Page 1 of 1

FS-01-1955-101 LHC

Posted: Fri Mar 17, 2017 12:48 am
by mhonzell
In 1955, 33,058,000 Lincoln Wheat Cents were made. On one night. On one pair of dies, 40,000 of those Wheat Cents would make history. The Mint worker didn't catch the problem until in the morning after all those coins were mixed together from all of the presses. They worked frantically to remove what they could find, and then gave up with a "Who would notice?" Leaving ~20,000 error coins to be put into circulation.

You see, in 1955, mint errors were considered imperfections and of no value to coin collectors. But, it wasn't coin collectors who found them. Instead, the coins had been shipped to a cigarette dealer where two cents were placed inside the plastic liner around a pack of cigarettes. These were placed in cigarette vending machines and given as change for the pack that cost 23 cents, but the machine required a quarter.

By 1956, a group came together to aid the new found hobby of collecting error and variety coins. That group was called simply Collectors of Mint Errors (COME). Infighting led to the group disbanding and later creating two groups: Collectors of Numismatic Errors (CONE) and Numismatic Error Collectors of America (NECA). They existed as rivals, but finally came together to form the group we know: Combined Organizations of Numismatic Error Collectors of America (CONECA).

My latest acquisition... one of my dream coins.
Fivaz Stanton Numbers: Old FS-1-021.8 New FS-01-1955-101
Breen: 2214
Coneca: 1-o-I
Crawford: CDDO-001
Wexler: WDDO-001
Coppercoins: 1955P-1DO-001

Nicely toned on the obverse with a small showing of color. Some wood graining on the reverse. One tiny carbon spot to the right of Lincoln's chin.
(White scratches are in the plastic encapsulation.)

There are many counterfeits so look for the die markers on the reverse, as well. Two small, parallel polish marks hanging from the left side of the T in CENT. Depending on die state, three small, parallel polish marks rising from the lower loop of the C in CENT, and one polish mark rising from the lower bar on the E in CENT.

Re: FS-01-1955-101 LHC

Posted: Fri Mar 17, 2017 6:29 am
by PetesPockets55
Congratulations Mark. Very nice coin. I think that one is certainly on most collectors bucket list. (I guess Missouri is working out for you!!! happydance: ) Were you able to get it privately or did you have to go the auction route?
And thanks again for the background on this error. I didn't realize the mint caught the error "in house" although I have heard that a lot were released in New England (Maine?) through Chase Bank in New York. Which is why 1955 rolls in Chase wrappers are perceived to be worth a premium (as if any rolls remain truly unsearched).

Re: FS-01-1955-101 LHC

Posted: Fri Mar 17, 2017 10:35 am
by mhonzell
My story reads a bit as if the coins went directly to the cigarette dealer. As you stated, they went to a bank first.

Based on my research, I got a good deal, but not much less than recently recorded auction house sales. Tempted to take it to a dealer to send it in to PCGS. The current holder has some of those milky missing chips in the viewing area and a lot of those fine line scratches I can't seem to get out. But, never know what grade you'll get back. Not that it matters too much. In hand, it has really nice luster, but a couple noticeable contact marks on the reverse.

Re: FS-01-1955-101 LHC

Posted: Fri Mar 17, 2017 6:51 pm
by Daniel
Very nice coin and write up.

Re: FS-01-1955-101 LHC

Posted: Fri Mar 17, 2017 7:34 pm
by PALH1
:greatfind:

Re: FS-01-1955-101 LHC

Posted: Fri Mar 17, 2017 8:16 pm
by Daniel
One thing I should add is that there were some other varieties that began the error/variety movement and that was the 1922 No D and the Three Leg Buffalo. I have a coin collector's check list and it includes these two coins but not the 1955 DDO, and it's dated 1968. However, no one cared about doubled dies until 1955 DDO was discovered and made the news.

I know my dad started collecting when he realized the 1950-D he could find in his changed was worth more than face value and he started buying and selling coins in 1954. Interesting history and information when you start digging.