Error In Proof Coin. How Rare? - Coin Community Forum

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Author	Replies: 10 / Views: 2,696
dealerantique New Member Latvia 5 Posts	Posted 08/30/2014 2:16 pm I have a very complicated case , maybe you could help me to find answers. I have a commemorative silver 5 Euro coin issued this year in original round plastic capsule. Coin was issued by national bank in Proof (!) quality and issue limit was 10 000 coins. National bank informed collectors that design of this coin will contain 3 national flags that will be in colours. There are no other designs- just this one with 3 flags in colours. Coin I bought from national bank was with error in its design- 2/3 of colours in 3rd flag were missing (colour is missing on 22.2% of surface where it should have been)... It is 100% sure that there are no pieces of fell-off colour in the round plastic capsule and this capsule is for 100% in the same condition national bank sold it to me. Nobody has ever opened or made any changes to it or coin! At the place, where should be colours of 3rd flag, there is nothing: no dots of colour, no scratches, no dust, no traces of chemicals (cleaners or something), nothing. Just silver. I think this error was made in mint and somehow passed all quality tests for coin to be called Proof (!) in mint and national bank and was sold to collector- me. (Sometime people don't see simple things that are in front of their eyes...) I informed national bank about this situation and they gave me an answer that this is an error and there should not be coins with 2/3 of colours in 3rd flag missing. National bank also confirmed that this is the only case known. Due to the fact that none of the collectors I know have ever seen or heard anything about this type of error, I started to search on internet. I wasn't able to find any information about this kind of errors... I hope you can give me some ideas about my case. I wanted to understand: 1) How rare are these errors (not fully coloured elements in Proof (!) coins) in world (dollars, euros, pounds, rubles etc.)? 2) Is this kind of error collectable? 3) Is this kind of error considered to be more valuable than typical errors (broadstrikes, off-centers, double strikes in collars, off-metals etc.)? 4) Are there any examples of this error known to you? (for example- coin with American flag missing blue colour; coin with colibri bird with wings left silver white etc.) All this situation is something completely new for me. I have never ever before read so many articles about coin errors than during last 7 days. Thank you very much for your time and answers! Have a good day! Edited by dealerantique 08/31/2014 05:11 am Report this Post to the Staff

zookr Valued Member United States 335 Posts	Posted 08/30/2014 4:22 pm Welcome to the forum - Picture of the piece would garner some better opinions than all the descriptions in the world. Photobucket or other pic media, fyi - Edited by zookr 08/30/2014 4:23 pm Report this Post to the Staff
Buddy Rest in Peace United States 7075 Posts	Posted 08/30/2014 7:49 pm I don't know anything about the coins you asked about, however.... 1) If the National Bank said it's the only one, then you have a unique error. If someone else had found one, it probably would have been mentioned in an error coin magazize or website. 2)Yes. 3) There is no way to tell what price an error coin will bring. There are ranges for values, but that -- I would assume -- depends upon demand. If you don't have a customer, the coin doesn't have a premium value. 4) Never heard of such a thing before. So, without knowing anything about your coin, I think you should post a photo so our error coin experts (not me) can have a look at it. To get an idea of what it might sell for, you could try contacting a reputable auction house (or two or three) and see what they think about it. They will want a photo. Report this Post to the Staff
dealerantique New Member Latvia 5 Posts	Posted 08/31/2014 05:01 am Thank you Buddy for the idea to ask auction houses. Will do that! For 99% it is the only one between those 10 000 and for 99% it is the only one between Proof (!) coins with colours ever issued by Bank of Latvia. The question remains- are there known worldwide examples between Proof (!) dollars, euros, pounds, rubles etc. with this kind of mint error? So far I (and nobody I have asked about) haven't seen a single example of this error... Report this Post to the Staff
Buddy Rest in Peace United States 7075 Posts	Posted 08/31/2014 8:33 pm If there are similar errors, they must be scarce. If there were a lot of them, you would see them for sale or at least be able to find some information about such errors. You might want to get that coin slabbed. I think I would. Report this Post to the Staff
dealerantique New Member Latvia 5 Posts	Posted 09/01/2014 04:44 am This might be one of the first publiced cases with colour partly missing. I don't fully understand term "scarce". Could you please explain it? What do you think about difficulties proving that error in this coin is mint made not "home made"? If I prefer not to get this coin slabbed. People have asked me it a lot. Report this Post to the Staff
Buddy Rest in Peace United States 7075 Posts	Posted 09/03/2014 11:52 pm When I wrote that such errors were scarce, I meant that there were probably just a few in existence. It is possible that your coin is the only one. However, if it happened once, it is certainly possible that it has happened before and it could happen again. The reason I suggested that you get it slabbed was so that an expert would agree that it was a mint error and not a damaged coin. Basically, it is paying for validation of what you already know -- that you didn't damage the coin. It is possible that an expert at an auction house could also validate it as a true mint error. You could ask but I think that you would have to be willing to sell it or pay them to look at it. I think it must be a difficult position to be in -- to have a unique type of error on a newly minted coin. I think that is why I would get it slabbed. I wish you good luck in pursuing this. It is a great find. Report this Post to the Staff
dealerantique New Member Latvia 5 Posts	Posted 09/04/2014 06:47 am Last few days I have been receiving interesting e-mails from experts of proof coin errors all around the world. I have been informed about some interesting facts about coins not fully coloured. To help other collectors with similar cases, I have decided to make a small blog about my coin and facts about these errors. Will soon publish link here! Report this Post to the Staff
Buddy Rest in Peace United States 7075 Posts	Posted 09/04/2014 8:49 pm I look forward to reading your article. You did a lot of work on this and I am eager to read about what you have learned. (That is me, waiting.....) Report this Post to the Staff
dealerantique New Member Latvia 5 Posts	Posted 10/10/2014 07:40 am To help other collectors with similar cases, I have started to make a small blog about this type of error: http://errorcoin.wordpress.com/latv...-error-coin/ My research still goes on, so I will continue to develop this blog. Enjoy! Report this Post to the Staff
Buddy Rest in Peace United States 7075 Posts	Posted 10/11/2014 8:48 pm That's a good blog. I hope you hear from someone who can explain what happened...my best guess is that the color is measured and applied by a computerized contoller and it wasn't programmed to shut down when the color was all gone. Report this Post to the Staff
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