1999 was the year that sent the world into a panic. Technology and programmers were put to the ultimate test as the decade would come to a close and no one knew how it would affect computer systems and software, including the United States government. Concerns boiled over the fact that most systems required only a two-digit date and the recorded date of a “00” was unknown as to if the computer would see it as the year 1900 rather than 2000. This caused an apocalyptic lens throughout the world, especially when it came to the financial institutions that relied so heavily on computer systems.
These views had financial advisors recommending hard assets rather than online ones. Simply put, Y2K was a major factor in the considerable increase in gold bullion sales. In our next edition of the top 100 United States Modern Coins as published by Whitman Publishing in its fourth edition, authors Jeff Garrett and Scott Schechter highlight one of those bullion coins with help from some of the most influential coin dealers across the country. Let us explore how the Mint produced 10 times the typical number in that year alone in addition to distributing a major error in the process.
#29 - 1999-W $5 American Gold Eagle, From Unpolished Proof Dies
With Y2K on the horizon, U.S. gold bullion coins had a tremendous year as far as sales go. 2.75 million tenth-ounce American Gold Eagles were produced in 1999 versus just 270,000 in 2009. The $5 denomination was thought to be so popular during this panic because it was seen as the most logical form of exchange. If electronic and computer systems really did go down leaving the government at a loss, it would be the best-case scenario as far as monetary systems go. However, paying for goods with a one-ounce piece of gold, which in 1999 was worth around $300, seemed highly impractical. The tenth-ounce gold coin would be smaller and worth around $30. For everyday exchange purposes, it was more ideal for consumers and therefore, they sold much more than other gold denominations.
Due to the volume of coins being purchased, the Mint had to compensate and make a large number of dies. Bullion coins, which have a matte-like finish, are produced without a mintmark and the Proof coins have the “W” mintmark representing West Point. While producing both strikes, dies intended for the Proof coins were prepared for use and then accidentally struck with bullion-edition. This lead to the 1999-W “With W” $5 American Gold Eagle. This description is used to make sure it is not confused with the Proof version or for the fact that it was struck using unpolished Proof dies. But, in the midst of strenuous production, the coins were distributed with regular bullion coins and the “W” mintmark was used in error.
The United States Mint believed at the time that around 6,000 $5 Gold Eagles were struck with the single die. Today, it is estimated that around 15,000 or more were struck bearing the “W” mintmark. With that figure, it has been suggested that more than one die was used in the error and the mistake happened more than once. Along with the quarter-ounce American Gold Eagle from the same year, which also falls on the list, these two coins are the only ones from the program to have been issued with the famous “W” mintmark.
The first edition of this publication ranked it at #34 before moving up three spots to #31 in the second edition. It moved to #30 in the third edition before landing at its current ranking at #29.