Understanding “error coins” from an investment or collecting perspective is crucial. Having a very small population of examples can be a major factor in price. That’s all part of the supply-demand equation, and it pertains to numismatic investors and collectors alike.

Heritage Auctions kicked off 2022 with its Error Coinage US Coins Showcase Auction. The date was January 3, 2022 and the auction produced some of the finest and most unique examples available to collectors of all calibers. According to the Heritage data on its specific auction site, there were 595 rare coins up for grabs — which brought in 5,975 total bids and it had 50,422 pageviews.

After a very strong year in trophy coin sales in 2021, this first numismatics auction kick-off for 2022 looks as though it was a welcoming auction that looked very stable. Some of the coins sold at much larger premiums than others, but the highest price of $45,600.00

The United States Mint is not proud of its mistakes becoming “error coins.” Many of the would-be errors do not exist because they are destroyed by the Mint when found in final or initial inspections. The more obvious the error usually correlates to higher values.

Collectors Dashboard evaluates high-end collectibles as an alternative asset class. This means collectibles are attracting the same capital that could have been invested into stocks or bonds. Many collectibles now cost thousands of dollars (or much more). Collectors with a passion to own one-of-a-kind error coins for years frequently have to compete directly against investors whose only desire is to make a profit in the future. Bids were as of mid-day day on December 28, 2021.

The coins featured in this auction to own are each unique and in many examples very early in American coinage. Heritage Auctions did not provide estimates.

1864 2C Two Cent Piece, MS65 Brown (with a bid of $14,000.00) SOLD FOR $18,000.00 after 20 bids. Heritage described the 1864 error like this:

“The first strike was normal, except the obverse stuck to the obverse die. The reverse of the present coin then acted in place of the obverse die, striking an unknown number of planchets, fed in one at a time. The strikes against the planchets caused the coin to expand, and evenly wrap around the top of the obverse die. The reverse has a low relief and stretched appearance from the strikes against planchets. This error category is dramatic regardless of series, but it is exceptionally rare on a Gem Mint State example of an obsolete denomination.”

1864 2C Two Cent Piece, Large Motto — Obverse Capped Die — MS65 Brown NGC was the high sale of the entire auction. We did not have a midday bid for it on December 28 SOLD FOR $45,600.00 after 25 bids. The NGC certification site gave its own description of this error coin (Image below at Heritage by NGC Photo Vision):

“Perhaps the most unusual variety for this date features an reverse die that somehow clashed with the obverse of an Indian Head Cent! In all likelihood this resulted from mint workers toying with different dies in an attempt to contrive some fancy for sale to collectors, but it may have been simply an accident during the die set-up process.”

Please note that bids were as of mid-day December 28, 2021 and the sold price was on January 3. All “SOLD FOR” prices include Buyer’s Premium.

1942 50C Walking Liberty Half on a Silver Quarter 25C Planchet MS64 full date with a bid of $8,250.00 on December 28 SOLD FOR $18,175.50 after 20 bids (Image below at Heritage by NGC Photo Vision).

1944 1C Lincoln Cent overstruck on a 1944 Netherlands 10C, Doubled Denomination XF45 NGC with a bid of $6,000.00 on December 28 SOLD FOR $12,600.00 after 24 bids (Image below by Heritage Auctions).

1906-D $10 Liberty Eagle broadstruck out of collar MS65 PCGS with a bid of $5,750.00 on December 28 SOLD FOR $10,800.00 after 27 bids. According to their Heritage Auctions description the collar die did not deploy when this first year Denver minted Liberty ten was struck (Image below by Heritage Auctions).

1866 2C Two Cent Piece — Struck on a Cent Planchet — MS64 Brown NGC SOLD FOR $18,000.00 after 20 bids (Image below at Heritage by NGC Photo Vision).

1887 1C Indian Cent quadruple struck AU58 NGC with a bid at $1,950.00 on December 28 SOLD FOR $2,640.00 after 25 bids (Image below at Heritage by NGC Photo Vision).

Other coins sold do not include images but the final prices were as follows:

• 1799 $1 Draped Bust Dollar struck 10% off center VF30 NGC with a bid of $2,500.00 dollars on December 28 SOLD FOR $7,800.00 after 24 bids. Heritage Auctions notes that most collectors have never seen an off-center Draped Bust Dollar.
• 1824 50C Bust Half Dollar double struck obverse VF20 PCGS with a bid of $1,050.00 on December 28 SOLD FOR $3,120.00 after 24 bids.
• 1918 5C Buffalo Nickel struck on a 1C planchet, reverse tooled NGC Details VF with a bid of $1,950.00 on December 28 SOLD FOR $2,340.00 after 8 bids.
• 1866 3C Three Cent Nickel Planchet Crack MS61 NGC with a bid of $625.00 on December 28 SOLD FOR $960.00 after 16 bids.

By definition a trophy coin is one that is the nicest example that exists of the entire mintage of that coin. The extreme rarity of certain types of error coins are the examples we chose to follow. What has yet to be determined is if these unique examples will spark interest from collectors of other alternative assets.