2008 50P (CHIIE) NGC MS66 Top Pop! Only 4 at this Grade! - RicksCafeAmerican.com

Description

Rick's Cafe' Ame'ricain
Unique Inventory
Hassle Free Returns
Quality Pieces
2008 50P (CHIIE) NGC MS66 Top Pop! Only 4 at this Grade! - RicksCafeAmerican.com
First,  Let's get this story straight, for even NGC stated..
World Coins: Chile 2008 50 Peso
Posted on 5/15/2012
Some 2008 50 Peso coins were issued with Chile misspelled.
In numismatics, errors and varieties are two of the most studied and collected areas in the field. Minting facilities often catch these mistakes before they are released into circulation. When missed, they can be highly collectible often with the accompanying values. With advanced technology, errors and varieties in many countries have become scarce or minor in comparison with those in the past. As a result, the temptation to capitalize on the demand for them has become so great that some individuals are making them intentionally.
In this case, this is absolutely incorrect - See "SO WHAT HAPPENED?" below for details.  In short, this was unintentional for the following reasons:
1)  No one knew the error existed until a year later - even the engraver didn't know
2)  If done intentionally, there would be more Mint States available - they barely exist, for everyone used them in circulation not knowing the value.
Another aspect that everyone gets wrong is the number of varieties.  Even the above NGC article points out only two varieties.  There are 4 versions of the coin 50 Pesos of 2008:
1)  Error CHIIE and signed by Rene Themot-
2)  Error CHIIE and not signed by Rene Thermot
3)  Fixed CHIIE and signed-
4)  Fixed both, no errors
World Coins: Chile 2008 50 Peso "CHIIE" Mint Error
B
efore we get into the origin story of this coin, let me point out why this coin is so unique.  In 2008, just before all the new machines were to come in, an error was the mispelling of the country's own name on their 50 Peso coin, "Chiie" instead of "Chile".  Now, just know this error wasn't even pointed out until a year later, so the previous years coin was thoroughly in circulation, making most of the instances thoroughly worn specimens.  In addition, there was a concerted effort for a recall of these coins to be destroyed.  This was primarily due to the fact that the error spawned a huge international news response and was beginning to generate humor at the nation's expense; hence, in an effort toward "damage control", the current administration asked for the immediate termination of employees and the head of the Mint.
However, some may have been in rolls at the bank still, so there may be some BUs out there, but for an MS66 to exist - which would mean, some Chilean collector, ignored the recall, and jumped on this and submitted a coin and lucked out that it actually was mint state.  That being said, the odds of one being available to purchase is off the chart!  Don't believe me, search till you hearts content and find a MS66 anywhere in the world showing this error.
In fact, when recently speaking to the Santiago Collector that sold the lot that contained this coin said,
"Just the same Chiie 2008 MS 66 or higher will be almost impossible."
So, If you see one for sale, BUY IT!
In numismatics, errors and varieties are two of the most studied and collected areas in the field. Minting facilities often catch these mistakes before they are released into circulation. When missed, they can be highly collectible often with the accompanying values. With advanced technology, errors and varieties in many countries have become scarce or minor in comparison with those in the past. As a result, the temptation to capitalize on the demand for them has become so great that some individuals are making them intentionally.
In Chile, some of the 2008 50 Peso coins were issued with a significant flaw; Chile was misspelled as “CHIIE,” with a second “I” in place of the “L.” This “error” was brought to light in 2009, with worldwide news stories trumpeting that a country had misspelled its name on its own currency. Subsequently, Gregorio Iniguez, the director of the Chile Mint, and others including the engraver, Pedro Urzua Lizana were fired.
SO WHAT HAPPENED?
The following article was the most informative that could be found...
Is it 'Chiie' or 'Chile'? Mint issues bad coins ?
EVA VERGARA, Associated Press Writer, February 12, 2010; 5:48 PM
An engraver fired by Chile's mint for an error that led to the release of 1.5 million coins featuring the country of "CHIIE" said Friday that his bosses deliberately covered up the mistake.
The error showed up on Chilean 50-peso pieces for the year 2009.
Engraver Pedro Urzua Lizana told The Associated Press he unknowingly left off the bottom part of the letter "l" when, in December 2008, he was hurriedly fixing a minor deformity in the original mold for making the dies to stamp out the coin.
The coins were released to the public last year but no one at the mint, including himself, knew about the error until a coin collector called in October to point it out, he said.
Once informed, officials at the mint fixed the stamp for future 50-peso pieces, but sent another batch of bad coins to the Central Bank without telling officials there of the error, Urzua said. Those coins never were released to the public, he said.
Various officials at the mint, including the head of Urzua's department, asked "that we not say anything to anyone" about the error, he said.
The Central Bank, which issues the coins, did not learn of the error until it was reported by the newspaper El Mercurio in December, the same month that Urzua was fired, the engraver said. The head of his department was fired in January.
The press department at the mint said Friday that officials would not comment. No one could be reached at the Central Bank.
The 50-peso piece is 2.5 centimeters across, just under an inch - making it difficult to immediately see on the faulty coins that Chile is spelled "Chiie."
Urzua is suing the mint for denying him severance pay - based on what he says is the mint's false claim that he was doing work for other employers at his house, something forbidden in his contract.
PAYMENT
SHIPPING
RETURNS
PAYMENT
SHIPPING
RETURNS
We accept payment by any of the following methods:
PayPal
Please pay as soon as possible after winning an auction, as that will allow us to post your item to you sooner!
We offer
FREE shipping
on orders over 0!
Your order will be dispatched within 1 working day of receiving payment (Monday-Friday) and you should expect to receive it one or two days after dispatch (for orders sent RM 1st Class).
In the very unlikely event that your item is lost or damaged during post, then WE are responsible and will issue either a full refund or replacement.
If you are not 100% satisfied with your purchase, you can return the product and get a full refund or exchange the product for another one, be it similar or not.
You can return a product for up to 14 days from the date you purchased it.
Any product you return must be in the same condition you received it and in the original packaging. Please keep the receipt.
First, Let's get this story straight, for even NGC stated.. World Coins: Chile 2008 50 Peso Posted on 5/15/2012 Some 2008 50 Peso coins were issued with Chile misspelled. In numismatics, errors and varieties are two of the most studied and collected areas in the field. Minting facilities often catch these mistakes before they are released into circulation. When missed, they can be highly collectible often with the accompanying values. With advanced technology, errors and varieties in many countries have become scarce or minor in comparison with those in the past. As a result, the temptation to capitalize on the demand for them has become so great that some individuals are making them intentionally. In this case, this is absolutely incorrect - See "SO WHAT HAPPENED?" below for details. In short, this was unintentional for the following reasons: 1) No one knew the error existed until a year later - even the engraver didn't know 2) If done intentionally, there would be more Mint States available - they barely exist, for everyone used them in circulation not knowing the value. Another aspect that everyone gets wrong is the number of varieties. Even the above NGC article points out only two varieties. There are 4 versions of the coin 50 Pesos of 2008: 1) Error CHIIE and signed by Rene Themot- 2) Error CHIIE and not signed by Rene Thermot 3) Fixed CHIIE and signed- 4) Fixed both, no errors World Coins: Chile 2008 50 Peso "CHIIE" Mint Error Before we get into the origin story of this coin, let me point out why this coin is so unique. In 2008, just before all the new machines were to come in, an error was the mispelling of the country's own name on their 50 Peso coin, "Chiie" instead of "Chile". Now, just know this error wasn't even pointed out until a year later, so the previous years coin was thoroughly in circulation, making most of the instances thoroughly worn specimens. In addition, there was a concerted effort for a recall of these coins to be destroyed. This was primarily due to the fact that the error spawned a huge international news response and was beginning to generate humor at the nation's expense; hence, in an effort toward "damage control", the current administration asked for the immediate termination of employees and the head of the Mint. However, some may have been in rolls at the bank still, so there may be some BUs out there, but for an MS66 to exist - which would mean, some Chilean collector, ignored the recall, and jumped on this and submitted a coin and lucked out that it actually was mint state. That being said, the odds of one being available to purchase is off the chart! Don't believe me, search till you hearts content and find a MS66 anywhere in the world showing this error. In fact, when recently speaking to the Santiago Collector that sold the lot that contained this coin said, "Just the same Chiie 2008 MS 66 or higher will be almost impossible." So, If you see one for sale, BUY IT! In numismatics, errors and varieties are two of the most studied and collected areas in the field. Minting facilities often catch these mistakes before they are released into circulation. When missed, they can be highly collectible often with the accompanying values. With advanced technology, errors and varieties in many countries have become scarce or minor in comparison with those in the past. As a result, the temptation to capitalize on the demand for them has become so great that some individuals are making them intentionally. In Chile, some of the 2008 50 Peso coins were issued with a significant flaw; Chile was misspelled as “CHIIE,” with a second “I” in place of the “L.” This “error” was brought to light in 2009, with worldwide news stories trumpeting that a country had misspelled its name on its own currency. Subsequently, Gregorio Iniguez, the director of the Chile Mint, and others including the engraver, Pedro Urzua Lizana were fired. SO WHAT HAPPENED? The following article was the most informative that could be found... Is it 'Chiie' or 'Chile'? Mint issues bad coins ? EVA VERGARA, Associated Press Writer, February 12, 2010; 5:48 PM An engraver fired by Chile's mint for an error that led to the release of 1.5 million coins featuring the country of "CHIIE" said Friday that his bosses deliberately covered up the mistake. The error showed up on Chilean 50-peso pieces for the year 2009. Engraver Pedro Urzua Lizana told The Associated Press he unknowingly left off the bottom part of the letter "l" when, in December 2008, he was hurriedly fixing a minor deformity in the original mold for making the dies to stamp out the coin. The coins were released to the public last year but no one at the mint, including himself, knew about the error until a coin collector called in October to point it out, he said. Once informed, officials at the mint fixed the stamp for future 50-peso pieces, but sent another batch of bad coins to the Central Bank without telling officials there of the error, Urzua said. Those coins never were released to the public, he said. Various officials at the mint, including the head of Urzua's department, asked "that we not say anything to anyone" about the error, he said. The Central Bank, which issues the coins, did not learn of the error until it was reported by the newspaper El Mercurio in December, the same month that Urzua was fired, the engraver said. The head of his department was fired in January. The press department at the mint said Friday that officials would not comment. No one could be reached at the Central Bank. The 50-peso piece is 2.5 centimeters across, just under an inch - making it difficult to immediately see on the faulty coins that Chile is spelled "Chiie." Urzua is suing the mint for denying him severance pay - based on what he says is the mint's false claim that he was doing work for other employers at his house, something forbidden in his contract.
Rick's Cafe' Ame'ricain
Unique Inventory
Quality Pieces
Hassle Free Returns
2008 50P (CHIIE) NGC MS66 Top Pop! Only 4 at this Grade! - RicksCafeAmerican.com
First,  Let's get this story straight, for even NGC stated..
World Coins: Chile 2008 50 Peso
Posted on 5/15/2012
Some 2008 50 Peso coins were issued with Chile misspelled.
In numismatics, errors and varieties are two of the most studied and collected areas in the field. Minting facilities often catch these mistakes before they are released into circulation. When missed, they can be highly collectible often with the accompanying values. With advanced technology, errors and varieties in many countries have become scarce or minor in comparison with those in the past. As a result, the temptation to capitalize on the demand for them has become so great that some individuals are making them intentionally.
In this case, this is absolutely incorrect - See "SO WHAT HAPPENED?" below for details.  In short, this was unintentional for the following reasons:
1)  No one knew the error existed until a year later - even the engraver didn't know
2)  If done intentionally, there would be more Mint States available - they barely exist, for everyone used them in circulation not knowing the value.
Another aspect that everyone gets wrong is the number of varieties.  Even the above NGC article points out only two varieties.  There are 4 versions of the coin 50 Pesos of 2008:
1)  Error CHIIE and signed by Rene Themot-
2)  Error CHIIE and not signed by Rene Thermot
3)  Fixed CHIIE and signed-
4)  Fixed both, no errors
World Coins: Chile 2008 50 Peso "CHIIE" Mint Error
B
efore we get into the origin story of this coin, let me point out why this coin is so unique.  In 2008, just before all the new machines were to come in, an error was the mispelling of the country's own name on their 50 Peso coin, "Chiie" instead of "Chile".  Now, just know this error wasn't even pointed out until a year later, so the previous years coin was thoroughly in circulation, making most of the instances thoroughly worn specimens.  In addition, there was a concerted effort for a recall of these coins to be destroyed.  This was primarily due to the fact that the error spawned a huge international news response and was beginning to generate humor at the nation's expense; hence, in an effort toward "damage control", the current administration asked for the immediate termination of employees and the head of the Mint.
However, some may have been in rolls at the bank still, so there may be some BUs out there, but for an MS66 to exist - which would mean, some Chilean collector, ignored the recall, and jumped on this and submitted a coin and lucked out that it actually was mint state.  That being said, the odds of one being available to purchase is off the chart!  Don't believe me, search till you hearts content and find a MS66 anywhere in the world showing this error.
In fact, when recently speaking to the Santiago Collector that sold the lot that contained this coin said,
"Just the same Chiie 2008 MS 66 or higher will be almost impossible."
So, If you see one for sale, BUY IT!
In numismatics, errors and varieties are two of the most studied and collected areas in the field. Minting facilities often catch these mistakes before they are released into circulation. When missed, they can be highly collectible often with the accompanying values. With advanced technology, errors and varieties in many countries have become scarce or minor in comparison with those in the past. As a result, the temptation to capitalize on the demand for them has become so great that some individuals are making them intentionally.
In Chile, some of the 2008 50 Peso coins were issued with a significant flaw; Chile was misspelled as “CHIIE,” with a second “I” in place of the “L.” This “error” was brought to light in 2009, with worldwide news stories trumpeting that a country had misspelled its name on its own currency. Subsequently, Gregorio Iniguez, the director of the Chile Mint, and others including the engraver, Pedro Urzua Lizana were fired.
SO WHAT HAPPENED?
The following article was the most informative that could be found...
Is it 'Chiie' or 'Chile'? Mint issues bad coins ?
EVA VERGARA, Associated Press Writer, February 12, 2010; 5:48 PM
An engraver fired by Chile's mint for an error that led to the release of 1.5 million coins featuring the country of "CHIIE" said Friday that his bosses deliberately covered up the mistake.
The error showed up on Chilean 50-peso pieces for the year 2009.
Engraver Pedro Urzua Lizana told The Associated Press he unknowingly left off the bottom part of the letter "l" when, in December 2008, he was hurriedly fixing a minor deformity in the original mold for making the dies to stamp out the coin.
The coins were released to the public last year but no one at the mint, including himself, knew about the error until a coin collector called in October to point it out, he said.
Once informed, officials at the mint fixed the stamp for future 50-peso pieces, but sent another batch of bad coins to the Central Bank without telling officials there of the error, Urzua said. Those coins never were released to the public, he said.
Various officials at the mint, including the head of Urzua's department, asked "that we not say anything to anyone" about the error, he said.
The Central Bank, which issues the coins, did not learn of the error until it was reported by the newspaper El Mercurio in December, the same month that Urzua was fired, the engraver said. The head of his department was fired in January.
The press department at the mint said Friday that officials would not comment. No one could be reached at the Central Bank.
The 50-peso piece is 2.5 centimeters across, just under an inch - making it difficult to immediately see on the faulty coins that Chile is spelled "Chiie."
Urzua is suing the mint for denying him severance pay - based on what he says is the mint's false claim that he was doing work for other employers at his house, something forbidden in his contract.
PAYMENT
We accept payment by any of the following methods:
PayPal
Please pay as soon as possible after winning an auction, as that will allow us to post your item to you sooner!
SHIPPING
We offer
FREE shipping
on orders over 0!
Your order will be dispatched within 1 working day of receiving payment (Monday-Friday) and you should expect to receive it one or two days after dispatch (for orders sent RM 1st Class).
In the very unlikely event that your item is lost or damaged during post, then WE are responsible and will issue either a full refund or replacement.
RETURNS
If you are not 100% satisfied with your purchase, you can return the product and get a full refund or exchange the product for another one, be it similar or not.
You can return a product for up to 14 days from the date you purchased it.
Any product you return must be in the same condition you received it and in the original packaging. Please keep the receipt.
First,  Let's get this story straight, for even NGC stated..
World Coins: Chile 2008 50 Peso
Posted on 5/15/2012
Some 2008 50 Peso coins were issued with Chile misspelled.
In numismatics, errors and varieties are two of the most studied and collected areas in the field. Minting facilities often catch these mistakes before they are released into circulation. When missed, they can be highly collectible often with the accompanying values. With advanced technology, errors and varieties in many countries have become scarce or minor in comparison with those in the past. As a result, the temptation to capitalize on the demand for them has become so great that some individuals are making them intentionally.
In this case, this is absolutely incorrect - See "SO WHAT HAPPENED?" below for details.  In short, this was unintentional for the following reasons:
1)  No one knew the error existed until a year later - even the engraver didn't know
2)  If done intentionally, there would be more Mint States available - they barely exist, for everyone used them in circulation not knowing the value.
Another aspect that everyone gets wrong is the number of varieties.  Even the above NGC article points out only two varieties.  There are 4 versions of the coin 50 Pesos of 2008:
1)  Error CHIIE and signed by Rene Themot-
2)  Error CHIIE and not signed by Rene Thermot
3)  Fixed CHIIE and signed-
4)  Fixed both, no errors
World Coins: Chile 2008 50 Peso "CHIIE" Mint Error
B
efore we get into the origin story of this coin, let me point out why this coin is so unique.  In 2008, just before all the new machines were to come in, an error was the mispelling of the country's own name on their 50 Peso coin, "Chiie" instead of "Chile".  Now, just know this error wasn't even pointed out until a year later, so the previous years coin was thoroughly in circulation, making most of the instances thoroughly worn specimens.  In addition, there was a concerted effort for a recall of these coins to be destroyed.  This was primarily due to the fact that the error spawned a huge international news response and was beginning to generate humor at the nation's expense; hence, in an effort toward "damage control", the current administration asked for the immediate termination of employees and the head of the Mint.
However, some may have been in rolls at the bank still, so there may be some BUs out there, but for an MS66 to exist - which would mean, some Chilean collector, ignored the recall, and jumped on this and submitted a coin and lucked out that it actually was mint state.  That being said, the odds of one being available to purchase is off the chart!  Don't believe me, search till you hearts content and find a MS66 anywhere in the world showing this error.
In fact, when recently speaking to the Santiago Collector that sold the lot that contained this coin said,
"Just the same Chiie 2008 MS 66 or higher will be almost impossible."
So, If you see one for sale, BUY IT!
In numismatics, errors and varieties are two of the most studied and collected areas in the field. Minting facilities often catch these mistakes before they are released into circulation. When missed, they can be highly collectible often with the accompanying values. With advanced technology, errors and varieties in many countries have become scarce or minor in comparison with those in the past. As a result, the temptation to capitalize on the demand for them has become so great that some individuals are making them intentionally.
In Chile, some of the 2008 50 Peso coins were issued with a significant flaw; Chile was misspelled as “CHIIE,” with a second “I” in place of the “L.” This “error” was brought to light in 2009, with worldwide news stories trumpeting that a country had misspelled its name on its own currency. Subsequently, Gregorio Iniguez, the director of the Chile Mint, and others including the engraver, Pedro Urzua Lizana were fired.
SO WHAT HAPPENED?
The following article was the most informative that could be found...
Is it 'Chiie' or 'Chile'? Mint issues bad coins ?
EVA VERGARA, Associated Press Writer, February 12, 2010; 5:48 PM
An engraver fired by Chile's mint for an error that led to the release of 1.5 million coins featuring the country of "CHIIE" said Friday that his bosses deliberately covered up the mistake.
The error showed up on Chilean 50-peso pieces for the year 2009.
Engraver Pedro Urzua Lizana told The Associated Press he unknowingly left off the bottom part of the letter "l" when, in December 2008, he was hurriedly fixing a minor deformity in the original mold for making the dies to stamp out the coin.
The coins were released to the public last year but no one at the mint, including himself, knew about the error until a coin collector called in October to point it out, he said.
Once informed, officials at the mint fixed the stamp for future 50-peso pieces, but sent another batch of bad coins to the Central Bank without telling officials there of the error, Urzua said. Those coins never were released to the public, he said.
Various officials at the mint, including the head of Urzua's department, asked "that we not say anything to anyone" about the error, he said.
The Central Bank, which issues the coins, did not learn of the error until it was reported by the newspaper El Mercurio in December, the same month that Urzua was fired, the engraver said. The head of his department was fired in January.
The press department at the mint said Friday that officials would not comment. No one could be reached at the Central Bank.
The 50-peso piece is 2.5 centimeters across, just under an inch - making it difficult to immediately see on the faulty coins that Chile is spelled "Chiie."
Urzua is suing the mint for denying him severance pay - based on what he says is the mint's false claim that he was doing work for other employers at his house, something forbidden in his contract.