Building a Winning PCGS/NGC Registry Set with Coin Week’s “The Only U.S. Gold Coin Struck on an Elliptical Planchet” — 2023 $5 Gold Eagle Mint Error, NGC MS-69

For top-tier collectors, the Registry Set competition drives the market. Here’s how this specific piece fits into a top-ranked set.

When I first came across the Coin Week article titled “The Only U.S. Gold Coin Struck on an Elliptical Planchet — 2023 $5 Gold Eagle Mint Error,” I knew immediately this was not just another modern mint error. This was a registry-worthy, pop-report-defining, set-upgrading coin that could anchor an entire competitive category.

In the world of PCGS and NGC Registry Sets, where every point matters and every upgrade can mean the difference between a top-five ranking and an also-ran, a coin like this doesn’t come along often. Let me walk you through why this piece matters, how it fits into the competitive registry landscape, and what it means for collectors who are serious about building a winning set.

What Makes This Coin So Extraordinary

Let’s start with the basics, because the technical details of this error are what make it a registry unicorn.

The 2023 $5 American Gold Eagle is supposed to be struck on a round, carefully prepared planchet measuring 16.50 mm in diameter, weighing exactly 3.393 grams, and containing 0.1000 troy ounce of gold. Every single one of those specifications is controlled, monitored, and verified by the U.S. Mint’s quality assurance processes. The planchets are cut from strips, upset to form a raised rim, and then fed into the coining press with mechanical precision.

This particular coin defies every one of those expectations. It weighs only 3 grams — nearly 0.4 grams underweight. It is not round. It is elliptical, described by Coin Week’s Mike Byers as “football-shaped.” It shows missing design elements and missing edge detail. It is, by every measure, a dramatic failure of the blanking process — and it somehow made it out of the Mint, into a holder, and onto the open market.

As Mike Byers wrote in the original Coin Week article:

“A modern U.S. gold coin should not look like this. Yet this 2023 $5 Gold Eagle weighs only 3 grams. More importantly, it did not leave the press round. It left as a football-shaped gold coin with missing design, missing edge detail, and a mint-made error story that few U.S. gold coins can match.”

The coin was graded NGC MS-69 and placed in a Black Retro Holder with a Miles Standish signed label — a presentation befitting its status as a one-of-a-kind piece. For registry collectors, the grade matters, but the story matters more. And this coin’s story is unmatched.

The Registry Set Angle: Why This Coin Is a Category Killer

If you’re building a competitive NGC or PCGS Registry Set in any category related to American Gold Eagles, mint errors, or modern U.S. gold, this coin is the kind of piece that can single-handedly elevate your set from competitive to dominant. Here’s why.

Registry Points and the Weight of Uniqueness

Both PCGS and NGC award registry points based on a combination of factors: the rarity of the coin, its grade, and its significance within the set. A one-of-a-kind mint error on a modern U.S. gold coin — particularly one that is the only known U.S. gold coin struck on an elliptical planchet — carries enormous weight in the registry scoring algorithm.

In my experience building and upgrading registry sets, the coins that move the needle most dramatically are not always the most expensive. They are the ones that fill gaps no one else can fill. When you add a unique or nearly unique piece to your set, the registry system recognizes that no other collector in the competition can match it. That asymmetry is where registry points are won.

Consider the categories where this coin could be entered:

• NGC Mint Errors — U.S. Gold
• PCGS U.S. Gold Type Set (with error designation)
• Modern U.S. Gold — American Eagles
• One-of-a-Kind / Unique Mint Errors

In each of these categories, a coin like this doesn’t just add points — it creates a ceiling that other collectors cannot reach. You’re not competing against the next bidder; you’re competing against the absence of comparable material.

Pop Reports: The Power of “Only Known”

Pop reports are the lifeblood of registry strategy. When I evaluate a potential acquisition, the first thing I check is the population report. How many examples exist at this grade or higher? What is the total population for the type? For most modern mint errors, the answer is “very few.” For this coin, the answer is one.

The NGC population report for 2023 $5 Gold Eagle mint errors is essentially a blank slate. There are very few mint errors documented on American Eagle gold denominations across all years and denominations. The combination of:

• 2023 date
• $5 (tenth-ounce) denomination
• Elliptical planchet error
• NGC MS-69 grade
• 3.0 gram weight (vs. the standard 3.393 grams)

…makes this a pop-top by definition. There is no higher-graded example. There is no comparable example. In registry terms, this is as good as it gets.

Top Pop Hunting: The Strategy Behind the Acquisition

Top pop hunting is one of the most rewarding — and most challenging — strategies in competitive registry collecting. The goal is simple: acquire the finest known example of a given type, date, and variety. The execution is anything but simple, because top pop coins are, by definition, the hardest to find and the most expensive to acquire.

This 2023 $5 Gold Eagle elliptical planchet error is a textbook top pop acquisition. It is the only known example. It is graded MS-69, which is essentially as high as you can realistically expect for a mint error of this nature. And it comes with the full provenance of being featured in Coin Week, certified by NGC, and placed in a premium holder with a Miles Standish signed label.

For collectors who are serious about top pop hunting in the mint error category, here are the key factors I evaluate before making a bid:

1. Population rarity: Is this the only known example? If so, it’s an automatic top pop.
2. Grade: Is it graded at or near the top of the population? MS-69 on a dramatic mint error is exceptional.
3. Certification: Is it certified by PCGS or NGC? Third-party certification is non-negotiable for registry eligibility.
4. Provenance: Does the coin have a documented history — auction appearances, published articles, notable collections?
5. Market liquidity: Can I eventually sell this coin if I need to upgrade or rebalance my set?

This coin checks every box except, perhaps, the last one — and that’s where the registry strategy gets interesting.

The Liquidity Question: Registry Value vs. Market Value

One of the most fascinating aspects of this coin’s journey is the gap between its registry value and its market value. The original GreatCollections auction saw the coin sell for $4,888 (without buyer’s premium). The underbidder, a collector who described himself as an oddity specialist, had bid $3,535 and later admitted he was relieved not to have won, believing the coin was worth closer to $2,000–$2,500.

After the auction, the winning bidder listed the coin on eBay at $12,500. It eventually sold for approximately $7,000 to a customer described as having the #1 AE mint error collection.

This price trajectory tells us something important about the registry set phenomenon: the value of a coin in a competitive registry context is not always reflected in its open market price. The $7,000 sale price may seem modest for a one-of-a-kind U.S. gold error, but in registry terms, this coin could be worth far more than its sale price suggests — because it fills a gap that no amount of money can otherwise fill.

As one forum participant noted:

“There are very few mint errors on American Eagle gold denominations. Additionally it is the only known U.S. gold coin struck on an elliptical planchet. I thought that it was a bargain.”

That’s the registry collector’s mindset. A bargain isn’t just about price — it’s about the strategic value of the acquisition within the context of your set.

Upgrading Collections: When “Good Enough” Isn’t

One of the most common mistakes I see among registry collectors is the tendency to settle for “good enough.” They build a set that is competitive, maybe even top-ten, and they stop upgrading. But the difference between a top-ten set and a #1 set often comes down to a single coin — a coin that no one else has, a coin that fills a category that no one else can fill.

This 2023 $5 Gold Eagle elliptical planchet error is exactly that kind of coin. If you’re running a mint error registry set and you don’t have this piece, your set has a ceiling. You can upgrade every other coin in your set to MS-69 or MS-70, and you’ll still be capped by the absence of this unique error.

Here’s how I think about upgrading in the registry context:

• Identify your weakest category. Where are you losing the most points? Is it in modern mint errors? Is it in gold denominations?
• Find the coin that fills the gap. It doesn’t have to be the most expensive coin in the set. It has to be the coin that no one else has.
• Acquire it at the right price. Registry value and market value are not the same thing. Pay what the coin is worth to your set, not what the market says it’s worth.
• Hold it until you find something better. With a one-of-a-kind coin, “something better” may never come along.

The Skepticism Factor: Authenticity and the Modern Error Market

No discussion of modern mint errors would be complete without addressing the elephant in the room: authenticity. As one forum participant asked:

“What’s more likely, a true error or modern shenanigans?”blockquote>

It’s a fair question. The modern error market is rife with fabricated errors, altered coins, and outright fakes. A coin like this — a dramatic, one-of-a-kind error on a modern U.S. gold coin — is exactly the kind of piece that would attract counterfeiters.

This is precisely why third-party certification is so critical. This coin was graded and authenticated by NGC, one of the two major grading services that underpin the PCGS/NGC Registry Set system. It was placed in a Black Retro Holder with a Miles Standish signed label, adding another layer of provenance and authentication.

For registry collectors, the certification is not just about peace of mind — it’s about eligibility. An uncertified coin, no matter how dramatic, cannot be entered into a PCGS or NGC Registry Set. The certification is the gateway to registry points.

My advice: if you’re considering a modern mint error for your registry set, only buy coins certified by PCGS or NGC. The premium you pay for certification is trivial compared to the registry points you’ll lose if you try to enter an uncertified coin.

The Blanking Process: How Does This Error Happen?

One forum participant admitted they couldn’t visualize the blanking process that created this error — and the presumably missing crescent-shaped piece of gold that was cut away. It’s a great question, and understanding the mechanics of the error helps us appreciate its rarity.

Here’s how the blanking process is supposed to work:

1. Strip preparation: Gold alloy strip is rolled to the precise thickness required for the denomination (for the tenth-ounce Gold Eagle, this is approximately 1.27 mm).
2. Blanking: A blanking punch cuts round planchets from the strip. The punch and die are precision-machined to produce planchets of exactly 16.50 mm diameter.
3. Upsetting: The planchets are fed into an upsetting mill, which raises the rim on both sides.
4. Annealing and cleaning: Planchets are heat-treated and cleaned to prepare them for striking.
5. Striking: The planchets are fed into the coining press, where the obverse and reverse dies impart the design.

For an elliptical planchet to be produced, something would have to go wrong at the blanking stage. The most likely scenario is that the strip was misaligned as it fed into the blanking press, causing the punch to cut an incomplete or offset blank. Instead of a full circle, the punch would produce an oval or elliptical shape — and the missing material would remain in the strip as a crescent-shaped void.

The fact that this planchet then passed through upsetting, annealing, cleaning, and striking without being caught by quality control is remarkable. As one forum participant joked:

“This coin was probably struck on a Friday at 4:59 PM.”

Whether or not that’s true, the error speaks to the extraordinary rarity of such a failure in the modern U.S. Mint’s production process. The Mint’s quality control systems are designed to catch exactly this kind of error. That this coin escaped those systems is part of what makes it so extraordinary — and so valuable to registry collectors.

Actionable Takeaways for Buyers and Sellers

Whether you’re looking to acquire this specific coin or use it as a model for your registry strategy, here are the key takeaways:

For Buyers:

• One-of-a-kind modern gold errors are registry gold. If you see a unique or nearly unique mint error on a modern U.S. gold coin, especially one certified by PCGS or NGC, take it seriously as a registry acquisition.
• Don’t let market price alone guide your decision. The $7,000 sale price may seem high for a $5 gold coin, but in registry terms, the strategic value could be much higher.
• Verify certification and provenance. Always buy certified coins. For dramatic errors, look for additional provenance — published articles, auction records, notable collections.
• Be patient. Coins like this don’t come to market often. When they do, be prepared to act decisively.

For Sellers:

• Registry collectors are your best buyers. The buyer of this coin was described as having the #1 AE mint error collection. That’s the kind of buyer who will pay a premium for a coin that fills a unique gap in their set.
• Market through multiple channels. This coin appeared on GreatCollections and then eBay. For unique pieces, consider consigning to major auction houses that cater to registry collectors.
• Document everything. The Coin Week article, the NGC certification, the Miles Standish label — all of these add value. Make sure potential buyers know the full story.

Conclusion: The Registry Set Phenomenon in Action

The 2023 $5 Gold Eagle struck on an elliptical planchet is more than just a dramatic mint error. It is a case study in the registry set phenomenon — the way that competitive collecting drives demand, shapes markets, and creates value that transcends the open market.

This coin is the only known U.S. gold coin struck on an elliptical planchet. It is graded NGC MS-69. It has been featured in Coin Week, certified by NGC, and placed in a premium holder with a Miles Standish signed label. It sold for approximately $7,000 to a collector with the #1 AE mint error collection in the country.

For registry collectors, this coin represents the ultimate strategic acquisition: a one-of-a-kind piece that fills a gap no one else can fill, certified by a major grading service, and backed by a documented provenance. It is the kind of coin that can elevate a competitive set to a dominant one — and it is the kind of coin that, once acquired, you may never need to upgrade.

In the world of PCGS and NGC Registry Sets, that’s the holy grail. And this 2023 $5 Gold Eagle elliptical planchet error is exactly that.

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