Your Lincoln penny could be worth $336,000 but you need the exact date and 'wheat' detail
YOUR coins may be worth a pretty penny if it has a few man-made errors from the past.
The 1958 wheat penny, while quite common, is worth a fortune if yours has the rare doubling error.
Coin enthusiast (@Diggin Dave) recently posted a TikTok revealing how the coin got its value.
“Now guys, a 1958 wheat penny in itself is very common and it’s only worth a couple cents,” Dave said on TikTok.
“But what makes this one right here extremely valuable is that it’s a doubled die,” he added.
Doubling refers to an error that happens during the strike process.
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This is when the metal pieces that are used to create the coin’s features strike multiple times to embed the image or text.
When the die strike is misaligned, letters, numbers, and even images on the coin get marked twice in slightly different places.
The doubling on this coin can be spotted on the letters in the word LIBERTY and the motto IN GOD WE TRUST.
Since doubling is a noticeable feature, finding these types of coins will likely not be too difficult.
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This particular penny sold from Stacks Bowers for a record $336,000.
PRETTY PENNY
While the double die error may be the main reason behind the penny's value, another factor helped reach its high price - its grade.
The penny was certified by the Professional Coin Grading Services (PCGS) and received a grade of MS-64 RD.
The RD grade typically refers to its reddish coloring.
Coins get this grade if they contain enough of their original red coloring.
However, the term may also refer to the state of the penny - typically meaning that it's Mint State condition.
VALUE CHECK
Experts determine a coin's grade from a variety of factors including mintage, errors, demand, age, design, and condition.
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.
WHEAT DESIGN
The 1957 Wheat Cent was minted in Philadelphia where 282,540,000 were minted.
The penny was struck for circulation from 1909 to 1958 and was designed by Victor D. Brenner.
It was a part of the wheat series created in the early 1900s to commemorate Abraham Lincoln’s birth anniversary.
The front features Lincoln's image on the obverse and a pair of wheat strands on the reverse side.
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One lucky man found a rare coin worth in his grandfather’s loose change jar and learned its true value.
Plus, another obverse detail could make your penny worth $114,750.
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