Yahoo Finance These 3 Errors Make Coins Worth Much More Than Face Value — What Imperfections To Look For
The late painter and PBS icon Bob Ross famously said there are no such things as mistakes with art, only “happy accidents.” When it comes to the art of coin production, those happy accidents can make you hundreds, thousands or even millions of dollars richer.
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Errors during the minting process are not uncommon — or even necessarily accidental. Many things can go wrong when machines produce millions of coins a day. As a blog on the Gainesville Coins website noted, all error coins are essentially misprints, and are always the result of a mistake during the manufacturing process rather than damage after minting. If an error happens post-production, it adds no value to the coin.
There has even been speculation that some mint production workers make errors on purpose, knowing that doing so will boost the value of coins on the collectibles market.
Gainesville Coins broke error coins down into the following three general categories:
Planchet errors: “Planchet” is the term used to describe blank coins. Errors typically involve planchets that are mistakenly left blank or end up with the wrong shape or thickness.
Die errors: When coins are minted, dies are used to create the lettering, numbering and images. Die errors might include doubling of images and letters or mismatching of dies.
Strike errors: A “strike” is what happens when the design from a die is impressed onto the coin. Strike errors include off-center or misaligned strikes, or designs struck on the wrong size planchet.
Errors tend to happen in batches at the mint, so when you see an error on a particular coin, you can be pretty sure other coins from the same mint have the same errors. The value comes in the rarity of the error and the number of coins in circulation.
The best way to learn how to spot errors is to do your research. You’ll find hundreds of articles and videos on the internet explaining common errors, what to look for and how to scrutinize them. Numerous books have been published on the subject, as well.
Once you’ve done your research, you’ll still need “a keen eye and plenty of patience” to successfully spot an error coin, according to Gainesville Coins. While some coin errors are obvious, others are so subtle you’ll need a magnifying glass to spot them.
If you want to become adept at it, start by sorting through your loose change at home and dividing coins by denomination, year and design. If you see multiple versions of the same coin from the same year with the same mint mark, check to see if there are any variations between them. You can also purchase coin rolls from the local bank branch to give yourself a greater assortment to look through. If you notice any coins that look odd or unusual, set them aside and take them to your nearest coin dealer or appraiser to have a professional evaluation.
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This article originally appeared on GOBankingRates.com: These 3 Errors Make Coins Worth Much More Than Face Value — What Imperfections To Look For
