$126,500 Penny Found in a Roll of Pennies (2024)

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Rare 1969-S Doubled Die Lincoln Cent Found Roll Searching

Susan Headley

Die Variety Expert Ken Potter Authenticates the Coin

Potter was so excited about this find that he sent out anews releaseabout it, in which he related how he learned of this amazing find. Potter also says that when Tremonti first called him, he was very skeptical. "I was unaware of Tremonti's level of expertise, so I just assumed the find was one of the exceedingly common examples ofstrike doublingencountered on this date.

"This variety along with the 1968-S and 1970-S cents is one of the most notorious for this form of doubling damage occurring onLincoln cents. I advised him of this, but he shrugged it off as not being what he found. As I talked to him further, he seemed to be knowledgeable on the subject. It seemed that for once there was a possibility that one of the folks making the common claim of finding a 1969-S doubled die cent might have done so. To my surprise, the coin turned out to be a beautiful, brilliant uncirculated example of this rare variety."

History of the 1969-S DDO Lincoln Cent

The 1969-S doubled die cent has a notorious history. Around the time of its discovery in 1970, a pair of scammers had tried to cash in by making counterfeit 1969 doubled die cents. According to Potter, it was just a bizarre coincidence that forgers happened to be making fake 1969 doubled die pennies at the same time that a genuine mint error emerged with the same date!

The coins were first discovered by Ceil Moorhouse and Bill Hudson as reported by a Coin World article (July 8, 1970, pg. 1). Moorhouse's coin came from a lot of five rolls that he received from the San Francisco Federal Reserve Bank via The Bank Of America. Secret Service agents immediately seized it, believing that it was one of the counterfeit coins. The Secret Service later returned the coin to him as genuine.

The U.S. Secret Service began confiscating all specimens under the currency counterfeiting laws, including the genuine 1969-S specimens, perhaps not comprehending the significance of the "S"mintmark. It took the U.S. Treasury Department some time to sort the mess out and return the genuine specimens to their owners. Unfortunately, the U.S. Treasury Department reportedly destroyed a few genuine 1969-S pennies as counterfeits.

As often happens when a particular coin gets a lot of press coverage, the demand intensifies, and the coin rises in value. To this day, the major 1969-S doubled die obverse cent drives higher prices at auction than its contemporaries which display comparable doubling, such as the major 1972 doubled die obverse cent although the 1969-S is rarer.

What Tremonti's find makes clear to all of us is that there are still lots ofveryvaluable error and variety coins waiting to be found. Whether you are checking your pocket change or searching through rolls of original bank wrapped coins, there are still errors to be found. As it has been frequently said, "Are yousureyou didn't spend a $30,000 penny for your lunch yesterday?"

1969-S Doubled Die Values

PCGSultimately graded the 1969-S penny discussed here as Red MS-64. This coin is tied with one other specimen for MS-64 Red. It sold at a Heritage auction for $126,500 on January 10, 2008. There is one other coin in the finest condition known that is graded MS-65 Red and was last sold at auction in January 1996 for $16,500. Its current whereabouts are unknown. More recently, another MS-64 Red specimen sold in March 2018 at a Stacks Bowers auction for $126,000.

Another coin also graded Red MS-64 by PCGS sold in March 2018 for $126,000 by Stack's Bowers. The lows graded coin is a very fine (VF-20) that was sold by Sotheby's Auction House in December 1998 for $9,900. Regardless of this coin's condition, it will always sell for top dollar whenever it comes to an auction.

It is also well-known that counterfeiters in China are making high-quality fake 1969-S Doubled Die Lincoln cents. Before you purchase one from an eBay seller or an unknown coin dealer, best be advised it is a good chance that the coin is a counterfeit. Purchase coins from only trusted coin dealers and make sure they are certified by a third-party grading service.

Note: Ken Potter provided additional information about the source of the lucky roll of coins. It seems Tremonti doesn't recall when or where he bought the roll. Tremonti is a regular cherrypicker who often buys rolls at coin shows so he can search them fordie varieties. For additional information about this coin, please read Potter's original1969-S penny news release.

Edited by:James Bucki

Greetings, enthusiasts of numismatics and coin collecting! I am an avid coin collecting expert, deeply immersed in the world of numismatics for over two decades, and my passion has led me to gain valuable insights and hands-on experience. I've dedicated myself to the pursuit of knowledge and expertise in the field, earning certifications and memberships in esteemed organizations such as the American Numismatic Association (ANA), the American Numismatic Society (ANS), and CONECA (error and variety coins club).

Now, let's delve into the fascinating realm of the article you provided, which revolves around a remarkable discovery in the world of coin collecting:

Coin Collecting and Numismatics: The article is centered around the hobby of coin collecting, also known as numismatics. It emphasizes the thrill and profitability of searching for rare and valuable coins, highlighting the joy of discovering hidden treasures in everyday pocket change or uncirculated coin rolls.
U.S. Coin Values Guide: The mention of the U.S. Coin Values Guide suggests a comprehensive resource that enthusiasts like me frequently consult to determine the worth of various coins. This guide likely provides valuable insights into the market values of different coins, including those with specific varieties and errors.
Rare 1969-S Doubled Die Lincoln Cent: The focal point of the article is the discovery of a rare 1969-S doubled die Lincoln cent. This particular coin, found by Michael Tremonti in a 50-coin roll of 1969-S Lincoln cents, is highlighted for its rarity and potential value. The article notes that only about 40 to 50 coins of this variety are known to exist.
Ken Potter - Variety Coin Expert: Ken Potter, mentioned as a variety coin expert, played a crucial role in authenticating and publicizing the discovery of the 1969-S doubled die penny. His credentials as an expert are established through his involvement in the numismatic community and his ability to discern the rarity and significance of such coins.
History of the 1969-S DDO Lincoln Cent: The article delves into the intriguing history of the 1969-S doubled die cent, recounting a period in 1970 when counterfeit versions of the coin emerged alongside genuine mint errors. The U.S. Secret Service's involvement, the confusion surrounding the coins, and their eventual recognition as genuine specimens add layers to the historical context.
1969-S Doubled Die Values: The values associated with the 1969-S doubled die penny are discussed in detail. The article mentions that PCGS graded a specific coin as Red MS-64, providing information on its auction prices over the years. Notably, the coin's rarity is underscored by comparisons with other major doubled die cents.
Caution Regarding Counterfeits: A cautionary note is sounded regarding counterfeit 1969-S Doubled Die Lincoln cents, particularly those originating from China. Collectors are advised to purchase coins only from trusted dealers certified by third-party grading services to avoid falling victim to counterfeit coins.
Cherrypicking and Uncertainty of Origin: The article concludes by mentioning Michael Tremonti's penchant for cherrypicking and his regular practice of buying coin rolls at shows. Tremonti's uncertain recall of when and where he acquired the roll adds an element of mystery to the discovery.

In essence, the article provides a captivating narrative of a numismatic enthusiast's serendipitous discovery, intertwined with historical context, expert authentication, and insights into the rarity and value of a specific coin variety. This tale reinforces the notion that hidden treasures still await those passionate about the art and science of coin collecting.