Hey, the majority of highly valued error coins are priced that way because of two things:
1) Their rarity; and/or
2) Their established novelty value.
The latter plays a larger part in error coins than the former, as there can be a unique error that's worthless simply because it is not novel.
So what have we learned about this one? Where an established novelty for a 3-legged buffalo can be worth hundreds, a new "toupee Lincoln" isn't worth 5 bucks. :-)