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How HOT is the<br />
error coin market?<br />
By Rich Schemmer<br />
Rich Schemmer’s <strong>Error</strong> Coins<br />
The 1906 San Francisco fire would look like a camp<br />
fire compared to the <strong>Error</strong> coin market of today!<br />
Prices are rising so fast we can hardly keep up<br />
with it. Everything from Museum Quality error coins<br />
to so-called common Off Center cents are rising 25%<br />
to 50% to 100% over previous prices of just a year<br />
ago. Dealers are reporting from every part of the nation<br />
that the biggest problem is trying to locate new<br />
material to replenish what has been sold! Our own<br />
inventory is down 40% as coins seem to fly out into<br />
customer’s hands.<br />
Off Metals seem to lead the pack, along with<br />
double denominations. Type coin errors are coming<br />
on fast as they are being looked upon by many collectors<br />
for their true rarity. Many new record setting prices<br />
are being paid for errors in major auctions lately. I<br />
recently turned on a popular TV shoppers program and<br />
they were selling certified Undated Off center Cents<br />
for $50 each!! Same coin graded MS 66 was being<br />
sold for $89 each. How about $1,800 for a Cent on a<br />
Dime Planchet? I know your saying that’s ridiculous,<br />
but it is apparent they have a “market” for them on TV<br />
and there is a large television audience that is willing<br />
to pay those prices.<br />
OK, but how long ago was it when you were<br />
willing to pay $350 to $500 for a Cent struck on a<br />
Struck Dime! Otherwise known as a “Double Denomination.”<br />
2-3 years ago? Now they can be seen regularly<br />
at the $1,000-1,300 price range. That is a 150%<br />
to 300% increase, or 50% to 100% increase EVERY<br />
year! NOW what other market out there is as HOT as<br />
<strong>Error</strong> Coins? Stocks, real estate, bullion?<br />
The ANA Summer seminar has added a second<br />
error class because of the great demand for students to<br />
learn more about errors (PS: I currently teach one of<br />
those classes for the ANA). ALL the Major grading<br />
services currently certify errors for their customers.<br />
The US <strong>Mint</strong>, by making improvements to their facilities<br />
is releasing just a fraction of the errors that had<br />
once been available. Why a recent 2005 double struck<br />
State quarter sold in auction for over $2,200.<br />
Have I created a sense of urgency in my article?<br />
Do I write as if I’m trying to start a panic among<br />
error collectors? What I trying to tell you is those<br />
days of sitting back and waiting for that particular error<br />
you’ve wanted at a “price” you want it for is over.<br />
There are few deals out there anymore. Next year the<br />
prices will be another 50% to 100% higher and maybe<br />
again the following year, then the next year and the<br />
year after that! Buying it now will be the smartest and<br />
cheapest you’re going to see it for, for a VERY long<br />
time to come. How many are you currently saying<br />
“why didn’t I buy that error last year?” Well you’ll<br />
be saying that next year too. Buy what you can afford<br />
now and avoid the wild fire of price increases yet to<br />
come.<br />
(The above is just the opinion of the author and with<br />
all markets there is a chance of market adjustments. It<br />
should not be taken as Investment advice and the author<br />
wants to make you aware of such… research what<br />
you are buying before you purchase it, and seek advice<br />
from a qualified dealer.)<br />
Page 42<br />
minterrornews.com
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