i have been researching for about a month, and went through all the coins i could get my hands on. i came across a 57 wheat penny that looks like it has doubling in the 19 on date, and lincolns chin. i brought it to a coin dealer, along with some older coins and asked the guy to look at them and grade a couple so i knew worth, and asked him to look at the wheat. he replied even if it is a double die ( did not even glance at it ) if its not in the red book then its not worth anything. is that true?
Don't be discouraged. Searching for errors and varieties is a favorite pastime of many a coin collector. You will find a lot of helpful people here who be more than willing to help you identify your find. Go here to find friendly people and to post a pic of your find. http://www.cointalk.com/t10176-510/
bryantallard- The dealer was only partially correct. 1.) (dealer right) Most errors and varieties can not be found in the RedBook. 2.) (dealer wrong) Just because it is not in the RedBook does NOT mean the coin is of no value. Get yourself the Cherrypickers Guide Volume 1 if you want to know more about Cent & Nickel errors and varieties and their approximate values. Even the Cherrypickers guide does not contain all of the known errors and varieties. There are websites that provide more up to date information than any book and if you search and read the Error Coins forum you will discover a wealth of information. Like EyeEatWheaties mentioned, posting clear photographs or scans of your coins will allow the many knowledgeable collectors here on CoinTalk, to provide you with their opinions. Some folks say do not be discouraged, but I say "be discouraged" and then get over it and start the hunt anew
That dealer didn't know what he was talking about. Go here: http://www.coppercoins.com/ You'll find listings and pictures of thousands of cent varieties. The Red Book only lists a few of the more common ones. As we all know common isn't usually associated with most valuable. Guy
Bryan, Look at the bright side of your encounter with that dealer. You may have picked up a very valuable piece of information from him. He is either very smart or very stupid. Suppose he was very smart. He may have been misleading you when he mentioned the Red Book, rather than CONECA or the CPG, thinking that he might be able to cherrypick something from you. On the other hand, if he was very stupid, you might be able to cherrypick some really nice varieties or errors from his inventory. I'm betting that he wasn't too smart or maybe he's just lazy, and if I were you, I'd make it a point to visit his shop often to search through his inventory. Try to get on his good side but don't let him know that you are trying to cherrypick varieties or errors. This may seem a bit underhanded, but hey, he was the one who "blew you off"! Right? Chris
If it's not listed doesn't mean much, and don't forget, new varieties are still found from time to time. Just know what you are looking for or at.
what he said is true.. The red book does have something to do with the popularity of variety/error coins. There are ALOT of collectors that live and breathe the Redbook. If its listed in the Redbook they have to have it.. that creates a buzz.. Do I agree with what he said as an error/variety guy? NO... I was just reading an old copy of errorscope 07-1983 and they talked about how in the 1980's Whitman started putting both the 1886 Indian Head Cents in their albums, prices followed! Now, as somebody mentioned above, this guy was A. trying to cherrypick you. B. giving you an unknown heads up that he is prime ground to pick from.. I am betting he is lazy and I vote for B... go there with some knowledge and I bet you come away a very happy camper.. Do, pick up the Cherry Pickers Guide or Striking it Rich by Ken Potter..
Im a newbie error collector,and sometime it can be discouraging but hey. The first time you tried to ride a bike and fall off dont mean you never get back on it and try again. Its more like coin collecting.When I first found my first real error coin,it was unexpected and I was screaming with joy!!!Your day will bring a brighter tomorrow as we say in coin collecting.. Well thats kind of my saying.....:thumb:
I would strongly urge you to get cherrypickers guide, as well as any other books on error coins you can get. Knowledge is power, (and money in coin collecting), and it sounds like you have at least one "pickable" dealer near you. You become the expert, and let the dealer continue to live in ignorance while you make money off of him. Even if a coin you find is not in the Cherrypickers guide, do not give up. Where do you think the guide gets its new listings? From collectors like you who find new discoveries all of the time. If you like error collecting this can be a very exciting moment!
Indeed! My favorite dealer has little to no interest in varieties. I cherrypicked a nice MS RB 1911 S/S from him.
The dealer's I visit couldn't care less about varieties or errors unless they are the classic ones which is fine by me. I've had all summer to study up on some nice rarities and at the next show, in a couple of weeks, I'm going to spend my time cherry picking. I'll make the effort if they don't want to.
If you guys are having success cherrypicking varieties from dealers, just be sure that you don't let them know too much. For years, dealers paid hardly any attention to Morgan VAM's, and you could find unattributed Top 100 & Hot 50 easily at many of the big shows. Now, some of the dealers are carrying the VAMView Price Guide with them making it a lot harder to find decent prices on them. Chris
With the exception of one dealer, the others barely give me the time of day. I pick what I want, pay and leave.
Here's my veiw, a dealer should know what he has and what it's worth, if he doesn't then thats his fault and your gain, and with the exception of kids, a collector should be studing and be knowledgable about what they have (it is a learning curve) if not and a dealer scores something off them or sells them something overpriced then you should have done your homework beforehand. the kid exception- anyone who would take advantage of a kid has low morals indeed, disgusting! dealer or collector! I actually knew a school teacher who encouraged kids to bring old coins from home for him to see, then would offer them a couple bucks for them, now thats low down and ugly!
