(Newport Beach, California) - Professional Coin Grading Service has certified the first reported Sacagawea golden dollar coin struck with the edge lettering intended only for Presidential dollars. The submitter will receive a $10,000 finder’s reward from PCGS.

“The United States Mint set up specific internal procedures in an attempt to prevent this type of error from happening. But it did happen, and it’s an amazing-looking error,” said Ron Guth, PCGS President.

The 2007-dated coin was struck at the Denver Mint and has been examined and authenticated by the experts at PCGS. The coin was submitted by Andrew Moores of Lakewood, Colorado who found the coin in his pocket change. Moores believes he could have had the coin for as long as two weeks and only noticed it when he compared it with other Sacagawea Dollars that he had already set aside.

Moores was unaware of the reward until a coin collector friend mentioned that he had seen the offer on the PCGS Message Boards. According to Guth, who spoke with the submitter about the find, “Needless to say, Mr. Moores is a very happy man.”

PCGS also confirms it now has certified 301 Jefferson dollars erroneously struck without edge lettering. (more…)

By Coins Magazine posted on Numismaster
Grades listed are based on the following standards established by the American Numismatic Association. For more detailed descriptions, see Official ANA Grading Standards for United States Coins, by Ken Bressett and A. Kosoff (American Numismatic Association, 818 N. Cascade Ave., Colorado Springs, CO 80903-3279.

Proof Coins

The term “proof” refers to a manufacturing process that results in a special surface or finish on coins made for collectors. Most familiar are modern brilliant proofs. These coins are struck at the Mint by a special process. Carefully prepared dies, sharp in all features are made. Then the flat surfaces of the dies are given a high, mirrorlike polish. Specially prepared planchets are fed into low-speed coining presses. Each proof coin is slowly and carefully struck more than once to accentuate details. When striking is completed, the coin is taken from the dies with care and not allowed to come into contact with other pieces. The result is a coin with a mirrorlike surface. The piece is then grouped together with other denominations in a set and offered for sale to collectors.

From 1817 through 1857, proof coins were made only on special occasions and not for general sale to collectors. They were made available to visiting foreign dignitaries, government officials, and those with connections at the Mint. Earlier (pre-1817) U.S. coins may have prooflike surfaces and many proof characteristics (1796 silver coins are good examples), but they were not specifically or intentionally struck as proofs. These are sometimes designated as “specimen strikings.” Read Full Article

The total prices realized in our early November Signature Auction in Dallas have exceeded $7 million. With an additional $1 million from the subsequent Final Session Auction, our early November Dallas events exceeded $8 million in sales. A second Signature event will be held at the end of the month at the Money Show of the Southwest, taking place in Houston on November 29-30. Descriptions and images of all sold lots from the Dallas event are currently posted at www.HA.com/Coins, as are the lots for the Houston event (now available for bidding).

We continue to be pleased with outstanding collector participation in our auctions; including the Final Session we have had some four thousand bidders participating. It is no surprise to us that Internet bidders once again won the lion’s share of coins in this auction, and Heritage Live Bidders are growing stronger with every event.

Registry-level coins from all series continue to be strong, as collectors are willing to pay handsomely for the finest pieces known. Our year-end events continue to be extremely successful, and we are looking forward to our Houston Signature Auction later this month. (more…)

More than 100 million $1 coins featuring the likeness of Thomas Jefferson were put into circulation in September, but few people plan to use them, or even know they exist.

Only a quarter of U.S. residents have actually seen a Jefferson coin, or either of the other two Presidential $1 coins that are part of a series the United States Mint started to released earlier this year, according to a USA Today/Gallup Poll. Americans are also attached to their paper bills, another poll found, and prefer using them instead even if it costs the government more money.

It’s a far cry from the social and political upheaval caused by the introduction of the first coins more than 2,500 years ago, said Tom Figueira, professor of Classics at Rutgers University in New Jersey.

“Mental changes with the introduction of coins were profound,” Figueira said. “It was a whole new way of thinking about value.” Read Full Story