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Was a Cancelled coin graded by PCGS ?
brokentoken
Posts: 1
This coin looks like it was mint cancelled, perhaps with a pair of side cutters...
Cert # 20677954
How did PCGS grade this coin after it was mint cancelled? Am I wrong in thinking that this is not a grade eligable coin? At a minimum, I would think it was intentionally damaged prior to slabbing.
For another twist, this same coin is available on flea-bay 2 times
160704545043
160693613375
Cert # 20677954
How did PCGS grade this coin after it was mint cancelled? Am I wrong in thinking that this is not a grade eligable coin? At a minimum, I would think it was intentionally damaged prior to slabbing.
For another twist, this same coin is available on flea-bay 2 times
160704545043
160693613375
0
Comments
Don't know. Looks odd to me too. But the $1 PCGS guarantee isn't much of a risk.
Lance.
bob
Government is the great fiction through which everybody endeavors to live at the expense of everybody else. - Bastiat
<< <i>PCGS obviously determined it to be mint damage. >>
Damage is still damage regardless of it being done at the mint or elsewhere. If damaged, PCGS would, and in this case should have, noted it as such and put the coin in a details only holder.
<< <i>I would have to see the coin in hand to tell if it was cut before the blank was punched out, before the coin was struck, or after the coin was struck. >>
I think this enlargement shows that the damage occured before the coin was struck:
Although it appears to be "cut" from the side, the uneveness of the defect across the reverse disproves that IMO.
The obverse appears to be uneven as well.
While I don't understand whats really going on here, I also don't think it should be discounted as "cancelled". Especially since folks already know what cancelled (waffled) coins look like.
For whatever reason, I'm guessing that the damage is what caused the mis-feed and resulting off-center strike.
(Ignore this guy behind the Curtain and See Fred's Post Below)
The name is LEE!
Back about 10 years ago, or thereabouts,
the US Mint told it's wrapping facilities that
they must return any error coins they find
in the counting/rolling machines; they did
not want them out 'in circulation'.
Brinks, for one, told it's locations that they
should damage the error coins BEFORE they
were returned to the Mint for face value, so
as to take away the incentive for employees
to take them and sell them out in the marketplace.
Over the preceeding decade, these types of
'private cancelled' error coins show up now
and then - some employees have figured out
that these coins still have value over their
face value, to error collectors.
That State Quarter has been "Sheared" with
a pair of cutters; it wasn't a damaged planchet
before it was struck.
I saw the coin raw for PCGS, described it, and
was surprised when it was graded.
This was before they had the "Genuine" designation.
Hope this info helps.
Fred
Edited to say that I just looked at the auction(s) and I could BIN for $400! Wow, that is a bit overpriced in my book.
<< <i>If I may chime in -
Back about 10 years ago, or thereabouts,
the US Mint told it's wrapping facilities that
they must return any error coins they find
in the counting/rolling machines; they did
not want them out 'in circulation'.
Brinks, for one, told it's locations that they
should damage the error coins BEFORE they
were returned to the Mint for face value, so
as to take away the incentive for employees
to take them and sell them out in the marketplace.
Over the preceeding decade, these types of
'private cancelled' error coins show up now
and then - some employees have figured out
that these coins still have value over their
face value, to error collectors.
That State Quarter has been "Sheared" with
a pair of cutters; it wasn't a damaged planchet
before it was struck.
I saw the coin raw for PCGS, described it, and
was surprised when it was graded.
This was before they had the "Genuine" designation.
Hope this info helps.
Fred >>
I stand corrected. Thanks for the explanation Fred.
The name is LEE!
Now if we can convince him to behave and not get himself banned.
<< <i>I just want to say how great it is to have Fred Weinberg on these boards.
Now if we can convince him to behave and not get himself banned.
See http://www.doubledimes.com for a free online reference for US twenty-cent pieces
<< <i>I just want to say how great it is to have Fred Weinberg on these boards. >>
-D
-Aristotle
Dum loquimur fugerit invida aetas. Carpe diem quam minimum credula postero.
-Horace