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Some Error & Specialty Collectors Have Gone Nuts !

by: mintex03( 857Feedback score is 500 to 999) Top 1000 Reviewer
22 out of 26 people found this guide helpful.
Guide viewed: 993 times Tags: Coins | U.S. Coins | Errors


Have you ever been surfing eBay errors and just had to stop and  LAUGH OUT LOUD? Well, if you are into serious errors like overdates, or off-metal strikes, or serious die blunders, etc., you will probably understand what I mean. I am a "serious" error collector. This doesn't mean that I'm rich, or that I'm some kind of a "coin snob". I just get so fed up with reading through hundreds upon hundreds of listings every week trying to find "serious, collectible errors". I don't care if your 1945 war nickel in G/VG has a slight lamination! I also don't care if you've got a 1976-D cent in MS67, or that there is some minor strike doubling on your 1985 dime, or a doubled die reverse quarter that can only be seen when magnified 100X!   OF COURSE IT'S BEEN SLABBED. . . by ABC, or XYZ, or ANA, or PCGS, or NGC!.  .  .  ANY  collector with any coin knowledge at all will be the first to tell you that ALL GRADING SERVICES ARE "FOR PROFIT" corporations who will slab almost anything. Their assigned grade is nothing more than THEIR UNCHALLENGED OPINION of a coin's grade. In addition, they ALL USE DIFFERENT CRITERIA and openly backstab eachother. They will never admit it, but they all, consciously or unconsciously, grant "special grading favors" to their largest customers. This includes in some cases, authentication! There are very few dealers who haven't seen some "extremely questionable" coins graded as genuine. Then they come up with "gimmicks" like REGISTRY SETS, or SPECIAL HOLDERS FOR BIG NAME HOARDS OR COLLECTIONS, or SIGNATURE AUTHENTICATION!  I'm a 40-year numismatist and I presonally know of an individual who probably has, more than $30,000, invested in his Jefferson Nickel Collection. . . and  IT ISN'T COMPLETE!  Now, let me just say, that I'm not one who would attempt to tell anybody how to spend his/her money;  - BUT, common sense has to come into play somewhere! When does a "common as dirt" coin go from $3.50 in gem BU to $1000 just because it has one more step showing? Also, what happens when the day comes that this collector (or his heirs) walks into a coin shop wanting to sell these coins, and he finds out that NO DEALER IN HIS RIGHT MIND WILL BUY THIS JUNK FOR MORE THAN PENNIES ON THE DOLLARS SPENT;  what is he to think of this profession?

All of these problems and pitfalls can easily be avoided. In car loans, home mortgages,  finance company loans, or any other legitimate financing, there have been laws passed called TRUTH IN LENDING LAWS. Why can't we have some kind of  "PROTECTION FOR THE CHRONICALLY STUPID LAWS"?  Lets face it, the U.S. Mint is a manufacturing plant. It is no different from any other plant that produces bars of soap, beer cans, light bulbs, or condoms! They manufacture coins;  that's the only difference. Like any manufacturing facility who produces BILLIONS OF PIECES OF FINISHED PRODUCT, they are going to make some mistakes. To what degree are they valuable? How valuable? I would imagine that a "dramatically" double-printed Budweiser Beer Can, or a Pepsi Calendar with a June 31st,  would be prized by someone, but what is it really worth? The answer is, "only what somebody else is willing to pay". These other "somebodys" are usually far and between and are never around when you're looking for them! This same thing is true, ONLY DOUBLE or TRIPPLE, when it comes to coins. Too many of the  "so-called"  coin errors on eBay are nothing more than TRASH and represent not much more than a Money Making Opportunity for eBay, and a total nuisance for most collectors.

I can't help but to feel sorry for the people who fall for these "schemes". In many cases they actively collect for years, only to end up with boxes full of worthless junk. It really is a shame, but so true, and years ago P.T. Barnum said it best , .  .  ."There's a fool born every minute"!


Guide ID: 10000000003687016Guide created: 06/03/07 (updated 04/06/09)

 
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