Flawed Wisconsin state quarters that have been selling for as much as $1,000 have coin specialists in opposition over the actual value of the coins.
Two versions of the quarters, each bearing an extra leaf on the cornstalk, have recently generated national attention.
The additional leaf is said to be the result of either an accidental scratch during production or an intentional engraving on the die, the stamp used to impress the design on the metal.
Andrew Kimmel, president of Paragon Numismatics, a rare coin business in Mequon, believes the extra "leaf" is nothing more than a conincidental accident and nothing to get excited about.
"This type of error is extraordinarily common," Kimmel said. "I see hundreds of coins a year with similar gouges; they are worth no premium at all. It happens all the time, and it just so happens that it happened to be on the ear of corn.
"My gut feeling is that we're talking about a quarter that has no legitimate value," he said. However, he pointed out the value of anything is based on whatever people are willing to pay for it."
Quoting P.T. Barnum, Kimmel said, "There's a sucker born every minute."
Rick Snow, owner of Eagle Eye Rare Coins in Tucson, Ariz., and one of the first dealers to acquire the flawed quarters, has a completely different opinion.
"It's almost too much of a coincidence to have two varieties with an extra curved line that simulates a leaf," Snow said. He believes the reason people like Kimmel are reluctant to accept the quarters' value is because they have not dealt with one yet.
Snow addressed Kimmel's skepticism, suggesting Kimmel could merely be distraught because he has not found one of the coins. Snow said his personal experience with the different coin molds puts him "in a better position to judge" the value of the quarters. He emphasized the quarters are still selling for hundreds of dollars and his store has almost sold out.
Eagle Eye customer Don Carpenter is hoping to sell his two quarters for $200 each. He described the frenzy surrounding the coins as "kind of like a gold rush."
With the exact number of flawed quarters unknown, Snow is undaunted by the possibility of their value decreasing if more should surface.
"You would need a whole lot to reduce demand, even if 2,000 were found, that's still .5 percent of the entire mintage," Snow said.
The U.S. Mint doesn't have the answer either, according to a statement on the issue.
"We are aware of the extra leaf-like markings on the reverse of some Wisconsin state quarters that bear the 'D' mint mark. The United States Mint is looking into the matter to determine possible causes in the manufacturing process. It is unknown how many of these specific quarters may have been produced," said Michael White, with the Office of Public Affairs, in the statement.
This article appeared in The Marquette Tribune on Feb. 17 2005.