Post-ANA Error Coin Market Report

Submitted by JonSullivan on Wed, 08/26/2020 - 08:40

This year will be one for the books for a number of reasons, one of which is that there was no ANA Convention this year. As one of the largest coin shows of the year, it annually heralds the beginning of activity in the coin market after what is often referred to as "the summer doldrums." This year, however, there was no ANA. There were still major auctions which would have normally been held in conjunction with the show, with the typical tens of millions of dollars of coins sold. Amongst those millions, was the tiny sliver of error lots, which are of course what we paid attention to. The errors in the sale overall did very well, with a few that "fell through the cracks", and going for far less than they were worth, but with a number selling for (frankly) crazy high numbers, and the rest "average." So it was mixed, but not especially high or low on average. 

What about the lack of dealer-to-dealer sales or dealer-collector activity stemming from few if any coin shows, and coin shops being limited or temporarily closed? Online is where this activity has moved, to a large degree. For most dealers, the problem is not so much selling coins as much as it is acquiring fresh inventory. This posses challenges to dealers, but it seems most dealers are doing ok.

For us, fresh coins have been coming in to us at a reasonable level, and especially some incredible proof errors, which although a decent number have come into the market over the last year or two, the number has been generally well absorbed but the coin market. Many of the more rare pieces appeal not just to pure error collectors, but also to the U.S. coin collector. As a result, sales have often been well above what we would expect a particular proof error to sale for. Because some of the pieces are rare enough to have few, if any, "prices realized" from auctions, some have also resulted in very high and occasionally very low prices. The market for major proof errors will certainly sort itself out over time, as we think there are very few left to come to market (we could be wrong, but that's our 2c.)

Non-proof errors have been selling well, such as Ike dollar off-centers, any denomination or design of major double-strikes, off-centers, Morgan and Peace dollar errors, the more common double-denominations, major clips and defective planchets, interesting and unusual pieces, as well as 11c double-denominations (which as a side note, are a good example of "buy them when they're cheap", since a year ago they had dropped a lot in price, but have since rebounded since all the supply has dried up.) As is the case 9 times out of 10, when there is a lot of something on the error market, buy it if you want it, since prices usually rebound and collectors and dealers alike look back and say "why didn't I buy more when I had the chance!" 

But not all error categories are in demand. Some of the errors right now which are down in price include state quarter errors (especially missing clad layers), nickels on cent planchets, Kennedy half off-metals, and the somewhat more "common (meaning 10 or so known) proof off-metals. You can buy most of these types quite cheap right now, as well as some other types and series of errors. All these are some areas which come to mind that are "cheap" right now in general.

As we enter the 2nd half of the year, there is some hope that there will be coin shows and a general "reconnecting" of the hobby in person. The Baltimore coin show is probably going to be held (they're planning to have it at a new venue we're told) later in the year, and perhaps more coin shows will open up. As they say "time will tell", but we are optimistic since the year so far has stated surprisingly busy and active, which is of course a good thing for the hobby. We all can stay connected over the internet, phone, and through our coin clubs such as CONECA, the ANA, and many other speciality clubs (if you're not a member, join!)