And you think YOU made a big mistake!
The coin pictured above is a 1901 United States Ten Cents Piece. It is called a "Barber" Dime, named so after the designer Charles E. Barber, who was the Chief Engraver of the United States Mint. Barber served in that role from 1879 until his death in 1917. There are millions of coins - dimes, quarters and half dollars - that are all known as Barber's coins. This 1901 Barber Dime was one of nearly 19 million minted during that year at the Philadelphia Mint.
But if you look at it closely, you can see the face of Liberty , the "normal" head of the coin and you can also see part of the reverse of another coin! In numismatic circles, this is what is called a "double struck flipover mint error." It's a BIG MISTAKE or error.
What makes it even more interesting is that this coin was pulled from circulation. That means that this error coin passed through many people's hands before someone thought, "Wait a minute! This coin has a BIG MISTAKE on it."
Now did the person who actually ran the coin presses that day at the US Mint get into trouble for making a BIG MISTAKE like this one? No one probably noticed it. The coin likely fell into a bag and was then shipped to a bank for distribution to their customers. Did the bank teller who first handled this BIG MISTAKE coin get into trouble? Unlikely. He probably just passed it on to an unsuspecting customer.
Did the customer who got it from the bank get into trouble for having a coin with a BIG MISTAKE on it? Doubtful. He likely spent it as fast as he could. And no one got into trouble. And so on, and so on....
If you have a different 1901 Barber Dime that isn't a "double struck flipover error," in that same condition, it is worth about $25.00. But this coin, that when it was minted was a BIG MISTAKE. And that BIG MISTAKE, is today worth over $5,000,00! The value increased by 200 times because of that BIG MISTAKE!
And that is a parable for for today's business.......
You can make a BIG MISTAKE and worry and worry and fret about it..... and it can be noticed by lots of your colleagues or your managers or your customers. Everyone knows its a BIG MISTAKE, but no one really knows how it will ultimately turn out and whether your BIG MISTAKE is actually a blessing in disguise and worth much more than you ever imagined. That's what happened with this coin.
As Arthur Ochs Sulzberger, Jr, the Chairman of the New York Times once said, "If you don't occasionally make a mistake, you aren't trying hard enough!"
Sr. Financial Analyst at Centric Infrastructure
7 年I really like the article, the coin discussed is very nice and the title is very clever!
Retired, and consulting at Myself stay.calm
9 年One might get the impression, from the posting, the coin shown was the ONLY mistake ever made at the US mint. Over their years of operation, they have made millions of them of many different kinds, spawning an entire sub-industry, and sub-culture within the world of coin collecting. Our mint is not alone, as errors have been made all over the world, for about as long as coins have been struck. Price and value are two different worlds....One man's gold is another man's garbage. No coin is ever worth more than someone is willing to pay for it. Many such error coins may be thought to be unique- this may not be the case. Despite what may be said about an error coin's rarity- it is never possible to know for sure. Old doesn't always mean more valuable. What may be written on the holder may not always be true. It's a fun hobby, you should try it!
Dealer in Mint Error Coins since 2003
9 年Very nice flip-over double-strike Barber dime. Love the look of it.
Numismatic Consultant
9 年I have made a few
Director of Numismatics at American Precious Metals Exchange, Inc. (APMEX)
9 年One of the most interesting errors to see! It's a beauty!