A rare, deformed quarter has sold on eBay for almost $600, and by the looks of it, you may want to see if you have something just like it.
A Massachusetts man got 28 bids from collectors and came away with $599, according to The Sun.
The Washington quarter is struck off-center and disfigured but is a “definite keeper.”
The History Behind the Coin
First U.S. President George Washington is prominent on the coin, which came out for the first time in 1932. Additionally, the currency came out on the 200th anniversary of the legendary president’s birth.
While this quarter sold for $599, online precious metal retailer JM Bullion starts the Washington quarter at $3.
John Flanigan designed the quarter with its left-facing profile of the president.
Error Coins Go Big With Buyers
Rare coins and rare error coins are quickly gobbled up by collectors these days.
In June, a 1933 Double Eagle gold coin sold at Sotheby’s for $18.9 million.
The story behind it goes like this: New U.S. president Franklin Roosevelt wanted the country off the gold standard, so treasury officials destroyed all the copies of this $20 coin.
That is, except for one. Since 2002, shoe designer Stuart Weitzman owned the coin after buying it for $9.8 million.
Also, this summer, an eBay buyer picked up a rare Liberty head coin for $3,300.
What Is An Error Coin?
Usually, something stamped or pressed wrong on the coin can make it a dud. Maybe the U.S. mint left something off the currency or pressed something wrong. Anyhow, it got out into circulation, and you found it with your naked eye or microscope. Good for you!
Gainesville Coins put out a list of the top 13 errors, so if you’re really into this time investment, you can be on the hunt for some funny money.
Error coins can go into three general categories. There’s a Planchet error where the currency is cut wrong or odd (see Washington quarter above). Also, a striking error could show lettering raised wrong on the surface. Finally, the die error is where you can see the off-center or misaligned strikes and design struck on the wrong size planchet.
But do your research and beware of counterfeit error coins. There’s a market of folks out to make money from error coins, too. Third-party verification has grown over the years as individuals and companies worldwide have worked to make copies of error coins. Beware of Chinese counterfeit coins as well.
But, according to Numismatic Guaranty Corporation’s Jeff Garrett, fakes get through now and then. Online merchant eBay has worked to take steps to protect buyers over the years. The company came up with a list of precautions it has taken to protect buyers. But Garrett says anything is possible.
Finally, the U.S. Secret Service has looked into counterfeit coins over the years.