Error coins, or mint errors, are coins produced incorrectly, a broad term encompassing a wide range of coins. If you have found an error coin, there may be cause for celebration!
Among the numerous varieties of error coins, they can be sorted into one of three primary categories: planchet errors, strike errors, and die errors.
Identifying Your Error Coin
There are many kinds of mint errors, and it is good to determine which error your coin displays among the primary categories. Once you have narrowed down the type of minting error your coin presents, narrow it down to a specific minting error.
Knowing exactly what error your coin displays make it easier to sell. Some coin collectors seek out specific mint errors. Listing your coin with its exact error may make it easier to attract a buyer than using the term “mint error.” If this feels overwhelming, it may be good to start with common mint errors.
Begin with common errors, like die adjustment errors and rotated die errors. Generally, rotated die errors with an angle greater than 45 degrees sell for a greater price than their peers.
Grading Your Error Coin
Once you have identified your specific error, get your error coin graded by an organization like PCGS (Professional Coin Grading Service) or NGC (Numismatic Guaranty Corporation).
The benefit of having your error coin graded is two-fold. It is a statement of the coin’s condition submitted by a third party and it provides an easier criterion for determining your error coin’s price.
Finding the Value of Your Error Coin
If you have followed our Answers section over the months, you know the answer to all queries regarding a coin’s price. Its value is dependent on its condition, its relative rarity, and what a buyer is willing to pay for it.
To determine the value of your error coin, you will want to know the coin’s rarity. If there have not been many errors in the issue, your error coin may be worth more than you think. Alternatively, if there are an ample number of coins in the population that display the same error, your coin may not be worth as much.
The last step to finding the value of your error coin is finding out how much similar coins have sold for in the last year. This step will provide a range of real world values and help you hone in on the right asking price.
Finding a Buyer for Your Error Coin
Now that you have a realistic idea of how much your error coin may be worth, it is time to determine where to list the coin. If you have the time and do not have a multitude of error coins to sell, platforms like eBay can be especially useful. However, selling in this manner will introduce logistical challenges, including shipping and sales expenses.
If you lack the time to sell your error coin on a platform like eBay, consider one of the auction houses you used to research your error coin’s value.
It is worthy of note that the auction house will take a seller’s commission of your proceeds for operating costs. These commissions are usually 5-10% based on the value of the consignment.
There are instances where fees might be negotiable, and each auction house may function differently. It’s good to note the fine print before you list your error coin so there are no surprises after it sells.
Create a Listing for Your Error Coin
Now that you know the exact error, approximate value of your error coin, and have identified a platform or website to sell on, it is time to list your coin. Create a detailed listing for your error coins using the information you have gathered.
Be as thorough as you can in the item description or sale listing. Provide several pictures, even if you only have a phone camera to use.
Photograph the coin from two or more angles to show both its luster and to highlight the error in a way potential buyers will be able to see clearly.
The next step is the hardest.
Remember a coin is worth what someone is willing to pay and prepare to negotiate with buyers. Keep in mind how much similar coins have sold for, so you are not susceptible to unrealistic or lowball offers.
