Rare penny with Lincoln image sells for $2,050 – exact ‘doubling’ detail and year to look for
ONE tiny error can take your penny from one cent to thousands.
In fact, a 1955 Lincoln wheat cent has sold on eBay for $2,050 all because of what’s called a double die error.
The double die error is quite rare and is a duplication of design elements.
Typically, this occurs when a coin is not manufactured correctly giving the coin a doubling or layered look.
Just note this error is different from "double struck," which happens when a single coin is struck twice.
The penny started at the low price of $1 and increased in value until finally selling for $2,050.
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The penny was authenticated by the third-party Professional Coin Grading Services (PCGS) and given a grade of PCGS AU50.
THE HISTORY OF THE WHEAT CENT
These particular pennies are known as wheat cents or "wheaties" and were first minted in 1909.
Then President Theodore Roosevelt made the decision to engrave former President Lincoln on the obverse and enlisted the artist Victor David Brenner to design them.
It's the reverse side where the coin gets its name as two stalks of wheat are featured.
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According to CoinStudy, Denver minted Lincoln pennies from 1914 are the third rarest of all date and mint combinations.
Just over onemillion were released.
For the 1955 cent, just over 44.6million were minted in San Francisco but only 20,000 to 24,000 have the doubling error, according to Coin Values.
OTHER RARE PENNIES
A collection of pennies recently sold for millions of dollars from Great Collections.
The set came with 276 Lincoln cents dating all the way back to a 1909 penny in mint condition.
Each of the pennies had a seemingly combined face value of only $2.76.
However, due to their grade, condition, and error, the entire collection sold for $7,731,811 in a series of six auctions ending on January 29, 2023.
One of the pennies was a 1958 Lincoln cent and was considered rare due to its severe doubling on some of the lettering.
Doubling can be seen in the motto "In God we trust" and the word "Liberty" on the obverse of the coin.
Some others were the 1911 cent which sold for $120,937 and another rare double-die 1969-S that sold for $601,875 after 199 bids.
DETERMINING COIN VALUES
Coin experts determine a coin's value based on a variety of factors.
This includes mintage, errors, demand, age, design, certification, and condition.
More importantly, coins are graded on a rigid scale, which collectors will pay big bucks for.
There are five main components when it comes to a grading scale including strike, surface preservation, luster, coloration, and eye appeal.
Coins are assigned a whole number between one and 70, with the highest figure being close to perfect.
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Another double-die penny sold for $126,000.
Plus, if your coin has an "ultra cameo" detail it could be worth $2,100.