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
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.
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: 1996 Lincoln cent,
overstruck on a struck Roosevelt dime, MS-66
The story: Lincoln cents that
are overstruck on Roosevelt dimes have appeared on the market with
increasing frequency in the past decade. These errors are part of the
larger error category of double denominations.
type of error is a two step process,” the cataloger writes in
describing how this error occurs. “First off a 1996 Roosevelt dime is
normally produced, [but] while travelling back to the counting and
weighing area, [the] struck coin becomes trapped in the seam or gate
of the tote bin and remains behind when the bin is otherwise emptied.
New cent planchets are then poured into the bin and the struck dime
becomes dislodged and is struck along with the other Lincoln cents.
The dime-cent coin is then distributed normally.”
1996 Lincoln cent overstruck on a Roosevelt dime is graded Mint State
66 by Professional Coin Grading Service. In terms of value, these are
often more expensive when two clear dates are shown. On this one, all
four digits of the date as well as the Philadelphia “P” Mint mark from
the Roosevelt dime can be seen.
Another example also
graded MS-66 by PCGS brought $763.75 in the same sale.
In contrast, a 1996 Lincoln cent struck on a dime planchet, a mere
wrong planchet error rather than a double-denomination error, brought
substantially less when it sold for $258.50 at the same auction.
Read the rest of Steve Roach's Market Analysis:
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