Hello again, Good People! I am the newbie that had some sticky problems that you all where so helpful with. I collect Lincolns! I want all the dates and varieties and have been feverishly (and sometimes Foolishly) collecting almost everyday! The question is, do I know enough to start buying error coins? I can answer that myself... No! The posts here on this site is making me realize there is more to learn before investing! I see the PCGS GUIDE lists only but a few of what there is out there to be offered as so called error coins. My Thoughts are for now, to only seek tier 1 and tier 2 certified error and key date coins. This way I can acquire coins that are recognized to collectors as valuable, while I learn and have fun too! What do you think? Frank
Sounds like a good plan...I'd suggest only buying errors that are slabbed by NGC, PCGS, ANACS, or ICG (to be sure that the coin is genuine).
DJCoins is right about the errors you want to buy. A good way to find some key date coins is look somewhere that tells the mintage. For example if you look in a book called the Redbook. When you look at certain coins look at the dates of when they were issued it should say the mintage. If you see some with alot lower mintage then others in the set. It is highly likely that it is a key date of the set and would be more wanted by collectors. One example is Carson City Morgans. From my expierence there more wanted because of the fact that less of them are out there. I hope this helps and good luck.
I agree with DJCoins buy the error coins slabbed but also buy some books on the subject and check out some of the error coin web sites like www.conecaonline.org. Be very carefull buying unslabbed errors. Lou
I would suggest getting: The Error Coin Encyclopedia By Margolis and Weinberg. This book is really good and I've learned a good bit from it. I think it will run you around $30. Then I would join CONECA. Speedy
If you want a list of different error coins to collect, you can try here. Whole lot of errors and varieties out there, good luck with collecting them. And also look around in your pocket change, never know what you might find. Phoenix
THANKS TO ALL! PHOENIX21, I've seen Ken Potters name on the Web, Ebay and his own Web Site. My first reaction was that he knows a lot about error coins but then I noticed the Best of the slabbing companys don't list a fraction of what he says are error coins and I wondered why... I stayed away from his recomendations untill I have some advice about his integrity. What do you guys (& Gal's) think of his work? Frank
Okay, I'm back to tell you of my first slabbed coin for my collection. I selected a1922 Lincoln 'No D', ANA, VF20, Brown. Yes it was a bit pricey, but I've seen online identical coins sold at higher prices than this one (plus, I was able to make intrest free payments). I feel that it will do well in the future. This coin in a higher grade is very costly of corse, but it is so unique I think it too will bring a good return for the grade years from now when I retire. What do you think? Frank
LUCKYONEOFFIVE...I can't believe you are questioning Ken Potter's integrity...you sure do have a lot to learn. I have a question for you...are you intending to collect errors or varieties, there is a difference. Larry Nienaber
LUCKYONEOFFIVE/Frank: I don't think that you really meant to question Ken Potter's integrity, perhaps his knowledge. Sure, he and a lot of other 'experts' in the field (see Cherrypickers) list a lot of very minor varieties that I (for one) would not consider collectible, to me. However, realize that they are in the business to sell books, and as such they do very well. You don't have to agree with everything that they write or say, heck there are a lot of so called double dies that Cherrypickers lists that I couldn't care less about, just pick and choose. But, don't question their intentions.
What Treashunt said. He is actually one of the top pros out there you can get advice from. Him and others as said list the minor errors that the grading companies don't want to bother with listing, the time isn't there, and most are only worth a little if anything, so the grading companies just won't mention them if that makes sense. Ken Potter and a few others like Mike Diamind are the ones if they say it, almost guarenteed it is right. Not always though. But a good amount of the time. Don't get me wrong, I'm not saying they are never wrong, but they know what they are talking about. They are countless of different types of errors and varieties out there, so they list what they can. But I can almost assure you there are countless of others waiting to be found or discovered. I actually stumped Ken Potter on a coin, he even admitted he never saw something like that before, well atleast not on a coin. But my advice to you is if you are a beginner, learn and study, and learn from the pros. You can most assuredly trust the pros. Hope all this helps. Good luck, and happy collecting! Phoenix
You're doing the right thing by getting the more expensive key dates first. The prices of these key Lincoln dates have risen insanely over the past 20 years and will continue to do so especially with the 100th anniversary of the Lincoln cent coming up in 2009. There is going to be an intense concentration on these and all small cents in the near future so look for your values of key and semi key dates to rise. I agree with the others about buying all key dates and errors that are already authenticated. Saves you alot of time and money if you'd happen to buy a counterfeit. Read everything about what you're collecting, buy every book that specializes in the Lincoln cent. You'll find that your library will be more valuable than your collection, in certain ways.
I'd have to say that I agree with your approach and the advice given to you. If you're going to drop bigger bucks on Lincolns get the keys first. I don't see them going down. Buy reputable slabs for the KEYS - no doubt. As for errors there are a gazillion or so. 44 D/S, 55 DD etc. go with a slab as well. I don't actively collect errors but will pick them up out of curiosity in a raw state. I've got a bunch of off center 2000 that I bought locally for $2 each. Sold a few and more than made my money back. Safe errors I guess as it would be real hard to counterfeit those. Most of all have fun watching the collection grow!
atrox001, Until recently, I never heard of Mr.Potter. I see now he is a mentor through his writings and an expert in his field.( For all I knew, he was another peddler on ebay.) Yes I have a lot to learn... I am at least eager to learn and at best skeptical. Frank
I am trying to collect All the Wheats and Memorials, and am having good success at it. I have a nice collection of VF and better grades, Also, I collect proofs that I love but only second to Au and above quality "Reds" (I'd trade any coin to upgrade to a Red, these are my favorites to collect). I just put a payment today on a red-brown 1909-S, a Raw MS 65 (as you know, this coin in a red is $ way up there!) The error coins that I am adding to my collection are of the most in demand and slabbed. I do it this way mostly because of my lack of knowlege of these and not wanting to be burned by a counterfit. I am learning but have a long way to go! additionally, I like to "see the errors". This may be Extremely Novice of me... but I feel that if I need a 35X magnification to show off a coin's unique quality, it all seems too... for a lack of a better word, petty(?) Frank
It NEVER hurts to be careful when collecting. Keep learning and acquiring safely. After all, it's YOUR money that you're spending.
