United_States_dollar

Early releases of the Washington coin included error coins shipped primarily from the Philadelphia mint to Florida and Tennessee banks. Highly sought after by collectors, and trading for as much as $850 each within a week of discovery, the error coins were identified by the absence of the edge impressions "E PLURIBUS UNUM IN GOD WE TRUST 2007 P". The mint of origin is generally accepted to be mostly Philadelphia, although identifying the source mint is impossible without opening a mint pack also containing marked units. Edge lettering is minted in both orientations with respect to "heads", some amateur collectors were initially duped into buying "upside down lettering error" coins. Some cynics also erroneously point out that the Federal Reserve makes more profit from dollar bills than dollar coins because they wear out in a few years, whereas coins are more permanent. The fallacy of this argument arises because new notes printed to replace worn out notes, which have been withdrawn from circulation, bring in no net revenue to the government to offset the costs of printing new notes and destroying the old ones. As most vending machines are incapable of making change in banknotes, they commonly accept only $1 bills, though a few will give change in dollar coins.

Question: How were some collectors fooled when seeking error coins?
Answer: duped into buying "upside down lettering error" coins

Question: Which group was primarily eager to obtain Washington Error coins?
Answer: collectors

Question: What items discussed here briefly have limitations?
Answer: vending machines

Question: How were some unlucky souls conned?
Answer: amateur collectors were initially duped into buying "upside down lettering error" coins

Question: What type of money do vending machines use to make change?
Answer: coins

Question: How is the theory of the federal reserve making more profit from dollar bills flawed?
Answer: new notes printed to replace worn out notes, which have been withdrawn from circulation, bring in no net revenue to the government to offset the costs of printing new notes and destroying the old ones

Question: What doesn't make a lot of sense here?
Answer: new notes printed to replace worn out notes, which have been withdrawn from circulation, bring in no net revenue to the government to offset the costs of printing new notes and destroying the old ones

Question: How did you know if you could make bank off a coin?
Answer: the error coins were identified by the absence of the edge impressions "E PLURIBUS UNUM IN GOD WE TRUST 2007 P

Question: Which of the following is NOT a state that received error coins: Tennessee, Philadelphia or Florida?
Answer: Philadelphia

Question: What state contained the most error coins in the Washington badge collection?
Answer: mostly Philadelphia

Question: How could the problem of "where" have been answered easily?
Answer: opening a mint pack also containing marked units

Question: Why does the Federal Reserve make more money from coins?
Answer: The fallacy of this argument arises because new notes printed to replace worn out notes, which have been withdrawn from circulation, bring in no net revenue to the government to offset the costs of printing new notes and destroying the old ones. As most vending machines are incapable of making change in banknotes, they commonly accept only $1 bills, though a few will give change in dollar coins

Question: Why are some of the Washington coins as expensive as $850 each?
Answer: coin included error coins

Question: Which is actually less profitable, dollar bills or coins?
Answer: bills