Coins are not just a medium of exchange but also a collector's item.
Sometimes, mistakes made during the minting process can drive up the value of coins. One such coin is the Lincoln penny from the 1960s with a double die error. The coin has recently sold for a whopping $535,000 in a GreatCollection auction, which ended on Sunday.
In this article, we'll take a closer look at the coin, what to look for and other valuable Lincoln pennies.
What To Look For:
The first thing to spot is a Lincoln memorial penny that has the year “1969” engraved. On the obverse side of the coin, the date appears just below the body of the 16th U.S President. Right below it, you'll find the "S" mintmark, which stands for San Francisco. A double-die obverse error, in which certain elements are duplicated on the front side of the coin, is one of the biggest reasons why it could be worth a lot of money.
Grades Explained:
Even though the 1969-S piece is likely to be valuable regardless of its condition, it could be worth more or less depending on its grade. According to PCGS auction data, the double die variety can sell for anywhere between $16,500 and $126,500.
However, the one sold in the GreatCollection auction had a higher grade of MS 66, which is just four points away from a flawless score. In addition, it was labeled an RD piece, which means it still has at least 85 percent of its original red luster.
Other Valuable Lincoln Pennies:
Keep an eye out for other double-die errors on Lincoln pennies as well. Of these, the 1955 double die piece is the most famous. The 1955 double-die penny is worth $1,318 in average condition, according to USA Coin Book. An MS 63 grade could make the coin worth $17,000. A 1960 double die penny might be worth $4,000 in average condition. Apart from doubling errors, there is the 1922 Lincoln penny without a mintmark, which can fetch thousands.
Conclusion:
Coins are not just a medium of exchange but also a collector's item. The Lincoln penny from the 1960s with a double die error is one such coin that is valuable. The coin recently sold for $535,000 in an auction.
What Are Your Thoughts?
Have you ever come across a valuable coin in your spare change? Do you collect coins? Are you interested in finding out if your spare change is worth anything?
Share your thoughts and experiences in the comments below!
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