Cheerio Dollar At Great Collections - Non Variety? Sold Without Reverse Images.

William (Bill) T. Gibbs coined the term "Reverse of 1999" for the Pattern/Cheerios Dollars and the term "Reverse of 2000" for the regular issue dollars. When purchasing a "Cheerios Dollar" still in its original holder, it would prudent to remember that not all "Cheerios Dollars" are the "Reverse of 1999" pattern. A previously known, but unacknowledged, Cheerios Dollar without the "pattern" reverse was given more credibility when a second one was certified by NGC in April 2008. The first piece, in a PCI holder, was known as early as 2005. However, due to the problems that PCI was having, no one took it seriously at the time. Fast forward to April 2008 when a collector, who wishes to remain anonymous, owned not one, but two Cheerios Dollars in their original Cheerios packaging. The owner states, "I got one of the two coins out of a box of Cheerios and bought the other one at a flea market back in 2001-2002 and they have been sitting in my dresser drawer ever since until I found out what they might be worth." Deciding to capitalize on them, he sent both to NGC for authentication and grading. Upon their return he was surprised to find that one was not labeled as a "Pattern" as the other one was. Checking the reverse he found that it did in fact not exhibit the detailed tail feathers as the "pattern" piece did. Concerned if a "non-pattern" Cheerios Dollar was possible or was previously known to exist, the collector contacted them. We in turn contacted accomplished numismatist Tom DeLorey, who was instrumental in the original discovery of the Cheerios "Pattern" Dollar. Being as surprised as we were, Mr. DeLorey contacted NGC to verify the piece. In response NGC said, "The report that you received is entirely factual. NGC did receive a Cheerios dollar in original packaging and the coin was not the pattern reverse. This was confirmed by Rick Montgomery and Dave Camire. Dave Camire, in fact, opened the packaging." These coins received even more credence when PCGS announced on May 16, 2008 that they too had opened an original, untampered Cheerios package that contained a "non-pattern" Cheerios Dollar. PCGS also reported that they only apply "the 'Cheerios' designation to Sacagawea dollars with the Reverse of 1999" and that they are not "obligated to designate any Dollar as a 'Cheerios' Dollar simply because it came out of a sealed Cheerios package". (as Yoko mentioned) Story continues here speculating how this may be with two reverses you can find:

http://www.smalldollars.com/dollar/page20c.html and in the coincommunity thread you linked.

NGC denotes coins that are submitted in the sealed Cheerios package as "Prototype Reverse" only if the coin is found to have the enhanced feather reverse. Otherwise, it will be described simply as "Cheerios Promotion." https://www.ngccoin.com/coin-explor...1-ms/?des=ms And for the ones that don't have the pattern reverse, once they are removed from the Cheerios packaging there is no way to differentiate them from any of the other 2000 P sac dollars so it will be curious to see how many of these turn up since they cant be removed from the package and cant be submitted to PCGS.

As yoko and the article mentions, in that case the PCGS would all be the pattern version. Some collectors with their pokemon 'gotta catch em all' mentality may indeed pay a nice sum for one, and when there is increasing demand and supply is low such as because PCGS doesn't even label it, conditions exist for higher values over time. That is if there are a number of collectors who want one but hard to find an example in good condition for each of those collectors since so few are graded as such. You see this all the time with special labels collected (first day of issue, from a show, or a signature etc) and no other differences for the higher prices. However on the other side its just a regular 2000-p sac dollar but in a special sealed packaging that is verified it came from such, so its unknown how much this appeals to collectors compared to a totally different pattern than the 2000p found on other cheerios sac dollars. So demand may not reach the same level as with the pattern version. There was even mention of fraud potential I think I read somewhere since someone could maybe put a regular sac into the cheerios packaging.

@rma, please remember the rules that you agreed to when you joined CCF. Thx.