERC - shame on you!
Loaded
<< <i>Centsles has about that many doesn't he?
LOL!
As for the "take it over to the bin" theory, it's certainly possible but then again it's not proven. Yet.
Vietnam Vet 1968-1969
San Diego, CA
<< <i>It seems to me that ten thousand MORE errors will only further dilute an already flooded market. >>
Ya think?
Free Trial
<< <i>On Ebay....this is beyond stupid
Loaded >>
That auction page has a link to the "news release" quoted in the first post of this thread, claiming the article describes the seller's lode.
Apparently, the original post of this thread has done little more than advance a hoax, here on this board, to the benefit of the seller of the linked auction.
To clean out the John Adams Dollar all they need is to release a few "godless" Adams coins in some other region of the country. If just a few of the coins made the press, then 100% of the coins would be snatched up in just a matter of days.
Way to go US Mint. Playin the public for the fools they are. Keep it up, they'll never figure it out.
Believe me when I say : " I hope the buyer got a bag full of error coins". This is all good for the hobby.
350,000 is to 300,000,000 what good is to great. I think the collector base probably grew by a half million alone with this one error and the NEWS FLASH that surrounded it.
``https://ebay.us/m/KxolR5
I expect a load of smoothies may show up in another locale before this is over.
The highest density of coins in a box is 720 or so from one brick; I had that box. The next highest is 400 in one box; that from a fellow who I am pretty sure sold 6,000 coins that ended up on HSN. That is what he told me at least.
I think there are less than 100,000 of these. The local dealer community is working together (for once???!!!) and keeping track of the number of discovered coins here. The numbers haven't changed appreciably in three weeks.
Rick
Also, I noticed a few on sale on ebay that are the sunburst/starburst? error plus smooth edge and they are seemingly double error graded by the pcgs. i have some of these and am wondering about their true value. they dont seem to grade better than a 64 but I am wondering if 2 errors increase the value. ncg isnt grading this as an error.
San Diego, CA
Rushmore is a favorite of mine -- what a great sig line that quote makes.
Congrats on scooping the GW's...those discoveries must've been quite a rush, too!