| Author |
 Topic  |
|
|
n/a
deleted
43 Posts |
 Posted - 02/06/2008 : 14:14:09
|
Hello everyone,
This is my first post and I wanted to thank you all for creating this website, I thought I was alone in my crazy obession with hoarding coins and metals until I found this place. It's good to know I am not alone.
I have a Numismatic related question to pose, any help will be appreciated.
I have collected coins for awhile as I've come across them over the years I know I am still a novice, there are a lot of things I need to learn so excuse me if my question seems silly.
While hoarding coins I often spot coins that are stamped a little off center, normally it isn't enough for me to consider it an error (in other words as a possible collectable item) but rarely I find one that is extremely off center, for example the lettering 'In God We Trust' may be partially gone.
My question is at what point does a coin have to be stamped off center to make it worth being a collectable item, in other words when is it considered an error by the mint.
|
|
|
Cerulean
Penny Hoarding Member
USA
993 Posts |
Posted - 02/06/2008 : 14:17:46
|
| I'm no expert, but I do know that the value of an off-center strike is proportional to how far off center it is. In other words, a severe off-center strike will be worth more than one that is just barely eccentric. |
Sorting Map
2010 First Finds Contest
Are you a Buffalo Hunter?
Wanna take seignorage away from the Fed? Spend *any* coins!
We cannot afford this government.
Cerulean's Standing Offer: $3/lb shipped for foreign coins |
 |
|
|
fiatboy
Administrator
912 Posts |
Posted - 02/06/2008 : 14:27:36
|
| If they're just slightly off-center, I toss 'em back. Sight unseen, it's an impossible call, but they have to be pretty darn off-center or mis-struck to bring any kind of premium. |
"Bart, it's not about how many stocks you have, it's about how much copper wire you can get out of the building." --- Homer Simpson |
|
|
|
HoardCopperByTheTon
Administrator
USA
6807 Posts |
Posted - 02/06/2008 : 14:47:41
|
| Welcome to the forum MetalManiac. You are in good company here. Sometimes if they are just slightly off-center it can be due to a die alignment problem.. which can bring some small premium, but not a lot. I would say that the ones where part of the motto is gone are worthwhile. Usually the ones that are significantly off-center bring more. Also the error collectors prefer the ones where the date is still on the coin. |
If your percentages are low.. just sort more. If your percentages are high.. just sort more.
Now selling Copper pennies. 1.6x plus shipping. Limited amounts available. |
|
|
|
n/a
deleted
43 Posts |
Posted - 02/06/2008 : 15:12:17
|
Thanks guys, that is good advice.
I'll be sure to set the bar high and only bother with the ones that are very obviously off center and/or missing lettering and/or features.
HoardingCopperByTheTon,
I can see where you get your user name from judging by the HoardCode. That's a lot of coins! WOW! That is awesome.
|
|
|
|
Cody8404
Penny Hoarding Member
USA
602 Posts |
Posted - 02/07/2008 : 04:42:17
|
You may want to take them to a coin shop and see if they are willing to pay you anything for them.
My experience is that if I want to see it to a coin shop they are willing to give me 10% or so over face value, but they are willing to sell it to me for 3-4 times face value.
I thought about sending some coins to Littleton, but I haven’t yet.
|
Awake, O kings of the earth! Come ye, O, come ye, with your gold and your silver, to the help of my people, to the house of the daughters of Zion, to the help of the people of the God of this Land even Jesus Christ. |
|
|
|
just carl
Penny Hoarding Member
USA
601 Posts |
Posted - 02/07/2008 : 08:02:33
|
WELCOME.
I suggest you do not go to any coin shops until you are more knowledgeable about coins. They work on a massive margin due to having to support the place, electric, water, phone, gas bills. Also, enough to pay for food, clothing, etc.
Next attempt to aquire a book called The Red Book by Whitmany Publishing. The latest 2008 edition has a section starting on page 390 explaining Mint error types. There is difference between a Broadstruck and off center coin. The Red Book is usually available at those coin stores but also available on line in many places. I found the cheapest was Walmart web site. Some say Amazon.com
I also suggest you go to Google and type in coin shows and your state. If any coin shows in your area, go to one to learn more about the prices of off center coins and thier prices.
As already noted the more offset a coin is the more valuable. There are many error coin collectors lately. The most valuable off centers are usually the ones that are very off center but still have the dates and Mint marks visable. Very slight offsets are usually not to valuable for you to attempt to sell but still sell for a few dollars if you want to buy one.
Have fun with this hobby. |
Carl |
|
|
|
n/a
deleted
15 Posts |
Posted - 03/22/2008 : 16:20:07
|
Originally posted by just carl
Wow - Thanks for that book tip, gonna head to the library later and see if they have that. I also noticed that the pre 82 coins are stamped much better than the newest ones. BUT nothing had me going thinking that I held that rare coin with an error (like described) and was holding thousands in my hand. I usually see the ridge being off where one side of the penny has a tall nice ridge and the other side a measily edge.
|
|
|
|
Miser-stro
Penny Sorter Member
74 Posts |
Posted - 03/23/2008 : 00:48:33
|
| I agree, many coins shops are making a huge profit to support the over-head. My local coin dealer (only one in our town) seems to pay a very fair amount for coins and/or bullion, if you are selling he usually pays -10% of Greysheet. Pure gold, he pays -2% of Spot (less for scrap obviously). I guess this is good anyway. I'm still new at this. Any input on these figures?? |
|
|
|
just carl
Penny Hoarding Member
USA
601 Posts |
Posted - 03/26/2008 : 11:51:47
|
As I noted a coin shop has to have a large profit margin on any deals made. If their only product is coins and coin supplies, the markup must be enough to pay for many bills in the running of that establishment. No they are not crooks, just buisness people attempting to make a living. As I said they need enough profit to pay for water, gas, electric, phone bills. Possibly rent or a mortgage on the place. Then there is the same for thier house or apt and the addition of a maybe a kid in school.
As to off center coins the market for them is increasing massively. The reason is sort of due to the massive increase in the amount of coin collectors. Not all can acquire many of the coins to make a completed set due to the amount of many coins is less than the population of collectors. Therefore some collectors have gone to collecting error coins or toned coins. |
Carl |
|
|
| |
Topic |
|
Coin error question
Forum Locked
