If subsequent Presidential dollars come out with smooth edge errors, how significantly will that aff
Longacre
Posts: 16,717 ✭✭✭
I usually don’t post threads about Presidential dollars, but here goes. The smooth edge dollars are manufacturing errors, given that the edge lettering is put on in a separate process, rather than in a continuous minting procedure. There are four Presidential coins that will be coming out each year over the next several years.
Suppose for each new issue, some percentage of the coins are found without edge lettering. Although the obverses of these coins will be different (i.e., Adams, Jefferson, Madison, etc.), the “edge lettering error” will be exactly the same. What impact, if any, do you think this will have on the pricing of these errors overall? Do you think that the market will view these errors as somewhat commonplace and expected, and not something that should generate a large premium?
To take a related example, this high and low leaf Wisconsin errors are on a single type of state quarter, with a reverse unique to others in the series. I can (somewhat) see what the excitement is over these coins. However, if 10,000+ of each and every issue of the Presidential dollars, year after year, appears in the market without edge lettering, will these errors continue to be a big deal?
Suppose for each new issue, some percentage of the coins are found without edge lettering. Although the obverses of these coins will be different (i.e., Adams, Jefferson, Madison, etc.), the “edge lettering error” will be exactly the same. What impact, if any, do you think this will have on the pricing of these errors overall? Do you think that the market will view these errors as somewhat commonplace and expected, and not something that should generate a large premium?
To take a related example, this high and low leaf Wisconsin errors are on a single type of state quarter, with a reverse unique to others in the series. I can (somewhat) see what the excitement is over these coins. However, if 10,000+ of each and every issue of the Presidential dollars, year after year, appears in the market without edge lettering, will these errors continue to be a big deal?
Always took candy from strangers
Didn't wanna get me no trade
Never want to be like papa
Working for the boss every night and day
--"Happy", by the Rolling Stones (1972)
Didn't wanna get me no trade
Never want to be like papa
Working for the boss every night and day
--"Happy", by the Rolling Stones (1972)
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Comments
I don't know about subsequent "error dollars" but I tell you this. There's too dang many of them to warrent them being $100 apiece.
but I do think that the mint will do better QC on the next ones to limit the amount that goes out without any edge lettering. So the ones in the next few years, I think, will be more scarce.
Surely with over 300 million of each one being minted, there will be some slips, but not nearly as many as the 10s of 1000s of the GW$.
Too many positive BST transactions with too many members to list.
<< <i> There's too dang many of them to warrent them being $100 apiece >>
It all depends on demand, look at 99 silver proof sets for example.
I'll bet there will be more "no edge letter" dollars than the total number of '99 proof sets.
I realize this is close to comparing apples to oranges.
Too many positive BST transactions with too many members to list.
Now suppose thee are some for each president dollar but they are NOT as high as the Washington. You would still have people trying to put the set together but now they are chasing fewer coins so prices will go higher.
If plain edges are only found on a few issues I don't think demand to acquire one of each would develop and then the Washingtons would probably result in an oversupply and prices for them will decline to a nominal amount as a curiosity.
<< <i>Consider this. Suppose that 50,000 of each president dollar came out with plain edges, the same "high" number as the Washington. Don't you think there will be collectors that would try to put together full sets of plain edge dollars? With mintages that high it becomes "possible" and I think collector demand would increase for them and cause at least support for the price.
Now suppose thee are some for each president dollar but they are NOT as high as the Washington. You would still have people trying to put the set together but now they are chasing fewer coins so prices will go higher.
If plain edges are only found on a few issues I don't think demand to acquire one of each would develop and then the Washingtons would probably result in an oversupply and prices for them will decline to a nominal amount as a curiosity. >>
I enjoyed that. thank you!
That leads me to believe they will work on their processes and won't have this problem on a recurring basis or on the same scale. Perhaps it's possible for a coin to go through the edge lettering machine and come out with a plain edge but it seems unlikely. Writersblock is correct that if these keep turning up people will do sets which will support the price. But if there's only a handful, that won't happen.
There's a "sweet spot" for errors/varieties with respect to the number of available coins. Too many, and there's no interest (e.g. shield nickel doubled dies). Too few, and it's a non-collectible, and the ability to do a "set" of something is a powerful force in generating interest. But if there are 2,000 or 10,000, there are enough to keep interest up, generate press, get a special slab label, get added to required coins for registry sets, etc.
But I just don't see this happening again, at least of the magnitude it has with the Washington dollar.
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.
<< <i>Consider this. Suppose that 50,000 of each president dollar came out with plain edges, the same "high" number as the Washington. Don't you think there will be collectors that would try to put together full sets of plain edge dollars? With mintages that high it becomes "possible" and I think collector demand would increase for them and cause at least support for the price.
Now suppose thee are some for each president dollar but they are NOT as high as the Washington. You would still have people trying to put the set together but now they are chasing fewer coins so prices will go higher.
If plain edges are only found on a few issues I don't think demand to acquire one of each would develop and then the Washingtons would probably result in an oversupply and prices for them will decline to a nominal amount as a curiosity. >>
Does Dansco make a book for them yet?