Kim
In a remarkable turn of events, a rare 1955 Doubled Die Lincoln Cent was discovered in the pocket of a grandfather’s old overcoat, fetching an impressive $81,000 at auction.
This coin, renowned among numismatists for its distinctive minting error, has captivated collectors and enthusiasts alike.
The story underscores the enduring allure of coin collecting and the hidden treasures that may lie unnoticed in everyday places.
Understanding the 1955 Doubled Die Penny
What Is a Doubled Die?
A doubled die occurs during the minting process when the coin die receives multiple misaligned impressions from the hub, resulting in a noticeable duplication of design elements on the coin.
In the case of the 1955 Lincoln Cent, this error is prominently visible on the obverse inscriptions: “IN GOD WE TRUST,” “LIBERTY,” and the date “1955.”
The doubling is so pronounced that it can be seen with the naked eye, making it one of the most famous and sought-after error coins in U.S. history.
Historical Context
The error originated at the Philadelphia Mint during a night shift in 1955. Approximately 40,000 of these error coins were produced before the mistake was detected. Of these, an estimated 20,000 to 24,000 entered circulation, primarily in the Northeastern United States.
Many were distributed as change in cigarette packs, a common practice at the time. Today, it’s believed that 10,000 to 15,000 of these coins survive, with only a fraction in mint condition.
The Grandfather’s Overcoat Discovery
The recent discovery of a 1955 Doubled Die Penny in a grandfather’s overcoat pocket adds a personal and poignant chapter to the coin’s storied history.
The coin’s owner, while sorting through his late grandfather’s belongings, stumbled upon the penny tucked away in the lining of an old overcoat. Recognizing its potential value, he had the coin authenticated and graded, leading to its eventual sale at auction for $81,000.
Auction Details and Coin Specifications
The coin was graded MS-64 RD (Mint State 64 Red) by the Professional Coin Grading Service (PCGS), indicating a well-preserved coin with full red luster. Its exceptional condition contributed significantly to its high auction value.
Coin Specifications
| Feature | Details |
|---|---|
| Denomination | 1 Cent (Lincoln Wheat Reverse) |
| Mint | Philadelphia (No Mint Mark) |
| Composition | 95% Copper, 5% Tin and Zinc |
| Weight | 3.11 grams |
| Diameter | 19.05 mm |
| Edge | Plain |
| Designer | Victor David Brenner |
| Obverse Design | Abraham Lincoln |
| Reverse Design | Two Wheat Ears |
| Error Type | Doubled Die Obverse |
| Grade | MS-64 RD (PCGS) |
| Auction Price | $81,000 |
Market Value and Collectibility
The 1955 Doubled Die Penny is a coveted item among collectors, with values varying based on condition:
- Circulated Condition: Prices range from $1,000 to $2,000, depending on wear.
- Mint State (MS-60 to MS-63): Values can range from $3,000 to $15,000.
- High Mint State (MS-64 and above): Prices escalate significantly, with MS-64 RD examples fetching $50,000 to $85,000.
- Top Grades (MS-65+ RD): The finest known specimens have sold for over $100,000, with one record-setting sale at $124,875 in 2020.
The coin’s value is influenced by its rarity, the prominence of the doubling, and its overall condition. Collectors are advised to seek coins certified by reputable grading services like PCGS or NGC to ensure authenticity.
The “Poor Man’s Doubled Die”
It’s important to distinguish the genuine 1955 Doubled Die Penny from the so-called “Poor Man’s Doubled Die.” The latter exhibits minor doubling, primarily on the last digit of the date, caused by die deterioration rather than a true doubled die error. These coins are far more common and hold minimal additional value over regular 1955 cents.
The discovery and sale of the 1955 Doubled Die Penny from a grandfather’s overcoat pocket serve as a compelling reminder of the hidden treasures that may reside in our everyday lives.
This coin’s journey—from a minting error to a valuable collector’s item—highlights the fascinating world of numismatics and the enduring allure of rare coins.
Whether you’re a seasoned collector or a curious novice, the story of this penny underscores the importance of vigilance and the potential rewards of exploring the past.
FAQs
How can I identify a genuine 1955 Doubled Die Penny?
A genuine 1955 Doubled Die Penny features prominent doubling on the obverse inscriptions: “IN GOD WE TRUST,” “LIBERTY,” and the date “1955.” The doubling is easily visible without magnification. For confirmation, it’s advisable to have the coin authenticated by a professional grading service like PCGS or NGC.
What makes the 1955 Doubled Die Penny so valuable?
Its value stems from a combination of factors: the dramatic and easily visible doubling error, its limited mintage with only about 20,000 to 24,000 entering circulation, and the high demand among collectors. Coins in exceptional condition, especially those with full red luster, command premium prices.
Are there other valuable doubled die pennies?
Yes, other notable doubled die pennies include the 1969-S, 1972, 1983, and 1995 Lincoln Cents. Each has its own unique characteristics and varying degrees of rarity and value. As always, authentication and grading are crucial in determining a coin’s true worth.