A major Presidential Dollar error has emerged! Coins with no edge lettering are showing up in two key locations; so far the majority of the "no edge lettering" error coins seem to be out of the Jacksonville Fed, (thousands of error dollar coins reported,) but I have reports of hundreds of error coins from the Chicago area, too. The Florida coins are from the Philadelphia Mint, while the Chicago coins are from the Denver Mint. There are sporadic (but unconfirmed) reports of this error showing up in other cities, too. (Please note that this is a correction from an earlier edition of this post that stated ALL missing edge lettering errors were from Philadelphia. This was a misunderstanding on my part engendered by the fact that a company in Pennsylvania wrapped all of the coins for the Fed.)
I want to reiterate that coins with the edge inscriptions written upside-down are not errors! The edge inscriptions are being applied randomly on circulation strike coins (but should always be right-side up on Proofs.)
The frenzy over this hugely significant error is already on the upswing: the first specimen, a Denver Mint specimen found in Chicago, closed for $612 on eBay last night, and at least one additional coin has sold for a $200 Buy-It-Now price. There are dozens of listings still open with bids topping out around $80 at this moment. I would caution my readers to hold off on paying very much for this error, because I think we are seeing the tip of the iceberg. Keep in mind that most Americans are not avid coin collectors, so the average person may not even be aware that missing edge lettering is an error, since we haven't had a circulation coin with edge lettering in decades! Therefore, there could literally be tens of thousands (or more) of these George Washington "no edge lettering" errors out there that people don't even realize are wrong!
One interesting speculation on my part is that I would expect we'll see Sacagawea Dollars that DO get edge lettering, and those will probably be rare and cool enough to be worth $80. I also expect that we'll have the usual assortment of cuds, double struck, off-centers, and other more "commonly" encountered mint errors on the Presidential Dollars. This reminds of the important point that only a tiny fraction of the 300 million coin mintage of GWs has even gotten out yet, and we've already seen thousands of missing edge lettering errors reported, so this error is not likely to be rare, although it will certainly be at least scarce.
Check out my list of all confirmed Presidential Dollar Edge Lettering Errors, which also includes a listing of all other reported errors (die cracks, etc.) This list also has important information about diagnosing edge letter errors. I believe that this serious "missing edge lettering" error, which omits the especially important date and mint mark, compares in legendary status to the 1955 doubled-die cent in importance. When the mainstream media pick up this story, the frenzy will perhaps be greater than anything we have seen in decades.
If you have some coins with no edge lettering that haven't been reported to me yet, (or other significant Presidential Dollar errors,) please post in the comments below, or email me at email@example.com about your find. Please tell me what city you got the coins in, whether they're from Philadelphia or Denver rolls (or bags) and how many you have (or have seen.) I'll post the reports in cumulative (but anonymous) form for everyone's benefit.
Photo of dollar missing the edge lettering courtesy of Athel Patterson