February 2008
MONROE DOLLARS STRUCK ON QUARTER
PLANCHETS
A
statement issued by the U.S. Mint on February 4, 2008, advises that "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 irregular coins were struck at the Mint's
Philadelphia
coining facility on planchets (blanks) intended for quarters and
therefore have the wrong color, weight and metallic
composition. Although the Mint claims there is no evidence that any of
these errors have been distributed to banks, speculation already
abounds that some of the coins have entered distribution channels and
will be released into circulation. The official release date for
James
Monroe dollars is February 14.
A coin struck on the wrong planchet is considered highly desirable by
error coin collectors and often trades at prices in excess of $100.
Considering the marketplace for previous Presidential dollar errors
(involving missing or doubled edge lettering), Monroe dollars struck on
quarter planchets may well trade for significantly higher amounts.
NO 2008 SACAGAWEA DOLLARS?
Sales of 2008 Sacagawea dollars have been postponed after the United
States Mint reached the conclusion that it lacks legal authority to
issue the coins. The Mint had previously announced that bags and rolls
containing 2008 Sacagawea dollars struck at its Philadelphia and Denver
facilities would be offered beginning January 17, 2008. These
coins are no longer mentioned in the Mint's online product catalog or
upcoming product schedule, although at least one article announcing the
"upcoming release" was still posted elsewhere on its web site as of
February 5.
The authority to issue coins is reserved to Congress by the United
States Constitution. In some cases Congress has delegated authority to
choose coin designs to the Treasury Secretary (the Mint is a branch of
the U.S. Treasury Department). Sacagawea dollars were first issued in
2000, after legislation authorizing a new dollar coin was enacted and a
design was chosen from many proposals. While originally conceived as a
circulating coin, significant quantities of the Sacagawea dollar have
not been released into circulation since 2001. From 2002 through
2007, production was limited to quantities sufficient to fill orders
for bags and rolls sold by the Mint to the public at a substantial
premium to their face value.
2008 Sacagawea dollars could still be minted if an amendment
authorizing them is passed by Congress. The Mint has postponed
plans to issue most 2008 proof and mint sets until this uncertainty has
been resolved, although state quarter (only) proof sets went on sale on
January 24, and silver state quarter (only) proof sets are scheduled to
go on sale February 25. Both of these sets contain proof versions
of the five state quarters to be issued during 2008.
Under legislation enacted during 2007, the eagle reverse of Sacagawea
dollars will be replaced by a series of one year only designs
commemorating other Native Americans and Indian tribes, beginning in
2009. Those designs are to be selected by the secretary of the Treasury
in
consultation with Congress, the National Congress of American Indians,
the U.S. Commission of Fine Arts and the Citizens Coinage Advisory
Committee.
CURRENT SPECIAL
Following up our previous special on selected "raw"
coins, our prices have further reduced on more than 70 selected coins
that have been authenticated,
graded and encapsulated in tamper-resistant hard plastic "slabs" by
leading third party grading services. Pictures of most of the coins
on sale can be viewed by clicking the respective listings on our
Current
Special page, where you'll also find the sale prices. This
sale will end February 29, 2008 and, of course, individual coins will
be removed when sold.
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Telesphere Numismatics
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