• seperator

Error coins not seized

An example of the 2000-P error coin, which has a Washington quarter obverse muled with the reverse of a Sacagawea dollar. (Image courtesy www.pcgs.com)

What happened to the eight illegally obtained 2000-P double denomination coins you mentioned last week?

It does not appear the government has taken any legal action to seize these coins, and they remain in private hands. A single collector allegedly purchased eight of the error coins, which have a Washington quarter obverse muled with the reverse of a Sacagawea dollar. These were obtained between 2000 and 2003. I was unable to find more current information on their present whereabouts.

 

Why were coins struck without mintmarks exclusively between 1965 and 1967?

This is the period of the coin and silver bullion shortage, which was incorrectly blamed on coin collectors. The lack of a mintmark was supposed to discourage people from collecting or hoarding coins.

 

Why did the American Arts Gold Medallion program fail?

It may appear to be trivial, but the fact they are medals rather than coins was likely the greatest contributing factor to their failure. The medals are official, but they are not legal tender. Investors apparently want the assurance such products have an actual, even if it is impractical, denominational value.

 

If bullion investors are more comfortable with a coin rather than a medal due to the coin having a denomination on it, why did the South African Krugerrand succeed?

It is a legal tender in South Africa. The name is a play on the rand, which is the currency in daily use in the country. In 1967, when the Krugerrand was introduced, it had no competition. All other gold coins had odd weights.

 

Must all gold used in gold American Eagle coins originate from U.S. mines?

All gold used in making these coins must come from newly mined U.S. gold unless sufficient supplies are not available. In such a situation, the Treasury Department purchases the gold on the open market, giving priority to U.S.-originating gold.

 

What is the source of the metal used in silver American Eagles?

The National Strategic Stockpile was the original source, but when that ran out, open market purchases were authorized in 2002.

 

Are there any states that issue their own official bullion pieces?

Gold and silver bullion rounds have been issued by California, South Dakota, and Texas. Many of these are exempt from state sales tax, making them attractive to precious metal investors.

 

E-mail inquiries only. Do not send letters in the mail. Send to Giedroyc@Bright.net. Because of space limitations, we are unable to publish all questions.

 

This article was originally printed in Numismatic News. >> Subscribe today.

 


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