Error Coin Market Report
SullivanNumismatics
Posts: 842 ✭✭✭✭
For those interested in mint errors, here is the latest error coin market report on our blog.
https://sullivannumismatics.com/blog/error-coin-market-hot
www.sullivannumismatics.com Dealer in Mint Error Coins.
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Comments
Nicely written.
I would suggest that we can't know whether $500 or $250 is the right price going forward until we go forward. A dealer who hasn't adjusted his price upwards is only indicative of his being out of step with the current market.
I always wondered, seeing error coins are one of a kind, what price would actually be put on one for sale - is it dealers discretion just to see what they can get, put it in auction and let the bidders decide the value, or what one similar sold for previously?
"When they can't find anything wrong with you, they create it!"
Error coin enthusiasts like to say they are unique. But you could say the same about any classic coin: the marks and toning are "unique". But error coins fall into categories. How much different are 2 25% off center Lincoln cents? You can develop price comps.
Two Lincoln Cents that are 25 percent off center could be very different. One could be off at 12:00, other other at 3:00. Those with dates fetch more money than those without. Two Morgan dollars of the same date (e.g. 1881-S) graded MS63 will more than likely fetch the same dollar amount regardless of the bag marks.
Well you know errors are "unique" - "varieties" are die anomalies and struck many times by that die and can get a constant asked price. And as far as "How much different are 2 - 25% off center strikes - I don't know.
"When they can't find anything wrong with you, they create it!"
You might want to look up "toners".
Dated and undated off centers simply represent 2 different categories.
If you'd like to think that error coins are "more unique" than type coins, feel free. You are now at the mercy of error coin marketing.
The pricing is better established for type coins, certainly. But you will see large variations in price even for 2 coins in the same grade and same holder. You will see wider variations for errors, but that's partly because the price guides aren't as well developed.
Some major errors are unique. Some belong in categories. There is a reason why error coin experts can put a value on a coin.
Oh @ jmlanzaf - If you'd like to think that error coins are "more unique" than type coins, feel free. You are now at the mercy of error coin marketing.
There is nothing "More Unique" than an error coin - that's like saying "Kinda pregnant"
"When they can't find anything wrong with you, they create it!"
See, I disagree - All errors are unique. Varieties belong in a category - And varieties, being more than one struck, is the reason why they can have a value put on them.
"When they can't find anything wrong with you, they create it!"
Thanks for your latest market report, Jon. Enjoyed reading it.
"More unique" is in quotations for a reason. An AU Morgan with toning is also unique. You'll never find one identical.
I've never once mentioned varieties.
EVERY coin that isn't a modern 70 is unique. They each have unique marks on the surface, and unique toning patterns. Only error collectors have the hubris to use the word.
In terms of pricing, error coins can be priced quite accurately, although like non-error coins, there are variances in pricing. But even those variances have a fairly specific "added value."
A Lincoln cent broadstrike that is 5c size might sell for $10 on a given day. A Lincoln cent broadstrike 5c size with a 25% indent would bring around double that, or $20-$25. Does it have a date or did the indent obliterate it? A dateless example reduces value to maybe $15. Is it a "rare date", that might make it worth $100. But it all can be factored in quite accurately with a reasonable degree of variance.
Prices do go up on coins, but not all prices realized make a new value. If a coin is worth $250 today, an auction or two they fetch $500, but most dealers still have them readily available for $250 or thereabouts, the $500 price would not be justified. If the item is scarce, there is little or no supply, and the price jumps to $500, yes, it might indeed be justified.
Nice evolution of your market report to cover auction results. Proof errors are doing well as you indicate:
Proof errors have been pulled along with all the other errors since the last two large sales or thereabouts. I think long term they will be weaker (and that is a general statement--not all will be weaker, and some will be stronger, but as a whole, weaker) because there is an increase in supply, but for now, they are strong.
Thanks for your perspective. Mine's a bit different as I think that unless a much larger hoard of these comes up, they will stay up in price and perhaps even increase due to how attractive they are. There has been a larger number on the market recently but if it's just a short increase in supply, they could just disappear into collections, as I've seen before in other areas. Those thinking more will continue to appear, may be surprised when they don't.
Thanks for the link to the report.... I am not an error collector... Though I do have a couple of gold errors. Might sell those since they do not fit with the rest of my collection(s). Cheers, RickO
@ricko might sell a coin ?
Successful transactions with : MICHAELDIXON, Manorcourtman, Bochiman, bolivarshagnasty, AUandAG, onlyroosies, chumley, Weiss, jdimmick, BAJJERFAN, gene1978, TJM965, Smittys, GRANDAM, JTHawaii, mainejoe, softparade, derryb
Bad transactions with : nobody to date
Mint errors are hot right now as mentioned by Jon and Zions. Here are 2 links from Mint Error News with the top 5 prices realized from both Heritage Auctions last week, for proof and mint state error coins:
https://minterrornews.com/news-10-7-21-us-proof-error-coins-realize-strong-prices-in-october-2021-long-beach-auction.html
https://minterrornews.com/news-10-8-21-prices-realized-in-the-october-2021-error-coinage-us-coins-showcase-hertiage-auction.html
I too am not an error collector but always find them interesting to look at.
Wayne
Kennedys are my quest...
While at ANACS I saw a complete off-center "clock" of Silver Dollars. It was amazing.
Image that you were the collector assembling that set and you had eleven positions and the 12th one came up at auction. How far would you go to win it?
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Some of my favorite errors came from Jon Sullivan !
I am very well versed in all aspects (1) toners, (2) errors, (3) type coins, and (4) varieties. I certainly do not need to look up toners, as it is obvious the more eye appealing the toning is, the more money it will bring. Ugly toning equals ugly money. That is common sense. Also, you are 100 percent wrong about your philosophy on errors and two categories. I suggest you look into it more.
I didn't say there were 2 categories. I said you can bifurcate off centers into 2 groups.
Mr. Sullivan's comment actually supports my position that you can categorize errors.
So upon further research, I'm still correct. 😃
I never said you could not categorize errors. You certainly can. And, as you can that, you can also divide the other stuff, such as toners (as you mentioned more than once) and same grade coins (e.g. MS64 cents, half dollars, dollars, etc). I also never said you could not price errors consistently by category. Consistently does not mean equal. Let's look at an example of a 1999 or 2000 broadstuck Lincoln Cent. They are a dime a dozen for minors, but let's look at it anyway. A 1999 or 2000 Lincoln Cent, for example, that is broadstruck to the size of a nickel will command one premium (plus or minus depending on eye appeal). A 1999 or 2000 Lincoln Cent broadstruck to the size of a quarter will command a larger premium (plus or minus depending on eye appeal). A 1999 or 2000 Lincoln Cent broadstruck to the size of a quarter AND is split will command an even larger premium (plus or minus depending on eye appeal). The same can be said for the same exampled coins (1999 or 2000 Lincoln Cents) that are 25 percent off centered. The price will vary based on the eye appeal and uniqueness of the error (e.g. is it uniface, is it die struck both sides, is the planchet split, does any of the zinc core show, is it stretched, etc.), just as it will for toners (e.g. uniqueness of toning, color or toning, percentage toned, shape of toning, obverse or reverse, and the list goes on).
For some reason, you edited your post above, but I have it quoted herein. I guess I was trying to reply at the same time you were editing. And, for the record, you most certainly did say 2 categories (see quote from you above). Actually, you said it more than once...the other time being yesterday evening (see below).
But, let's not split hairs here, ok? You are entitled to your opinion, and I am entitled to mine. It is clear that you have to be correct, or at least think as such, so let's just leave it at that. And, instead of trying to be persnickety, try listening to one another, rather than assuming you are always correct. Perhaps we all will learn something.
Quoted from you (you posted this yesterday evening):
"You might want to look up "toners".
Dated and undated off centers simply represent 2 different categories.
If you'd like to think that error coins are "more unique" than type coins, feel free. You are now at the mercy of error coin marketing."
And, PS...For the record, I never ever said said error coins are more unique than type coins.
Just to reiterate what I said in my previous post: Try listening to one another, rather than assuming you are always correct. Perhaps we all will learn something. View each opinion objectively. Learn what each side is presenting. The world needs more peace, let's start here. Sound good?
I tried to put a smiley face in so you knew I was kidding. Instead, that little forum bug deleted the whole thing.
I don't think we disagree.
Jon Sullivan's severed feeder finger tip residing in my error archive:
That's a nice looking coin.
U.S. coins struck on feeder fingers are very dramatic! 20 years ago I bought a group of 15 in all denominations. At that time, only ANACS slabbed them. Soon after both PCGS and NGC certified them.
@SullivanNumismatics We received our error coin from Jon's website today. My wife says it is very stunning so I'm very happy with my purchase. Ordered on or about 10/12 and received in todays mail (10/16). Super service and super value. I'll be shopping again as soon as my wife says it's ok to spend money again.
Thanks for all your help Jon!
Glad you like the coin, thank you!
Jon,
Thank you for sharing these reports. I meant to ask earlier, but what do you think the impact will be on the market when the Fred Weinberg collection hits the block? Do you think some of the money that has come into the arena in the past year will start to be held back pending the auction in January, or do you think the market will stay high leading up to it and potentially rise even higher?
Sean Reynolds
"Keep in mind that most of what passes as numismatic information is no more than tested opinion at best, and marketing blather at worst. However, I try to choose my words carefully, since I know that you guys are always watching." - Joe O'Connor
Sean, the error coin market just digested a huge error collection and all the recently released (older) proof errors.
The sales were very strong.
At the moment, (before Freds collection goes to market) there really is no major error coin auctions and at this time it is hard to find cool error coins.
Freds errors will be quite interesting.
In addition to that big auction, I saw at least two auctions featuring Don Bosner's personal collection of error coins (mainly cuds) in the past few months. It's been a fun time to be a buyer, that's for sure.
Sean Reynolds
"Keep in mind that most of what passes as numismatic information is no more than tested opinion at best, and marketing blather at worst. However, I try to choose my words carefully, since I know that you guys are always watching." - Joe O'Connor
Chris- you are spot on!
•Errors are hot
•Proof errors hot
•Market is strong
•Fred’s will be absorbed, not an issue
Sean, I think that most likely the error coin market will generally remain strong as long as the economy as a whole stays strong, and will absorb what Fred and others are putting in auctions.
If I had to make a prediction, I do not think it likely that (with the exception of proof errors) prices will drop in the foreseeable future simply because there is such a lag of supply for the demand and both the retail and wholesale markets are generally strong. People want to collect/own coins right now, and that could go on for years to come.
.....and not all of my material are Mint Error coins -
I'm not concerned about the market for errors over
the next year or so - as mentioned, my error lots
should be easily absorbed into the market - auctions
will start at FUN, and continue for at least 6 months.
That doesn't count the large number of Cud errors I have,
which at this time, will have to be certified by Cud #'s, etc.
and that should take months to do.
Last night in GC , a record price for another proof error! That’s 5 auctions in a row with strong prices for proof error coins!
(3) Heritage, (1) StacksBowers and (1) Great Collections.
$17,500. for a proof Ike $ on a Half Blank in PCGS Pr 67!!!
Looks very healthy and strong!
A proof double struck Kennedy Half sold for $15,600!!! In Heritage a couple weeks ago:
https://minterrornews.com/news-10-7-21-us-proof-error-coins-realize-strong-prices-in-october-2021-long-beach-auction.html
These sales look really strong Mike! I like proof errors a lot because they are rare and eye appealing. Some of proof fields just look stunning.
Jon, one thing that would really help me with your reports is mentions of specific coins vs. only discussing generalities.
I like how Mike @Byers and Laura Sperber mention specific coins in their posts. Mike often posts direct auction links so sales can be verified. Laura will mention PCGS grades and prices of specific coins.
This post and the earlier one mention generalities, but when I go to find matching sales on public sites like Heritage and can't find those coins, you mention your experience is based on your own sales, not what's happening in the open market. That's fine, but it would be better if you mentioned specific coins and prices like Laura does in her Market Reports.
https://www.legendnumismatics.com/market-reports/
Here's a post from Mike listing some specific coins.
https://forums.collectors.com/discussion/comment/13027347/#Comment_13027347
Overall, I think it's great that you're posting. Just saying it would be more useful to mention specific coin observations and sales.
Zions- Mint Error News Magazine and website routinely posts articles on prices realized for error coin prices. Not just for proof errors, mint state errors are included too.
Zions- yes proof error coins in the last 5-6 auctions from Heritage, StacksBowers and Great Collections have strong prices realized for dramatic, rare/scarce, high grade proof error coins. Yes some of the more available proof errors sometimes bring less.
Zcoins, I'm glad you enjoy the posts.
In terms of your comment about specific auction results or sales, there are reasons I don't often point out specific coins, a few of which include that some of my customers may have purchased the coin(s) I believe to be overvalued or to have sold for far too high amount. Of course, no one likes to have their auction win talked down, so I avoid that. Additionally, giving a general statement on price is based often upon information that is not "public." In other words, it may be knowledge I am privy to, sales that were private, etc.
Giving customers my consensus on a trend or prices is my opinion--take it for what you believe it is worth.
great insight. always appreciate the experts opinions.
The thing is that your blog does have photos of many specific coins, including slabs with full inserts and cert numbers. It seems it would be nice to tie the articles to the photos more. From your post it comes across as you only feel coins worth writing about are "overvalued or to have sold for far too high amount". If there are coins that are priced properly, you could just focus on those.
For reference, in addition to posts by Mike and Laura, Doug Winter is another dealer that talks about specific coins in his blog:
https://raregoldcoins.com/blog?category=Market Blog
This implies your overall decision is based on private information, but you do comment on public information in your blog:
I'm just trying to help. I like your blog, but think a few coin mentions like others do would make it even better. It's your blog so your decision, but just take a look at other blogs and think about it
Zions- Mint Error News will start to include a Market Report in each upcoming issue.
The first report will be on proof mint errors.
Speaking about proof errors…
Here is a ‘coming soon’ in Heritage: