In July 2012, a very special Lincoln penny minted in 1992 sold for over $20,000 at a Heritage Auctions sale. Another specimen sold for over $25,000 in January 2017 at another Heritage Auctions sale. As common as 1992 pennies are, this was no ordinary 1992 penny, to say the least. This specimen was the rare "Close AM" variety in uncirculated condition and was graded as MS-64 by the Professional Coin Grading Service.
What Makes This Penny so Special?
In the 1990s and early 2000s, the U.S. Mint used different dies for producing coins for circulation and proof coins for collectors. Due to a mix-up at the mint back in 1992, a proof die was used for the reverse of the coin before it was supposed to be used starting in 1993. The distance between the bottom of the AM in AMERICA is a distinguishing factor, as is the distance between the FG initials and the base of the Lincoln Memorial. This variety was produced at both the Philadelphia and Denver mints.
Although you don't need a magnifying glass to see this die variety, it is not very obvious to everyday people. Many coin collectors and numismatists don't recognize this coin all the time. Remember, it is not just any 1992 Lincoln cent, it is the special die variety where the A and the M in America are almost touching.
Value Can Vary Widely Based on Coin Grade
The coin that sold in January 2017 is also the finest coin graded by the Professional Coin Grading Service. This coin is graded at MS-67 Red. As Heritage Auctions describes the coin, "This coin showcases virtually flawless, gleaming surfaces with rich gold, fire-orange, and rose-red hues. The strike is sharp, and there are no carbon spots. Adding to the appeal is a nearly 90-degree clockwise rotation of the reverse." Coin collectors looking to improve the quality of their collection are willing to pay dearly to add this almost perfect specimen to their collection.
In August 2018, an MS-62 Red specimen also graded by the Professional Coin Grading Service sold for only $2,640. Although this is a substantial amount of money, it is nowhere near the $25,850 that the almost perfect coin sold for. Therefore, it is obvious that collectors are willing to shell out huge sums of money to have the best in their collection.
Why Aren't There More?
There are probably many more still circulating with other Lincoln cents today. But unlike other mint errors that are quite obvious even to the non-coin collector, this one is very subtle. The average life of a one-cent die in one of the coining presses at the U.S. Mint can produce hundreds of thousands of coins. Therefore, it is almost certain that there are many more left to be found. Some collectors even purchase uncirculated roles of 1992 pennies in the hope that a Close AM variety will be inside.
Since this variety is difficult to spot in your pocket change, not many have been found. Currently, the Professional Coin Grading Service has certified fewer than 20 1992 Close AM across all grades and designations out of the total mintage of almost 4.6 billion coins from the Philadelphia mint and 4.5 billion from the Denver mint, while only 75 1992-D Lincoln cents have been graded. If you were to find one in circulation today it is most likely to be classified as a circulated coin. But even in circulated condition, it is still worth several thousand dollars!
Tip
Whether you’re on the hunt for a 1992 Lincoln penny Close AM or other collectible coin by sifting through circulated rolls, purchase rolled coins from a bank that services small businesses as they should have plenty of circulated coinage on hand. To purchase classic uncirculated coins, you will need to buy them from a coin dealer or online auction.
How Can I Tell If My 1992 Lincoln Penny Is Valuable?
The obverse of all 1992 and 1992-D Lincoln pennies are the same.The difference is on the reverse. Look closely on the back of the coin at the AM in AMERICA. If the AM is touching at the bottom this is the rare variety. If there is a little space between the letters, then it is a common coin that is worth only face value.
Although it is impossible to know the exact quantity of coins that escaped into circulation, we are certain that a limited quantity of these coins is still waiting to be found. The average die life of a die used to strike one-cent coins can last up to 50,000 strikes. It is not known if the U.S. Mint destroyed any of these coins before they were released into circulation. Therefore, it is possible that up to 50,000 of these coins may be in circulation today. Be sure to check your pocket change and see if you have this or any other Lincoln cent key dates, rarities, and varieties in your possession.
:max_bytes(150000):strip_icc()/US0001-1992-D-Close-vs-Wide-AM-Lincoln-Cent-57f5958c5f9b586c35d8b00a.jpg "1992 Lincoln Penny Sells for Over $20,000 (1)")
Greetings, fellow enthusiasts! As a seasoned numismatist and avid coin collector, my expertise in the realm of rare and valuable coins is not just theoretical but stems from hands-on experience and an extensive knowledge of the subject matter. I've been actively involved in the coin collecting community for several years, attending auctions, engaging in discussions with fellow collectors, and keeping a close eye on the market trends.
Now, let's delve into the fascinating world of the 1992 Close AM Lincoln penny, a coin that has garnered attention for its rarity and substantial market value. The specific variety mentioned in the article, the "Close AM" variety, is a result of a mix-up at the U.S. Mint in 1992 when a proof die intended for use starting in 1993 was mistakenly used for the reverse of the coin meant for circulation. The key distinguishing factor lies in the distance between the bottom of the letters A and M in the word "AMERICA," as well as the spacing between the FG initials and the base of the Lincoln Memorial.
This variety was produced at both the Philadelphia and Denver mints, adding an extra layer of intrigue for collectors. Despite the relative commonality of 1992 pennies, the Close AM variety is not immediately obvious to the untrained eye. The article emphasizes that even seasoned collectors and numismatists may not readily recognize this coin, highlighting the subtle nature of its distinguishing features.
The value of the 1992 Close AM Lincoln penny can vary significantly based on its grade. The article mentions a remarkable sale in January 2017 where a specimen graded at MS-67 Red by the Professional Coin Grading Service fetched over $25,000 at a Heritage Auctions sale. The importance of coin grade is underscored, with collectors willing to pay substantial amounts for higher-quality specimens to enhance their collections.
Moreover, the scarcity of this variety adds to its allure. The article suggests that there may still be more of these coins in circulation, given the typical lifespan of a coin die and the potential for more discoveries. However, the subtlety of the Close AM variety makes it challenging to identify in everyday pocket change. The Professional Coin Grading Service has certified fewer than 20 Close AM varieties across all grades and designations, further emphasizing its rarity.
For those eager to embark on a treasure hunt, the article provides a valuable tip on acquiring circulated rolls of 1992 pennies, as some collectors actively seek out this variety. Additionally, it offers guidance on distinguishing the valuable Close AM variety by examining the spacing between the letters on the reverse side of the coin.
In conclusion, the 1992 Close AM Lincoln penny stands as a testament to the unpredictability of minting errors and their potential to turn seemingly common coins into prized collectibles. If you're a coin enthusiast or aspiring collector, keeping a keen eye on details and being aware of varieties like the Close AM can lead to exciting discoveries in the world of numismatics. Happy hunting!
