How do cancelled/waffled coins end up on the market?

Robb · February 9, 2009 1:56PM

Does the Mint sell 'em? That seems like it would be counterproductive for "destroying" them in the first place. Do they somehow mistakenly end up in rolls after all? I'm guessing not as I would think that they would sell for a bit more if they did. How do they end up on the market?

longtimecollector · February 9, 2009 2:01PM

AU58WALKERS · February 9, 2009 2:09PM

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that was my thought...stolen from the scrap dealer

illini420 · February 9, 2009 2:19PM

Saw an entire table of them at Long Beach on Saturday. Sort of cool I thought, but also thought it was odd that only one dealer had them. I think they were all in NGC slabs, so at least they won't get any further damage

Bochiman · February 9, 2009 2:24PM

They did a report on this a few years back....

Basically, at that time, it came to light that, when the coins were cancelled ("waffled"), the mint considered them scrap metal as they are not monetized.
So, a company had the contract for the scrap metal and they were contacted, or contacted, another company for promotion. That company then went to NGC and got them slabbed.

So, the mint only got the amount it was contracted for as scrap metal and then someone else made the bank

buffalohunter · February 9, 2009 11:09PM

always suckers

pmac · February 9, 2009 11:31PM

I thought of the homeless guy going through the mint's dumpster, also. Everyone's needs to make a living.

ricko · February 9, 2009 11:34PM

No matter what it is.. someone, somewhere, will buy it... and because of that, there are many who look for these opportunities to make extra cash. Great system. Cheers, RickO

19Lyds · February 10, 2009 2:19AM

I saw these at Long Beach and was considering picking one up but since there weren't any IKE's, I just walked away.

PBRat · February 10, 2009 2:43AM

Anyone want to buy a waffling machine?

RWB · February 10, 2009 2:48AM

The mint has a waffle maker that the defective coins are run through. A contractor buys the waffle scrap and sells it to those pancake/waffle house places you see in tourist traps. They bake them into waffles and serve them as “mineral enriched” waffles.

Others are sold to companies who make commemorative medals for politicians. “Waffle Coins®” are perfect for them.

YaHa · February 10, 2009 3:03AM

People paying with coins at the Waffle House?

All kidding aside, I never like them myself.

EvilEmpire · February 10, 2009 3:09AM

Rob Chambers sidekick Paul Hollis, who took Chambers spot on ShopNBC has been hawking them, not just SHQ, but cents, nickels, dimes, halves and SBA's....and all of these are in PCGS slabs, my friends.

YaHa · February 10, 2009 3:53AM

<< <i>Rob Chambers sidekick Paul Hollis, who took Chambers spot on ShopNBC has been hawking them, not just SHQ, but cents, nickels, dimes, halves and SBA's....and all of these are in PCGS slabs, my friends. >>

Paul Hollis, what a dweeb.

How do cancelled/waffled coins end up on the market?

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