William T. Gibbs

Bill’s Corner

William T. Gibbs

William was appointed the managing editor effective May 1, 2015. He joined the Coin World editorial staff in 1976 as an assistant editor for "Collectors' Clearinghouse" and later became a senior staff writer before being appointed news editor. As managing editor, he manages the day-to-day editorial operations for Coin World, both print and online, and leads the editorial staff. He also serves as chief copy editor for all Coin World publications, including for all books published by Coin World since 1985. He has been project editor of mulitple editions of the Coin World Almanac. Bill began collecting coins at the age of 10 and soon discovered Coin World. As a teen interested in numismatics and journalism, he identified a writing position on the staff of Coin World as a dream job, which was realized shortly after he graduated from Bowling Green State University with a major in journalism. He collects store cards and medals depicting Adm. George Dewey of Spanish-American War fame.

Visit one of our other blogs:

Mint confirms existence of the coin they said they never struck

As you recall from my blog here , I received a telephone call in mid-1994 that led to the discovery of a previously unknown experimental coin: a 1974 Lincoln cent struck on a bronze-clad steel planchet. Once I had a chance to examine an example of the coin and do some research into the 1973 experiments in alternative compositions for the 95 percent copper cent, I was convinced that the coin was a genuine Mint product.

At the time, I had no Mint confirmation that such a coin had been struck. In fact, while Mint publications confirmed that a bronze-clad steel composition had been tested, the Mint claimed in those documents that planchets made of that material had been tested only with strikes bearing “nonsense” designs and not the regular Lincoln cent designs. Nonetheless, after considering the evidence we had available to us, the editors here felt confident enough to publish a news article about the discovery anyway, while being careful to describe the coin as something that “appeared” to be genuine.

In preparing the article for publication, we also discussed our strategy for protecting the identity of my source and to prevent any possibility that the Mint might ask the U.S. Secret Service to come to our offices to confiscate the coin or to request that we identify the person who sent us the coin. We were concerned on two counts and had cause to be paranoid: (1) the Mint considered the 1974 Lincoln cents struck on aluminum planchets during the same round of experiments as the bronze-clad steel cent illegal to own; and (2) the Secret Service some years earlier had come to our offices and confiscated a coin that we had published a Page 1 news article about (I will write about this coin in the weeks ahead).

Because of those concerns, I returned the coin to the owner as quickly as possible, even neglecting to take color photographs of it (something I quickly regretted). I also took steps to protect all of my notes correspondence with the source.

Once I did both of these things, I reached out to the Mint, asking the public affairs office to dig into the Mint’s archives to see whether there was evidence that the bronze-clad steel cent had been struck with regular cent dies. It took Mint officials several months to go through their archives to get the information I requested, but the wait was well worth it.

Here is what I reported on Page 1 of our Sept. 5, 1994, issue:

“The United States Mint retains two experimental 1974 Lincoln cents struck on bronze-clad steel planchets in its specimen files, a Mint spokesman said Aug. 15.

“The admission confirms a July 4 Coin World article announcing the discovery of the previously unknown experimental pieces.

“The existence of the experimental bronze-clad steel pieces was unknown until June when a collector contacted Coin World with a first-person account of the destruction of a quarter-million or more of the pieces in a steel mill furnace, and the accidental survival of a handful of pieces now in private hands.

“The 1974-dated experimental pieces are survivors of 1973 testing that also resulted in the famous 1974 aluminum cent.

“It took Mint officials two months to confirm that the Mint did in fact strike experimental 1974 Lincoln cents on bronze-clad steel planchets using regular dies. Mint spokesman Michael White said no records survive of the coin's production or destruction.

“However, the anonymous collector who says he holds five of the pieces says he witnessed the destruction of a quarter million or more bronze-clad steel cents in 1974 at a Pennsylvania steel mill (see Coin World, July 4, Page 1). Several other burnt pieces may also survive in private hands, according to the collector.

“A 1973 Department of the Treasury study discusses the testing of the bronze-clad steel composition, but indicates that none were struck with regular cent dies. ‘Nonsense’ dies were reportedly used, according to the 1973 Treasury report now known to be incorrect.

“An examination of one piece by Coin World staff indicated that the cent was struck by regular Lincoln cent dies dated 1974. The coin, with its steel core, is attracted to a magnet.
 

“The bronze-clad steel pieces are unlisted in any work discussing pattern issues, including the just published United States Patterns and Related Issues by Andrew W. Pollock III. The new book was published almost at the same time as the bronze-clad steel cents surfaced.
 

“Both the 1974 bronze-clad steel cents and the well-known 1974 aluminum cents were struck in 1973 as Mint officials experimented with alternatives to the 95 percent copper, 5 percent zinc cent then in production. Rising copper prices threatened to make the cent’s intrinsic value higher than its face value. Copper prices dropped, however, and the composition remained unchanged until 1982.“

As exciting as it was to get confirmation that the bronze-clad steel cents had, in fact, been struck, it was even more exciting to learn that Mint retained examples. The Mint had gotten a reputation in the 1960s and 1970s for destroying its history, including the mass meltings of experimental pieces like the 1964-D Peace dollar and 1974 aluminum cents. The fact that two bronze-clad steel cents were held by the Mint was exciting.

Even more exciting was White’s comments about whether the bronze-clad steel cent was legal to own. I was so surprised at his response that I asked him to confirm that a second time and his response was the same. Still doubtful, I then asked for a formal statement from Mint legal counsel and decided not to publish White’s initial responses until we received that formal opinion from the Mint. This time, it took less than a month for the Mint to respond to my request, and the response was what I expected. Here is how I explained my repeated inquiries on the legality of private ownership in the next article I wrote about the coin, appearing in the Sept. 26, 1994, issue:

Experimental 1974 Lincoln cents struck on bronze-clad steel planchets have the same legal status as the more famous 1974 aluminum cents, the Mint stated Sept. 9: Both are illegal to own and are subject to confiscation.

Coin World requested a formal statement about the legal status of the bronze-clad steel cents in mid-August, following several conversations with a Mint public affairs officer during which the officer stated the pieces would be considered collectible like any other item that fell into collector hands.

“The public affairs officer’s statement was at odds with past Mint policy on the experimental 1974 Lincoln cents struck on aluminum planchets, struck at the same time and for the same purposes as the experimental bronze-clad steel cents. The aluminum pieces have always been considered government property and remain subject to confiscation.

“The Mint public affairs officer stated at least twice during the week of Aug. 15 that bronze-clad steel cents would be considered collectible, the second time after what Coin World was led to believe was further research by the Mint staff. Coin World asked the officer at that time for a formal opinion, not only on the bronze-clad steel cents, but whether the statement represented a policy shift that would also apply to the aluminum cents.

“However, the August statement was not a formal declaration, nor did it represent a policy shift, Mint officials now say.

In a Sept. 9 letter, Mint chief counsel Kenneth B. Gubin states: ‘The Mint’s policy regarding the 1973-dated [sic] aluminum one-cent pieces remains unchanged; since these pieces were experimental and never issued by the Mint, any still outstanding are considered property of the U.S. Government and may not be circulated, sold or held in collections. If they were to appear in the hands of the public, they are, and will continue to be, subject to confiscation by the U.S. Secret Service as no individual may acquire valid title to them. This policy also applies to other similar experimental pieces, including the experimental 1974 bronze-clad steel Lincoln cents.’ ”

Had the Mint reversed its policy on private ownership on the 1974 experimental cents, it is interesting to speculate about what other “forbidden” coins might have surfaced in collections. 


As for the owner of the experimental bronze-clad steel cents, he attempted to enlist my assistance in marketing the cents. He said he would be open to a trade — one of the cents (or maybe all of of them; I forget which) in exchange for a new top-line pickup truck. I had to decline to assist him. Similarly, years later I had to decline a request from a prominent collector of Lincoln cents to place him into contact with the owner of the coins. In any case, I do not have contact information for the owner of the coins and for all I know, he may now be deceased. 

Covering the story of the 1974 bronze-clad steel cent was one of my best journalistic “scoops” and one that I remember with fondness and pride.


You are signed in as:null
Older Comments (3)