Has anyone noticed the recent 2002 dated errors are quite scarce on the marketplace?One unplated Cent hit a all time record price on ebay.The coin was offered by Rich Schemmer and sold for $960.00!An all time record for this type of error. 8O There's currently a 2002-D off center Cent being offered for a current bid of US $365.00 (reserve not yet met) This for a formerly common error which has sold under $2.00 at times.(just grabbed a 2001 for $1.49)So what's been happening?Well,we will be explaining that in the next issue of Error World Magazine.The Mint is now using all Schular(sp?) presses which doesn't create nearly as many errors.Then the Mint has added a machine similar to a bank counting and rolling machine to kick out any coins that are not uniform in shape and size.To top this off,the Mint has changed it's policys and now requires all counting rooms to return any errors that they find. Final result,few new errors to fill the current demand and record prices for those few that do exist. :? I would point out a worthwhile 2002-P Kennedy Half error that has surfaced.The coin in question has a interesting "collar break" creating a metal 'bump' below and to the right of the first 2 in 2002.The fist offered sold for $61.50 but more are turning up.Keep your eyes out for 2002 dated striking errors,and be prepared because it looks like 2003 will be another very interesting year for error's. ~ Jim 8)
The Mint explains that the reason the new MRH 150 Schuler presses cut down on the amount of errors is because they strike horizontally instead of vertically like the older Bliss presses did. The new presses also produce coins at a much higher rate of speed - 750 coins per minute vs 125 - 200 coins per minute. You would think that the higher rate would produce more errors - but apparently that is not the case. According to what I have read - that 2002 cent error you mention is the first & only one found to date. So the new presses must be doing the job. Bad for error collectors.
Personally I think it will increase collector attention in this area.There are many older error's that are more common and I believe alot of attention will be refocused there,which will in turn bring those prices up a little. :? Still a good thing if you have some in your collection's already.I was informed that they are also using counting machines to further filter out oversized error's.Even other error's like rotated dies and clips will be going up in value as dedicated collector's scramble to find new error's for their collection.One things for certain,2003 will be a most interesting year for error collector's. ~ Jim 8)
Another amazing Cent surfaces on ebay,this ones double struck in collar with a nice rotation on the coin... http://cgi.ebay.com/ws/eBayISAPI.dll?ViewItem&category=524&item=3304755541
I personally didn't know the rarity of such pieces until Rich himself set me straight on them - but that's not all. He also went on to tell me that errors that used to be considered common, such as clipped planchet errors, have dropped off dramatically in the past five to ten years. Yes, it seems that ALL errors made since about 1998 are scarcer by the year, with 2002 being no exception, and predictably 2003 being even more so. One big reason for this is that the mint is no longer releasing coins in sealed bags.
Hi Chuck,welcome to Coin Talk,nice to see a friendly face. the current prices are amazing! a unplated Cent sold for $960. and in two recent private sales off center 2002 Cent's sold for $500.00 and $460.00 respectively.These were not some super fabulous mutant monster of a error with 42 overlapping strikes.This was only a lowly humble little off center Cent.We live in remarkable times and I think in time the present rarity we're seeing will force collector's to take a second look at older error's.When more demand is focused on these older coins prices will begin to rise a bit. I can't wait to see what happen's this year! ~ Jim 8)
