Mint Errors Viewed by Many as the Ultimate Collectible

Mint errors have always been an interesting aspect of the rare coin market. To some dealers these minting mistakes are only a fringe area that is intriguing but of no integral importance. To others, Mint errors are nearly the ultimate in numismatics. In recent months the intense publicity regarding the Sacagawea mules has pushed Mint errors to the forefront, and that has sparked interest in spectacular errors of other eras as well.

Two sensational Mint errors from the mid-19th century have recently been graded and authenticated by the Professional Coin Grading Service (PCGS). One is the only two-headed Mint error known to exist, while the other is the finest known Capped Die of its date and type.

An 1859 Indian cent with a dual obverse mule strike was certified as MS62 after submission to PCGS at the October Long Beach show. The pedigree of the coin can be traced to the 1930s, but it disappeared from the market for over 60 years before resurfacing at a Chicago coin show in June 2000.

The 1859 dual obverse mule is considered to be a Mint error rather than a pattern. Noted Indian cent expert Rick Snow has traced both obverse dies used to make the coin to other business strike coins.

"As far as I know this is the only two-headed coin to ever come out of the United States Mint with the exception of the pattern issues," said Fred Weinberg, who does authentication and descriptions on Mint errors for PCGS. "In addition, it is the earliest date mule coin known to exist."

A freshly discovered Capped Die error of major importance has also been certified by PCGS. An 1864 Small Motto two cent piece in MS66RB was recently graded and authenticated, and it considered to be the highest grade early Capped Die error known to exist.

"The coin is breathtaking," Weinberg said. "This is the fourth or fifth Capped Die two cent piece that I have seen in 35 years and it is easily the highest grade example. It is also the only Small Motto that I have seen or heard about."

Mint errors of this magnitude rarely appear on the market. "These coins go into major collections and stay there," Weinberg continued. "When I purchased the Bolt collection in 1974 there were dozens of major show-stopping Mint errors in that holding. In the past 25+ years only two or three pieces have reappeared on the market. These coins go into strong hands and remain with dedicated collectors for decades at a time."

The 1859 Dual Obverse cent was purchased by Laura Sperber of Legend Numismatics in Lincroft, New Jersey. "The second I saw that coin I knew I had to have it," said Sperber. "We bought the coin for the company without having a customer for it. We were just going to keep it for ourselves. Then, a major client heard about the coin and wanted it for his collection, so of course we sold it to him. Even when I bought and sold an 1885 Trade dollar it wasn't any more exciting than that 1859 cent."

What else is happening? Modern singles!

"There is a lot happening in the modern singles market," says Joel D. Rettew of Laguna Hills, CA. "The proof Silver Eagles, Kennedy half dollars, Ike dollars, Susan B. Anthony dollars and similar items are moving upwards in price and selling quickly.

"This interest is an outgrowth of the Statehood Quarters program. It is only a matter of time until some of these new clients are buying Mercury dimes and Buffalo nickels."

Are there any good values left in the modern singles market? "Take a look at the 1996 proof set and compare the price to 1995. The one with the lower mintage [1996] costs only a small fraction of the higher mintage issue. Another item worth investigating is the 1987 Mint set. Both the "P" and the "D" half dollars were issued exclusively for the Mint set, so every complete Kennedy set involves breaking up an '87 Mint set. Incredibly, that set is still well under $10."

You sold me, Joel!

Harry W. Bass IV is only days away.

One of the major auctions of the year is taking place on November 20-21 in New York City as Bowers & Merena Galleries offers Part IV of the Harry W. Bass, Jr., Collection. The location? The Helmsley Park Lane Hotel. The time? The sale begins at 6 p.m. on the 20th. Pre-bidding is available online until November 18th. To go directly to the sale, click here.