US Mint officer admits taking $2.4M worth of coins

Betallsports · Sep 9, 2011

CAMDEN, N.J. — A former police officer for the U.S. Mint in Philadelphia has admitted to stealing $2.4 million worth of "error" coins and selling them to a coin distributor in California.

U.S. Attorney Paul J. Fishman in New Jersey said 64-year-old William Gray pleaded guilty on Thursday to charges of theft of government property and tax evasion.

Gray, of North Wildwood, N.J., had worked at the U.S. Mint since 1996. In a federal court in Camden, N.J., he admitted taking $1 presidential coins that were missing edge lettering, knowing they would be considered more valuable to coin collectors because they were considered "mint errors." He mailed them from New Jersey.

He was freed on $50,000 bail. He is scheduled to be sentenced on Dec. 20.

Betallsports · Sep 9, 2011

Wonder if Doug bought any of these :think2:

I think he Lived in Cali at one time.

Doug · Sep 9, 2011

Betallsports said:
Wonder if Doug bought any of these :think2:

I think he Lived in Cali at one time.

nope, I don't much like modern coins. Some would suspect that the mint intentionally released some of these errors on purpose to entice people to use the unwanted coin ?

errors will happen when producing billions of an item. Somewhere around 1970 ( I forget the exact year), A bunch of quarters were struck on dime thick stock , pretty neat error not terribly valuable....maybe $20-50 now ?

US Mint used to strike a lot of coins for foreign countries as sort of a sub-contractor, so you could find something like a washington quarter struck on a planchet of the wrong metal intended for a 100 centavo coin from somewhere. Those are legit errors that occur in a factory...the mint is a factory.

Oddly edge lettering was used on our earliest coins, to prevent people from filing off some silver or gold on each coin that passed their way, later replaced by the reeded edge still found on modern dimes and quarters. Lots of technical problems and errors on the early lettered edge stuff, it's rare to find a coin with a lettered edge without an error of some sort on those, so errors are mostly worthless there.

The US mint is riddled with corruption in its' history. Many of the most famous and valuable coins have a dubious history, A few examples...

1913 V-Nickel
1894-s Dime
1933 $20 gold Double Eagle

there are many more !

Errors could be made to order back i n the 19th century if you could bribe the right guy.

There should be no way to smuggle anything metal out of the mint these days, that should be like getting a metal handgun past security in an airport in your carry-on bag

I left California in 1989 for the record, BAS ! I have not set foot in the state since...I'd consider moving back to like Oceanside these days, though !

The coin dealer for error coins is Fred Weinberg, maybe he's in Calif ? I don't know without Googling it but he is the man for errors.

The Coolest error coin is shirley the 1955 Doubled die cent . There are like 20,000 of them ( easily bought for the right price of $1,000 +). As History has it there was a coin shortage at this time, so output was important. The error was discovered in the plant ( mint) before shipment. Some Mint boss said Fuck it send out tonight's production as is....I can't possibly sort the 20,000 error coins out of like 2,000,000 we made tonight, can't really melt them...ship it !

Doug · Sep 9, 2011

The really classic error coin....

http://www.coinfacts.com/small_cents/lincoln_cents/wheat_ear_cents/1955_cent_doubled_die.htm

I'm not an error specialist, but that one is cool and dramatic.

Betallsports · Sep 9, 2011

Interesting stuff Doug. Knew you would post some good Info. :toast:

Doug · Sep 9, 2011

Fred Weinberg is in Encino, Ca.

http://www.fredweinberg.com/contactus.php

That has to be the coin dealer for 99.44 % certain. I don't accuse Fred of any wrongdoing, he is a well respected Numismatist and error coin specialist....but he is the guy you'd want to deal with error coins.

It has to be Fred W in Ca !

Betallsports · Sep 9, 2011

Doug said:
The really classic error coin....

http://www.coinfacts.com/small_cents/lincoln_cents/wheat_ear_cents/1955_cent_doubled_die.htm

I'm not an error specialist, but that one is cool and dramatic.

So the Double Die is the Date Only ? looking at that picture

Doug · Sep 9, 2011

Betallsports said:
Interesting stuff Doug. Knew you would post some good Info. :toast:

There are tons of improper stuff at a mint of the 19th century, but in no way should a guard or anybody be able to walk off with even a single coin.

The 1933 Double Eagle is probably the most famous coin to the general public.

Doug · Sep 9, 2011

Betallsports said:
So the Double Die is the Date Only ? looking at that picture

oh no, Mike !

It is the date, motto and liberty doubled like on no other US coin.

I'll get ya a better pic.

Doug · Sep 9, 2011

post #14 in this thread has a nice picture of it....

http://www.cointalk.com/t169830/

There is nothing else like it, easy $1,000 coin today in mint state.....more for popularity than rarity, a really cool item....but easily obtained as well....it ain't that rare !

Doug · Sep 9, 2011

04-19-2011 11:07 AM #14
ldhair

Coin Collector

Join DateDec 2007Posts2,909Liked93 times

Just one to compare with.

Read more: http://www.cointalk.com/t169830/#ixzz1XUgN7Y8r

Doug · Sep 9, 2011

half- ass paste job, but I tried !

see the thread from Coin talk if you want better.

Doug · Sep 9, 2011

The 2.4 Million is probably way off, BTW.

Error coins are really tough to put a price one, as they are sort of unique .

Unless Fred W came up with that number himself, it is iffy at best.

this is a slim market ( error coins).

Doug · Sep 9, 2011

Betallsports said:
Interesting stuff Doug. Knew you would post some good Info. :toast:

I'm willing to share what I know about US Coins for no fee, Foreign coins are not a speciality, but I could try if pushed on it. I'll give an honest opinion on any US coins any Rx'er owns.

PM me or start a thread about it, I'll give you my knowledge, photos are best, but I'll do verbal assessment for free if needed. I prefer it to be in an RX thread, so I can handle any questions publically.

Betallsports · Sep 9, 2011

Pretty Cool to have one of those. :103631605

Betallsports · Sep 9, 2011

I use to have a Bunch of Coins. Still have some... but doubt they are worth much.
Silver stuff... and still have two $10 Gold Liberty pieces.

One day i will go through the Coins....

Doug · Sep 9, 2011

Yes the 55 doubled die obverse cent is a pretty cool piece, but not really rare either ! If you have 2k for one or an 1909-S- VDB, you can buy one easily. I'll help you , Mike, if my help is wanted.

good day

Doug

CoachCB · Sep 9, 2011

How did he get caught?

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Betallsports · Sep 9, 2011

CoachCB said:
How did he get caught?

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I Think it was the Coast Guard that got him. :grandmais

CoachCB · Sep 9, 2011

^^^ Very likely....or the Jacksonville Fire Department!!

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US Mint officer admits taking $2.4M worth of coins

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