Insights

'Dramatic' bonded cluster of 1999 Lincoln cents brings $2,700 at Baltimore Expo

Portion of Market Analysis column from July 21, 2014, issue of Coin World
By , Coin World
Published : 07/08/14
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The following post is pulled from Coin World editor Steve Roach’s Market Analysis column in the July 21 issue.

Many collectors love striking and planchet error coins because each one is unique and they are dramatic examples of what happens when things go wrong in coin production. These are pieces whose errors are the result of problems occurring during the striking phase.

Error coins are graded on the same scale as “normal” U.S. coins, and their pricing structure is based on quality, rarity, and demand, as is the case with all collectibles. 

Stack’s Bowers Galleries’ auctions associated with the Baltimore Expo, held at the Baltimore Convention Center June 26 to 29, carried many of the rarities normally associated with a major auction. It also had a few spectacular error coins.

Here is one of three that caught my eye:

The coin: 1999 Lincoln cents, bonded cluster, MS-64 red 

The price: $2,702.50

The story: Among errors, few are more dramatic than multicoin bonded clusters where multiple strikings fuse planchets together resulting in a massive single object. 

In this spectacular error, more silver-colored zinc is visible than rich copper, and the center strike is boldly impressed on the obverse. The different colors are the result of a switch in 1982 for Lincoln cents, from a copper-based composition to a composition having a core of 99.2 percent zinc, 0.8 percent copper and a plating of pure copper. 

The reverse design is only lightly impressed, with lettering seen on the peripheries, as the central part of the piece was flattened due to the multiple strikings and the flow of the metal outwards. 

Most bonded planchet errors are generally caught by the Mint and destroyed, so one that is this substantial is unusual in the marketplace. As Stack’s Bowers notes, examples like this one “capture the force of the strike and coining process when things go slightly wrong.”

In terms of valuation, errors of this type that can fit into standard sized slabs are often easier for dealers to market than pieces that won’t fit into slab. PCGS has graded this one MS-64 red, and the weight of 156 grains noted on the slab converts to 10.11 grams. Since a normal 1999 copper-plated zinc cent weighs 2.5 grams, one can deduce that the cluster has four or five coins. It sold for $2,702.50. 

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5 comments
[Broken-Coin]~{ccf} I love error coins and currency, both USA and Global...
I would have loved to bid on this lot, sadly when a long-term marrage turns to divorce, it is not cheap and thanks to the combination of Lawyers & spousal greed, my days of purchasing four and five figure priced coins/currency have come to a permanent end...

Now-a-days I search pocket change for die varieties & look for "switched" COPE serial numbers.

In all my years as a C/World subscriber, I can't recall any currency articles on "2-quadrant" COPE plate position errors... I'm not sure how many years the BEP plans to use COPE before ending it completely, but do know it will be the end of serial number plate location switching.

I still believe a switched plate note error will become popular (when cope is no longer in use) and collectors are willing to use math, as "THE ANSWER IS IN THE SERIAL NUMBER".

Now t
How does one assign a grade to an error coin, especially one like this? Is it really an "MS-64?" As compared to what? Does it really compare to an MS-64? This is grading gone wild and is probably doing more to hurt the hobby than to help!
It looks like it should have been net graded with environmental damage. Mint State? Puh-leeeze.
HOW did it get out of mint ??????
*****"How did it get out th Mint"*****

Back then the Mint didn't have riddler equipment installed to reject larger & out of shape coinage, plus LMC's were shipped in 5,000 count ($50) mint sewn bags...

Error coins from this time period were plenty, with a nice double strike selling for $25.00 on average retail, and I would bet the above bonded coins were found in one of the 5,000 Coin Bags.

2001 errors slowed down quite a bit, with 2002 to date being near impossible for multi-struck pieces like this to escape without detection...