CLANDESTINE STRIKE: 1970-S PROOF QUARTER ERROR

Security at the U.S. Mint coining facilities is tight. Every so often we see an example that demonstrates it is not tight enough.

A Proof-65 1970-S quarter has been posted as a Buy It Now item on eBay for $35,000.

The price is making headlines and generating interest among collectors.

The reason the asking price is so high is it is struck on a silver 1941 Canadian 25-cent piece.

It is a major wrong planchet error.

In this case it appears that an employee 46 years ago did wrong and was never caught.

This clandestine strike was not part of normal Mint production. There is no way that a Canadian quarter of 1941 could have found its way to a San Francisco coin press striking proofs without help.

It had to be deliberately made.

This would require a Canadian quarter to be smuggled in. It was then overstruck and smuggled out. Or, I suppose, proof dies could have somehow been smuggled out, for use elsewhere, but that seems less likely.

Now this is no reflection on the current seller, Mike Byers has done everything above board. He is a respected error expert and dealer in the United States.

He also provides information that would make any potential buyer sleep well at night.

In the description Byers notes that the “error” was part of a small group of proof errors that were part of a collection. The Secret Service looked at the collection and released it back to the State of California for auction.

A buyer would have a coin that seems to be absolutely clean going forward despite what appears to be murky origins. In fact, the likelihood of funny business probably enhances its value.

Is it worth $35,000?

We’ll have to wait and see.

To read the complete article, see:
Are you a buyer at $35,000? (www.numismaticnews.net/buzz/are-you-a-buyer-at-35000)

Archives International Auctions, Part XXXIII

Chinese, Asian & Worldwide Banknotes,
and Chinese Scripophily

June 28, 2016

Click the links! Highlights include:

Lot 198: American-Oriental Banking Corporation, 1919 “Shanghai Branch”
Lot 245: Dah Chon Chang Money Exchange, ca.1920's "Shanghai"
Lot 315: Republik Indonesia Unlisted 1948 Issue Essay Specimen
Lot 451: Banco de Portugal - Azores. 1909 Issue
Lot 475: Imperial Do Brazil (1882) Issue Color Trial Essay Proof
Lot 700: Comite Bancario de Guatemala. 1899 Issue
Lot 889: Bank of Rhodesia & Nyasaland. 1960 Issue.
Lot 1006: Central Bank of Turkey. 1930 Law Issue
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