By Ken Potter – NLG – CoinLink Content Partner

Some time ago a fellow sent in an error-variety coin with some very interesting questions. He said: “I have a 1999-W $5.00 Gold 1/10th Eagle that was struck by the Mint with an Uncirculated Matte Finish instead of the intended Proof finish for the West Point issue. Is this an error or variety — the grading service states it’s an error? Also, why is it referred to by the grading service as struck with “Unfinished Proof Die” when the die has clearly been “finished” albeit the wrong finish?

He made to very good points and I had to explain that it was both an error and a variety and that the grading service was technically wrong. My answer to him was as follows and aught to be of interest to others.

According to Alan Herbert in his book, The Official Price Guide To Mint Errors:
“Only a small fraction of the mint product is an “error.” The E word was born back in the dark ages when almost nobody knew anything about the minting process. Today we know enough about the complexities of minting coins to be able to pinpoint the exact cause, or causes, in 99 percent of the cases. We desperately need the proper language to fit with that increased knowledge. Teaching novice collectors nicknames and slang is akin to teaching a chimp how to use a baseball bat. It curls my hair to hear professional people, engineers, doctors, lawyers and other college graduates misusing the language like they do.

We know that many actions by mint personnel are expedients-things done to speed up production, salvage worn or damaged dies, use up substandard planchets, or just simply to save money. Obviously, an expedient is not an “error.” It was done deliberately. Other mint products are different because of wear and tear to the dies, coin press, or other equipment. Again this stretches the definition of “error” to have to include a normal result of heavy usage.

The more we know about the minting process, the harder it is to stretch the E word to fit the end result. The simple solution is to have a “real” term which will include any and all variations, and-just as important-will include “errors,” but in their proper perspective. That term is minting varieties. (more…)

By Stewart Huckaby for Heritage Coin News

1986 saw the introduction of a completely new type of US coin. Actually several, if you think about it – the Walking Liberty Dollar, and the Saint-Gaudens $5, $10, $25, and $50. I’m talking, of course, about the American Eagle series of coins – the US Mint’s ultimately successful entry into the well-established market for coins as bullion. These coins contained a specific amount of a precious metal; one ounce of silver, and 0.1, 0.25, 0.5 or exactly one ounce of gold. Face values? Yes, they were visible on the coin, but neither you, I, nor anyone we know has ever spent one of these pieces.

1997 saw the introduction of the Platinum American Eagle. Again minted in 0.1, 0.25, 0.5 or one ounce sizes, these were the first and, with the exception of a single commemorative piece, currently the only platinum coins minted by the US. Face Values were a slightly more logical $10, $25, $50, and $100, although again the face value meant nothing while the metallic content of the coin meant everything. I once owned one of the one ounce pieces, having bought it at what in retrospect must have been a serious bottoming out of the market at about $370, I sold it some years later for about $650, thinking I’d made a pretty good return. And I did… until you look at the price of platinum today and realize that it’s over $1,400. Wonder if I can get this coin back for what I sold it for?

The Platinum Eagle also saw a new design concept; instead of unchanging designs for the entirety of the coin’s run, the reverse of the proof coins changed every year. I suppose the folks over at Krause would back up the notion that it is necessary to have a complete year set of proofs to technically own a type set of US bullion coins. For most of us, though, owning a single platinum piece or perhaps a piece of each denomination is sufficient for our collecting needs; I’ve since bought a tenth ounce piece, and yes it’s a proof. (more…)