Also see this related page: Sacagawea "Cheerios Dollar" Non-Pattern Reverse (Reverse of 2000)

In February 2005, a full five years after its release, Sacagawea Dollar patterns have been discovered in the hands of lucky collectors. This amazing discovery has been found in what was formerly known as Cheerios Dollars. The term "amazing discovery" may be an understatement. Even the people at NGC state: "This is unquestionably one of the most intriguing new finds in the annals of modern coinage. The fact that they are just now being recognized, five years after their release, is surprising to many experts."

The wing and tail feathers on the Pattern Dollars are more defined than on the coins released into circulation. The tail feathers exhibit detailed veins as well as a raised central shaft on the center feather. On the coins struck for circulation, the details on the feathers have been smoothed down and the shaft on the central feather is incused. In order to distinguish between the two types, 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. Click HERE to see a side-by-side comparison of the entire reverses of the "Reverse of 1999" and the "Reverse of 2000" pieces (Photo courtesy of NGC).

The reason for the change on the coins struck for circulation is explained by reverse designer Tom Rogers in an interview he had with Tom DeLorey on June 3, 2005. Tom DeLorey writes: "He (Rogers) said that the design change in the tail feathers was made very late in the design process, probably in late October, though he would have to check his notebook to be sure. Business strike production began Nov. 18th or 19th. The reason for the change was to make the tail feathers appear lighter in color, compared to the body of the eagle. An eagle's tail feathers are white. He said the original trial strikes made them look too brown. He smoothed down the lines that stick out at a 45 degree angle from the veins, and then somebody told him to replace the raised vein in the middle feather with a recessed one so it wouldn't stand out by itself."

The total number of these coins that were struck is unknown. However, the number of these coins that can potentially be in collector's hands is 5,500. That is the number of "Cheerios Dollars" released in cereal boxes. Undoubtedly, many of the "Cheerios Dollars" were opened and spent, or thrown in a drawer and forgotten about, making them VERY hard to come by.

These pieces were listed for the first time in the 60th Edition (2007) of A Guide Book of United States Coins (aka "The Redbook") by R. S. Yeoman. They are also listed in the Cherrypickers' Guide To Rare Die Varieties Of United States Coins, Fourth Edition Volume II, by Bill Fivaz & J. T. Stanton, where they are described as "Enhanced Reverse Die" and numbered FS-C1-2000P-901.

OTHER ARTICLES

FROM NGC'S WEBSITE: "On Monday, June 20, 2005, NGC certified a pattern 2000-P Sacagawea Dollar struck from dies made with experimental hubs. While similar to the final design, the reverse’s eagle device shows considerably greater detail than that seen on circulation and proof issues struck from the adopted dies and is very easy to identify. The story of this coin is emerging as one of the most fascinating numismatic discoveries to come to light in some time, as this coin can be distinguished from virtually every other pattern coin of the twentieth century in an important way – a relatively large number of 5,500 were produced and then dispersed through non-numismatic channels."

Complete Article

FROM COIN WORLD'S WEBSITE: "Collectors who found one of the 5,500 2000-P Sacagawea dollars randomly hidden inside Cheerios-brand cereal products during a 2000 General Mills advertising promotion received an unexpected bonus unknown until now."

Complete Article

HERE'S HOW THIS DISCOVERY CAME ABOUT
A FULL FIVE YEARS AFTER ITS RELEASE

In the Fall of 1999, noted numismatist Tom DeLorey had an opportunity to examine test strikings of the Sacagawea dollar at a press conference held in Chicago on October 20, 1999. He made a mental note of the coins detail, paying particular attention to the details of the Eagle's tail feathers on the reverse. Read his account of the story HERE. It should be noted at this point that Tom was admittedly incorrectly calling the coins he saw in Chicago "12 Tail Feathers", thinking that the coins struck for circulation had been changed to exhibit "13 Tail Feathers". However, in his recent (Spring 2005) discussions with reverse designer Tom Rogers, it is now understood that the Eagle has always exhibited 12 tail feathers and it's their appearance that has been altered.

The only hope of checking the reverse of a Cheerios Dollar, without destroying its value, was to find one that had been placed into a third party grading service's holder. After Tom contacted me and told me about his hunch, I joined the search. In early 2005 I came in contact with collector Pat Braddick. He had one that had been placed in an ANACS holder. Immediately upon checking his coin, Pat knew it was different. Pat took his coin to NGC at the Long Beach (California) Coin Show in February 2005. NGC joined forces with Tom DeLorey to do exhaustive research on the piece and determined that this piece is indeed the Sacagawea Dollar pattern that Tom had seen in October 1999.

Thanks to Tom's keen eye and persistent searching, this coin has become a major collectible in numismatics. Without Tom, it would've been a long time, if ever, before it would have been discovered.

PRICES REALIZED OF KNOWN SALES/AUCTIONS

If you were lucky enough to find a "Cheerios" Dollar in a box of Cheerios cereal when they were first released in January 2000, it's a pretty sure bet that you had no idea of how valuable they would eventually become. In fact, many were probably ripped from their package and spent. In the five years before the discovery of the variety now known as "Reverse of 1999", very few were offered for sale publicly. Since so few were offered for sale, a set price was never established. When one did appear, they sold in the wide price range of $50 to $175, with the majority of pieces selling in the $125 to $135 range. When the variety was first reported in June 2005, prices immediately shot up. Overnight they began selling in the $2500 to $6000 range, with most selling between $3500 and $4500. Prices skyrocketed in the Spring of 2007, due in part to very few pieces being found since the discovery two years earlier. It all started with the sale of the "Discovery Specimen" on March 9, 2007 for $9,000. Below are the prices realized of the pieces sold since that fateful sale of the "Discovery Specimen".