Worth of this massive error struck through string silver kennedy half dollar?

Discussion in 'Coin Chat' started by Asylum, Aug 1, 2013.

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  1. Asylum

    Asylum Member

    I recently won this coin in an auction, and was wondering what people think its value is with and without a grading. I have never seen an error quite like this one. I will probably send it to PCGS regardless. Thanks for reading.
     

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    Asylum, Aug 1, 2013
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  3. Cazkaboom

    Cazkaboom One for all, all for me.

    Well, knowing it sold for just above $4oo, I would guess it is worth about that.
     
    Cazkaboom, Aug 1, 2013
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  4. Asylum

    Asylum Member

    Thanks I appreciate your guess.
     
    Asylum, Aug 1, 2013
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  5. ldhair

    ldhair Clean Supporter

    It's cool looking. What is it?
     
    ldhair, Aug 1, 2013
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  6. vlaha

    vlaha Respect. The. Hat.

    So your the guy who got it! Someone else here was bidding on it.....
     
    vlaha, Aug 1, 2013
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  7. micbraun

    micbraun coindiccted

    Wait... $400... what am I missing here? Did they accidentally use pure gold for that coin ;-)
     
    micbraun, Aug 1, 2013
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  8. Asylum

    Asylum Member

    Yeah I was fortunate enough to win it. I recently noticed after posting this topic that someone else was talking about it in the error section.
     
    Asylum, Aug 1, 2013
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  9. ToughCOINS

    ToughCOINS Dealer Member Moderator

    Yeah, 2 schools of thought here . . .

    1. When it went slightly over $400, it took two buyers willing to spend $400 to sell at that price. For all we know, the seller may have expected much less.

    2. If the coin had been listed fixed price at $500, it might still have sold, with the buyer and seller both believing it to be worth that amount, and not necessarily two buyers.

    Neither of the two scenarios concretely pins down the market price, but trying the coin both ways typically outs the market price pretty successfully.
     
    ToughCOINS, Aug 1, 2013
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  10. GDJMSP

    GDJMSP Numismatist Moderator

    One thing you need to understand about error coins, while you may think it's worth $400, they are plenty of others who wouldn't pay over $10 for it. Things like die cracks, strikethroughs, broad strikes, die caps, etc etc - to many, I might even say most, those are nothing more than damaged coins.
     
    GDJMSP, Aug 1, 2013
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  11. spock1k

    spock1k King of Hearts

    do pcgs ngc grade them?
     
    spock1k, Aug 1, 2013
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  12. Asylum

    Asylum Member

    While this may be true, all it takes is one collector that wants the coin for their collection. Which is not hard to come by.
     
    Asylum, Aug 1, 2013
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  13. GDJMSP

    GDJMSP Numismatist Moderator


    Yeah, but so what ? They graded waffled coins too and those are nothing but a screwed up coin that was rejected by quality control at the mint and run through a machine to destroy the rejected coin.

    And yes, there are even people who will buy those. Just goes to show you that some people will buy anything !
     
    GDJMSP, Aug 1, 2013
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  14. spock1k

    spock1k King of Hearts

    but then who decides what is right? the tpgs? the market? the ana? the individual collector?

    BTW I personally think waffles should be restricted to icecreams :D

    but do tell me how do those coin make it outside the mint? :D
     
    spock1k, Aug 1, 2013
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  15. 19Lyds

    19Lyds Member of the United States of Confusion

    The collector decides what is right for him/her and as such, they pay according to the amount they are willing to fork over for such a piece.

    Just because a coin sells for $400 on Monday does NOT mean that the same or a similar coin will sell for $400 on Tuesday.

    When I first looked at the photographs, my immediate thought was $150 which is what I "might" have been willing to pay.

    As for getting a TPG to slab it?

    TPG's will slab ANY kind of legitimate error coin. I know that PCGS charges a $55 grading fee along with a $8 handling fee.

    This particular coin would be a struck through and would possibly only command that $400 premium if it were part of a well established Kennedy Error coin collection.

    On the other hand, I don't believe that an error coin dealer would have bid $400 for the coin primarily because the coin most definitely would not sell for that amount again whether it was graded or not.

    But that's just my opinion.

    BTW, people buy Waffled Coins or for that matter, any other coin for two basic reasons.

    1. They want them for a specific collection.
    2. They believe they will be worth more money in the future.

    Reason 1 has no qualifications.
    Reason 2 has been known to bite people in the butt when they try to resell in the future.
     
    19Lyds, Aug 1, 2013
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  16. ToughCOINS

    ToughCOINS Dealer Member Moderator

    Tread lightly, as beauty is in the eye of the beholder. Do not forget that all collectible coins are thinly traded in relative terms, and likely considered by someone unconnected to the hobby to be worth far less than believed by those who pursue them . . . my wife, for one . . . and I'm sure I'm not the only one whose wife thinks she married a nut.

    Let's have a little fun twisting your words a bit . . .

    . . . One thing you need to understand about your coin, while you may think it's worth $400, there are plenty of others who wouldn't pay over $10 for it. Old coins from days gone by, to many, I might even say most, those are nothing more than pieces of scrap metal with some politican's face stamped on them.
     
    ToughCOINS, Aug 1, 2013
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  17. GDJMSP

    GDJMSP Numismatist Moderator

    The point I was trying to make is that error collectors only make up a very small percentage of the total number of coin collectors. And because of that there is a very limited market for error coins.

    And you are correct, the value of error coins is most definitely relative, as are they all. But it is specifically that relativity to them all that I am talking about.
     
    GDJMSP, Aug 2, 2013
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  18. Asylum

    Asylum Member

    Asylum, Aug 13, 2013
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  19. Cazkaboom

    Cazkaboom One for all, all for me.

    Congrats on the quick profit.
     
    Cazkaboom, Aug 13, 2013
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  20. jloring

    jloring Senior Citizen

    Wow... $550... that's amazing.
     
    jloring, Aug 13, 2013
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  21. AWORDCREATED

    AWORDCREATED Hardly Noticeable

    AWORDCREATED, Aug 13, 2013
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