Presidential Dollars Fraud Report - Beware of "Buffy Dollars" and Upside-Down Edge Inscription "Errors"
Friday March 9, 2007
No sooner had the mass media picked up the story of the "Godless Dollars" than I began getting a slew of emails reporting more eBay fraud. Most of it related to a new surge of upside-down edge lettering "errors" (see below) but many were disturbing, such as Jason C.'s , from Nevada, (who coined the clever phrase "Buffy - The Dollar Coin Rim Eraser." Of course, he really means coin edge eraser.) People are reporting Presidential Dollar plain edge specimens purchased on eBay that weigh 7.3 to 7.7 grams, which is well below the proper weight of 8.1 grams (or 125 grains.) According to two experts I spoke to, the allowable "tolerance" (legal amount of weight variance) for U.S. Golden Dollar coins is 8.1 grams plus or minus 0.2 grams. Therefore, any plain edge coin that weighs under 7.9 grams is suspect, and plain edge coins that weigh 7.8 grams and below are extremely suspicious. Although most people won't have a caliper sensitive enough to measure this, according to a current Coin World article, the proper diameter should be 1.043 inches, plus or minus 0.003 inch.
However, there is one diagnostic that is far more important than miniscule size and weight considerations. The edge characteristcs are the critical determining factor for authenticating any plain edge dollar that is in question. I have a photo and description of what to look for in my article about authenticating godless Dollars.
We are all very well aware that the U.S. Mint, in its production of more than 15 billion coins a year, allows a comparatively miniscule number of errors to accidentally escape, and because it is possible that underweight coins could be among those errors, I want to make sure people understand that I am not saying that just because a plain edge dollar is significantly underweight, that it was created by "Buffy the Dremel Wielder." The coin is suspect, and needs to be examined further. My point with this post is to just warn people that suspiciously underweight "Godless" (plain edge) dollars are being reported in numbers large enough that one should take care to buy from reputable sources with strong feedback ratings and non-private auctions. Personally, I have always urged people new to coin collecting to find a local certified dealer who will not only protect them from fakes (with his greater knowledge and guarantees) but teach them about the hobby.
Note (dated Sun., Mar. 11, 9:36 pm CDT): I have replaced every occurrance of the word "lettering" with the word "inscription" to clarify this post. If the entire inscription is upside down in relation to the "heads" side of the coin, this is NOT an error. However, coins that have only 1 or 2 upside-down letters on them are a different kind of variety, probably of the type called embossed edge letters. I apologize for any confusion my original wording has caused.
However, there is one diagnostic that is far more important than miniscule size and weight considerations. The edge characteristcs are the critical determining factor for authenticating any plain edge dollar that is in question. I have a photo and description of what to look for in my article about authenticating godless Dollars.
We are all very well aware that the U.S. Mint, in its production of more than 15 billion coins a year, allows a comparatively miniscule number of errors to accidentally escape, and because it is possible that underweight coins could be among those errors, I want to make sure people understand that I am not saying that just because a plain edge dollar is significantly underweight, that it was created by "Buffy the Dremel Wielder." The coin is suspect, and needs to be examined further. My point with this post is to just warn people that suspiciously underweight "Godless" (plain edge) dollars are being reported in numbers large enough that one should take care to buy from reputable sources with strong feedback ratings and non-private auctions. Personally, I have always urged people new to coin collecting to find a local certified dealer who will not only protect them from fakes (with his greater knowledge and guarantees) but teach them about the hobby.
Upside Down Edge Inscriptions Are Not Errors
I am getting dozens of emails every few hours asking whether or not the upside-down edge inscription is a true error on the Presidential Dollar coins. It seems that eBay, in its apparent policy of keeping with its usual practice of putting revenue ahead of users' best interests, refuses to take down auctions that fraudulently claim upside down edge inscription is an error on the Presidential Dollars, despite a horde of complaints. Let me be real clear:Upside-down edge inscriptions on circulation dollar coins are NOT errors!
The U.S. Mint, months before the coins even came out, revealed that the edge inscription orientation on circulation strike coins is random, meaning it could be either face up, or face down, and it could start anywhere on the coin in relation to the President's head. You can learn more about how these dollars are made in my article called All About the Presidential Dollars. The proper term for an upside-down edge inscription coin is a "variety" coin (or perhaps a "Type 2" Washington Dollar,) and auctions selling upside-down edge inscriptions as varieties or types are legal and ethical, but a coin with an upside-down edge inscription is worth exactly the same amount as a coin with a right-side up edge inscription, since you have a 50/50 chance of finding the inscription going in either orientation.Note (dated Sun., Mar. 11, 9:36 pm CDT): I have replaced every occurrance of the word "lettering" with the word "inscription" to clarify this post. If the entire inscription is upside down in relation to the "heads" side of the coin, this is NOT an error. However, coins that have only 1 or 2 upside-down letters on them are a different kind of variety, probably of the type called embossed edge letters. I apologize for any confusion my original wording has caused.
Comments
I have been to the web site that speaks of random printing on the rim and you know as well as I do that it is not talking about upside down printing. It is talking about ramdom printing of the lettering on heads up coins only. Why do you choose to say this when you know it is false. Go back and read it again.
Ron,
I am not sure what Web site you are referring to. The only site I mentioned regarding the upside down edge lettering besides eBay was my own. I have re-read my post very carefully as a result of your feedback, and I think my post is very clear that I am referring to upside-down edge lettering coins only, not other legitimate errors such as the “dropped letters” and other interesting things being found on edges (regardless of edge lettering orientation.)
Susan Headley
About.com Coins Guide
This is what the last post I think is referring to as you did say this in a earlier post of yours that I cut and pasted for your reference
So once and for all is the up or down lettering really a “error” or not ???????
I have been getting a lot of email regarding the orientation of the edge lettering on the Presidential Dollars. People are finding that the coins have the lettering oriented head-ups and tails-up, and we even have people on eBay already claiming that one orientation or the other is an error.
Here are the facts, quoted from my article about the new Presidential Dollar Coins:
“The edge lettering is being applied randomly with regard to whether it faces up or down on the business strike coins, after the coins are struck. The business strike coins are fed through a vaccuum-like device that sucks them up into the edge lettering prep machine, which lines them up in whichever way the coins happen to enter the process (heads up or down.) Then the coins roll through a device that inscribes the edge lettering. It is expected that in the end, heads-up edge lettering should be about equal in number to coins which receive “tails-up” edge lettering.”
So, the edge lettering orientation is not an error if it is upside down, BUT… I really do expect us coin collectors to be finding a lot of interesting error coins in the new Presidential Dollar series as the Mint adjusts to this new coinage type with edge lettering. In fact, just about every time the Mint has issued a new coin design, or made a major change (such as copper to zinc pennies,) there have been plentiful errors to be found by those who are alert and familiar with what the normal coin should look like.
Jeff,
Thank you for your comment and question. Between yours and another comment (on another post) and emails I am getting, it seems I need clarify what I mean:
If the entire edge inscription is upside down, it is NOT an error.
If someone is selling a coin that has 1 or 2 letters on the edge that are upside down to the rest of the inscription, that IS an error.
I will post a clarification in both of my blog posts which mention this subject.
It figures!! Or should I say :Just my luck!” In looking for the “Godless Dollars” I happened to notice the upside down inscription on one. Thinking that perhaps I had found an unknown type of error, especially since about 40% +/- of that roll was inscribed with a “tails up” inscription. (That should have been my FIRST hint!)
I immediately started researching this, and found your site. Then you burst my bubble!! As I said in my opening, it is just my luck. I don’t find the gems in the rocks, I find the rocks in the gems!!
Seriously, thank you for resolving this issue, even though it was not in my favor. You can believe that I have ‘bookmarked’ this site, and will be using it again!
How about this one?! At a coin club in MA, where many of the members are dealers and/or VERY experienced collectors, there is one older gentleman hoarding the “upside down” dollars to sell to people for $5 each as an error coin. He says people are calling them errors, so he’ll sell them that way – they’re willing to pay it. (I tried to tell him the truth, but he wasn’t interested. I’m just the mom of a novice collector, the only child in the club.) Isn’t this fraud?
Elena,
If the older gentleman you refer to acts in the capacity of a coin dealer as a regular source of income, and he persists in selling something under a fraudulent description (as an error, when it is not,) especially after he has been told of his mistake, then yes, it would be considered fraud.
If he is just an older person who collects coins and who is the closed-minded type of person who will not listen to others, let him hoard all the upside-down inscription coins he wants; as the marketplace, and the average citizen become more educated, he will just get stuck with them. =)
However, I must caution you that we must be very clear about terminology here: selling these coins as an “error” is wrong, but selling them as a “variety” is not. Many times, people new to the hobby don’t always realize the fine points between these terms, and just think selling them is wrong and that’s that. I’m not saying that is the case for YOU, I’m saying it mostly for the benefit of everyone else who will read this also eventually.
I am thrilled to see that your child has taken up this wonderful hobby! The American Numismatic Association (ANA) has special programs for “Young Numismatists,” so if he or she is not already an ANA member, please visit money.org to learn more.
Thank you for visiting my site, and thank you to all who share your comments here! They are appreciated!
Susan Headley
About.com Guide to Coins
Lettering must appear right side up and not upside down.
http://www.usmint.gov/mint_programs/$1coin/index.cfm?action=EdgeIncused
Proof Coin Edge-Incused Lettering Process
The minting process used to manufacture the Presidential $1 Proof Coins is a one-step coining process that allows the edge lettering to appear in a consistent location on every proof coin. Using a three-piece collar, the edge lettering on the proof coins is incused in the edge of the coin at the same time that the obverse and reverse design are being struck onto the blank planchet.
This method produces edge-incused lettering that will always appear right side up when the coin is showing its “heads” side. Furthermore, the location of the lettering will always be in the same location on the circumference of the coin with relation to the obverse and reverse designs. In addition, the proof coins will each bear a faint demarcation line where the three segments that make up the edge lettering collar are joined.
George,
Thank you for visiting my site and leaving your comment.
As the title of the section of the page you quoted states, this is the minting process for PROOF coins, not regular circulation coins (called “business strike” coins by the Mint.) So far, as of the time and date of this comment, no Proof Washington Dollar coins have even left the Mint (They’re not even for sale yet.)
You can learn more about the minting process, for both circulation and proof Presidential Dollars in my article about the Presidential Dollar Coins.
In addition, on the same U.S. Mint page that you quoted above, it says, right at the top of the page, that there are two processes for inscribing the edge lettering, and in the first paragraph of the first section for the “circulating” coins, “Due to the minting process used on the circulating and “uncirculated” quality coins, the edge-incused inscription positions will vary with each coin.”
In other words, the position and orientation to heads or tails is random.
Susan Headley
About.com Coins Guide
HELLO I CAME ACROSS A PRESIDENTIAL DOLLAR THAT HAS THE MINT MARK ( P )SEPARATED FROM THE DATE IT READS
2007 PE PLURIBUS UNUM
WHY IS THIS ?
Ben,
Right now, it is believed by most experts that the cause of these mis-alignments in the edge lettering are from “slippage” or “skipping” during the edge lettering process. The circulation strike coins travel through the edge lettering segment at the rate of 1,000 coins per MINUTE, and if the coin has a ding or dent on its edge which is large enough to cause the coin to fail to stay in good contact with the wheel that propels it through, a slight “slippage” or “skip” happens.
However, we are not yet ruling out the POSSIBILITY that there MIGHT be die varieties among the edge lettering dies, although a coin bearing your type of letter placement is not likely to be a variety since it is so obviously misplaced that the die inspectors would surely have caught it.
Does your coin have a dent or deep ding on the edge approximately 180 degrees across from where the lettering mishap occurred?
I am very interested in seeing photos of coins that have mis-aligned edge lettering and that LACK any damage to the edges. Please stack them up in the middle of 5 or 6 normal coins and email the photos of the stack to coins.guide@about.com.