An apparent quality control mistake has raised the value of the first presidential $1 coin to around $50 apiece. An unknown number of the gold colored coins with an image of the first U.S. President George Washington on it were mistakenly struck without their edge inscriptions, including "In God We Trust," and are now being auctioned at eBay for around $40 to $60.

The news comes just less than a month after the U.S. Mint issued nearly 300 million of the coins. The coins were supposed to feature the image of the President on one side and the Statute of Liberty on the other. "In God We Trust," "E Pluribus Unum," the issue year and the mintmark on the edge.

A mint spokeswoman said the coins were made at its Philadelphia and Denver facilities, adding that the reports of erred coins are coming for those made in Philadelphia, according to the Associated Press reports.

The first coin reported with the error is believed to have been sold for as much as $600, Ron Guth, president of Professional Coin Grading Service, told the Associated Press.

"They're going for around $40 to $60 on eBay now, and they'll probably settle in the $50 range," he said.

It was not clear how many coins lacked inscriptions, but Guth believes there are at least 50,000 of them.

The Mint had planned to release four new presidential dollars each year, starting with George Washington, John Adams, Thomas Jefferson and James Madison in 2007.