Fake Defective $1 Coins

[Valerie S. Johnson]

By Valerie S. Johnson

On February 16, 2007, we reported that the new George Washington $1 coin had been released. It was the first of four Presidential dollar coins to be minted and placed into circulation. The coin had several distinctive features, most notably the etching of the year, mint mark, and the slogans “In God We Trust” and “E Pluribus Unum” on the edge.

Less than a month later, we reported that an unspecified number of the Washington $1 coins were missing the edge etching and were inadvertently released by the U.S. Mint. Almost immediately, the smooth-edged coins became collectors’ items and sold for as much as $50.

Here’s Chapter Three in the Washington $1 coin saga: the Professional Numismatists Guild warns that authentic $1 coins have been deliberately altered to have smooth edges. The etchings are shaved off and the worthless coins are sold as error coins for as much as $100. The PNG cautions that you should not buy plain-edged coins unless you are qualified to determine coin authenticity, the coins have been certified by a nationally recognized authentication business, or you are buying from a reputable professional coin dealer.

Washington $1 Coin

$1 Coin Could be Worth $50

Professional Numismatists Guild’s consumer alert