It is normal for numismatic errors to raise the value of ancient or modern coins to several times their real value. However, the error announced this week by the Bank of Lithuania on the 2 euro 2021 coins, has set off all the alarms and it seems that the situation has escalated.
It is not the first time that an error like this has occurred in the issuance of 2 euro coins.
What is usual, however, is that when collectors of valuable 2 euro coins detect them, or the financial institution in charge announces it, the value of the affected coins skyrockets.
This is precisely what has happened with the Lithuanian 2 euro coins this week. In the article I tell you in detail everything you want to know about this scandal.
Lithuanian 2 euro coin 2021
On May 19, 2021 the Bank of Lithuania put into circulation the commemorative 2 euro coin dedicated to Žuvintas Biosphere Reserve . This issue consists of 500 thousand coins in total, of which 5000 are minted in PROOF quality intended for collectors.
It features a beautiful design representing the characteristic environment of the Žuvintas Biosphere Reserve.
The designers of the 2 euro coin are Eglė Ratkutė and Ernestas Žemaitis. Artists who have tried to capture in a natural print the wonderful biodiversity, home to more than 4,200 species of animals, plants and fungi.
The Lithuanian commemorative coin of this 2021, as usual on all 2 €, on the Reverse with the standard design, the obverse with the allegorical design to the Biosphere Reserve of Žuvintas, and on the edge the words “LAISVĖ * VIENYBĖ * GEROVĖ *” , meaning: Freedom, Solidarity and Prosperity.
It is precisely in the edge that the mistake has been made that is driving the price of these coins up to thousands of euros.
What is the error of the Lithuanian 2 euro coin?
The error on the Lithuanian 2 euro coins only affects 10% of the coins in BU, or PROOF, quality, they have been minted with an erroneous inscription on the edge. Instead of “LAISVĖ * VIENYBĖ * GEROVĖ *”, they read “DIEVS * SVĒTĪ * LATVIJU” in Latvian.
The error is due to the fact that both Lithuania and Latvia mint their 2 euro coins at the same mint. Therefore, someone has minted Lithuanian coins in Latvian coin blanks. The Bank has already asked the Lithuanian Mint for explanations.
On the other hand, it is obvious that some of the coins with errors have already been sold, since in its statement the Bank reminds that:
“they have a 2-year warranty calculated from the date of transfer of a numismatic item to the buyer. In addition, the buyer has the right to return numismatic items purchased in the e-shop (coins.lb.lt).”
Which I don’t think will happen, because the pieces are already being offered on the Internet at sky-high prices. So high as to enter the list of the most expensive 2 euro coins of all time.
Why does this error trigger the value of the 2 euro coin?
Normally, coin minting processes around the world are marked by strict quality controls. After all, printing money is not a game.
Even so, minting errors sometimes occur that turn the resulting pieces into rare coins. Rare in the numismatic sense; that is, very scarce pieces, difficult to obtain, almost always extremely valuable.
As the pieces with the error are few, and the demand for them is high, the value skyrockets reaching prices that can be a bit crazy. As many people in Europe collect commemorative 2 euro coins, the demand for these pieces is VERY high, and the market responds accordingly.
For the moment, the Bank of Lithuania has said that the error only affects PROOF quality coins, but can you imagine finding one of these coins on your change? You could buy yourself a treat with the money you would get for it.
How much is the Lithuanian 2 euros worth then?
At the time of writing this article, I searched for information and only found this seller asking $2500 for a Lithuanian 2 Euro coin with minting error.
Some people may think that this price is really crazy. However, taking into account that there are only 500 of these pieces, and that other 2 euro coins have been worth almost twice as much, it is not surprising that this price will be maintained or even increase in the future .
It could also be that it deflates a little, the numismatic market is sometimes capricious.
But, in any case, I do not think that the value of these two-euro coins, which a few days after being issued are already emblematic and desired by many collectors, will go below $1,000 .
If you liked this article, share it on your social networks to let others know about this curious case of a 2 euro coin that increases its value 1750 times.
Top of the month
News2 months ago
How to Recover Deleted WhatsApp Messages without Backup (iOS/Android)
News2 months ago
How to Unlock iPhone if Forgot Passcode without Restore
News2 months ago
How to Restore Deleted Data from Android Phones without Backup
Resources2 months ago
TOP 154 Niche Sites to Submit a Guest Post for Free in 2024