Coin and Paper Money Collecting/Rolled Dollar Coins

Advertisement


Question
I have 48 rolls of unopened Presidential Dollar coins from George Washington forward until they stopped minting them. I understand that there are many that had errors and most are simply worth much more than face value at this point.  I wanted to open them and see what I have.  Does this devalue them? How can I best determine the mint they came from and how should I get them certified?

Answer
Hi Roy,

While there are several known errors -- like missing edge letters on Washington & Adams, and doubled edge letters on Adams -- I don't know of any rolls that can't be bought for about $30 per roll of 25 coins.  Search completed auctions on eBay and you will see what I mean -- other than a few people paying more for original packaging, $35 (before shipping) is prettymuch the top money being paid per roll.

Opening the rolls is a two-edged sword ... while most dealers (myself included) will only buy original rolls, if you don't know which mint the coins came from, it's much more difficult to convince a dealer to buy them.  And the only way to tell the mint, on those older rolls, is to open them and examine the edge lettering on the coins.  So unless you can carefully open them, and wear cotton gloves to protect the fragile surfaces of the coins, you can't tell for sure which mint they came from.  Then you'll need to mark the roll and carefully re-roll the end, so it looks like original.  The machine-wrapped ends are tight, so it's difficult to get this right, and evident if you don't.

Being in Florida, prettymuch all your rolls will be P-mints, but you can't be 100% sure.  It's the same way here in Michigan.

As for certifying them, they're going to charge per coin, so don't waste your money unless you find one of the valuable errors.

One other thing, they did not stop minting them, they just stopped distributing them to local banks.  They've still been making them all along, since then, just in smaller quantities, and available only by ordering them directly from the Mint.  This will eventually make these later rolls worth more, but it also makes the older rolls -- the rolls you have -- worth less, simply because there are so many of them available.

I've actually been getting so many rolls lately that I've either been spending the coins or turning rolls into the bank.  Even selling them on eBay isn't worth it.  Disregarding shipping, if I only get $30 for a roll, eBay & PayPal fees will eat up $4 of that, leaving a whole dollar profit for me -- not worth it.

You'll have to decide if you want to open the rolls -- you are not going to lose a lot by doing it, and maybe nothing if you're careful enough.  Florida & Georgia is where a bunch of the missing edge letter Washington dollars were found -- currently worth about $25 each -- so maybe you'll get lucky with that!

Dan  

Coin and Paper Money Collecting

All Answers


Answers by Expert:


Ask Experts

Volunteer


Dan Moore

Expertise

My strong familiarity with all U.S. Mint coins, extensive reference library, and close relationships with many other dealers allows me to identify just about any coin made in the USA. I receive regular updates to all the current price guides -- both wholesale & retail -- to provide accurate values. So, with a good description or pictures, I should be able to identify and value any U.S. coin you have.

Experience

I've been a coin dealer since the 1980's and a coin collector since the 1960's. I specialize in U.S. Silver Coins and have an active online website -- The Working Man's Rare Coins -- http://www.workingmancoins.com -- offering information and inventory in U.S. coins.

Organizations I belong to :
American Numismatic Association Member #187770
Michigan State Numismatic Society Member #8255
Florida United Numismatics Member #19710
Monroe Coin Club Treasurer
Lincoln Coin Club Board Member
WINS Member #14
CoinMasters Member #1814

Frequently Asked Questions :
I have created a Frequently Asked Questions page on my website, where you may be able to get an immediate answer to your question. You can find the page here :
http://www.workingmancoins.com/FAQ/index.htm



Education/Credentials
BBA from Adrian College

©2016 About.com. All rights reserved.