Reply to Thread

Message:: [QUOTE="JCro57, post: 3078254, member: 92083"]1. Auction prices on Stacks & Bowers, eBay, and Heritage Auctions are a great way to start with errors. 2. To be better educated about pricing, you really need to understand how each particular type of error occurs (off centers vs. wrong metal vs. wrong planchet vs. wrong stock vs. double\multiple strikes, the difference between a blank and a planchet, etc.) and read everything you can about them. 3. As [USER=76863]@baseball21[/USER] said, the more dramatic and eye-appealing, and the more rare the error, and the higher the grade, the bigger the premium. Dramatic and high grade proof errors (like off centers, double strikes, and wrong metal or planchet errors) are usually more expensive and often sell for thousands of dollars even in low PF grades as there are fewer minted, thus usually far fewer error specimens. For example, below is a proof error with 3 major errors: an SBA $1 that is broadstruck on a proof rimless type 1 blank. [ATTACH=full]774690[/ATTACH][ATTACH=full]774691[/ATTACH] And here is a 1987-P nickel struck on 25c stock; there are only 8-9 known and run around $800 in AU; mine is AU53. [ATTACH=full]774670[/ATTACH] 4. In general, an error with a sharply struck, full 4-digit date is worth more than an incomplete or missing date. The fewer marks, scratches, and discolored spots = bigger premiums. Here is one from my collection: a beautiful 25c struck on a nickel planchet (it weighs what a nickel weighs). It has amazingly smooth and unblemished surfaces and a full date, though distorted (but it adds to the appeal). Part has a reeded edge, and part doesn't, which also makes it more dramatic and desirable. This is MS65 [ATTACH=full]774694[/ATTACH][ATTACH=full]774695[/ATTACH][ATTACH=full]774696[/ATTACH] 5. With errors, grading is much more difficult and subjective. Though assigning a color (RD, RB, BN) is easy, as is determining attributions like Full Steps, Full Bands, or Full Head, assigning a grade is much more challenging than with non-errors. Here, it is best to go by groups of grades (MS60-MS62, MS63-MS65, MS66-MS67, and you hardly ever see major errors higher than MS67). There will be little difference between MS61 and MS63, bit there is a definite difference between MS61 and MS65. It is not uncommon to see two similar coins in roughly the same condition and error type(s) be given much different grades even from the same TPG company in the same generation holder. I oftentimes see an error coin and say to myself, "how could they possibly have given it that high of a grade if most of the features are weak or totally missing?" For example, below is a Quarter on a 1c planchet. It is graded MS65RB, but to me, it is barely an MS60. What do you think? [ATTACH=full]774701[/ATTACH] [ATTACH=full]774702[/ATTACH] 6. You also have to understand most major errors, especially those with multiple errors, will have marks or even scratches that may be unacceptable for high MS grades of non-errors. Certain acceptable marks from mint damage as a result of the coining process, variances on the strength and weakness of strikes, distortions (stretching or squashing of features, or even partially or completely missing features ), etc., will often vary and not be labeled as "damaged" or "scratched" even f there are very obvious and pronounced blemishes. (By carefully studying the same type of error of the same denomination, you start to get a feel as to what marks are acceptable and expected, and for some there is a pattern of the same types of marks.) Below is a triple struck quarter I have with "scratches" and contact marks, but they occurred as a result of the minting process and thus was not given a dreaded "details" grade; it is MS65. [ATTACH=full]774697[/ATTACH][ATTACH=full]774698[/ATTACH] The more you read about and look at errors, the different types of errors on different denominations, even those you don't care to collect, and the more you study recent auction prices, you will start to get a better feel for prices. However, few people collect errors, especially higher-valued ones, and trying to sell them is difficult. I bought that 1917 20% off center above for $350, which is hundreds of dollars less than what other Lincoln Cent teens in MS65RD have sold for recently. It is also the "eye of the beholder" for sure. Certain toning doesn't bother me, some I absolutely love, but some demand no toning at all. I have overpaid for some coins I wanted because of their rarity or color. I absolutely hate fingerprints, bag (reeding) marks, and staining and won't want them even if free, unless they are incredibly scarce or higher grades are simply unaffordable. I also strongly dislike certain errors, like cuds, rotated dies, clipped planchets, lamination peeling, and strike-throughs (unless you can clearly tell what was struck through/ into it and it is highly unusual, like a paperclip). I also do not want any "details" grades like "improperly cleaned" or "wheel marks" or "altered color" as I view them as damaged, and those are even tougher to sell. I hope this helps![/QUOTE]

Create my FREE Account!

Log in or Sign up

Reply to Thread

Useful Searches