CASH PAID FOR RARE ERROR COINS

First off, not to be rude or dismissive but, once a coin is released into circulation they are prone to damage. A damaged coin is NOT an error coin. Examples of damage include; corrosion, altered surfaces, bent, scratched, gouged, etc. Also, even if your coin is an actual error coin, please understand and realize that very few error coins are valuable or even desirable for that matter. 

At A&D Coin, we’ve had hundreds of people call or come into our shop thinking that they have the holy grail.

A Few Points To Consider:

POINT #1

You have to understand that coin collectors or enthusiasts, in general, is a relatively small market to begin with. Then, the error coin segment of that market is an even smaller segment of folks. Much smaller. and only the “Uncommon” error coins are desired and/or have any substantial values.

POINT #2

We have buckets and buckets of the more common error coins and guess what? Very, very few (if anyone) even wants them, much less willing to pay for them. Heck, we can’t even sell them for cheap on eBay.

That’s why, we ONLY buy a select few. VERY FEW. Such as: (see pics below)

The 1955 Double Die Obverse
The 3 Legged Buffalo
The 1942 over 41 Mercury Dime
The 1972 Double Die Obverse Lincoln Cent

And a few others listed below. 

If you should have anything else… Maybe try to sell it on eBay or another auction site. That is your true world market.

POINT #3

We get it! We really do. You see something different on a coin and your first thought is “OH BOY!” This could be worth some big bucks. So you go online and see that someone is “selling” one for crazy money (Etsy is notorious for this, but eBay can be too). Then, you see a Youtube video of someone talking about and hyping up its value, saying it’s worth a lot of money (it may even be the same seller on Etsy or eBay.)

So here’s what you do, contact that seller online or the Youtuber and tell them you have one just like it; and that you’d be happy to sell it to them for only HALF of what they’re saying that it’s worth.

And… IF, it is worth as much as they’re proclaiming, then they should be happy to pay you that amount, right? 

But… if they say no or make excuses, well then you know… Even THEY know it’s not a highly valuable coin or they’d be glad to buy it from you at 50% discount.

POINT #4

Even if your coin is in the Cherrypickes’ Guide, between VOL 1 & VOL 2 there are over three hundred pages full of known error coins, mostly “common” nothingness and very few that are worthy, valuable, or again, desirable. 

As with all coins, condition drives the price. Note that a circulated example of a coin in the Cherrypicker’s Guide is worth much less than an uncirculated coin with the same error. Circulation often drives the higher values down.

It’s all about demand, condition and desirability. If you look on eBay you’ll find HUNDREDS of different “common” error coins for really cheap. Most are just “varieties”. Meaning, that one mint made the coin just a bit different than the other mints did. But that doesn’t make it an error coin and much less, any more valuable.

NOTE: If you think you have the elusive 1982-D small date copper Lincoln cent, weighing 3.1 grams (not the 2.5-gram zinc coin)…

(see a pic above, click to enlarge)

First, let us say, we hope you do have one and congrats; BUT… Just know, that there are ONLY THREE of these coins in existence and you’ll need to send it into PCGS or NGC to get it graded and authenticated as such. It’ll cost you about $50 to $100 (more if you denote the value and pay for insurance), you’ll need to wait about 6 to 8 weeks to get it back and then, and ONLY THEN (if it meets the suspected criteria and values) will a dealer (including ourselves) be willing to discuss it with you & negotiate. The same goes for many other error coin types & varieties out there. The grading and slabbing process isn’t cheap and needs to make sense as well; most coins that are worth less than $50 are not worth grading or authenticating, unless it’s for you to keep and cherish.

POINT #5

It seems that almost every year, at every mint, and in every denomination, mistakes were made (not so much these days with all the advancements in tech) but especially during the 50s, 60s, and 70s. And just because you see some Youtuber extol the virtues of a coin(s) or you see one “for sale” on Etsy.com for crazy money (people can ask anything they want right?) it doesn’t mean it’s REALLY worth that much.

POINT #6

Think about real estate, when selling a home, in order to sell it for market value you have to know what that value is. How? Comps! Comparable sales in the area, like for like; same size, same condition, same type and THEN… it should yield the same value as the one that recently sold. The same goes for error coins (and non-error coins alike). Heck, anything collectible or has any kind of value like comic books, antiques, cars etc. It comes down to there being a history of proven sales, like for like, same conditions, and whatever the market will bear.

FINAL POINT

Don’t get discouraged. Do your due-diligence and keep hunting. Their are some nice (desirable) error coins out there.

Take a look below. 

These are the type of “uncommon” error coins that are truly rare, truly valuable and truly desirable by almost any coin collector.

If you come across anything like the ones below, DEFINITELY give us a call.