WI State-Quarter variety links
Original article in Tucson newspaper

Bob Ford, Tucson collector who is credited with the discovery.

PCGS press announcement

NGC certified 3-piece sets.

Milwaukee Journal-Sentinel February 7, 2005

Eagle Eye Rare Coins, Inc.
Presents the numismatic event of our generation!

For orders only, please E-mail at:
rick@indiancent.com

The information presented here is current
Updated 5/2/05




It is the most dramatic and unusual die variety to come out of the Mint in 50 years. Two different dies with extra design elements: extra leaves on the left side of the corn husk on a select few of the 2004 Denver Mint Wisconsin Quarters. They were both discovered at the same time and apparently were struck at the same time. Bob Ford, a Tucson, AZ collector who, for the past 15 years has made a hobby of searching through coins in circulation for varieties and errors found the first ones on December 11, 2004. Bob brought the pieces he found To Rob Weiss at Old Pueblo Coin in Tucson. After confirming the importance of these varieties Rob reported the coin to Coin World (it was reported in the January 10th issue) and the local press (it was a front-page feature in the Arizona Daily Star on January 11th). Immediately all of Tucson was on a scavenger hunt for these coins.

As bank tellers searched their holdings and collectors bombarded them with requests for Mint-fresh rolls, Tucson became a city bubbling with coin collector activity. The coins were not being found in great quantities. There were no full rolls found. Both varieties were always found intermixed with non variety coins. A premium market was quickly established and the prices rose daily.

Before a market price could be established, the local Tucson dealers, Rob at Old Pueblo Coin and Brett Sadovnick at Tucson Coin and Autograph needed to know how many of the coins were made, how widespread the distribution was and how “neat” the variety actually is. A few sets were sold to Bret Palser of Eagle Eye Rare Coins who took them to the F.U.N show to determine the cause and “neatness” of the variety. At the show Rick Snow of Eagle Eye, and all the top numismatists at the show examined the coins. Needless to say, everyone was excited with these dramatic “naked-eye” varieties. As the first and only State-Quarter variety, they have added collector appeal. Bret and Rick sold a few sets at the show and then abruptly stopped all sales.

The variety was initially reported as a die gouge, but the majority consensus from the FUN show was that it has all the look of an added design element, although it is not an official Mint alteration. Perhaps it is a "hub-through" where a semi-circular piece of debris gets caught between the blank die and the hub. This would produce an impression in the die, which would create a raised element on the coins produced. It is certainly puzzling, given the limited numbers found. It may be an extraordinary coincidence or the result of some Mint employee's private artwork. It is certainly as dramatic and interesting as the 1937-D 3-legged Buffalo Nickel, which has a combined NGC/PCGS population of 5750 pieces and is valued from $350 in well worn condition to many thousands in Uncirculated condition. The 3-legged Buffalo was caused when a reverse die was overpolished, a much more common occurrence that what caused these extra leaf varieties.

Are these just as rare? Or are they even rarer? As it turns out the distribution of these coins is extremely local and the quantity found is extremely small. They turned up only in Tucson and a few surrounding communities. One of the bank tellers who found 200 sets says he found them only in the November 29th delivery from the Mint. None were found in solid rolls – all were mixed in with regular no-leaf coins. Presently around 1000 sets have been retrieved from the area banks, and all of the banks have been searched thoroughly. The Low leaf varieties are slightly more common. The break down of pieces known at this time is as follows:

Extra Leaf High - 2,000 to 2,500 pieces
Extra Leaf Low - 3,000 to 3,500 Pieces

Additional confirmed finds have been made in:
Bisbee, AZ
Nogales, AZ
Phoenix, AZ
Casa Grande, AZ
San Antonio, TX


Certified populations listed below reflect the coins submitted up to May 2, 2005

PCGS............High leaf..........Low Leaf
AU-58...................9....................0
MS-62...................5....................5
MS-63.................52...................65
MS-64...............455.................751
MS-65...............202.................271
MS-66.................23...................17
MS-67...................0.....................1
MS-68...................0.....................0
Total.................746................1110

NGC.............High leaf.........Low Leaf
MS-62...................0.....................0
MS-63...................0.....................0
MS-64.................31...................11 (total 42)
MS-65...............190...................69 (total 259)
MS-66...............378.................103 (total 481)
MS-67...............253...................51 (total 304)
MS-68...................7.....................0 (total 7)
Total.................859.................234 (total 1093)
The NGC graded coins were mostly in sets, the reported poulations do not reflect that properly. The figures in parentheses represent the combined amount reported for both High Leaf and Low leaf varieties.

Any additional specimens that are retrieved from circulation may show light circulation wear. We will be faithfully updating these figures as we hear of more finds.

This offering by Eagle Eye Rare Coins is by far the most important numismatic event to grace Tucson’s coin collecting community. We feel that the national collectors market, after actually seeing these coin for themselves will agree that these two varieties are the most exciting variety to come out of the Mint in our generation.

The pricing on the certified examples is based on a much higher population than is currently known. We feel the prices asked here are fair for a population 10 times of what is currently known. Quantities are very limited and at press time we do not have certified population numbers. Both NGC and PCGS are giving these separate listings in their population reports.

PCGS and NGC (as well as all other grading services) will be listing this as part of the State-Quarter series. Every serious State-Quarter collector will need these coins.

Pricing is subject to change based on availability and the current market. We will guarantee pricing on all orders that have been submitted with name, address, Phone, and Credit Card Info. In some cases coins are presently being graded, and not yet returned to us. All coins will be shipped postage paid.

There has been a firming up of the market around the levels we are listing here. We are actually thinking that the more time goes by the better the market will be, rather than trying quickly sell anything we own. There was a report quoted in Coin World about an anonymous dealer in Ohio who got a bag of WI quarter varieties. This was reported by a respected Wisconsin dealer. The report seems to have some inconsistencies. The first being that there have yet been no report of a find of even a solid roll of WI Quarter varieties, let alone a full bag of 2000 coins. All full rolls offered have been assembled. If this is an assembled bag, then it would be quite a feat, but not impossible. I do find it odd that the report comes from Ohio. I think they get Philadelphia coins. I also find the anonymity and the second person report a bit unusual, especially for Coin World. They did not confirm the existence beyond the report from the Wisconsin dealer. After doing some checking, I feel certain that this story is a hoax. Perhaps a private white lie that got told too many times.

In a recent column, noted numismatist Q. David Bowers writes the following: I suppose the more people write or talk about the 2004-D Wisconsin Quarter dollars with Extra Leaf High and Extra Leaf Low, the more people will say, "I gotta have one!"
At the same time, as the price notches upward (as it seems to be doing), those who do not care for the variety will become more vocal - partly as a reason for not having to acquire one, part of acquisition psychology for a long time (check Aesop and his story about the dog and the grapes). Great Fun!

I have to wholeheartedly agree with Dave. Beware of those warning about "Sour Grapes".

3-piece sets Graded By NGC



Single pieces graded by PCGS



The Wisconsin Extra leaf varieties are available certified by PCGS or NGC. Uncertified sets may be purchased at the MS63 certified price if available. The PCGS pieces are all singles, but if available, can be purchased as a two piece set. The NGC pieces are mostly 3-piece sets (including the non-variety coin or rarely in 2-piece sets (only 1 MS67 graded as such so far). Below are the prices.

Grade..............Low Leaf....High Leaf............Sets
MS63 PCGS......$200.............$300...............$500
MS64 PCGS......$249.............$349...............$549
MS65 NGC...................................................$599
MS65 PCGS......$349.............$449(S)..........$699
MS66 NGC.......$399....................................$799
MS67 NGC.............................$699...........$1,250
(S) = presently sold out





Discoverer's sets
(Bob is holding a raw set, not an NGC certified Discoverer's set)

On February 25th and 26th, The discoverer of the Wisconsin Extra leaf varieties were to be at our table (#442) at the Long Beach Coin Convention. We ran two full page ads in Coin World and Numismatic News for the event. These are NGC 3-piece WI Quarter sets with a special insert signed by Bob Ford. Initially NGC was going to get a special label printed so Bob could sign the labels inside the holder. Do to problems at NGC in getting the labels printed, we now plan to have the sets graded with a special label denoting them as "Discovery sets" and Bob will sign a certificate that goes with the set. Perhaps he can also sign the case. We hope to have all this worked out shortly and will begin offering the sets in about 2 weeks. When a firm date is known, put it here.
Here are the grades we expect:
4 MS-64
25 MS-65
35 MS-66
35 MS-67
--------------
99 Total serial numbered and signed discovery sets. There are 11 sets, which could not find equal mates to make the 3-piece set. These may be downgraded to make as many sets as possible. Please wait until we set a release date before reserving sets.


To order please send your name address and phone number to:

Eagle Eye
P.O. Box 65645
Tucson, AZ 85728
520-498-4615


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To order, please E-mail you name address and phone to:
rick@indiancent.com