My Question for numismatists about errors...

When i open the Q&A section, I always see people posting error coins, when in reality they are just obviously damaged coins.
I work at a Coin shop and we get people that come in wondering about their error or variety coins. We tell them to get them graded and then start looking for a market if they are authentic. Being a collector myself and not a Dealer, is there money in error coins?
what are the odds that you find one?
thank you!
-CN

Comments

  • ifthevamzarockinifthevamzarockin Posts: 1,390 ✭✭✭✭✭

    "is there money in error coins?" Yes

    "what are the odds that you find one?"
    It's a numbers game, the more you look at the better the chances. Overall not great odds.

  • Insider2Insider2 Posts: 11,580 ✭✭✭✭✭
    edited August 1, 2019 2:54PM

    Yes there is money to be made in error coins. Their popularity has increased over the years. Unfortunately, most of the minor errors that many of us find are not as popular or valuable as the were decades ago. Many of the noticeable errors such as broad struck coins are not found in change yet they are not very expensive.

    The folks who are making money with error coins are either dealers or knowledgeable collectors who are forming collections of unusual, and scarce types of errors.

    Error collecting is fun but get into it without expecting to become rich. You'll find lots of minor errors with searching that few will want to give you a profit on because they are finding there own minor errors too.

    Keep searching. You may be one of the few hundred that finds a good one!

  • Namvet69Namvet69 Posts: 2,602 ✭✭✭✭✭

    I am always on the prowl for errors, big and small. My bulging binder is an indication of my success. The hunt continues. Peace Roy

  • HemisphericalHemispherical Posts: 6,955 ✭✭✭✭✭

    Welcome @CoinNovice!

    Do a thread search for @ErrorsOnCoins and you’ll see some very good examples of errors.

  • JBKJBK Posts: 5,396 ✭✭✭✭✭

    I have searched many 10s of thousands of nickels and never found a significant error, only very minor clips or cuds, and very few of them at that.

    Then out of a box of new nickels came this 2016 nickel struck over a 2015 nickel, supposedly worth $3000.

  • Very neat and interesting. im sure people spend lifetimes looking for error coins.
    unfortunately, not me.
    I can appreciate the thrill of the hunt and time it takes.
    I am eager to learn about them though, you can never know to much about coins!

  • @CoinNovice said:
    When i open the Q&A section, I always see people posting error coins, when in reality they are just obviously damaged coins.
    I work at a Coin shop and we get people that come in wondering about their error or variety coins. We tell them to get them graded and then start looking for a market if they are authentic. Being a collector myself and not a Dealer, is there money in error coins?
    what are the odds that you find one?
    thank you!
    -CN

    I absolutely believe there is money in error coins. even start out coin collecting like those people and just roll searching you're never losing out anyway because what you don't keep your cashing back in again anyways. So you definitely aren't keeping half a roll out of each roll. Depending on various years and dates I keep around average 2 rolls out of 25.00 box and that's really keeping High Grade coins as well.

  • Focus on buying silver and gold close to spot price as well as old silver and gold coins if u want to make money. Error hunting is a fun hobby, not one that I participate in, but for many. Those who spend all their time searching for the slightest die misalignment or random obverse scuff mark will go nuttts imo. Pick up or download a copy of the Cherry Pickers Guide if you have an interest in such pursuits.

    Virginia Beach, VA
    Collector, Buyer, Seller, Licensed Dealer
    U.S. Silver & Gold coins, Foreign Coins, Bullion, Mint/Proof Sets, Currency, Antiques, Collectibles

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