Error Coins

124Spider

Hi,

I have long been enamored of die variety coins, particularly Lincoln cents. And I have a goodly number of them.

Now I'm considering dipping my toe into the pool of "true" error coins.

But I'm a bit flummoxed about how to determine if the price is reasonable, since (unlike with die varieties), each true error is unique.

Generally speaking, I feel that there are a number of online dealers with which I've done business over the years, which have earned my trust. But I'm still a bit leery of plunking down a bunch of money for a coin I want, without having any independent idea of how much it should cost.

Any thoughts?

Thanks.

Mark

lilolme

I don't do errors but you hit on one. Also try to look at any similar auction examples. As you note they are all unique but some are similar and can give a range. Heritage has special error auctions irregularly, so could look for those if they have anything similar when they come up. Also check other dealer listings for again the similar item and a range. Finally if as you say you have a trusted dealer, then maybe ask for advice on.

I don't know how good it is but the mint error new has a price page (the individual pages were a slow to load for me). Again probably should be thought of as a range and that assumes it is a good reference.

https://www.minterrornews.com/priceguide.html

EDIT: This appears to be the next (start Aug 8) HA error auction which might be something to watch to get information from.

https://coins.ha.com/c/search-results.zx?N=3183+792+4294936045&ic=Items-OpenAuctions-ComingSoon-BrowseCatalog-051914

alaura22

Hey Mark, good to see you changing collecting habits
Now maybe I can grab that 1795 from you

124Spider

@alaura22 said:
Hey Mark, good to see you changing collecting habits
Now maybe I can grab that 1795 from you

Funny! Not "changing," just continuing with the Box of 20," getting coins that strike my fancy (instead of being constrained by any particular album). Most error coins aren't particularly interesting to me, but a few are.

Oh, it's a 1794, and it's staying in that box!

alaura22

@124Spider said:

@alaura22 said:
Hey Mark, good to see you changing collecting habits
Now maybe I can grab that 1795 from you

Funny! Not "changing," just continuing with the Box of 20," getting coins that strike my fancy (instead of being constrained by any particular album). Most error coins aren't particularly interesting to me, but a few are.

Oh, it's a 1794, and it's staying in that box!

ricko

@124Spider... Error coin collecting is a niche market, but there is a coin magazine dedicated to errors. I do not recall the name, but some forum members have contributed articles. It would be a good resource for you. Cheers, RickO

Conshyboy

@ricko said:
@124Spider... Error coin collecting is a niche market, but there is a coin magazine dedicated to errors. I do not recall the name, but some forum members have contributed articles. It would be a good resource for you. Cheers, RickO

Mint Error News is the publication I reference occasionally

PeakRarities

But I'm a bit flummoxed about how to determine if the price is reasonable, since (unlike with die varieties), each true error is unique.

All I can say is that i've seen error coins come out of auction and then get marked up huge, so if I were an error guy I think id try to target auctions. For me, there is solace in knowing that someone else was right behind you.

ctf_error_coins

@ricko said:
@124Spider... Error coin collecting is a niche market, but there is a coin magazine dedicated to errors. I do not recall the name, but some forum members have contributed articles. It would be a good resource for you. Cheers, RickO

Mint Error News (MEN) is the publication by Mike Byers.

I have had articles published in this magazine and I am currently writing another article on error coins for MEN.

PeakRarities

Here you go @124Spider, let's get this party started the right way!

https://coins.ha.com/itm/liberty-double-eagles/1904-20-struck-15-off-center-ms63-pcgs-pcgs-9045-/a/1364-3282.s?ic4=GalleryView-ShortDescription-071515

291fifth

Beware of huge markups. Think twice before taking this fork in the road.

coinbuf

I have no interest in errors from a collecting standpoint, as has been mentioned this is a thin market with some huge markups at times. Danger Will Robbinson! It seems to me that most if not all of the really unique "errors" seem to have happened by design rather than true machine failure. I think that is why I have no collecting interest in them myself, best of luck if you decide to take that journey.

ctf_error_coins

Error coin prices are based on eye appeal, uniqueness, error type, date, and availability.

I personally have always believed that unique eye appealing error coins are underpriced based on rarity.

gumby1234

As with all segments of coin collecting there are over priced and under priced items. Knowledge is king. Get a book or two about error coins and study up. It will be worth the cost of the books.

124Spider

I thank you all for your thoughts; you have given me further reason to be cautious.

Buying at auction is an interesting idea, if I decide to get one. Generally speaking, the only "error" that I ever find interesting enough to consider buying are "wrong planchet" errors.

Thanks!

Byers

Here are the top prices for mint errors sold in 2022, as reported by Mint Error News.

The article showcases 2 that I sold, and all of the rest are from Heritage Auctions.

It’s a good summary for 2022:

https://minterrornews.com/news-5-3-23-top-mint-errors-for-2022.html

124Spider

@Byers said:
Here are the top prices for mint errors sold in 2022, as reported by Mint Error News.

The article showcases 2 that I sold, and all of the rest are from Heritage Auctions.

It’s a good summary for 2022:

https://minterrornews.com/news-5-3-23-top-mint-errors-for-2022.html

Wow, that's a very cool bunch of coins! And the prices are all many multiples of what I'd pay.

It is a different world, error coins vs. commodity coins!