For most people a penny is the smallest coin they can find in their pockets, without much importance. However, in the coin collectors world, a rare penny is worth thousands of dollars… or even more than $100,000! The secret is not that the coin is perfect, but the opposite: a mistake. When something goes wrong in the minting process, that detail transforms a common penny into a wanted treasure. So, let’s learn more about this.
Why mistakes are valuable in a penny
Collectors know that what’s worth in a coin is its rarity. So, when the U.S. Mint makes a mistake, those coins sometimes slip into circulation without anyone noticing it. Years later, those samples with mistakes can reach shocking prices in auctions.
A great example of this is the 1943 Lincoln bronze cent. This year pennies should have been made with steel covered in zinc because bronze was necessary for the war effort. By mistake, some were made in bronze, only about 20 of them have been found, and one was sold for $1.7 million! Can you believe that?
However, another mistake–the 1955 Doubled Die Lincoln Cent–is also very famous and the best thing is that it could be still hidden in somebody’s change jar.
Imprinted twice
In 1955, at the Philadelphia Mint, a mistake happened during the die-making process. The die that stamps the coin’s image shifted, creating an offset. As a result, the design was imprinted twice, producing a ghostly “doubled” look on the obverse (front) of the penny.
This doubling is most noticeable on the year “1955,” the word “LIBERTY,” and the phrase “IN GOD WE TRUST.” To collectors, this error makes the coin one of the most desirable pennies in American numismatics.
How many of them were made?
About 24,000 of those pennies were made before the mistake was discovered. By then, most of the pennies had already mixed with normal cents and circulated among people.
The Mint decided not to recall the coins because that would have been an expensive process and they thought people wouldn’t notice it. However, people noticed it very fast and collectors’ demand increased.
How much does this penny cost?
The value of a 1955 Doubled Die Lincoln Cent depends on its condition:
- In circulated condition (used), it can sell for between $1,000 and $10,000.
- In mint condition, the price rises dramatically. Well-preserved examples have sold for more than $100,000.
- The most valuable pennies are those graded as “Mint State” by professional services. One in MS65 Red condition—meaning it retained its original bright copper color—was auctioned for $125,000.
Careful with counterfeits
Due to its high value, there are counterfeits. Some people have tried to imitate the double effect by modifying common cents. This is why if someone believes to own a 1955 Doubled Die Lincoln Cent, this person should check it with experts before assuming it’s authentic.
Why this penny keeps being so fascinating
For coin collectors, having one of these pennies is like owning a piece of the history of the United States. So, apart from this, let’s find out the reasons why they are so interested in these coins:
- It is rare, but not impossible to find—meaning it could still be hiding in a collection or drawer.
- The doubling is clear and easy to see with the naked eye.
- Its story reflects how accidents at the Mint can create lasting treasures.
So next time you see a penny, take a closer look. You might just be the owner of one of the most famous coins in American history, and that it’s worth a lot of money!