Error Collectors and Dealers: What's Your Opinion Concerning Errors on Key Dates/Mintmarks?

As I stated on another thread, I don't want to pay more for an error simply because the coin is a "key" date or mintmark.

Honestly, I don't really care what the date is, unless it is a type coin like a steel cent, bicentennial, or war nickel. Yeah, error collectors love those and will pay more for them.

But what about a major error like a curved clip on a 1909-S VDB cent, a 25% off-center 1916-D Mercury dime, or a double-struck 1893-S Morgan dollar?

I think those are tough sales for a dealer and risky buys for a collector. Non-error collectors don't want an imperfect key coin, and I imagine other error collectors like myself don't want to shell out thousands more for an off-center 1916-D simply because it's a key date. (Although, I do think an off-center 3-legged Buffalo nickel would be sort of cool.)

What do you guys think about this topic?

 

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By mint mark I'm assuming you mean the known varieties such as RPM's and OMM's?

 

I have some pennies I need info on ..

 

I'd prefer that the coin wasn't a particularly rare one. How could you set an accurate valuation on a coin when you "can't see the forest for the trees"? ~ Chris

 

First, welcome to the neighborhood! Since this is your first post, I feel that I should caution you that it is impolite to change the subject (hijack) on the thread of another. It is far better if you start your own thread and be sure to include good, clear photos. ~ Chris

 

I've seen this come up for discussion here once or twice before, and I think the consensus is that you're right. If there are key-date error collectors, there aren't enough to constitute a robust market.

I'd expect an off-center 1916-D or clipped 1909-S VDB to sit unsold for a long time, or to sell at a price above comparable common-date errors, but below error-free keys in the same condition.

 

Always an interesting topic -

Last week I sold in a Heritage Auction, a 1942/1 Mercury Dime, NGC VF-35.

It sold for $625 total.

Greysheet is $345 for VF-30, and $430 for an XF-40, so we can assume, for
our discussion, that a VF-35 would GS for about $385 if there was a column for that grade.

So, in this case, the coin brought roughly a 60% premium over the non-error value.

In 1974m, when I had the Bolt Collection of Errors, there were at least a half-dozen
Gem, nicely toned 1921 Mercury Dimes, about 10-15% Off center.

At the time, the normal coin was worth about $1,100-$1,200 or so.
I could only sell them for $700-$800 each, at the time.

Today, a major error (not a struck thru, lamination, etc.) on a Key Date coin
would bring a nice premium, due to many changed factors, such as Certification
(they 'fit' into a collection of PCGS/NGC coins), collector taste (rarity is more appreciated, as are error coinage now), for example.

There are many other 'rare' coins with errors that bring good premiums,
for major mechanical errors on them, not minor errors.

Just my two cents worth

 

Huh. In this case, though, I don't think of the overdate as an error at all, but a variety. To me, it seems completely different from (say) an off-center or clip example. I view the 1922 "no D" and 1955 DDO the same way.

That, I suppose, supports the "key dates worth less with errors" idea.

That surprises me -- but surprise is good and useful. On errors and varieties, my exchange rate between Fred Weinberg two-cents and -jeffB two-cents is weighted pretty heavily in your favor.

 

no, I mean just a normal mintmark . For example, a 1916-D vs. a 1919-P

 

Are those error cents?

 

@JCro57, I agree that error collectors aren't looking to pay extra for a key date/mm if they just want the coin due to the error, but I believe that most dealers would expect a premium if it was a key date/mm.

 

I probably sound silly but I'm not real savy with these apps ..how do I make my thread.

 

OK, the overdate is a Die Variety - agreed

I just thought it was a good example for the topic,
even though it wasn't a double struck overdate...

I find that in most cases today, a major mechanical
error on a Key Date coin makes the coin worth more
than the normal value, up to some point, like $50K
for the normal coin's value.

 

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As a collector of coins, not just errors and key dates, the real value of the coin becomes reality when it is sold. I would not pay a lofty amount for any coin unless it was attractive to me. And as every good dealer knows the real value is in it's state of preservation. If I was to sell a Key date/Error. I want to put a price just out of reach of the potential buyer. If it sells too fast I know I was taken, if it set's too long waiting for a sucker then it really wasn't worth the time. It's too bad that the majority of sales today comes from the internet and not in hand purchases. The true sight unseen has started to rule the market, folks judging other folks interpretations... But hey, that's just the way it is.

 

That is why I find this Kennedy missing the clad layer so amazing. Wouldn't you agree @Cheech9712 ?

~ Chris

 

Just can't get enough of that coin. Got to be so close to unique

 

Yeah i get it buffalo. I think most collectors would want their 16 D in the best of shape. Errors are cool (extremely) but i think most like their coins regular. But thank God for you error crazy members. You have the best and interesting coins

 

I think i found a 50 cent piece like yours. Not sure. Only the back is copper looking. Could maybe be gold plated on reverse. But front looks alittle gold too. I'm a dreamer. 1776-1976 half