BREAK out those coins because a 1995 Lincoln penny has just sold for over $6,000.
Coin collector and TikTok user blueridgesilverhound recently posted a video detailing why the seemingly ordinary penny is so valuable.
The TikToker, whose real name is Shaun, said the coin gets its rare value because of two factors: the doubling error and what collectors are willing to pay.
The double die error is when there is a duplication of design elements.
Typically, this occurs when a coin is not manufactured correctly.
The doubling on this particular coin can be easily spotted in the words “In God We Trust” and “Liberty,” Shaun explained in the video.
While coins with a doubling error tend to sell very well, Shaun said these get even more expensive when collectors buy high-graded coins for prices like this.
This particular coin sold online for $5,405.55 but came out to $6,081.24 after buyer fees.
The penny did have a very high grade of MS-69 RD from Professional Coin Grading Services (PCGS).
THE 1995 LINCOLN PENNY
Introduced in 1959, the Lincoln Memorial penny design was minted in Philadelphia and Denver.
The design was first produced in 1909 to commemorate the 100th anniversary of Lincoln’s birth.
President Lincoln is featured on the obverse with the words “Liberty” and “In God We Trust” along with the 1995 date.
The reverse showcases the Lincoln Memorial to commemorate the 150th anniversary of Lincoln’s birth, replacing the Wheat Ears design.
Two designers created the coin. Victor D. Brenner designed the obverse while Frank Gasparro created the reverse.
DETERMINING A COIN’S VALUE
Experts determine a coin’s value based on several factors including mintage, errors, demand, age, design, and condition.
Pennies especially can be valuable because of their rich history.
More importantly, coins are graded on a rigid scale, which is what collectors will pay big bucks for.
There are five main components when it comes to a grading scale including strike, surface preservation, luster, coloration and eye appeal.
Coins are assigned a whole number between 1 and 70, with 70 being a flawless coin.
The Sun U.S. details how a dime sold for $11,400 online.
Plus, if your quarter has a specific mintmark, it could be worth over $19,000.
