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
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.
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).
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.
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.
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