Article by:

Al Levy
alscoins.com
News

Al's Perspective on 2002 & 2003 Errors...

I recently wrote about why there were not any 2002 errors being offered for sale. Magically a group of these appeared on eBay. The mint errors listed with a small reserve or no reserve sold between $5.50 to $37.00. Not all of the lots that sold were properly described and some had no bids.

The 2002 Statehood Quarter errors were offered for sale at the beginning of the year. The same sequence started in 2003. This was an early indicator that the missing denomination (25) of errors were available but were being held back. A 2003 Cent was listed on eBay this past month, another indicator that these new coins are now available.

Dealers have always paid a small premium to acquire the first coins of the year. We do not choose to stockpile thousands of errors of the same date. We would like to fill "want lists" with the new years' coins while retaining some for our inventory.

Now, counting rooms seem to be playing the dealers' roles. The demand for the older error coins have dried up. I estimate that the total group of errors dated 1999 to 2001 total over a quarter of a million. If the counting rooms cannot dispose of these, they are stuck with them. If the new years' errors become available, then the previous coins are less desirable creating a downward trend. Each week a small group of these get listed. Notice that the same pictures from the previous lots are reused, and not all lots sell. Assuming that the counting rooms are unable to dispose of their large quantity of older inventory, will they be willing to wholesale their vast holdings to dealers?

While at the recent Long Beach Expo, collectors were willing to pay higher prices for the dates needed in order to fill "holes." These better dates are still in high demand. The 1 1969 off center and broadstrike are on everyone's "want list." The one that appeared on eBay sold for $227.50. I think this was a bargain.

Time will tell how many of the missing years' errors will surface, and what the true market value will be.


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