Roll Find May Hit $100,000
By Numismatic News
October 24, 2007
Error-variety columnist and coin dealer Ken Potter of Michigan
reports what may be a $100,000 find of a 1969-S doubled-die obverse
#1 Lincoln cent. He said that a "local collector" cherry-picked a
specimen from out of an uncirculated roll on Oct. 6. The coin was
consigned to Potter and is currently at Professional Coin Grading
Service of Newport Beach, Calif., for certification and grading. He
feels that it may very well tie for the finest piece graded or exceed it.
He says that it appears to be just one of two mint state specimens
known that is full red.
According to Potter, there are just 38 examples certified among the
three major grading services that publish population reports. Most of
those coins are circulated. Since many coins of this stature are crossed
over to anther grading service (or cracked out and resubmitted to the
same service) by owners hoping to get a higher grade, or having a
personal preference for one service over another, the actual number of
specimens in collector hands may be far less, perhaps as few as 25
pieces, Potter estimates. He said that a local Michigan collector
Michael Tremonti found the coin while searching uncirculated rolls of
cents. After opening an uncirculated roll of 1969-S cents, he searched
through more than half the coins before he spotted what he knew had
to be a 1969-S doubled die. Tremonti told Potter that he was able to
spot it with the naked eye and said he knew it was a very valuable coin
but didn't know how much its current value was. Hoping to learn
more, he immediately contacted Potter knowing that he specializes in
rare die varieties and was local.
Potter said, having never met Tremonti, "I am unaware of his level of
expertise, so just assumed the find was one of the exceedingly common
examples of strike doubling encountered on this date. This date (along
with the 1968-S and 1970-S cents) is the most notorious for this form of
doubling damage occurring on Lincoln cents. I advised him of this but
he shrugged it off as not being what he found. As I talked to him
further he seemed to be knowledgeable with the subject. It seemed
that for once there was a possibility that one of the folks making the
common claim of finding a 1969-S doubled-die cent might have
actually done so. To my surprise, the coin turned out to be a beautiful
brilliant uncirculated example of variety."
The 1969-S doubled die cent has an interesting history in that shortly
after it was discovered in 1970, examples sent into the U.S. Treasury
Department for verification were subsequently declared counterfeits
and confiscated. Several respected hobby representatives continued to
insist that they were genuine based on where they were found and on
the diagnostics exhibited on the coins.
As it turned out, the counterfeits were actually dated 1969 (with no
mintmark) and were produced to defraud collectors. According to
John Wexler in his cover story in the February 28, 1981, issue of
Error-Variety News, (where he shows excellent images of the
counterfeit 1969 doubled die provided by Alan Herbert) Roy Gray and
Mort Goodman received prison sentences for their involvement in the
counterfeiting scheme. Later when the government reversed their
position on the 1969-S doubled dies, at least some of the genuine pieces
were returned to collectors.
Discovery of the variety was originally reported in July 1970 and
attributed independently to Cecil Moorhouse and Bill Hudson.
According to Walter Breen in his Complete Encyclopedia of U.S. and
Colonial Coins:
"Moorhouse's coin came 6/16/70 in a lot of 5 rolls from the San
Francisco Federal Reserve Bank via the Belmont branch of Bank of
America. Secret Service Agents seized it in the mistaken belief that it
was one of the Goodman counterfeits, but later returned it as genuine."
Of the grading services that publish population reports, ANACS of
Austin Texas, shows they have graded seven 1969-S doubled-die
obverse #1 cents ranging from XF to AU-58, Numismatic Guaranty
Corporation of Sarasota, Fla., has graded nine examples ranging from
AU-53 to two in mint state both grading MS-61 Brown; while
Professional Coin Grading Service of Newport Beach, Calif., has
graded 22 pieces ranging from VF to MS-64 with only one of seven
mint state grades being classified as a full red example.
Prices for the 1969-S doubled die in uncirculated grades as found on
the online PCGS Price Guide range from $40,000 for a PCGS-graded
MS-60 Brown to $100,000 for a PCGS graded MS-64 Red. The guide
does not offer pricing information on lower grades nor is it
necessarily applicable to coins graded by other services.
The PCGS Auction Prices Realized feature on their Web site gives an
average auction price for the coin in MS-64 RB as $85,000. This price
apparently reflects the fact that the one full red example they have
listed in their population report has not traded in auction.
Sam Lukes of Sam Lukes Rare Coins of Visalia, Calif., who tracks
prices on rare die varieties like this one provided records of known
sales since 2004. The following prices include the 15 percent buyer's
fee where it applies:
MS-62 BN (PCGS) March 27, 2004, (Heritage Auctions), $43,700, (Live
phone bid).
MS-64 RB (PCGS) Jan. 15, 2005, (Heritage Auctions), $36,800, (Live
floor bid). Within a few months of this sale, the same coin was sold
privately for $75,000 to a collector.
MS-61 BN (PCGS) May 7, 2005, (Heritage Auctions), $39,100, (eBay
Bidder).
EF-45 (PCGS) Private sale earlier this year (2007), $22,000. MS-64 RB
(PCGS August 2007 (Bowers and Merena Auctions), $85,100.
Potter stated that the coin was sent into PCGS and if it comes back as
an MS-64 Red that it will tie for the highest grade with just one other
coin and could easily sell in excess of $100,000, but that if it grades
higher that it could sell for considerably more.
More information on the coin can be obtained from Potter at (313)
268-3280 (cell), or (313) 255-8907 (office), or by e-mail at
kpotter256@aol.com.
By Numismatic News
October 24, 2007
Error-variety columnist and coin dealer Ken Potter of Michigan
reports what may be a $100,000 find of a 1969-S doubled-die obverse
#1 Lincoln cent. He said that a "local collector" cherry-picked a
specimen from out of an uncirculated roll on Oct. 6. The coin was
consigned to Potter and is currently at Professional Coin Grading
Service of Newport Beach, Calif., for certification and grading. He
feels that it may very well tie for the finest piece graded or exceed it.
He says that it appears to be just one of two mint state specimens
known that is full red.
According to Potter, there are just 38 examples certified among the
three major grading services that publish population reports. Most of
those coins are circulated. Since many coins of this stature are crossed
over to anther grading service (or cracked out and resubmitted to the
same service) by owners hoping to get a higher grade, or having a
personal preference for one service over another, the actual number of
specimens in collector hands may be far less, perhaps as few as 25
pieces, Potter estimates. He said that a local Michigan collector
Michael Tremonti found the coin while searching uncirculated rolls of
cents. After opening an uncirculated roll of 1969-S cents, he searched
through more than half the coins before he spotted what he knew had
to be a 1969-S doubled die. Tremonti told Potter that he was able to
spot it with the naked eye and said he knew it was a very valuable coin
but didn't know how much its current value was. Hoping to learn
more, he immediately contacted Potter knowing that he specializes in
rare die varieties and was local.
Potter said, having never met Tremonti, "I am unaware of his level of
expertise, so just assumed the find was one of the exceedingly common
examples of strike doubling encountered on this date. This date (along
with the 1968-S and 1970-S cents) is the most notorious for this form of
doubling damage occurring on Lincoln cents. I advised him of this but
he shrugged it off as not being what he found. As I talked to him
further he seemed to be knowledgeable with the subject. It seemed
that for once there was a possibility that one of the folks making the
common claim of finding a 1969-S doubled-die cent might have
actually done so. To my surprise, the coin turned out to be a beautiful
brilliant uncirculated example of variety."
The 1969-S doubled die cent has an interesting history in that shortly
after it was discovered in 1970, examples sent into the U.S. Treasury
Department for verification were subsequently declared counterfeits
and confiscated. Several respected hobby representatives continued to
insist that they were genuine based on where they were found and on
the diagnostics exhibited on the coins.
As it turned out, the counterfeits were actually dated 1969 (with no
mintmark) and were produced to defraud collectors. According to
John Wexler in his cover story in the February 28, 1981, issue of
Error-Variety News, (where he shows excellent images of the
counterfeit 1969 doubled die provided by Alan Herbert) Roy Gray and
Mort Goodman received prison sentences for their involvement in the
counterfeiting scheme. Later when the government reversed their
position on the 1969-S doubled dies, at least some of the genuine pieces
were returned to collectors.
Discovery of the variety was originally reported in July 1970 and
attributed independently to Cecil Moorhouse and Bill Hudson.
According to Walter Breen in his Complete Encyclopedia of U.S. and
Colonial Coins:
"Moorhouse's coin came 6/16/70 in a lot of 5 rolls from the San
Francisco Federal Reserve Bank via the Belmont branch of Bank of
America. Secret Service Agents seized it in the mistaken belief that it
was one of the Goodman counterfeits, but later returned it as genuine."
Of the grading services that publish population reports, ANACS of
Austin Texas, shows they have graded seven 1969-S doubled-die
obverse #1 cents ranging from XF to AU-58, Numismatic Guaranty
Corporation of Sarasota, Fla., has graded nine examples ranging from
AU-53 to two in mint state both grading MS-61 Brown; while
Professional Coin Grading Service of Newport Beach, Calif., has
graded 22 pieces ranging from VF to MS-64 with only one of seven
mint state grades being classified as a full red example.
Prices for the 1969-S doubled die in uncirculated grades as found on
the online PCGS Price Guide range from $40,000 for a PCGS-graded
MS-60 Brown to $100,000 for a PCGS graded MS-64 Red. The guide
does not offer pricing information on lower grades nor is it
necessarily applicable to coins graded by other services.
The PCGS Auction Prices Realized feature on their Web site gives an
average auction price for the coin in MS-64 RB as $85,000. This price
apparently reflects the fact that the one full red example they have
listed in their population report has not traded in auction.
Sam Lukes of Sam Lukes Rare Coins of Visalia, Calif., who tracks
prices on rare die varieties like this one provided records of known
sales since 2004. The following prices include the 15 percent buyer's
fee where it applies:
MS-62 BN (PCGS) March 27, 2004, (Heritage Auctions), $43,700, (Live
phone bid).
MS-64 RB (PCGS) Jan. 15, 2005, (Heritage Auctions), $36,800, (Live
floor bid). Within a few months of this sale, the same coin was sold
privately for $75,000 to a collector.
MS-61 BN (PCGS) May 7, 2005, (Heritage Auctions), $39,100, (eBay
Bidder).
EF-45 (PCGS) Private sale earlier this year (2007), $22,000. MS-64 RB
(PCGS August 2007 (Bowers and Merena Auctions), $85,100.
Potter stated that the coin was sent into PCGS and if it comes back as
an MS-64 Red that it will tie for the highest grade with just one other
coin and could easily sell in excess of $100,000, but that if it grades
higher that it could sell for considerably more.
More information on the coin can be obtained from Potter at (313)
268-3280 (cell), or (313) 255-8907 (office), or by e-mail at
kpotter256@aol.com.
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