Coin and Paper Money Collecting/error coins and their value
Hi, Perhaps you can give me some insight regarding US error coins. I have quite a few error coins, Quarters, dimes, nickles, and pennies that I am wanting to sell, preferably as one big lot.
How does one determine a fair asking price for error coins?
I haven't had much luck finding a (free) price guide. I've also found it very difficult and time consuming trying to find comparable coins to reference. I am aware that age, key dates, and condition are important. Rarity also plays a role but with error coins there are so many varieties, and one of kinds. What makes one more desirable than another; apart from the obvious. And, how is it's fair value determined?
Some examples of coins I have are:
1) 1940 S Lincoln Wheat back with a faded zero (not from wear) and the "L" in Liberty is flat (like it got smashed), too large, and misplaced.
2) 1992 D Lincoln Memorial - there is a 'hole' in the hair at the base of the neck
3) No readable date, front of coin can barley see the outline of Lincoln. The other side of the coin is also very damaged but can clearly see it is the reverse side of a Lincoln Memorial penny. The coin in very thin, and looking at the edging all the way around it appears as if two pieces of metal were 'sandwiched' together to make the one coin.
Thank you very much for your time and help ! :))
I'm sorry to say that at least two of the three coins in the photos supplied appear to be damage/altered coins. The last is a minor error and of little value. Errors are unique in that there is no fully established guide for general, minor errors. The major error varieties have been documented in the "Cherry Picker's Guides", Vol. I and II, by Fivaz and Stanton. The best place to find values is EBAY, where you can see what the coins sold for. Major varieties prices can be found in NGC and PCGS as well as VAM sites.
Sometimes people try and fool you into thinking you have a real error coin. Here are examples of coins either being altered or damaged.
See link: http://coinauctionshelp.com/page15.html
See link: http://conecaonline.org/content/OhNo.htm
You may want to check Ebay listings under US coins in the error category to see what these errors are going for. You may also want to check out these links on error coin values:
VAMS (Morgan and Peace Dollars): http://www.vamworld.com/
Error Coin Club: http://conecaonline.org/
Lincoln Cent Errors: http://lincolncentresource.com/
PCGS Lincoln 1c Memorial values: http://www.pcgs.com/prices/priceguidedetail.aspx?ms=1&pr=1&sp=1&c=47&title=linco
If you live close to a local shop, they should offer an opinion as to it's value and if it is authentic at no charge. Always try and get at least two opinions and try and deal with PNG dealers if possible. Here's a link to find one in your area: http://www.pngdealers.com/dealersearch.php
Please remember to go to the experts site to rate this answer. Check the nomination box on the rating page below any comments you may have.