I cannot grade coins, but I will try... Red Book says this year nickel in AU-50 is worth $825 or MS-60 for $950. Not sure if my grading would be correct though... Being this is a major error, how much would it be worth? Also, how do dealers determine what they will pay for a coin? Do they pay like 70% or something of what Red Book says?
Where did you get this coin? Be aware that a LOT of counterfeit "errors" like this one are coming out of China.
Is that your coin, Angel? Pretty neat! The value would depend on what an error coin collector would pay. Dealers almost never pay 70% of Redbook for anything, unless they can make a quick turnaround. But your coin, which looks like an AU to me, should still be worth hundreds of dollars-- if it's real.
Its actually not my coin, I was looking to possibly buy it. BUT the seller said & I quote.. "IT HAS NOT BEEN GRADED OR AUTHENTICATED. IT WEIGHS 5 GRAMS AND HAS A NICE FINISH. I DO NOT BELEIVE IT IS MINT STRUCK COIN BUT MORE A COLLECTORS RESTRIKE."
Alright so obviously this one probably isnt real... Can anyone tell me though what coin shops/dealers pay for coins? I mean, how do they go about deciding what to pay for a coin? Obviously all shops are different but "roughly" what percentage do they pay & what not...
The dealer's buying price depends on several things, including: 1) The condition and general collector demand for the coin 2) Whether or not the dealer has a ready market for the coin 3) The number of similar coins the dealer has in stock 4) The knowledge of the seller Most dealers that I have sold to work with a price guide called Greysheet that they base their buy prices for collector coins on. Junk silver, on the other hand, is usually based on the spot silver price, while very common coins such as Wheaties are usually bought for a little over face.
Here's a link to the auction: http://cgi.ebay.com/1886-V-NICKEL-ERROR-/330571484561?pt=Coins_US_Individual&hash=item4cf7988d91 Definitely one to steer clear of... you can buy the same error from our Chinese friends for about $2 with free shipping.
Yes they are. For at least three or four years. Major off centers. Multiple strikes. Large Cents, Half Cents, Indian Head Cents, Shield Nickels, Liberty Nickels, etc., etc., etc.
I don't mind so much that they're making counterfeits of their own coins... BUT LAY OFF THE U.S COINS!
FWIW, if the coin had been genuine it would have been worth less than a normal 1886 I believe. Its a hard trap, and have seen it many times. Error collectors like the errors and are not concerned about the date really. Date collectors collect by date the best example they can find. The example I remember readily was a 1914d penny, gem uncirc, about 40% offcenter. If normally struck, back then was worth about $1000. As a 40% offstruck penny, it was worth about $50. The seller wanted HIGHER than a 1914d price since he thought the two things should have been additive, but in fact they are mutually exclusive. for years he had this coin for sale, and I admit I looked at it in his case every show, since it was cool. I think he ended up selling it for between $75 and $100. In many ways higher end coins are just like ancients, where errors do not add to value, but significantly take away value, since perfectly struck coins are what are desired. Chris P.S. Btw, I am pretty sure you can "custom order" any date or denomination error nowadays from your friendly pseudo communist. Others posting here about that are correct, and I think it makes error collecting even more risky than regular coin collecting since due to the error I believe they are a little harder to catch.
Aww, and here I was thinking that coin was pretty sweet. It's true - if it seems too good to be true, it probably is...
