After attending several major auctions since January and most lately the auctions at the ANA Convention in Boston (2010), we have made a very fair evaluation of the current Numismatic Error Market.
With Coin dealers having great problems locating new modern errors from past sources along with many of the current economic woes many of us are experiencing, many dealers are experiencing some lows in sales at shows, while show expenses seem to continue rising. What you may see from that group of events is that dealers are choosing more carefully what shows they attend. This will reduce their overall costs.
Now on to the GOOD NEWS. Many old error collections are starting to enter the market, whether itís just time to sell or for economic reasons. We are seeing some older collections surfacing for sale to both dealers and in major auctions. Those entering the auctions are drawing numerous bids and record setting prices. Thatís right, some unbelievable prices are being paid for these better coins.
Remember, a few months ago, we recommended watching better high grade Nickels struck on Cents. Well, at the 2010 ANA Auction some that graded MS 66 sold in the $2,000 range. Thatís right. that wasnít a typo, I said, TWO THOUSAND DOLLAR range. Now hold on! ONE 1999 Nickel on cent graded MS 67 RED sold for $4,000. FOUR Thousand dollars. How about a 15 cent piece, Nickel struck over a Struck DIME dated 1977 graded MS 67 sold for $5,600. This has to tell you that while many of us are experiencing economic woes, those who still have extra dollars available are investing in BETTER Numismatic High End errors. Those better prices were not only seen on the few error coins I just mentioned, but also on many, many others. I saw very few, if any, so-called Cherry Picking out there.
As far as walking the floor at the ANA Convention and locating errors, only 1 major error dealer had a corner table and the rest of us searched the bourse for material. I was lucky enough to set-up with a friend for 1 day and sold quite a few errors in that 1 day. As far as those regular coin dealers who may have had any errors in their cases, their errors were extremely over priced.
So there you have it. We feel the Error Coin market is still amazingly STRONG. Most better errors seem to be finding their way into the major auction houses, maybe because of their wide customer reach with the use of the Internet and live bidding methods. I would keep an eye on all the upcoming major auctions for errors and utilize the Internet to bid on them.