US Coins

Market Analysis: Double-struck 1923 Peace dollar impressive in December sale

Heritage’s Dec. 21 online Showcase auction titled “The Misfits Collection of U.S. Error Coinage” totaled $840,591 across 253 lots, and the session included some real showstoppers.

Among the most impressive, and expensive, was a 1923 Peace dollar that was double struck with the second strike off center. The doubling is seen in two profiles and sets of rays on the obverse, and two heads  of the eagle on the reverse.

Mike Byers explained in his book World’s Greatest Errors, “When a blank planchet is struck by the dies, the normal procedure is for the feeders to eject the struck coin out of the collar and into a chute.” A malfunction where the struck coin is not ejected means that the coin might receive a second strike, or even more, from the dies.

This one was graded Mint State 64 by Numismatic Guaranty Co. and sold for $18,000.

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