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To: LibWhacker

Puts me in mind of a news story I read many years ago about a man who discovered that he had purchased an entire sheet of stamps that contained a major printing error. He immediately announced his discovery to the local newspaper. Within a month the government commenced to print millions of the stamps with the error deliberately duplicated in order to destroy the value of those they had distributed by mistake.

Another anecdote: I knew a man who owned a coin shop back in the mid-60's. He was approached by a mint employee (San Francisco mint) who offered to provide as many mint error coins as he could sell in exchange for a cut of the profits. The coin dealer almost took him up on it but the mint employee was arrested and that ended the deal.

Another anecdote: In the early 60's a large cache of uncirculated silver dollars bearing the New Orleans mint mark were discovered in the vaults of the US mint (I was told at Philadelphia). A coin dealer with whom I was acquainted cut a deal with a couple of mint employees to release several hundred of these to him a month prior to the announcement of the discovery. These particular silver dollars were valued at hundreds or ever thousands of dollars each in uncirculated condition (it had been assumed that most of the mintages had been melted by the mint and only a few had gotten into general circulation). The dealer sold his coins to other dealers at a discount and made a ton of money. The mint then announced the discovery of the dollars and released them into circulation which, of course, knocked the bottom out of the market for the formerly "rare" coins. The dealer had to go into hiding for a while. Don't know what happened the the mint employee(s).


52 posted on 08/25/2005 10:31:20 AM PDT by scory
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To: scory

Also, my understanding about the sale a couple of years ago of the 1933 double eagle was that it fetched almost 8 million $ because it was one of a kind. The discovery of 10 more cannot be good news to whoever purchased it. And the article makes it sound as if there might be more of them out there somewhere.


59 posted on 08/25/2005 10:35:15 AM PDT by scory
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