I know most everyone who posts their error thinks its one in a million, but does anyone actually know what the error rate per coin is. ie: 1-1000 or 1-10000. The info might give me an idea how many coins I need to go through before something good pops up. Just curious.
I would say depends on date, and how you acquire coins. Modern coins have lower error rates overall. Older ones that have been in circulation have a better chance for someone to have discovered them. Old mint sewn bags would probably have best chance, followed by modern mint sewn bags. I do not have any hard numbers for you, just what I have read about errors and their frequency.
Im not sure there is a way to keep track of how many you have to dig through in order to find one specific error. If the mint know exactly how many errors they send out, they would probably stop them before they leave the mint... So i think it hard to figure an exact number.
There are no more "Mint-sewn bags". The Mint ships all coins for circulation to a contractor who wraps the coins before they are shipped to banks. (An exception is the $250 bags of Native American dollars you can order from the Mint." The employees of the contractor (where the coins are wrapped) found most of the errors, especially the coins that were misshapened or oversized (i.e., the coins that would not go through the coin-wrapping machinery). Beginning in 2004 the Mint instructed the contractor to return ALL error coins they find to the Mint for destruction. Employees who are caught keeping error coins are now subject to termination (and possibly arrest).
To my knowledge, there never have been any statistics compiled on error ratios. I don't even know if the Mint compiles these stats for in-house purposes. The fact is that you might spend years and never find one, or you might find a dozen in one month. Persistence and patience are the only things you will be sure to acquire. Chris
Some errors occur singularly and can occur at any time (e.g., off-center, multiple strikes, saddle strike, etc.). Other errors occur together. For instance, when the strip running through the blanking machine does not advance the correct distance after a group of blanks are punched out the next set of blanks may be punched with curved clips. So several blanks will have similar clips. Similarly, if the strip gets out of alignment and blanks are punched too close to the edge of the strip several straight clips may result. Again, several blanks with similar straight clip are produced. In these two examples the number of (future) error coins produced is dependent on how long the blanking press continues to run before the operator fixes it. How about a brockage that becomes a capped die? Again, the number of error coins produced is dependent on how long the coin press continues to operate before the operator fixes it. So the simple answer to the question "What is the error rate?" is - - - it depends. It depends on a lot of things. And no one knows that rate because no one knows how many error coins are really produced.
Actually there is still at least one way to get a "Mint sewn: bag. It was something they started last year after the complaints about not being able to get the ATB quarters at the bank. It is possible to order a ballistic bag of ATB quarters. Cost is $50,000 plus a $1500 fee. You have to come get the bag yourself and you have to arrange your own shipping. Bring a truck and a forklift. because he bag weighs around a ton. (You probably have to return the special pallet he bag is contained in.) It's a lot of trouble and expense but it would probably be your best chance at finding an error. And even then the odds probably aren't very good. If you are on REALLY good terms with your bank you just MIGHT be able to order a ballistic bag through them, but once again you would have to work out how to handle it.
I'm a fanatic, and I don' have much of a life so I have the chance to study or read alot about coins and I just tend to remember a lot of it (see the first part ) The program to order the ballistic bags was reported in Coin World and Numismatic News back in early 2010. (I don't think it was available for the Territory quarters.)
I'm glad you are a CT'er Condor101. Please keep sharing what you know when the oppurtunity arises. It benefits me and others. Thanks! zeke
Wledswift-- One way to tell what the odds are to finding an error coin such as a rotated die is to refer to someone who has put some data together like ''The Rotated Die Coin Census'' site. For example: 1994-P Lincoln cent with 165 degree CCW rotation. It is rated at R5= 31-80 known and reported . So there were 6,500,850,000 1994-P's minted. Divide 6,500,850,000 by 80 and you get 81,260,625 cents you might have to search through to find one 1994-P 165 degree, CCW, rotated die cent. Now let's say you search 1 million cents in your life time. Out of those, say 80,000 were 1994-P cents or 8%. Well now I,m at a loss as to how to figure this out. All I know is that when you find one you are very, very, very fortunate.
