Thursday, November 30, 2023

Here’s how to find out if a penny is worth $7,000 | USED

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.


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.

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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.
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Nation World News Desk
Nation World News Desk
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