Don’t spend a penny you have in your pocket without checking it first. And that one-cent coin, often thrown into fountains of desire, can be worth up to $7,000. If you want to know how to identify a high value coin, read on.
For example, in the numismatics market, collectors can pay large amounts of money for a rare coin or a coin with errors at the time of minting. In this case, there’s a 1983 Lincoln penny that can make a lot of money, according to Blake Alma, whose TikTok account “CoinHub” has more than 954,000 followers.
WHY CAN A LINCOLN PENNY BE WORTH $7,000?
The United States spent about 7.7 million cents in 1983, but a doubling error occurred at about 5,000. The director of numismatics at Stack’s Bowers Galleries, James McCarthy, told CNBC that pennies are more valuable than regular pennies because of their rarity.
And so, in 2017, one of these rare pennies sold at auction for $7,050, according to Professional Coin Grading Service, one of the most popular third-party coin grading and authentication companies.
How can I identify the rare 1983 penny?
To identify the 1983 Lincoln cent, which is considered rare, you must carefully examine both sides. Consider these details:
- Front: mint mark missing. This is the marking on the face of a coin that indicates where it was made. A coin with the letter “P” indicates it was made in Philadelphia, according to the United States Mint.
- Conversely: Below, the phrase “one cent” has a “doubling effect,” says Blake Alma on his TikTok account. Coin collectors call this a “double dice” coin. According to the American Numismatic Association, this typically happens when the stamping machine used to print images on a coin accidentally hits the coin in a slightly different location, resulting in a duplicate image.