Errors Cents Draw Eyes to Hobby

Entry level collectors and specialists in non-circulating legal tender commemorative coins may feel stymied by a lack of 2023 commemoratives, but none are currently scheduled to be issued and it is likely any such legislation that now passes will be for coins to be dated 2024. Perhaps this will discourage some people from entering the hobby; however, the attention being drawn to a 1958 doubled die Lincoln cent (full story on Page 24) is likely to have non-collectors and collectors alike scrambling to look at their pocket change. The coin, consigned to GreatCollections by a New York City collector realized $1,136,250. Even more important: the consignor’s 276 Lincoln cent collection realized $7,732,811. A 1955 doubled die cent in the same consignment set a new record price of $287,156, the previous record being $124,875 for a like coin. It is significant that there were 117 bids placed for the doubled die 1958 cent, this once more demonstrating the interest in a significant coin when one becomes available.

The overall temperature of the coin market remains hot, hot enough that major investments in the business were made by two private equity firms in 2021. There will always be some areas that lag, but many times this is because either the better coins remain in strong hands and off the market, or the particular market segment may be the realm of a few specialists.

Gold and silver appear to have leveled off as this commentary is being written, but gold is nearing the $2,000 mark, while the spot price of silver remains near $24 an ounce. Both are encouraging bullion coin and bullion-impacted coin sales.

Once more, where do we go from here? Likely, straight up.