US Coins

Where are all of the plain edge Presidential dollar

Where are all of plain edge Presidential dollars?

The startling news Sept. 8 that a former U.S. Mint police officer had pleaded guilty in federal court in New Jersey to stealing Presidential dollars missing edge inscriptions from the Philadelphia Mint and selling them to a coin distributor in California for approximately $2.4 million caused more than a few collectors to check reports of leading third-party grading services for the numbers of Presidential dollars certified and encapsulated as being error coins due to the missing edge lettering.

Court documents filed by the U.S. Attorney in New Jersey state that beginning in 2007 through October 2010 the Mint police officer smuggled out of the Mint Presidential dollars missing the edge inscriptions, for which he was paid from $20 up to $75 per coin for a total of approximately $2.4 million.

Using an average of $50 per coin yields 48,000 coins; $70 per coin computes to 34,286. Either estimate is a staggering number, considering the fact that the three leading grading services combined (as the accompanying chart shows) have certified only 77,645 of the Presidential dollar edge inscription errors during the four-year period.

The total number of certified errors of the Washington dollar coins is 64,717. Whether the police officer started with the first of the Presidential dollars produced in 2007 is not clear from the court documents. For argument’s sake, let’s say he did not begin his “enterprise” until the Mint changed its production process to effectively prevent the production of the error coins (after production of the John Adams dollar). The grading services certified a total of 4,264 Adams dollars missing edge inscriptions. They have certified only 8,664 Presidential dollars missing the edge inscriptions from Jefferson, the third dollar coin produced in 2007, through 2010.

In February 2007, Mint officials confirmed that a large number of dollar coins missing the edge inscriptions inadvertently had been released into circulation. Estimates suggested at least 40,000 Washington dollars from the Philadelphia Mint, with the possibility that several hundred thousand examples of the error coins could have been released. Later in the year, the release of error coins from the Denver Mint was confirmed, but that number was suggested to be far fewer.

The numbers reported by the grading services suggest that many of the Missing Edge Inscription dollars inadvertently released by the Mint may yet be sitting in bank vaults and that many of those “helped” into the market by the smuggler are not yet in the marketplace either. ¦

       Presidential Dollars Missing Edge Lettering

 

PCGS

NGC

ANACS

2007

Washington

19,963

42,458

1,847

Washington (circ. strike - FDI)

447

0

0

Washington (Satin)

1

0

0

Washington (Proof)

0

1

0

J. Adams

1,614

2,543

98

J. Adams (Satin)

0

9

0

Jefferson

1,298

9

1

Jefferson (Satin)

0

2

0

Madison

133

1

1

Madison (Satin)

878

28

0

2008

 

 

 

Monroe (Satin)

63

20

1

J.Q. Adams (Satin)

0

6

0

Jackson (Satin)

0

12

0

Van Buren

0

756

0

Van Buren (Satin)

0

82

0

2009

 

 

 

Harrison

843

926

0

Harrison (Satin)

1

6

0

Tyler

897

2

1

Polk

921

21

0

Taylor

0

893

0

2010

 

 

 

Fillmore

0

854

0

Pierce

0

1

0

Buchanan

0

7

0

TOTALS

27,059

48,637

1,949

*FDI= First Day of Issue

 

 

 


Community Comments