LOOKING through your piggy bank could reveal a penny worth $3,000, one coin expert has shared, but you need to look for the error on the front.
TikTok user BlueRidgeSilverHound is a coin collector who has built a following of thousands of followers on the platform.
Recently, the coin expert showcased a specific 1963 penny that can net you quite a profit – $3,000 in total.
“What you’re looking at right now is by far probably one of the rarest coins to find in a specific grade for high end collectors of Lincoln cents,” BlueRidgeSilverHound said.
What makes it special
The 1963 Lincoln penny in question has a D mint mark and is “so tough in its quality that finding one that grades out above 65 is a challenge,” the coin collector shared.
Generally, a coin’s grade indicates its condition and inherent value.
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The grade in this case is determined by the quality of the coin’s strike, preservation, luster, color, attractiveness and sometimes the country or state in which it’s been minted.
“These things were literal junk when they first came out,” BlueRidgeSilverHound said.
He went on to say the coin exhibited many planchet knicks and marks before the strike even occurred.
Because of this, the highest grade for the coin, MS67, has a relatively small population.
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So if you’re able to find one, you could net more than $3,000.
The last known sale of the coin on GreatCollections went for $3,332, the content creator said, but another recent listing saw the collectible go for as high as $13,000.
How is the value of a coin determined?
This 1963 Lincoln penny has such a high value due to condition.
However, many coins are valued highly because of rare errors.
Errors happen when the mint incorrectly manufactures a coin, leading to specific elements that are not supposed to be included.
However, experts determine a coin's value based on a variety of other factors too.
This includes 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 one and 70, with 70 being a flawless coin.
How to find rare coins
Make sure to check your spare change for any rare pennies, nickels, dimes and other coins as many of them could sell for thousands.
Typically, the most valuable coins are ones with a low mintage or an error, as collectors find those coins are some of the rarest.
Additionally, coin experts will pay top dollar if they are also well-struck.
A great website to check if your coins are worth anything is eBay.
You just need to search the full coin name, select the "sold" listing and then toggle the search to "highest value.”
Other rare pennies
There are many other valuable pennies to keep in mind, particularly with double-die errors.
Arguably the most famous one of them all is known as the 1955 variety, which features the doubling of date along with the words “Liberty” and “In God We Trust.”
In average condition, the 1955 double die penny is worth $1,318, according to USA Coin Book.
The value could surpass $17,000 if in an MS 63 grade.
One buyer recently paid more than $2,000 for a circulated 1955 piece in a high grade.
Another double die penny with a 1960 date could be worth up to $4,000.
Aside from double die errors, there’s the 1922 Lincoln penny without a mintmark, which can be worth thousands depending on the grade.
It is worth $946 in average condition and up to $30,724 if in an “Uncirculated (MS-63)” grade, according to USA Coin Book.
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Another valuable coin is the 1937-D “three-legged” Buffalo nickel, which could be worth nearly $4,000.
Plus, there’s a half dollar worth $4,700 if it has one specific detail.
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