By all the signs of the FUN Convention, error coins continue to be one of the hottest parts of the Numismatic market. The many auctions held at FUN set many new price records. What amazed me was how the submitters placed high reserve prices on their coins. In other words, sellers wanted top prices or they were going to take their coins back. It seems that many sellers will no longer place a low reserve and hope to sell for a higher price. They’ve come to the conclusion that their errors are too valuable and want the dollars or they’re going to sell elsewhere. Seems like somebody removed the gate on the bulls pen and there is no stopping their charge.
At the Convention floor at FUN there was a severe shortage of errors. What could be found outside of a few attending error dealers show cases proved to be VERY expensive. I was offered a 1993 Quarter on a Nickel planchet for $800 by a non-error coin dealer as well as a 20% off-center 1859 Indian Cent MS 64 for a mere $9,000. Ouch... OK, OK there were some errors I was able to buy! A 1976 Double Denom 11˘ piece for $1,200 and a 35% off-center Ike dollar for $3,000. Definitely no steals, but still some TOUGH eye appealing error coins that still have potential and a bunch of stuff for eBay.
One amazing auction was the 1859 ˝ dime struck on an Indian 1˘ sold for $71,000. That was a pretty amazing price over what many thought $50,000 would be tops for that error. Then again I’m not brave enough to step in front of a charging bull...are you?
What do we expect for the rest of this year? Many new advances in error coin prices, Double Denomination 11˘ & 6˘ pieces are currently selling for $900 - $1,200 for BU examples. They will continue to creep ahead to the $1,500 level with in a year’s time. 6˘ pieces will settle between $1,500 - $1,800 as they are much scarcer. ALL off-metal errors will continue to lead the bull charge and grow in popularity & higher prices. Even common 1980 Nickel on Cent Planchet errors are selling for $300 and more! Better dates $400 and more. By the end of this year expect $500-600.
Just about anything that can NO longer be found (that includes nearly everything) will have huge price surges. While many error collectors think this is a false, overpriced market, believe me, anyone who thinks this way will be left behind. I’ve heard these disgruntled rumors and overpriced market believers back in 1995, 1999, 2001, 2003 & 2006. All those complainers have plenty to complain about, because they’re regretting not buying those errors in 1995, 1999, 2001 & 2003 AND will again for not buying this Year. There are just too few errors to be had or located and too many buyers that are willing to pay the new higher prices. So will you be left behind? Or will you except the charging bull market and buy what you like at a price that is affordable for TODAY...