ONE rare penny has sold for just over $1million after sparking a bidding war among collectors.
The lucky seller who had the rare 1958 Lincoln penny got the windfall thanks to a key detail on the coin.
TikToker and coin connoisseur Eric Miller, who goes by TheCoinChannel on the app, had all the details for his thousands of followers.
“This is a record for one of these, and the thought of having a million dollars for a penny has people looking everywhere,” Eric said of the elusive coin in question.
So, what makes it special?
The 1958 wheat penny was certified in mint state 65RD by the Professional Coin Grading Service.
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A mint state generally refers to a coin’s condition on the Sheldon Coin Grading scale.
Coins range from poorly struck with heavy marks to virtually no visual marks, which would make them more valuable to collectors.
The mint state 65RD generally means a coin has an attractive quality and strike, given the date and mint.
While there might be a few scattered contact marks, it’s generally of good quality for a coin.
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But there’s a more important reason the penny sold for $1million.
WHAT YOU SHOULD LOOK FOR
The incredibly valuable penny is a 1958 wheat penny with a special double die error.
On a normal 1958 wheat penny, you'll find the word "Liberty" written out simply, with nothing unusual to be found.
For the special coin, there will be an obvious doubling image of the word on the coin.
The next step is to find the emblem that says, “In God We Trust.”
Again, this will be doubled in the text.
The exact coin sold for $1,010,000 after 117 bids just last week.
There are just three of these examples known, which means you're unlikely to find one, but other double-die errors can make you a mint, too.
WHAT IS A DOUBLE-DIE COIN?
The reason this 1958 wheat penny had such power in the coin collector’s market lies in its double-die error.
A double-die coin has two identical images that are slightly offset, as was the case with both the “Liberty” and “In God We Trust” emblems.
This type of doubling occurs because of a specific error in the die-hubbing process.
Despite being an “error,” these coins tend to bring in a great amount of money.
“The person with that coin I think is okay with that error,” Eric said.
OTHER DOUBLE-DIE ERRORS
Several other coins have created quite a profit if they hold some sort of double-die error.
One is the 1969 Lincoln memorial penny that sold for $535,000 after a bidding war.
The penny features the doubling of “1969-S,” as well as the words "Liberty" and "In God We Trust.”
It also has an “S” mintmark, which stands for San Francisco.
One of the most famous coins is the 1955 double-die piece.
In average condition, the 1955 double-die penny is worth $1,318, according to USA Coin Book.
The value could surpass $17,000 if in an MS 63 grade.
However, you can also find a valuable coin without the double-die error, like the 1922 Lincoln penny without a mintmark.
These can sell for thousands depending on the grade.
In average condition, it is worth $970 and up to $30,724 if in an “Uncirculated (MS-63)” grade, according to USA Coin Book.
DETERMINING A COIN'S VALUE
A coin's value is based on several factors including mintage, errors, demand, age, design, and condition.
Some coin collectors especially value pennies because of their rich history.
Additionally, coins are graded on a rigid scale, which is what collectors will pay the most money for.
The five main components when it comes to a grading scale include strike, surface preservation, luster, coloration, and eye appeal.
When given a grading scale, coins are assigned a whole number between 1 and 70, with 70 indicating a flawless coin.
If you’re curious if your spare change could be worth anything, you can check eBay.
Once there, search the coin’s name and sort through the “Sold” and “Highest Value” options.
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There’s also a Lincoln penny worth $265,000, and to find out if you have it, use this magnet trick.
The U.S. Sun also detailed another penny worth $6,000 this year.
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