Article by:

Rich Schemmer
News

The 2004 ANA Convention And The Error Coin Market

The 2004 ANA Convention held in Pittsburgh has come and gone. Error coins sales are stronger than ever. A lack of fresh material on the bourse floor kept the collectors flocking to the attending Error dealers tables, where business was very brisk. There were very few errors in the showcases of regular coin dealers. They had high price tags on most of their merchandise and were eager to purchase new errors if any were offered.

This lack of supply and increase in demand in error coins only fuels this BULL market that we have been in for the last few years. It will also cause continued increase in prices as finding better errors is becoming extremely difficult.

Off Metals seems to be leading the pack for price increases as many are hitting all time highs. Double denominations are frequently seen over $1,000, where only a year ago they were averaging $700. At a recent show I offered a NON-Error dealer $250 for a 2004-D 40% Off Center cent! He refused. TWO HUNDRED & FIFTY DOLLARS, just 4 years ago when plenty could be found you could buy all you wanted for TWO Dollars each. WOW!!

Type coin errors are extremely strong as more and more collectors enter the market. Especially any that have nice Eye Appeal and are graded XF or higher. Naturally, grades of MS 63-66 draw huge prices for their superior eye appeal. Large Cent, Indian Cents, Early (Wheat) Lincoln cents, Buffalo Nickels, Mercury Dimes, OH! heck just look thru the Red book and if that TYPE coin has a MAJOR error it is be sought after! Prices are really surging on these.

So what’s a little sluggish in errors, Clips (Incomplete planchets), Cuds (broken dies), Double Dies (Not in red book) are all a bit slow. BUT! this may be the perfect time to start buying some? Their time is coming.

State Quarter errors are strong as few can be found that could be called Major! At the ANA Convention a few 2004 Texas double strikes saw daylight for a brief second and sold for “4” figures each.

A few collectors are commenting that they are worried about the market softening. Believe me this market is rock strong and now is a good a time as ever to dive in. Prices should continue to show strong returns on better eye appealing Major errors. In one year you will be saying “why didn’t I buy it back then?” In five years you’ll hate to look back at the prices you could have paid! And ten years you probably could have put your kids thru college. Never buy more than you can afford and buy certified errors by the leading certification companies, buy “eye-appealing” Major errors and you will never go wrong. Remember in a BULL market there are few if ANY deals. If offered one, think three times why it’s being offered in such a Bull market!

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