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This blog examines successful sales on eBay of US currency errors in order to give an idea of actual values. I've been suspicious for some time of the values quoted in books because they tend to focus on major auctions (usually pricier than eBay) or sales at the few annual currency shows across the US, where buyers tend to do pretty well. Since the great majority of sales these days seem to come from eBay, I wanted an idea of how error notes REALLY sell.

Tuesday, April 27, 2010

R-1 Through R-2 Error: Partial Offset (Backwards extra inking)

According to my research, all offset errors occur after a sheet of paper fails to enter the press; the ink intended for that sheet ends up on the impression cylinder instead and is then transfered onto the next 10-12 sheets, creating lighter impressions each time until the excess ink has virtually disappeared. Offset errors are mirror images of the other side of the bill, and there are both back-to-face (B2F) and face-to-back (F2B) errors. The mirror image of the 3rd printing (seals and serial numbers) can also show up on the backs of bills.

Partial offset errors occur when only some of the impression cylinder picks up the ink. These errors are extremely common, relatively speaking, and command only a small fraction of the price that their full-transfer brethren can sell for. Not surprisingly, the darker the impression, the more valuable the note. Some light, partial impressions are almost unnoticeable and are spent by an unsuspecting public many times before being pulled from circulation. I once received a $20 bill with a moderately dark F2B impression at the bank!

Faked versions of these errors have been showing up on eBay lately; they're pretty easy to detect if done poorly since they involve incorrect ink colors. Another clue that you're looking at a phony error: It's glaringly obvious but has somehow been spent many times. This doesn't mean it's fake, but it certainly merits consideration (and it probably is fake). You can also find notes listed as faux or novelty offset errors, tho why you'd want to is beyond me.

In the previous two weeks, there were 40 completed auctions for 'offset' errors; only 11 sold.




$1. Series: 1988a. Condition: XF. 21 bids. $130.50. Date: 4/26/10.
Light F2B offset, complete. According to Bart's book, this type of error is worth about $125. Had it been in perfect shape, it might have commanded another $75. Still, it's a neat error to own.

$1. Series: 1957. Condition: VF. 1 bid. $22.45. Date: 4/25/10.
Dark partial (very small) B2F offset, worth about what the winner paid for it. Not too exciting.


$1. Series: 1993. Condition: VF+. 2 bids. $14. Date: 4/25/10.
B2F offset, moderate in size (1-2 inches) but light. Similar to the one above, but even more boring because the transfer was so light. Not worth reproducing here.





$2. Series: 1976. Condition: AU (58). Best-Offer. $77.95. Date: 4/25/10.
B2F offset, moderate. Very light. Totally uninteresting to me, but probably worth the price because of its relative rarity (since it's on a $2) and condition. There is no way I'd have spent the money on this bill; better to wait till something better comes along and spent a bit more for it. This one is so insignificant that you would pretty much have to point it out to someone in order for them to notice it. Offset errors are like jokes. If you have to explain it, it's not worth the effort.

$1. 1935e*. Condition: F-VF. 4 bids. $5.20. Date: 4/23/10.
Supposedly this note had a light F2B offset transfer. I couldn't see it in the scans. Essentially it looked like a perfectly normal circulated bill with maybe a bit of schmutz on the back. Why anyone would buy this one is beyond me. Not worth reproducing.


$1. 1935e. Condition: F-VF. 1 bid. $53.98. 4/22/10.
Here is the worst deal of the fortnight. This highly circulated note features a partial B2F error, fairly dark. It's not as bad as the nearly invisible offset mentioned above, but it was ten times the price.


$5. Series: 1977. Condition: F-VF. 1 bid. $22.50. Date: 4/18/10
Another low-quality tiny F2B offset error. Dull, dull, dull, but not overpriced -- just not my cuppa. A good note for a person of limited means who wants to collect errors. At least the offset was quite dark.


$1. Series 1988a. Condition: Unc. 25 bids! $54.95. Date: 4/17/10
This was the good deal of the fortnight: a pretty-dark complete transfer onto the face of a note in perfect condition. Price guides list this with a value of about $250. It's a striking error. Well done, buyer. Compare this with the pathetic 1935e note above and see what a good eBayer can find!


$5. Series: 1985. Condition: XF+. 15 bids. $36. Date: 4/17/10.
Another decent deal. This is a minor B2F transfer, but the offset is dark and quite obvious despite its smallish size.



$1. Series: 1935e. Condition: Unc. 1 bid. $62.45. Date: 4/17/10.
Again, a smallish transfer, but in this case the age of the note and the darkness of the offset make it a good deal.

$1. Series 1969b*. Condition: Unc. 1 bid. $204.94. Date: 4/14/10
A bit pricy, but maybe it's worth it. Here's a large partial offset of the front onto the back. Ramping up the value is that it's a fairly old bill and that it was a replacement (star) note. I'd estimate its value at about $300, so a good deal to the buyer.

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