A former federal cop assigned to the U.S. Mint in Philadelphia admitted stealing $2.4 million in "error" coins.

William Gray, 64, of North Wildwood, N.J., admitted in federal court that he took the $1 presidential coins, all missing edge lettering, and sold them to a California coin dealer. Gray pleaded guilty to theft of government property and income tax evasion, said U.S. Attorney Paul Fishman.

Gray had worked at the U.S. Mint since 1996. He said he took the coins knowing they would be considered more valuable to collectors because they were considered "mint errors." He mailed them from New Jersey.

He was freed on $50,000 bail and will be sentenced on Dec. 20.

To read the complete article, see:U.S. Mint Worker Stole $2.4M in "Error" Coins(www.nbcphiladelphia.com/news/local/US-Mint-Worker-Stole--129518468.html)

At first it seemed to be the perfect crime. The $1 Presidential coins were untraceable, legal tender and worth a lot more than their face value.

They appeared perfect but for 'errors' in lettering on the edges - and that meant they were valuable to coin collectors.

William Gray, a former police officer for the U.S. Mint in Philadelphia, cashed in by stealing $2.4 million of the coins to sell to collectors.

The 64-year-old, who had worked at the Mint since 1996, sold them to a distributor in California after they were launched in 2007.

But the law finally caught up with Gray yesterday when he pleaded guilty to charges of stealing government property and tax evasion.

Gray, of North Wildwood, New Jersey, was freed on $50,000 bail and will be sentenced on December 20.

U.S. Attorney Paul J. Fishman did not reveal how they caught the worker who posted the 'mint error' coins from New Jersey.

In February 2007, an estimated 50,000 George Washington $1 Coins were released into circulation without the edge inscriptions

The first one discovered was sold on eBay for $600, while later coins were selling for between $40�$60.

John Adams Presidential Dollars have been discovered with plain edges, making them rarer - and more expensive.

To read the complete article, see:Officer at U.S. Mint stole $2.4 million in 'error' Presidential coins to sell to collectors(www.dailymail.co.uk/news/article-2035433/Officer-U-S-Mint
-stole-2-4-million-error-Presidential-coins-sell-collector.html)