1971-S Lincoln Memorial Cent Error, Variety, What?

These are sometimes called, for lack of anything else, "floating roof" cents.

Probably the result of removing the small lines in the die that connect the "roof" to the rest of the memorial by overzealous polishing of the die .

I don't think they have any value but someone else may disagree with that. They are fairly common.

That being said, I would keep that one as an example.

Thanks for identifying the "floating roof". I will post it on ebay and see if anyone is interested.

I agree, to put something like that on ebay and even making an attempt to sell it as something more than a very common, insignificant anomaly would be unfair to a buyer who might think the coin really has value.

Coins like these should be put in 2X2s and kept in a collection as an example of what not to keep.

The floating roof is the term to describe the top section of the Memorial Building just sorta floating in mid air. It is not connected to the top of the building.

The roof was what I thought you were shooting for since there wasn't a description of what you wanted a specific thought on.

Most often when the area you are describing is missing, in conjunction with the "floating roof" it is usually the result of the same thing. That is die polishing that has removed a little of the detail in the die. The same can happen when a die is very worn as well.

I wasn't suggesting anything about moral character when I mentioned not listing a coin like this. I agree, a seller can decide what to pay.

The problem comes when coins like this , which really are numismatically worthless get listed as a "floating roof" or "missing a step" orsome other accurate bu meaningless description.

If someone, especially uneducated buyers, bids and wins something like this for let's say $3.00, they really get a cent that is worth no premium above the 15 cents it would cost to get a coin of this date and mint for their collection.

Now having spent $3.00 they think they have a collectible, which they don't. A disservice has been done to that collector and a genuine, reputable dealer will likely , someday have to tell that person that the coin is without value.

Dealers on ebay list coins that are worthless all the time. Rookies buy them and are really being ripped off. In the long run, listing a coin like this is just taking the money out of the pocket of someone who is clueless.

In numismatics, we keep more people in the hobby by educating them as to what has value versus what is essentially numismatic junk.

Like I said, this coin is a good example of what to show someone else as a coin that has a few minor interesting points but essentially is valueless.

It's not a moral judgement. Its just an urge to keep other people from paying for worthless coins.

I agree Charles, I can see that there is a chance that I will not come out ahead at the end of the auction. I absolutely agree, and it is sound advice.

Foundinrolls, while I respect your opinion, here are the economic facts. A market price is determined by the collection of buyers and sellers who participate in that market. Through the collective decisions that these players make, an equilibrium price is set. This is the basic idea of supply and demand.

The supply of a certain coin does not solely determine the value of said coin, though it often does have a significant influence. Just as importantly, the demand for that coin influences the equilibrium price. For this same reason, relatively high prices are paid for high supply items such as State Quarters, beanie babies, etc. These people are paying "high prices" not because someone forced them to, but simply because it is the price they value the item at.

I bring this up because I got an email from a couple of forumites who wanted to know the listing number for when I put this coin on ebay. No one should feel embarrased to value something more than the experts. The will of the people will always outweigh the opinions of the few.

While this may sound harsh, I mean no disrespect to anyone. I have a degree in Economics, and the principles I have stated above are often misunderstood.

PS: this is not to imply that you are like the guys selling coins on TV. I just used that as an example of where economics and the selling of coins goes awry. There was no disrespect intended.

To give you an idea of the bigger picture and where I am coming from.

I once had to sit with an 80 year old gentleman and explain that the market for about 1000 coins that he had, all of which were common minor errors like die breaks, "floating roof" cents, and miniscule die chips had no collector value.

Coins that he spent 1.50 to 2.00 each for, based upon representations made to him that by virtue of the prices he paid, that the coins had value, which they didn't.

They were worth 10 to 15 cents a piece retail. His anticipated value of around $2000.00 for that collection was only worth about $150.00.

I hated being the bearer of that news as he was trying to get money together to bury his wife of 50 + years. I had no need for the coins so I couldn't even offer the $150.00 for them.

Each coin sold at an overinflated price is ultimately taking money out of someones pocket.

In a case where a buyer is not educated and the seller is supposed to be, someone is being taken advantage of, like that old guy with those boxes of coins.

I agree with the common principles of economics and that the value of an item is not necessarily set by expert guidelines. The value of an item is the amount a seller is willing to take to part with the item and the amount a buyer is willing to pay to acquire the item. That is pretty simplified, but gets the point across.

The problem comes in where a person takes the time and trouble to list something that is very common and very easy to find on an auction site where they had to spend money and time to list it there, and people who don't know anything about the subject and don't usually read books or magazines or lot descriptions come along and fight with each other to pick up what must be rare - after all, it's listed on the auction site. Nobody would list a worthless item on an auction site, right?!

You could say the item is exceedingly common and they could likely find one for little of nothing if they would just look around a bit. You could even put right in the auction description "Do not bid on this item, it is worthless" - and you'd still have a fight at the end where someone would pay far more than it's worth to acquire it. Yes, they are willing to part with the funds, but are they educated in what they are buying? I know, that's not the problem of the seller. BUT...

The problem can be knocked out altogether just by being responsible and not letting the uneducated masses fight over something they could easily find for a dime at a coin show or coin store...or in a $1 roll of coins. Therein lies the point. Whether intended or not, putting something like this on ebay gives hidden implication that the item is worthy of being in its own auction and would override whatever common sense some people would have about it. They would bid against each other just to get the piece, even if you told them it wasn't worth what they were paying. Evidently to some people if you listed it there you must know it has value, so they are going to snag it because it has to be rare....you see...

Case in point.

Breen listed a 1958 over 7 cent hub in his guide. In the years that followed it was found to be a lathe gouge because the size and shape didn't work out to be a seven, it worked out to be a concentric gouge...perfectly parallel to the rim. All the expert groups debunked it and life moved on. Well, the TPGs that serviced the public with Breen listings continued to incorrectly attribute and slab these coins, and they were selling on ebay for $20-$30 each. What many of the buyers didn't know is that not only was Breen wrong with his listing of these "varieties" but that they were also exceedingly common and very easy to find.

So...I went out and bought 16 rolls of 1958D cents and went through them separating this gouge into a pile. Of the 16 rolls, I ended up with 8 rolls with the gouge and promptly ran them on ebay in a dutch auction for 30 cents, postpaid. Basically, you send an SASE and a stamp, and I'll send one. This was before the days of "buy it now" and before the days of " ebay stores" - an auction was the only way to go. I even stated exactly what the coins were in the auction, and told people that they were completely NORMAL 1958D cents. So what happened?

One guy bid on 15 pieces at $10 each, others bid on single pieces at $5-$10 each, and a number of people bid over a dollar on them. It turned out that the 400 that I had to offer were supposed to go to each bidder for $1 each even though I ran them at 30 cents...including shipping. I got mad because people weren't reading, they weren't looking at the description, and they were greedy enough to think that because Breen said they were something that they must be, and this guy selling them had to be full of crap.

Well, the problem was actually mine. I ran them, knew they were worthless, and knew people refuse education regularly. I should have seen the problem coming, but I didn't. I figured if I could flood the market with these coins that the slabbed examples at $25-$30 each wouldn't have a market. Well, it didn't quite work out that way and I learned a lesson - the same one I'm trying to share now.