Classic Error Coins - How do you know the right price?

renomedphys

Okay so barring modern errors or any other common varieties or easy to obtain types of error, how is one to know what kind of price is reasonable?

The reason I ask: Browsing upcoming lots I came across a wrong planchet error that struck me as cool. It was a PCGS graded XF 1916 buffalo nickel struck on a cent planchet. I thought hey, if I can get this for less than say $3K I’d buy it just to have as a cool oddity. When I logged in to watch the item, it was already bid to over $5K (incl BP 😉)

Now, I’m not an error collector but I do buy things that seem cool to me. A year or two ago I bought a double struck rotated in collar half cent with a gnarly 2nd strike strikethrough over the date, mostly because the rotation made the image of Liberty’s face look freaky. I had to pay handsomely but at least I was within about 5% of a somewhat recent Goldberg’s auction result of the same coin. I have since wondered if I made a good choice as there’s really nothing to substantiate the value other than the fact that I was willing to pay for it again after someone else did the same. One day it’ll have to sell, hopefully by me so I can at least point out price history because there’s really nothing to stop a shady dealer from offering 10% of actual value.

Anyway, just so we know what we’re talking about, here are photos of my coin and the upcoming lot. Lemme know what you all think, and whether or not I should fight for this one or pass.

BLUEJAYWAY

My rule of thumb for purchasing is what it is worth to me and what I want to pay at the time. There is a number I have in mind. Once it goes over that I pass. There is no sense of I've got to have it. It's that simple for me. But I understand that everyone has their own sense of need and I respect each buyers/sellers viewpoint.

BillJones

A unique error is almost impossible to price in the sense like it’s a listing in the Red Book. It comes down to how much two or more collectors are willing to pay for it. Conversely there are some rules of thumb that apply to evaluating errors. They wouldn’t give you precise numbers, but at least you will have an idea.

• The higher the denomination, the higher the price. Cent errors are the most common. The mint made more of them, which increases the chances for mistakes, and the quality to control is less precise. Gold coins are the toughest. I once saw a $5 gold that was struck 30% off-center. It was the only one I’ve seen, and it brought $35,000, over 30 years ago when that was “real money.”
• The larger the coin, the rarer errors piece are. Off-center struck silver dollars are rare. Most of those are caught at the mint because they are so obvious.
• Errors on modern coins usually increase the value more in proportion than it does on 18th and 19th century coins. In fact an error, like a clipped planchet, can lower the value of an otherwise choice very old coin. The collectors who make the market for those pieces don’t want that “problem.”
• Truly spectacular errors will bring high prices regardless of the era. Check out the “Oops” chapter in the Breen early large cent variety book.
• Cleaning and other problems don’t lower prices that much on spectacular errors coins. It’s the error that gives it value.

I’m sure that the specialists will add to this list. I’m not much of an error collector, but these have been my observations over the years.

BStrauss3

There is no such thing as "the price". It's a sale (and thus the price) when both parties agree on it.

A price guide is just that, a guide. But each coin is to some extent unique and thus may sell for more or less than a "guide". The more common the item, the more likely the guide price will be seen as fair by both parties.

Flatwoods

I saw that lot and thought it was cool too
Something like that just comes down to how deep the pockets are of the people who think it's cool on any given day.
My cool money is limited. Others not so much.

SullivanNumismatics

Most error types and combinations can be fairly easily priced if you look at auction prices realized, and get a good "range" that they sell for. I would suggest reviewing all the major auction companies prices realized, and eBay as well. Then start shopping, see what they are currently going for. If there is a supply on the market, prices may be softer. If you cannot find that error type (say a buffalo on cent) on the market, the price may be 20% higher, etc.

Nice coins, exceptional eye-appeal, etc sell for more, whereas cleaned, damaged etc sell for less, same as regular coins. Coins which have amazing toning, or are a more desirable year (1976, 1943, 1st/last years of coin series, etc) sell for more most of the time. Rarity is a factor as well. A coin that may have sold 8 years ago, but none have come to market since, may be double or triple what it was the last time it sold (or in the reverse, it may be less expensive.)

seatedlib3991

They call them price guides rather than price specifics for a reason. I do not collect error coins but do collect some varieties. You really have to establish your own personal pricing approach. In my opinion doing all that research is where the fun begins. James

coinkat

Great question. Seems it would depend on the coin as in date, denomination and type of error. I suspect that one may have to seek out comps depending on rarity- Good luck with the search

calgolddiver

love the half cent ... the buff ... does not do anything for me ... pricing for unique examples is based on your value for the item in question. I would pay for the half cent ... not the buff.