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Newsletter #12, January 4, 2001 |
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The Royal Canadian Mint had had more than its fair share of mismatched die errors during 1999 and 2000. 2001 dawns with an active mule market. We have seen all this before. Back in 1973, the Mint produced an R.C.M.P. Centenary commemorative quarter with the large bust from an adjacent year mistakenly struck on the obverse, or head side. The large bust variety fetches between Cdn$150. and $200. today. Similarly, the Silver 1973 $5 Olympic coin exists with a 1974 obverse. Scarcer, it brings in the neighbourhood of $400 at present. |
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In 1999, the Mint misstruck two of the Millennium commemorative quarters in its souvenir quarter set, marrying the undenominated obverses of adjacent years with the September and November reverses. These are the first undenominated Canadian coins I am aware of. The Millennium quarter mules are difficult to spot because they are packaged with the head side hidden in the souvenir sets. The Mint claims about 50,000 quarters were misstruck. The market is still establishing itself on these. Lucky finders have been understandably slow to offer their mules for sale, hoping for greater gains in the future, while buyers have been reluctant to participate in the market without knowing exactly how many undenominted quarters are available. The September and November no denomination quarters are realizing between $100 and $200 each now, but have brought as much as $1500. in the early-going of the speculative market. |
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A less well-known, but intriguing error occurred during production of the 1999 Nunavut $2 commemorative, when the Proof Silver reverse die was used for some of the $2 coins intended for inclusion in souvenir proof-like sets. These mismatched die errors are recognizable by their lack of a raised rim around the inner core. About 3000 pieces are felt to exist, and these mules are also realizing $100-$200 apiece. Perhaps, the Mint felt they had to make amends for leaving the denomination off several of the 1999 Millennium quarters, for they next added a denomination to the souvenir medallion found in the top of the 2000 Millennium quarter sets. This is perhaps the most dramatic modern mint error. It appears they have monetized the quarter-sized souvenir medallion. 113 of the Millennium medallion mules are estimated to have escaped discovery in the Mint's production stocks and found their way into coin sets in the field. Current retail values for the medallion errors range from $1300-$2000. |
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There are other mismatched die or mule errors waiting to be found. While our Mint has exceptional quality control, human error works its magic. The Mint simply makes too many coins to keep perfect track. Coins have even been found with dies from two different nations on the same coin. One also has to wonder what happens to the errors the Mint discovers in house. |
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Are they really destroyed, or melted to be reused, or might the pieces come to market somehow someday? When buying or selling mismatched die, or mule, errors it is important to realize that the market is highly speculative, and, like the stock market, subject to price volatility. Sell early if you are lucky enough to have found an error you can spare and take advantage of the hype. Buy when you think the price is right and you want the pleasure of owning something the kid down the block does not have. Sharp eyes are an asset when viewing coins. Although most of these errors are found in Mint sets only, some may escape into circulation. Think about the kid cashing in his holiday gift quarter set for some candy at the corner store and feeling happy to find that extra quarter at the top to spend. |
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Newsletter #13: To P or not to P |
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