ANA Worlds Fair of Money Mint Error Show Report 2021

SullivanNumismatics

Here is my show report for the ANA coin show this month, which is mostly focused on the mint error segment of the hobby, but also has general observations as well.

https://www.sullivannumismatics.com/blog/ana-worlds-fair-money-august-2021

ctf_error_coins

Jon, thank you for the report.

I live this line of yours ..."with only some coins falling through the cracks (which we try to purchase!)"

With all the focus on the proof errors, I got some killer deals on exceptional eye appealing coins that I believed, fell well under the radar.

Byers

Hi Jon- nice report. Yes many mint errors are realizing very strong prices in auction, especially from Heritage Auctions.

Yes prices are all over the place, with some bringing record prices!

Here is the proof double struck Kennedy Half in the Heritage ANA sale that almost realized 10k

$9600.

ricko

Thanks for an interesting report and an insight into the 'error' market. Cheers, RickO

Byers

The proof silver Ike Dollar off center sold for $16,800. It’s a very dramatic off-center!

ctf_error_coins

I think this went under the radar, absolutely love this coin and would have bid a lot more to win it .....

FredWeinberg

Jon, thanks for the report, and
I agree with your overall comments
and observations..........

seanq

Thank you for the report. Your take on the glut of Proof errors was interesting to me, I have a few in my collection but I am trying to avoid those that were obviously assisted. I get the appeal but they leave a bad taste in my mouth.

I am starting to see a bunch of coins from the Heritage auction pop up on eBay with asking prices multiples above what I already thought were quite strong hammer prices in the auction. One proof coin that was high on my want list that I thought went for moon money is now on eBay marked up another 100% from the Heritage closing price.

I always thought that the expression "a rising tide lifts all boats" neglected to mention that a rising tide can also leave a lot of folks underwater.

Sean Reynolds

Byers

Chris- nice Kennedy Half mint error!

Byers

Obviously I am handling some of the proof mint errors. So did Fred and Jon.

Overall I have found that unique and/or very dramatic proof mint errors are bringing strong prices.

Sure, some fall thru the cracks in the Heritage auction. That’s true in every category of coins.

ctf_error_coins

@Byers said:
Obviously I am handling some of the proof mint errors. So did Fred and Jon.

I knew the competition would be tough.

Altho I really wanted a few of the proof errors, I won 27 error coins in the previous auction for less than the price of one of the proof errors I wanted.

I bought this non assisted error coin that is super rare, show me another one, how do you price a one and only error coin in a whole series?

Shield cent struck on holed defective planchet .....

Byers

The unique proof Ike Dollar clover that sold for 105k in Heritage, shows the strength and demand for unique and dramatic proof error coins.

ctf_error_coins

Jon, looking at your new offerings looks exactly like my watchlist which was over 300 coins.

I know I must have won coins on your watchlist as well

What a great time for the error coin market.

Byers

Chris- you are right!

It’s a very exciting time in the error coin market!

Alot of interest, alot of publicity, many record prices, and overall it’s very strong.

seanq

@ErrorsOnCoins said:

@Byers said:
Obviously I am handling some of the proof mint errors. So did Fred and Jon.

I knew the competition would be tough.

Altho I really wanted a few of the proof errors, I won 27 error coins in the previous auction for less than the price of one of the proof errors I wanted.

I bought this non assisted error coin that is super rare, show me another one, how do you price a one and only error coin in a whole series?

Shield cent struck on holed defective planchet .....

That is an extremely rare error on any post-1982 cent, in fact I have only seen a couple of ragged clips on any zinc Lincolns. I have one dated 1997 that I will have to photograph and add to this thread.

Sean Reynolds

SullivanNumismatics

Thanks all, appreciate the kind words, glad y'all enjoyed the report!

Zoins

Good report Jon! Overall, it was insightful, and I've certainly been buying from you from before and through the pandemic.

A few thoughts on the report:

1. Coin examples: You don't mentioned specific coins but I love dealers that do this so I can look them up. For example, the errors posted by @Byers above have done really well. From your perspective, did any notable specific coins do well and not as well?
2. High auction prices. Prices are generally high now as discussed in the Coin Market Strength thread and seen in realized prices. It's definitely possible to not get coins at prices from a year ago now, but with unique or very rare coins, it's not like buying a widget where it's easy to buy at a different price elsewhere. It seems worth mentioning the difference in widgets vs. non-widgets, with the latter potentially not being available again for a long time.
3. Proof error coins: the only area of weakness is mentioned is proofs. It's worth expanding on this as I follow these and while have been many at auction recently, the prices of the ones I follow have been going through the roof, like the 50% of center above. The article gives the impression that the area is weak and while it does mention some do well, it doesn't really capture how well those are doing.

Again, thanks for the report. I'd love to see some of the coins you talk about!

golden

Thanks for your report.

Byers

Speaking of clips, and proof error coins...

Here is an extremely large curved clip on a proof silver Ike Dollar.

It’s most likely an assisted struck error on a clipped blank planchet that wasn’t assisted.

A hybrid.

Byers

Zions- your insight is spot on. There is some weakness on some proof errors, but the few above that brought record prices are just a few of the many that have sold recently for record prices, both in auctions AND privately!

SullivanNumismatics

Some good questions, with some answers below.

@Zoins said:
Good report Jon! Overall, it was insightful, and I've certainly been buying from you from before and through the pandemic.

A few thoughts on the report:

1. Coin examples: You don't mentioned specific coins but I love dealers that do this so I can look them up. For example, the errors posted by @Byers above have done really well. From your perspective, did any notable specific coins do well and not as well?

Some of the proof off-metals, 5c on 10c, 25c on 1c, 50c on 25c, etc, combinations such as that are down (auctions or otherwise.) The unusual, unique, or particularly high demand items in proof are stronger, but in my view, weaker than they have been in the past.

1. High auction prices. Prices are generally high now as discussed in the Coin Market Strength thread and seen in realized prices. It's definitely possible to not get coins at prices from a year ago now, but with unique or very rare coins, it's not like buying a widget where it's easy to buy at a different price elsewhere. It seems worth mentioning the difference in widgets vs. non-widgets, with the latter potentially not being available again for a long time.

There is certainly a difference there, and truly rare pieces are generally strong, especially if they crossover into the U.S. coin collectors as well as the mint error collector fields (1943 copper, 1944 steel, etc.)

3. Proof error coins: the only area of weakness is mentioned is proofs. It's worth expanding on this as I follow these and while have been many at auction recently, the prices of the ones I follow have been going through the roof, like the 50% of center above. The article gives the impression that the area is weak and while it does mention some do well, it doesn't really capture how well those are doing.

It's difficult to be specific, but within the proof field, and it's not all proofs, just mostly the 1960's/1970's era--and not all have come down in value. As a whole, probably 25%-50% on average for "common" types. That is a general statement, and not applicable to all proof errors in those eras have some have not come down at all, and there are a few that have dropped a bit more--but if a range had to be given, that would be my estimate.

Again, there will be winners and losers in these proof errors. Some will doubtless be worth much more than they currently are 5 or 10 years from now, some will not.

RichieURich

Thank you for your report, I found it quite insightful.

It was great meeting you at the show!

Byers

Generally Jon’s comments are reasonably accurate. I must point out that he and others are not privy to the private sales of the more expensive, exotic and unique proof error coin sales that I have made. Not everything is sold in auction. And not everything that I have sold is listed in my ARCHIVES. Some sales are private and confidential.

Jon states:

“The unusual, unique, or particularly high demand items in proof are stronger, but in my view, weaker than they have been in the past.”

I totally disagree!

There are a few expensive mint errors that have resold for less ( Two Tailed Dime) but overall, in my opinion, unique, exotic and very dramatic proof error coins are setting record prices- not weaker!

Jon’s assessment that the more available proof error coins ( 5c on 1C blank, 5C on 10C blank, etc... is very accurate- they are lower.

ElmerFusterpuck

While I don't collect error coins as a primary focus, I do find them fun to look at and very fascinating. I was wondering how the double denomination and wrong metal errors were doing now - I got these some time back:

Wrong metal errors:

1970-D

1965

Double denomination:

Byers

Elmer- those are nice!

happycollecting

Thanks for your nice report, Jon.

SullivanNumismatics

Thanks for the comments, and appreciate the feedback.

SullivanNumismatics

Elemer, the quarters on cents are generally doing well, and the 11c cent on dimes are hot. Some nice examples you have there.

@ElmerFusterpuck said:
While I don't collect error coins as a primary focus, I do find them fun to look at and very fascinating. I was wondering how the double denomination and wrong metal errors were doing now - I got these some time back:

Wrong metal errors:

1970-D

1965

Double denomination:

Byers

Here are 2 of the more readily available proof error coins that Jon referred to that are 25-50% lower, ( and I generally agree 25% lower) except that, in this case they are 50% higher and are in this Thursday’s Heritage Monthly Auction. So... it just depends😉

Byers

Here’s another of the more readily available proof error coins that should be lower, except that, in this case it’s 50% higher and is also in this Thursday’s Heritage Monthly Auction. So... it just depends😉

dcarr

@ErrorsOnCoins said:

@Byers said:
Obviously I am handling some of the proof mint errors. So did Fred and Jon.

I knew the competition would be tough.

Altho I really wanted a few of the proof errors, I won 27 error coins in the previous auction for less than the price of one of the proof errors I wanted.

I bought this non assisted error coin that is super rare, show me another one, how do you price a one and only error coin in a whole series?

Shield cent struck on holed defective planchet .....

This coin appears to be solid bronze and does not have a zinc core ?
If so, that would make it an "off-metal" error, which I think would be a much bigger deal than the defective planchet.
Or I suppose it is more likely that it is just copper plating over the entire ragged surface of the zinc.

ctf_error_coins

@dcarr said:

@ErrorsOnCoins said:

@Byers said:
Obviously I am handling some of the proof mint errors. So did Fred and Jon.

I knew the competition would be tough.

Altho I really wanted a few of the proof errors, I won 27 error coins in the previous auction for less than the price of one of the proof errors I wanted.

I bought this non assisted error coin that is super rare, show me another one, how do you price a one and only error coin in a whole series?

Shield cent struck on holed defective planchet .....

This coin appears to be solid bronze and does not have a zinc core ?
If so, that would make it an "off-metal" error, which I think would be a much bigger deal than the defective planchet.

Or it was copper plated after it was punched from a zinc roll as a defective planchet. Zinc planchets get copper plating.

seanq

@ErrorsOnCoins said:

@dcarr said:

This coin appears to be solid bronze and does not have a zinc core ?
If so, that would make it an "off-metal" error, which I think would be a much bigger deal than the defective planchet.

Or it was copper plated after it was punched from a zinc roll as a defective planchet. Zinc planchets get copper plating.

This. Zinc cent clips are among the easiest to authenticate because the inside edge of the clip will also be plated with copper, where a coin that is damaged post-Mint will have the zinc core exposed.

Sean Reynolds

Zoins

@seanq said:

@ErrorsOnCoins said:

@dcarr said:

This coin appears to be solid bronze and does not have a zinc core ?
If so, that would make it an "off-metal" error, which I think would be a much bigger deal than the defective planchet.

Or it was copper plated after it was punched from a zinc roll as a defective planchet. Zinc planchets get copper plating.

This. Zinc cent clips are among the easiest to authenticate because the inside edge of the clip will also be plated with copper, where a coin that is damaged post-Mint will have the zinc core exposed.

Sean Reynolds

What if it's copper-plated again?

SullivanNumismatics

As Sean said, the zinc blanks are plated after they are punched out, so not having copper in the defective area of the planchet would be a give away that it was in fact fake. This one is authentic.

Zoins

Too bad about the plating. I was hoping Dan's post would lead to a huge discovery!

Zoins

@Byers said:
Here are 2 of the more readily available proof error coins that Jon referred to that are 25-50% lower, ( and I generally agree 25% lower) except that, in this case they are 50% higher and are in this Thursday’s Heritage Monthly Auction. So... it just depends😉

It does seem like quite a few of the proofs are doing well. I like the proofs because they can be very eye appealing.

The cent looks especially nice! I love cent on dime planchet errors and the obverse on this one looks perfect. I can understand why people like it. This one is at $4,680.00 all-in now.

HA wrote:
1977-S 1C Lincoln Cent -- Struck on 10C Planchet -- PR68 Ultra Cameo NGC. 2.3 grams. A remarkably attractive "silver-colored cent," showing liquidlike mirroring throughout the fields and frosty luster across the brilliant devices. Detail is sharp, and contrast is dramatic on both sides. The lower obverse and upper reverse rim is incompletely filled by the dime planchet.

Zoins

@SullivanNumismatics wrote:
Some of the hottest areas of the error market include older type errors, such as Morgan dollars, the Barber and seated coin series, buffalo nickels and Mercury dimes, Indian cent errors, and other popular designs.

It would be great to see some of the Morgans, Barbers, Seated and Buffalos mentioned in Jon’s blog article as well. I always love seeing Seated errors because they seem so rare, though you would assume that the Mint had a lot of quality issues back then. RealOne had a great set of Seated Errors but I can't find the thread now.

Here's a Seated error that sold for $7,200 four days ago on Aug 20:

1876 10C Seated Dime - 20% Off Center With Obverse Partial Brockage - NGC MS63

This one has a very nice centennial date!

https://coins.ha.com/itm/errors/1876-10c-seated-dime-20-off-center-with-obverse-partial-brockage-ms63-ngc/a/1333-4417.s?

Byers

Zions- yes the more readily available proof errors in this Thursday Heritage Auction are actually doing extremely well and will sell above the levels that a few recent ones sold for.

SullivanNumismatics

Just to clarify, in discussing areas up or down, I'm speaking in generalities and not of any particular coin or one sale or even one auction of coins. Seeing coins sale in numerous auctions as well as privately (MANY of the error coins we sell, for example, never make it to our website, etc), those are the trends I see as written in the short article. Like anyone, it's just my opinion based on the sales that I observe.

Byers

Jon- you are right about some error coins not making it to your ( or mine) website or archive. In fact, recently I sold 200k of some of the more exotic unique proof errors from one of these deals RAW. The customer didn’t want them lost in the mail or to pick up a fingerprint or slide mark in the flip as they traveled to a grading service and got processed and slabbed.

Zoins

HA wrote:
1977-S 1C Lincoln Cent -- Struck on 10C Planchet -- PR68 Ultra Cameo NGC. 2.3 grams. A remarkably attractive "silver-colored cent," showing liquidlike mirroring throughout the fields and frosty luster across the brilliant devices. Detail is sharp, and contrast is dramatic on both sides. The lower obverse and upper reverse rim is incompletely filled by the dime planchet.

This just sold for $7,500 which is a pretty incredible result. Eye appealing proof errors are red hot on Heritage.

The prior lot, the struck thru, also did really well coming in at $4,320.

Byers

Zions- Yes! Strong prices in Heritage tonight on proof errors. Not only did the Pr 68 Cent on Dime sell for $7500. A RECORD! The Proof 63 was very strong too:

Byers

Zions- even a ‘readily available’ proof Kennedy Half on a Nickel blank sold for $4,320. Very strong!

Zoins

@Byers said:
Zions- even a ‘readily available’ proof Kennedy Half on a Nickel blank sold for $4,320. Very strong!

Amazing! Good to know the strength is exhibited for more common coins as well. Are ay proof areas weak in the recent Heritage sales?

Byers

Zions- this proof Dime error tonight sold for $3,840. also very strong.

Byers

Zions- there were a few proof errors that fell thru the cracks during the Heritage ANA sale, since there was a large selection to choose from. Those were buying opportunities!

Tonight’s major proof error coins realized top dollar!

Zoins

@Byers said:
Zions- there were a few proof errors that fell thru the cracks during the Heritage ANA sale, since there was a large selection to choose from. Those were buying opportunities!

Tonight’s major proof error coins realized top dollar!

Makes sense some would be missed when there are a lot to choose from. That typically translates to more dollars fighting for the top pieces. This isn't necessarily an indication of a weak market, just a lot of offerings.

I see a lot of areas of strength for the coins I looked at. Good that you're seeing the same

dcarr

@seanq said:

@ErrorsOnCoins said:

@dcarr said:

This coin appears to be solid bronze and does not have a zinc core ?
If so, that would make it an "off-metal" error, which I think would be a much bigger deal than the defective planchet.

Or it was copper plated after it was punched from a zinc roll as a defective planchet. Zinc planchets get copper plating.

This. Zinc cent clips are among the easiest to authenticate because the inside edge of the clip will also be plated with copper, where a coin that is damaged post-Mint will have the zinc core exposed.

Sean Reynolds

I surmised that and edited my post right after I posted it, but it got quoted right away before I could finish it.

Anyway, yes, zinc planchets are plated with copper after they are punched (otherwise, zinc would show on the edge).
But, sometimes a defective planchet will split open some more when struck, which would reveal some of the zinc innards.

SullivanNumismatics

The proofs did well in this specific sale as a whole (some strong, some a bit weak.) This is likely an effect of demand for (any) coins being generally very high from both dealers and collectors at this point in time as coin shows and the market has been "reopening"--all it takes is 2 bidders to make an auction go to the moon, regardless of any other considerations, and I would want to personally see several such auctions before considering it a trend.

ctf_error_coins

I was a the second highest bidder on the proof Kennedy Mushroom coin last night