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Major Monroe Dollar Error Coins Confirmed!

By February 5, 2008

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James Monroe Presidential DollarCoin World is reporting that the U.S. Mint has accidentally struck between 70,000 and 140,000 Monroe Presidential Dollars on planchets (coin blanks) intended for Statehood Quarters! The error coins were detected and intercepted by the contractor (CoinWrap Inc.,) that wraps the Presidential Dollars for the U.S. Mint. During the coin-wrapping process, CoinWrap workers discovered some "irregular" dollars among Monroe coins struck at the Philadelphia Mint facility. Of course, the contractor immediately Did The Right Thing and gathered all of the misstruck coins and returned them to the U.S. Mint, which will (presumably) destroy them.

The Monroe Presidential Dollar isn't due to hit circulation until February 14, but banks have been able to order the coins from the Fed since the beginning of February. It will be interesting to see how many of these amazing "wrong planchet errors" actually surface, and in what parts of the country they are found. Since we know they're from the Philadelphia Mint, we're most likely looking at locations east of the Mississippi River, generally speaking. The Monroe wrong planchet error coins will be silvery in color, rather than the golden color of normal Presidential Dollars, since they were struck on blanks reportedly meant for Oklahoma State Quarters (according to the Coin World report.)

The Coin World article which broke this story appears on the cover of the February 18 issue (mailed on Feb. 4.) It states that Coin World sources say the problem happened when the dies on a given production line were changed from Oklahoma Quarters to Monroe Dollars, and that someone forgot to change the planchet type being used. This doesn't ring true to me because any time the dies are changed over from one coin type to another, die adjustments must be made, which entails the striking of test specimens to ensure that the dies are the proper space apart and aligned correctly. These test specimens are examined and then discarded. I just don't see how a Mint worker could overlook the wrong planchet type being in the coin press during this process!

It seems much more plausible that someone dumped the wrong planchet type onto an already-working Presidential Dollar press run. This would explain not only how the Mint workers overlooked the planchet error in the die setting stage, but also how the wrongly-struck coins were overlooked at the later stages of Mint processing (edge lettering, counting and bagging.) The misstruck coins would then have been mixed in with a quantity of normally-struck Dollars. We will have a better idea of the truth of this if and when any of the errors emerge on the market. If the die spacing was set to strike Quarters, the error coins will be struck in better detail than if the dies were set spaced farther apart for the larger, heavier Dollar planchets and then struck on the smaller Quarter planchets. Of course, this sort of speculation really doesn't matter to anybody but the error coin geeks.

The U.S. Mint has issued a statement about this remarkable error:

In mid-January, the United States Mint's coin-wrapping contractor alerted the agency when it found some irregular James Monroe Presidential $1 Coins. The coins in question were immediately returned to the United States Mint. The United States Mint has performed an internal inquiry and presently has no evidence to indicate that any irregular James Monroe Presidential $1 Coins have been sent to the Nation's banks. The United States Mint expects to make an estimated 103 million James Monroe Presidential $1 Coins.

So, what does this statement really say?

(1) The U.S. Mint is making 103,000,000 of these coins. So what if 0.0004% of them aren't perfect.

(2) We really don't know how many Monroe error coins will turn up in circulation since an "internal inquiry" isn't the place to look if you want to see how many the external contractor, CoinWrap Inc., might have missed.

(3) What kind of error coin was that again? (The Mint statement doesn't even confirm the error type!)

Already the chat boards and forums are a beehive of speculation about the reason for and/or true cause of this latest Presidential Dollar debacle. Many folks are of the opinion that these error coins are just a ploy by the Mint to increase awareness of the Presidential Dollars (or Statehood Quarters.)

What do you think about this latest Presidential Dollar error? Share your thoughts via the "comments" link below.

Error Coins - More Information

Photo credit: United States Mint image.

Comments

February 7, 2008 at 1:49 pm
(1) tom says:

Starting to hate living in illinois as it seems we get all the denver rolls, but i will definitly be on the buy for rolls on the 14th, buy buy buy : } plus have friends in florida maybe time for a phone call lol

February 7, 2008 at 5:55 pm
(2) coinycom says:

I’ll believe it, when i see it.
Hopefully in my pockets!
coiny

February 8, 2008 at 3:30 pm
(3) Steve says:

This should have peep with cash, scrambling to buy all the boxes east of the MS. on the 14th: like the GW.P rolls. I think Its funny,:& Suspicious.

February 9, 2008 at 11:47 am
(4) Chicago Ron says:

I know I’ll be looking!
Good luck Susan!

February 9, 2008 at 5:32 pm
(5) tom says:

the link to how to tell if your monroe is struck doesnt work, are we just looking for a silver looking one instead of the gold color, i got friends in florida buying a couple hundred and i told them to look for silver color instead of gold? anyone know

February 9, 2008 at 7:09 pm
(6) coinycom says:

Dosen’t it sound odd. Quarter planchets in a presedental dollar coin roll?
Somthing’s not right with this story.
All we can do is wait and see what turns up.
If anything.

February 11, 2008 at 8:18 am
(7) Susan Headley says:

Tom,

Thank you for reporting that the link wasn’t working! ARGH! I found the page in my About.com Tools menu with half the text missing and in an unpublished state. It looks like one of those gremlins in the ether got this one, lol! I apologize to everyone for the inconvenience, and the link should be working now (with the missing text restored.)

For everyone who will be hunting for this incredible error, GOOD LUCK! Let me know what you find ASAP so you can get the discovery credit!

Susan

February 14, 2008 at 12:59 pm
(8) tom says:

None here in s illinois only d’s did find a roll of 50 cent pieces that had 4 libertys unreal 1935,1918,1920,1943,off to calif for 9 days and will keep searching good luck all

March 8, 2008 at 7:36 pm
(9) Troy says:

I have found a couple of different errors on the Monroe coin and I did’nt know if trhey are common errors or not? The first error has a N on the face of the coin & my second coin has a chipped blachet. Are these common errors? How much could tyhey be worth? They are uncerculated.

June 12, 2008 at 11:07 pm
(10) theresa says:

I have a 2008 James Monroe dollar coin.
I did show a coin collecter where I live.he did comform that it is a mint error.He said that was the first time he seen or heard about it.
The coin has these fine lines that go around Monroes head like if he is shining.that is about the best way to describe it.
Have any one heard of that?

October 31, 2008 at 2:34 pm
(11) Jill Smith-Secord says:

I have a James Monroe $1 coin, front of coin showing James Monroe on top and 5th President 1817-1825, back showing Statue of Liberty $1 and United States of America, along the outside rim is the year 2008, in God We Trust and E-Pluribus Unum and also a John Adams coin with same information, how can I check on value of this.

October 31, 2008 at 5:55 pm
(12) Susan Headley says:

Jill,

Your coins sound perfectly normal. The edge lettering is a new feature on the U.S. Dollar coin. The article here talks about error coins of this type, but your coin doesn’t have any errors, judging by your description. You can learn more about what is normal and what isn’t for the Presidential Dollars here:

http://coins.about.com/od/uscoins/a/presidents_coin.htm

Susan Headley
About.com Guide to Coins

December 29, 2008 at 8:09 pm
(13) Marie says:

We have one in UT and there is no date on the coin.

April 20, 2009 at 8:44 pm
(14) Al says:

I have a silver Monroe dollar coin. Is it worth anything. (even a dollar?)

February 21, 2010 at 10:02 pm
(15) Francisco Mejia says:

I have one of these coins how much is it worth anybody know?

March 22, 2010 at 3:45 pm
(16) RB says:

I have a 2008 Monroe Dollar that is missing all edge lettering. I have only found places that talk about 6 or so being found this way. Any information on value?

June 13, 2010 at 8:26 pm
(17) September Oberlin says:

I have a James Monroe gold $1.oo peice. It has no date or no In God we Trust. I thought they recalled them all and I cannot find any where that says they left the date off. What’s up with this?

June 28, 2010 at 10:02 am
(18) September Oberlin says:

I live in michigan and left a comment on my $gold monroe with no date or in god we trust. where do we go to get answers should I keep it spend it or sell it?

July 1, 2010 at 9:47 am
(19) Genius says:

I’d reckon your coin is worth approximately 1.00$

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