In this first week of August, we experienced 5 full days of action packed Numismatics. Thousands of people walking the 5th, 6th and 7th floors of the Marriott Marquis hotel in Times Square, New York City. The dealer's bourse covered the 5th & 6th floor, while the numismatic exhibits were on the 7th.

Error coins were heavily traded at this major numismatic convention, all 3 major numismatic auction firms (Heritage, Bowers and Superior) had substantial amounts of error coins being offered in the auctions. Many new record prices were set at these auctions for errors, here's a few...

A raw 2c Blank planchet $1,600, Large 1c (raw) Blank planchet $300, Morgan dollar ty2 blank planchet (raw) $1,150, 1942-S war Nickel struck on a 10c planchet PCGS 61 sold for $8,050, 1916 10% Off center buffalo 5c ANACS63 $2,100, 1954 Franklin ½ struck on a cent (brockage rev.) PCGS 64 sold for nearly $11,000, the same for a Franklin struck on a dime planchet, $13,800 for a 1999 SBA dollar struck on a Sac $ planchet (PCGS66) these to name a few. Type coin errors were heavily bid on as were better dated off metals.

On the bourse floor, errors were seen in many cases of regular coin dealers as well as the dealers that sell strictly errors, Mike Byers and Fred Weinberg. Since there was limited table space at this convention, many other dealers were unable to obtain tables. Dealers like Arn Margolis and myself, along with others did our buying and selling on the floor. Almost every kind of error was selling and drawing the interest of anyone walking by... Type coin errors, Proof errors, and the most unusual eye appealing errors were traded fast and furious among dealers and collectors alike. Even undated off center cents were selling for $5 each, other errors were being sold for tens of thousands.

This market is very strong; some prices even astounded veteran error dealers. Prices were high in most respects and not enough better error material was available to fill the need. Auction companies were actively seeking better errors to offer in future upcoming auctions. Collectors were actively buying for their collections, while at the same time selling off doubles for exciting profits. Most error dealers had many great sales and were looking to make new purchases. The one area that was lacking was fresh 2002 errors on the bourse floor; we never even saw an off center 2002 cent around! But who knows what tomorrow will bring?

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All content in this newsletter is the opinion of the author and should not be taken as sound investment advice.