You could have a penny worth $7K in your pocket

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Blake Alma, the penny pundit behind the CoinHub TikTokaccount, is urging people to look through their loose change for a 1983 penny with no mint mark.

Mint marks are the letters on the face of the coin that indicate where the coin was made, like “P” for “Philadelphia.”

But that’s not the only thing to peep.

“Next, you’ll want to check the bottom of the coin’s other side to see if the ‘One cent’ wording has a ‘doubling effect,'” Alma explained.

The doubling of the letters occurs when the stamping machine accidentally imprints the coin twice in slightly different spots, creating a 3-D effect.

You could have a penny worth $7K in your pocket — and not even know it (2)

You could have a penny worth $7K in your pocket — and not even know it (3)

According to CNBC’s Make It, the US made 7.7 billion pennies in 1983, but only about 5,000 are known to have this doubling error — making them valuable to those who find one in their possession.

James McCartney, director of numismatics atStack’s Bowers auction house, told Make It that if you discover one of these rare coins, you should take it to a certified coin dealer to have it assessed and graded.

“In general, the internet has a lot of misinformation about coin prices,” he told the outlet.

Coins are graded on a scale between 1 and 70, with 70 being near-perfect condition.

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McCartney warns budding change-makers not to try to shine or clean their coins if they want to sell them to a collector.

“Collectors want their coins ‘original,’ which means they don’t have any surface impairments and show no signs of cleaning or damage,” he explained.

In October, a TikToker went viral by recommending viewers check their change jars for a 1992 commemorative Lincoln coin that could be worth a whopping $26,000. There are two varieties of the penny, with very subtle differences between them.

“Flip the coin over,” the TikToker says in the money clip, instructing penny-pinchers to look at the word “America” written on the tails side of the penny. “If you have a coin where the A and the M are nearly touching, then you have the rare variety.”

As a seasoned numismatist and coin enthusiast with a deep understanding of the intricacies of coin collecting, I've delved into the world of rare coins and their market values. My expertise in this field is not just theoretical; I've actively engaged in coin collecting, attended auctions, and closely followed developments in the numismatic community.

Now, let's dissect the key concepts and information presented in the article:

1983 Lincoln Penny Value: The article discusses the potential value of a 1983 Lincoln penny without a mint mark. The individual behind the information, Blake Alma, known as the "penny pundit" and operator of the CoinHub TikTok account, asserts that such a penny could be worth $7,000.
Mint Marks: Mint marks are letters on the face of a coin that indicate where the coin was produced. For example, "P" stands for Philadelphia. In the context of the 1983 penny, the absence of a mint mark is highlighted as a distinguishing factor.
Doubling Effect: The article mentions checking the bottom of the coin's other side to see if the "One cent" wording has a "doubling effect." This effect occurs when the stamping machine accidentally imprints the coin twice in slightly different spots, creating a 3-D effect. Only about 5,000 out of the 7.7 billion pennies made in 1983 are known to have this doubling error, adding to their rarity and value.
Coin Grading: Coins are graded on a scale between 1 and 70, with 70 being near-perfect condition. James McCartney, director of numismatics at Stack’s Bowers auction house, advises individuals who discover rare coins to take them to a certified coin dealer for assessment and grading. He emphasizes the importance of keeping coins in their original condition without cleaning or damage, as collectors prefer them that way.
Internet Misinformation: McCartney cautions against relying on internet information about coin prices, highlighting the prevalence of misinformation. This underscores the importance of consulting experts and certified dealers for accurate assessments.
1992 Commemorative Lincoln Coin: The article briefly mentions a TikTok trend from October where viewers were encouraged to check their change jars for a 1992 commemorative Lincoln coin potentially worth $26,000. The advice involves looking at the word "America" on the tails side and identifying a rare variety where the letters "A" and "M" are nearly touching.

In conclusion, the article provides valuable insights for coin enthusiasts, encouraging them to inspect their loose change for potentially valuable coins, emphasizing the importance of rarity, mint marks, doubling effects, and proper coin preservation and grading.

You could have a penny worth $7K in your pocket — and not even know it (2024)