Uncovering the Mystery of the ‘Defective’ 1960 Lincoln Cent Bag: A Roll Hunter’s Investigation

The Call That Started It All

You don’t always need a dealer to find this. Here is what to look for when searching through circulation or bulk lots.

I received an intriguing phone call from a local antiques dealer a few weeks ago. He had inherited a bag of 1960 Lincoln cents from his grandfather, complete with an official tag claiming the coins were somehow defective and marked for disposal. My first thought? This sounded too good to be true. Wouldn’t the U.S. Mint keep defective coins at the facility and dispose of them properly?

The dealer promised to send pictures, but I haven’t received them yet. This left me with more questions than answers, and as any experienced roll hunter knows, sometimes the hunt is just as exciting as the find.

The Possibility of Escaped Mint Errors

According to fellow collectors in the discussion, it’s not entirely impossible for defective coins to have escaped the Mint’s grasp. One collector pointed out that the Mint has sent metal out for scrap in the past. If they sent these cents out for scrap, someone in the chain of custody could have grabbed a bag before it was destroyed.

Another collector referenced a Coin World article about what happens to unsold U.S. Mint products, noting that the modern process is quite different from what might have occurred in 1960. “I don’t think they were waffling in 1960,” they observed, suggesting that disposal procedures back then might have been less formal than today’s processes.

Questions of Legitimacy and Legality

The more we discussed this mysterious bag, the more questions arose. One collector asked the crucial question: “Is the bag considered stolen?” This is a valid concern when dealing with coins that may have been improperly removed from Mint custody.

I must admit, I’m highly suspicious of the whole situation. Another collector echoed this sentiment, saying simply, “Indeed that’s odd.” When something seems too good to be true in our hobby, it often is.

Examining the Details

One collector suggested a humorous possibility: “Maybe it’s the tag that is defective.” While said in jest, this highlights an important point – the tag itself could be a modern addition or a misidentification.

Another interesting observation came from someone who joked about the “rare ‘medium’ date” – a reference to the well-known 1960 Lincoln cent varieties where the date size changed mid-year. Could this be what the grandfather thought was defective?

Understanding 1960 Mint Packaging

To better understand this situation, we need to examine how cents were packaged in 1960. One collector noted that in 1960, cents were issued in Mint-sewn $50 bags. This is crucial information because:

• If the bag is never opened, how would anyone know the coins are defective?
• If the bag is opened, how do we know who put what in it?

Another collector asked whether it’s a “ballistic bag” – a term for the heavy-duty bags used by the Federal Reserve. They also questioned whose bag it is and whose tag is attached, highlighting the importance of provenance in these situations.

The Value Question

According to eBay completed sales data shared in the discussion, opened bags of 1960 cents have sold for around $400. One collector speculated that an unopened bag would bring more, making it technically profitable even if unopened.

However, another collector pointed out that $400 is “a tiny fraction of what 5000 error coins would sell for.” This suggests that even if the coins are truly defective, they may not be valuable errors – perhaps they’re minor varieties or have common striking issues.

Practical Steps for Investigation

Several practical suggestions emerged from the discussion:

1. X-ray the bag to get some sort of idea of what’s inside without opening it
2. Ask the antique dealer what he wants for it on the phone
3. Request better descriptions and pictures of the coins and the bag

One collector who knows the dealer mentioned that years ago, someone told him he’d have to open the bag for it to be profitable. The fact that he’s still holding onto it suggests he might be willing to sell it for a reasonable price.

Red Flags and Warning Signs

Several red flags emerged during our discussion:

• The vague claim of “defective” coins without specifics
• The lack of pictures despite promises
• The unusual story of coins being tagged for disposal
• The potential legal issues if the coins were improperly removed from Mint custody

As one experienced collector noted, “Like Tom and others I’m very suspicious at this point with very little information available.”

What to Look For in Your Own Searches

This situation offers valuable lessons for roll hunters and cherry pickers:

1. Always verify provenance when possible
2. Be skeptical of extraordinary claims without evidence
3. Understand how coins were packaged in different eras
4. Know the common varieties and errors for the dates you’re searching
5. Consider the legal implications of unusual finds

Conclusion: The Thrill of the Hunt

While I remain skeptical about this particular bag of 1960 cents, the discussion highlights why coin collecting remains such an exciting hobby. The possibility – however remote – of discovering something valuable or historically significant keeps us searching through rolls, examining bulk lots, and exploring estate sales.

Whether this turns out to be a bag of common circulated cents, a collection of interesting varieties, or (in our wildest dreams) a stash of rare errors, the investigation itself has been valuable. It’s reminded me of the importance of due diligence, the need for skepticism balanced with open-mindedness, and the community knowledge that makes our hobby so rewarding.

As roll hunters, we know that sometimes the best finds come from the most unexpected places. While I wouldn’t advise anyone to purchase a “mysterious bag of defective coins” without substantial verification, this story serves as a reminder to always keep your eyes open – you never know what might be hiding in that next roll of cents or box of old coins.

Have you ever encountered a similar situation in your collecting journey? I’d love to hear your experiences in the comments below. And if you have any insights about this 1960 cent mystery, please share – the collective knowledge of our community might just solve this puzzle.

Related Resources

You might also find these related articles helpful:

• Smart Buying Guide: How to Buy Call on bag of 1960 Lincoln cents with an official tag of being defective Without Getting Ripped Off – Understanding This Unusual 1960 Lincoln Cent Bag If you’re looking to add this to your collection, you need a stra…
• The 1960 Lincoln Cent Bag: A Coin Ring Artisan’s Perspective – Introduction: A Curious Discovery When I received a call about a bag of 1960 Lincoln cents supposedly tagged as defectiv…
• The Critical Importance of Proper Storage for 1960 Lincoln Cent Collections – Introduction: Protecting Your Investment for Future Generations Over the years, I’ve witnessed countless valuable …