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You guys seen these yet??


LostDutchman
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"Waste", phhh. :ninja: I have some German pre-euro pieces that went through a decoiner. Got them as a souvenir at the Money Museum in Frankfurt where they charge between 50 ct and €3 depending on the former face value. The primary reason for buying them was that I also have some shredded pre-euro notes, packed and sealed by the regional central bank which gave those away as free souvenirs. So I thought some decoined coins would get along nicely with them ...

 

Decoined 5 Mark Piece:

gallery_35_74_9076.jpg

 

Shredded Notes:

tn_gallery_35_74_108775.jpg

Larger Image: http://coinpeople.com/uploads/1129848821/g...5_74_108775.jpg

 

Christian

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Guest Stujoe

I think they are neat but I am someone who has a natural exonumia bent anyway. Love tokens, encased coins, squished coins. All that kind of stuff that many collectors just shake their heads at. ;)

 

I do not have one but that is only because their current market price is not worth it to me or is out of my budget range. However, I can say that about many, many (many) numismatic items. :ninja:

 

.

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Guest Stujoe
Same. A few dollars as a novelty, sure. Any more, then I'm :ninja:

 

Supply and demand...

 

Right now, I think there is only a limited number of them available on the market. I think they all come from one batch of 2003 Missouri State Quarters that was released by the mint.

 

In my opinion, since the mint considers them scrap and probably doesn't care much what is done with them after they are waffled, I can't see the numbers of waffled coins available staying limited. Also, you have to take into consideration that they could easily be created outside the mint.

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I think they actually look cool! Kind of like tiny industrial art.

 

I would actually like to have one, though I will not pay lots for it. I find them to be interesting items, because I had always assumed that coins removed from circulation were not processed in any way prior to final disposal. I thought coins were just melted away when no longer needed.

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Guest Stujoe
I think they actually look cool! Kind of like tiny industrial art. 

 

I would actually like to have one, though I will not pay lots for it. I find them to be interesting items, because I had always assumed that coins removed from circulation were not processed in any way prior to final disposal. I thought coins were just melted away when no longer needed.

 

I can't remember who did it first but I know it wasn't the US mint. It is a product of base metal coinage, though, as the metal has no real value in itself. The mint does not consider them coins any more after they are cancelled so they don't have to guard them and track them in the same way when they would coins when they leave to be disposed of (melted, re-refined, etc) since they have no remaining official value.

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I thought coins were just melted away when no longer needed.

Not sure about those quarters, but in the case of the German and Dutch (and probably other) pre-euro coins that "decoining" had a very practical reason: Security and insurance. :ninja:

 

In Germany, for example, the various branch offices of the central bank changed the pre-euro pieces into euro cash; then this "old" money was decoined at a nearby facility. This way the coins were turned into scrap metal, and transportation to whichever company bought and processed it was much less expensive than if they had shipped actual coins ...

 

Christian

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If the US Mint's waffleling these quarters was because the coins were errors, what was the error? While I've not seen one of these items 'up-close-'n'-personal', I assume it was a cancelled error but the photos reveal no 'obvious' error.

 

The 'profit' between metal price and production costs vs. face value would seem mandate that the Mint not destroy ['waffle'] useable coinage

 

So, what was the error??

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The US mint sold these to sellect dealers and made money on scrap peices,smart!!Finding errors these days is next to impossible due to the strict inspecting techniques. I think they are differant and cool but will not bring in a future gain, just the opposite, they will go down in price in time,since the mint is smart now on this avenue of extra money, they will no dought do it again and flood the market in time.They are not true error coins,just mangled like a shedder to deface. Just my opinion. :ninja:

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The mint did not make money on the scrap metal. They sold the waffled coins to the scrap merchant and he sold the pieces to the person who had them slabbed.

 

< I thought coins were just melted away when no longer needed. >

 

Years ago when the mint created their own strip they had the foundry in house where they could do that. But when they outsourced the strip and or planchet production they removed the melting furnaces. So then they had to ship the coins to the foundries and since the coins could still be used they had to provide armed guards to escort the old coins.

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The mint did not make money on the scrap metal.  They sold the waffled coins to the scrap merchant and he sold the pieces to the person who had them slabbed.

 

< I thought coins were just melted away when no longer needed. >

 

Years ago when the mint created their own strip they had the foundry in house where they could do that.  But when they outsourced the strip and or planchet production they removed the melting furnaces.  So then they had to ship the coins to the foundries and since the coins could still be used they had to provide armed guards to escort the old coins.

 

 

Thanks for the added insight.

 

The reason why I find these coins interesting (though not enough to pay big money) is that it is part of the life-cycle of the coin. Just as some coins have been counterstamped, shaved, or perhaps even holed, I see this as one of the aspects that some coins go through, and it would be neat to own a sample.

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I find it ironic in that the Mint is cancelling these coins to make them worthless yet in the process they are making them worth more! To some at least.

 

Hey, does anyone want to buy a .223 cal. cancelled quarter? I'll make them to order. :ninja:

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< The reason why I find these coins interesting (though not enough to pay big money) is that it is part of the life-cycle of the coin. Just as some coins have been counterstamped, shaved, or perhaps even holed, I see this as one of the aspects that some coins go through, and it would be neat to own a sample. >

 

I have a similar interest in them for the same reason. Eventually hey will come down to a more reasonable price and then I will acquire one.

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