Error Coin Market Update: June 2016
Posted by JonSullivan on Jun 16th 2016
With the stock market bumping up and down at all-time highs, gold and silver staying relatively steady, and overall the economy somewhat “mixed”, where is the error coin market right now? At this point in time, it is generally good for most error coins. Some error coins aren’t selling well, while others we have trouble stocking due to none being for sale on the market, or simply prices moving upwards to levels at which we cannot buy them and make a profit. This is a good sign to us since it means there is good demand.
Recent auction results from Heritage Auctions are a case in point. Virtually all the error coins sold for retail prices, or beyond retail. Here are a few:
1979-P $1 Susan B. Anthony Dollar, Narrow Rim -- Broadstruck -- MS61 NGC....
Realized $74
This coin is a common broadstrike, and is in a particularly low grade of MS-61 and yet sold for $74. While not a bad deal necessarily, example can easily be bought in MS-63 or MS-64 for that price. The coin is a "narrom rim" example, but we don't think that really adds much if any value. Here are some examples we have sold: https://sullivannumismatics.com/archives?combine=broadstruck+%241+sba&sort_bef_combine=field_pt_year_value+ASC&items_per_page=15
1978 1C Lincoln Cent -- Obverse Struck Thru Capped Die -- MS65 Red NGC....
Realized $69
A super common date for a super common error. A coin like this is typically available for $50 if certified, and $25-$30 if raw. Someone really wanted this coin.
No Date 1C 5-3/4" x 2-1/4" Punched, Planchet Strip for Cents, PCGS Genuine....
Realized $199
While not a bad deal, and worth that price, the strip piece did sale for what it is worth.
1968-S 1C Lincoln Cent -- Struck On A Clad 10C Planchet -- MS65 PCGS....
Realized $517
This is what the coin is worth, and although worth the price, it was just a fair retail price. The last example we sold was this one at $450: https://sullivannumismatics.com/coin/pcgs-1c-1968-s-lincoln-cent-clad-dime-planchet-ms-64
Realized $270.25
This was perhaps a hair weak, but more or less what the coin is worth. We would say the coin had a retail value of around $300 as an MS-62. The most recent example we sold was $300: https://sullivannumismatics.com/coin/pcgs-5c-1973-d-jefferson-nickel-cent-planchet-ms-63-brown
1966 1C Lincoln Cent -- Struck On A Clad 10C Planchet -- MS65 PCGS....
Realized $493.50
Exactly what the coin should have brought in a retail environment. We have sold three 1966 cent on dimes, which were all right around the $500 range, and graded MS-64 to MS-66, so to us $493 is correct and where it should be. https://sullivannumismatics.com/archives?combine=1c+1966&sort_bef_combine=field_pt_year_value+ASC&items_per_page=15
Undated $1 Eisenhower Dollar -- Struck On A Philippine 1 Piso Planchet -- MS65 PCGS....
Realized $822.50
Considering the coin is a no-date, this coin brought a healthy retail price. We sale dated examples for around $1200, which is much more desirable than a generic undated specimen (note the MS-66 example is one of the finest known, which is why it is $1900.) https://sullivannumismatics.com/products?search_api_views_fulltext=%241+Ike+peso
1975-D 5C Jefferson Nickel -- Struck on a 1C Planchet (3.1g) -- MS64 Red and Brown NGC....
Realized $282
A relatively available date of nickel on cent planchet, and nothing special about the price either way—it brought a fair retail price.
1974-D 5C Jefferson Nickel -- Obverse Die Break, JNC-74D-1 -- MS65 NGC....
Realized $114
A small cud, but because it was slabbed and MS-65 (a popular grade for errors—perhaps more than it should be) the coin brought about double what we would ay it was worth. Cuds are doing very well right now, with a lot of demand. They are generally scarce, and have been unappreciated in the past, so it’s about time they started getting more popular with collectors.
1920-D 10C Mercury Dime -- Struck 10% Off-Center -- MS62 PCGS....
Realized $998
This is about what the coin is worth if not a bit strong. A scarce coin, but it sold for retail money.
We didn’t cover all the coins that sold by Heritage, but none of the others were really any different than these coins we have profiled here, and brough the same kind of money. The point which we see from this recent run of auctions is the strength of the market—the coins all brought retail money. They didn’t sell for “run-away retail” prices, but they did bring “all the money.”
EBay has been the same kind of situation—error generally are selling well. The market may be soft in some areas, and it is, but for the most part the market is doing well and is healthy in our opinion.