Us penny 1970 floating roof ?

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Braddock
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Us penny 1970 floating roof ?

#1 Unread post by Braddock »

This penny this a floating roof thanks?
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Re: Us penny 1970 floating roof ?

#2 Unread post by SensibleSal66 »

Looks like it to me .
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Re: Us penny 1970 floating roof ?

#3 Unread post by Earle42 »

"Floating Roof" is a gimmicky nickname made up for a common occurrence at the mint. They polished the die to prolong its life and some detail was removed. The nickname likely came from people trying to sell the coins on eBay.
Common grading company shortcomings & resulting co$tly mi$take$ to collectors (using Kennedy No FG halves):
https://tinyurl.com/y7rksxu8

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Re: Us penny 1970 floating roof ?

#4 Unread post by Paul »

.................. I've seen new collectors pay $50 for these............ worth $0.01!
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Re: Us penny 1970 floating roof ?

#5 Unread post by Daniel »

Paul is correct 2 cents at most

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Re: Us penny 1970 floating roof ?

#6 Unread post by monsterbug1 »

Paul wrote: Thu Jul 15, 2021 1:18 pm .................. I've seen new collectors pay $50 for these............ worth $0.01!
isn't value determined by the current selling price of a coin- to some extent at least?

If a coin like this in decent shape is selling for a few bucks on ebay, is it not suddenly worth a few bucks, not 1 cent

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Re: Us penny 1970 floating roof ?

#7 Unread post by Earle42 »

So when someone gets taken for a ride buying a fake 1916-D dime (for example) on eBay, does this mean fake 1916-D dimes are now worth hundreds the buyer got taken for?

The "floating roof" is a fake "error" dreamed up for a normal occurrence in hopes of suckering people into thinking they are rare, collectable, and worth anything other than the .01 it would take to find one in circulation.

Someone looking to sell these on eBay as anything special, who have been educated as to the non-error, is just helping the spread of the misinformation and taking advantage of the buyer to make a fast buck.
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Common grading company shortcomings & resulting co$tly mi$take$ to collectors (using Kennedy No FG halves):
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How much squash would a sasquatch squash if a sasquatch would squash squash?

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Re: Us penny 1970 floating roof ?

#8 Unread post by Paul »

monsterbug1 wrote: Tue Jul 20, 2021 3:00 am
Paul wrote: Thu Jul 15, 2021 1:18 pm .................. I've seen new collectors pay $50 for these............ worth $0.01!
isn't value determined by the current selling price of a coin- to some extent at least?

If a coin like this in decent shape is selling for a few bucks on ebay, is it not suddenly worth a few bucks, not 1 cent
NO!
................ that's the reason why you come here and ask us 1st
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Re: Us penny 1970 floating roof ?

#9 Unread post by Braddock »

Paul wrote: Tue Jul 20, 2021 8:59 am
monsterbug1 wrote: Tue Jul 20, 2021 3:00 am
Paul wrote: Thu Jul 15, 2021 1:18 pm .................. I've seen new collectors pay $50 for these............ worth $0.01!
isn't value determined by the current selling price of a coin- to some extent at least?

If a coin like this in decent shape is selling for a few bucks on ebay, is it not suddenly worth a few bucks, not 1 cent
NO!
................ that's the reason why you come here and ask us 1st
Im here for learning not for win jackpot

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Re: Us penny 1970 floating roof ?

#10 Unread post by Daniel »

This video applies to all dates.


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Re: Us penny 1970 floating roof ?

#11 Unread post by monsterbug1 »

Earle42 wrote: Tue Jul 20, 2021 8:46 am So when someone gets taken for a ride buying a fake 1916-D dime (for example) on eBay, does this mean fake 1916-D dimes are now worth hundreds the buyer got taken for?

The "floating roof" is a fake "error" dreamed up for a normal occurrence in hopes of suckering people into thinking they are rare, collectable, and worth anything other than the .01 it would take to find one in circulation.

Someone looking to sell these on eBay as anything special, who have been educated as to the non-error, is just helping the spread of the misinformation and taking advantage of the buyer to make a fast buck.
First of all, much like a security or a stock, the value of a coin or type of coin is to some degree affected by the sale price of that coin. it is not a counterfeit error, it is just a very minor mistake(like machine doubling) that is worth very little, yet is still collected by some, who are willing to pay for it

I understand that it is not a true error in the sense that it is just an over polished die, but, then, why are some overpolished die errors(3 legged buffalo) so valuable and why are others practically worthless

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Re: Us penny 1970 floating roof ?

#12 Unread post by Paul »

It's all M – A – R – K – E – T – I – N – G hype!
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Re: Us penny 1970 floating roof ?

#13 Unread post by Earle42 »

I agree with Paul - marketing.

And just like with some older contemporary counterfeits, a market develops from the history that has happened up until now.

Look up the Henning nickels. These are sought after by collectors who pay a hundred (at least ) for one. But in that case (and the 3 leg Buffalo), the history behind it makes it more collectable to people.

Back when the 3 leg Buffalo (and 1922 plain cent) were found, the entire databank of world knowledge was not at your fingertips because the internet was not around. The masses didn't always understand the 3 leg was a polishing problem(or for that matter, its also likely a lot of collectors didn't even know about die polishing.

So those older non-errors and counterfeits coins have become a part of collecting history. They likely will not lose the nostalgic value attached to them.

Today Joe collector can easily use a search engine and find the most remote details about coins easily. And also can the common, non-error gimmicky finds be more easily market as something specila to thos ewho won;t take the time to find out what they really are.

Another point... My grandfather told me he had always looked for the 3 leg and never found one (owning laundromats and going through a lot of change weekly starting in the late 50s-early into the 90s. And yes, Buffaloes were still circulating rather well when he started. He had only heard of one person who ever found on in circulation.

No compare how many "floating roof" pieces we have seen here just in the past couple of months. These floating-roof pieces are as common as dirt compared to the 3 leg Buffalo.

And as if to make the point even more real. In 2005 the gimmicky "detached Leg" Buffalo nickel hit eBay at $250.00 ea. when the first ones showed up there (I was watching them with interst to see how far it would go).

The people trying to sell them trying their best to make the detached leg seem as important as the 1937-D 3 leg. But, because of the internet and so very many more people out there in communication with each other, the numbers of these Detached Lag buffalos found and for sale kept climbing and climbing as the price went further and further down to a low. I got one for 1.25 Free shipping just b/c I wanted to see it in hand.

Had the internet not been around and only written info was out about these, could they have been the new 3-leg? I don't know.

I do know because companies actually got in on the bandwagon (hey - they were paid so why not?), you look at sold auctions and find some people still pay 70.00 for a slabbed proof in high grade.But I saw two ANACs MS64 and MS65 together as a lot that went for 20.00 ea.

A far cry from the 250.00 raw. I personall think the only thing keeping these alive is the slab.
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Common grading company shortcomings & resulting co$tly mi$take$ to collectors (using Kennedy No FG halves):
https://tinyurl.com/y7rksxu8

How much squash would a sasquatch squash if a sasquatch would squash squash?

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Re: Us penny 1970 floating roof ?

#14 Unread post by Thatgirl42 »

I don’t have any idea why any real collector or better yet minimally educated individual would pay any amount beyond 1 cent for a “floating roof” coin . pick up a couple rolls from the store or bank and you’re almost guaranteed to find one or two. Very common and I wish it would be removed from vocabulary when speaking in terms of value or “error” HOWEVER if marketed with a gimmicky catch phrase you can be rest assured someone out there will believe they have purchased something “rare” I see the “floating roof” the same way I see that one or two ugly potato chip in the bag, yes it’s still a chip but not highly favored.
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Re: Us penny 1970 floating roof ?

#15 Unread post by Earle42 »

The "Pet Rock" of the penny world. 😄
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Common grading company shortcomings & resulting co$tly mi$take$ to collectors (using Kennedy No FG halves):
https://tinyurl.com/y7rksxu8

How much squash would a sasquatch squash if a sasquatch would squash squash?

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