Maybe you've seen something like it. A classified ad reads, "For sale: One box of paperclips — $5,000. With purchase come two FREE Super Bowl tickets. NO CHARGE!" Wink — I get it. In areas where ticket scalping is illegal, people tried that as a way around the law.

We all understand the value is in the tickets and not the paperclips. And, nothing's free. Why then do people flock to the endless advertised offers for "free" coins or money at "below face value"? In other words, "money for nothing"? As if there were such a thing. One call to a local coin dealer about whether or not it's a good deal would answer that. I've written about this before, but with gold prices virtually at $1,000 an ounce and silver near $20, the allure of bright and shiny profits may be blinding some to reality.

A recent major ad offered the last five state quarters being issued for "FREE." All were said to be in "never circulated" condition. That sounds nice. Sure, I'll take free coins. But wait. As I read through the lengthy sales copy, I discovered I had to pay $197 (plus shipping and processing) for the previous 45 quarters issued. Ignoring shipping costs, that still comes to more than $4.37 per coin. Even in "never circulated" condition, that seemed a tad steep.

I knew what was up, but just to verify, I phoned Jay Woodside, a longtime dealer at Scotsman Coins. I asked what he would sell the state quarters for in similar condition. One or two, such as the Tennessee quarter, sell at a premium of $1.50 to $2, but most all the others were priced at 50 cents apiece. "We do it mainly for the kids or young collectors who are having fun with the quarters," he said.

"But if anyone's trying to get rich off of them, I think they'll be disappointed."

At the local coin dealers I checked with, the cost for all 50 quarters in uncirculated condition was $25 to $30. Of course, the quarters in the ad came in a nice presentation case. But that's another red flag according to Woodside. "The secondary market for coins that have been repackaged is very small," he said.

So, is collecting the quarters a waste of time? Not at all. In fact, eagle-eyed collectors can clean up. Just two weeks ago, I printed a letter from a reader asking how to increase one's odds of finding a valuable collectible. The trick, I said, was to keep your eyes open. You won't find them in ads but rather in your pocket of purse. A recent announcement makes that especially true right now.

Last month, there was a bit of a snafu at the U.S. Mint. It seems the dies on the machine minting the state quarters were prematurely switched with those intended for the new James Monroe golden dollar. The coin hopper still contained blanks of the nickel-copper clad blanks intended for the state quarter. The result is that instead of the familiar head of George Washington on the quarter, it features the James Monroe dollar image. Estimates for how many of the Monroe "error quarters" were struck are as high as 100,000.

This all may seem minor, but in the collecting world, it's big. Those who take the time to take a close look at their change may discover what appears to be a quarter that's actually worth hundreds of dollars. Depending on how few turn up, that value could double or triple. It may not technically be "money for nothing," but it's as close as I can imagine.

(Editor's Note: A JPEG visual of the new James Monroe golden dollar coin image accidentally struck on copper-nickel quarter blanks is being sent for your use with this column.)

To find out more about Peter Rexford and to read features by other Creators Syndicate writers and cartoonists, visit the Creators Syndicate Web page at www.creators.com.

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