The 1906 San Francisco fire would look like a camp fire compared to the Error coin market of today!
Prices are rising so fast we can hardly keep up with it. Everything from Museum Quality error coins to so-called common Off Center cents are rising 25% to 50% to 100% over previous prices of just a year ago. Dealers are reporting from every part of the nation that the biggest problem is trying to locate new material to replenish what has been sold! Our own inventory is down 40% as coins seem to fly out into customer’s hands.
Off Metals seem to lead the pack, along with double denominations. Type coin errors are coming on fast as they are being looked upon by many collectors for their true rarity. Many new record setting prices are being paid for errors in major auctions lately. I recently turned on a popular TV shoppers program and they were selling certified Undated Off center Cents for $50 each!! Same coin graded MS 66 was being sold for $89 each. How about $1,800 for a Cent on a Dime Planchet? I know your saying that’s ridiculous, but it is apparent they have a “market” for them on TV and there is a large television audience that is willing to pay those prices.
OK, but how long ago was it when you were willing to pay $350 to $500 for a Cent struck on a Struck Dime! Otherwise known as a “Double Denomination.” 2-3 years ago? Now they can be seen regularly at the $1,000-1,300 price range. That is a 150% to 300% increase, or 50% to 100% increase EVERY year! NOW what other market out there is as HOT as Error Coins? Stocks, real estate, bullion?
The ANA Summer seminar has added a second error class because of the great demand for students to learn more about errors (PS: I currently teach one of those classes for the ANA). ALL the Major grading services currently certify errors for their customers. The US Mint, by making improvements to their facilities is releasing just a fraction of the errors that had once been available. Why a recent 2005 double struck State quarter sold in auction for over $2,200.
Have I created a sense of urgency in my article? Do I write as if I’m trying to start a panic among error collectors? What I trying to tell you is those days of sitting back and waiting for that particular error you’ve wanted at a “price” you want it for is over. There are few deals out there anymore. Next year the prices will be another 50% to 100% higher and maybe again the following year, then the next year and the year after that! Buying it now will be the smartest and cheapest you’re going to see it for, for a VERY long time to come. How many are you currently saying “why didn’t I buy that error last year?” Well you’ll be saying that next year too. Buy what you can afford now and avoid the wild fire of price increases yet to come.
(The above is just the opinion of the author and with all markets there is a chance of market adjustments. It should not be taken as Investment advice and the author wants to make you aware of such… research what you are buying before you purchase it, and seek advice from a qualified dealer.)