How are error coins priced?
TopographicOceans
Posts: 6,535 ✭✭✭✭
I would think a majority of error coins are unique, but there are a wide variety of errors.
How do you determine which bring a large premium and how are prices set?
How do you determine which bring a large premium and how are prices set?
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Usually the bigger the error the better.
Some unique error types are extremely rare and some are common.
Prices are not set, it is the wild wild west of numismatics.
Not all die caps are made equally.
Not all mated pairs are made equally.
Those are just examples-not all errors are made equally. There may be some (insert error type here) error that garners $50, but others of the same type that will fetch $300, because it is much more dramatic and has more eye appeal.
I guess they're like toners, the premium is in the eye appeal like you said
<< <i>I would think a majority of error coins are unique, but there are a wide variety of errors.
How do you determine which bring a large premium and how are prices set? >>
Error coins are priced the same way all numismatic items are priced that do not have price guides, which is based on a combination of things.
1.Historic pricing (auction prices realized, "what other dealers are getting", and what you as a dealer are getting.)
2.Current demand
3.Rarity
4.Condition
5.What a dealer has to pay to buy the coin from a customer
Those are some of the primary ways to price them, and it's what I use as a dealer to price coins I sell. One big point I would say is that are you as a seller willing to buy back the coin's you're selling (providing market conditions remain the same in the future) at a reasonable price? If you're not, it means you're almost certainly overpricing what you're selling.
Hope this helps.
<< <i>Your icon is really cool and I'd pay a hundred for that easily, but maybe others would pay a couple of thousand? I have no clue.
I guess they're like toners, the premium is in the eye appeal like you said
I paid $100 for that coin about 13 years ago and I paid a little too much at the time, maybe, but it has Perfect Eye Appeal.
Today I would not sell that particular coin for $200. It is perfect, and I have not seen a better double strike of the same date since.
Errors are big category.
There is just not one 'formula' to value errors. The 1955ddo is probably a little 'over valued' but they go for so much because
A) A very easy to see doubling
C) Many old coin cooks made the 55ddo a must have to claim one had a 'complete set'
can't add too much.
Varieties can be 'priced' much easier than Errors,
for the reasons listed in the thread.
<< <i>There are errors and then there are die varieties. 55ddo is a die variety >>
That is another point.
The word 'error' has pretty much become to mean "any coin that is not 100% not normal" but that is not right and really makes no sense. I don't want to get in a semantic discussion but I do think the term error is thrown around way too much.
I don't want to start some debate but to me the 1955ddo is an error, not a die variety. The misalignment could of been done on purpose but is highly doubtful. When it was discovered by Mint workers they tried to make sure they were not released but 20k of the 1955ddo had already been mixed in bags so the task was simply way too great and they just released them anyway.
That is an error.
Enjoy it I guess. Ha
Around the late '70's, there started to be a difference noted between the two categories:
Die Varieties - the doubled dies, repunched mint marks, VAMs, CPG coins, etc.
Errors (or sometimes I say "Mechanical Errors") are those planchet or striking
mistakes that are not die varieties. (It includes split and broken dies)
In my opinion, the 1955 Doubled Die is a great Die Variety - after all, the Die
itself was doubled between the Die making impressions, and was not double struck - a big difference.
<< <i>50 years ago, the term "Errors" covered both mechanical/striking errors, and varieties.
Around the late '70's, there started to be a difference noted between the two categories:
Die Varieties - the doubled dies, repunched mint marks, VAMs, CPG coins, etc.
Errors (or sometimes I say "Mechanical Errors") are those planchet or striking
mistakes that are not die varieties. (It includes split and broken dies)
In my opinion, the 1955 Doubled Die is a great Die Variety - after all, the Die
itself was doubled between the Die making impressions, and was not double struck - a big difference. >>
Here is my personal thinking. A die variety is a variety of a coin that was intentional but an error is not. If somebody at the Mint (whether they had the authority to do so or did it on their own) wanted to change the "5" on the date of the 1955 I would call that a die variety.
The 55ddo was a misalignment. It was made an error. It was not intentional and when it was 'caught' the Mint tried to fix the problem but decided it was not worth the effort.
I don't think it is a big deal but to me the 55ddo is an error.
I love you to Collectors Universe!
<< <i>Scarcity and hype...hype being the major factor in price.... Cheers, RickO >>
Hype ...... A fad. A clever marketing strategy which a product is advertized as the thing everyone must have, to the point where people begin to feel they need to consume it.
Your post makes no sense.
If there really was "hype" error prices would skyrocket as eye appealing major mint errors are indeed scarce.