By Douglas Keefe
What if I were to tell you there could be thousands of dollars worth of coins in your pocket change? Would you take the time to hunt for them? Well, it’s true! There are one-cent coins (incorrectly known as pennies) that are worth hundreds, thousands and even tens of thousands of dollars each. And yes, they could be in your pocket or lurking undetected in the container where you throw your loose change. Do I have your attention?
The coins of which I speak are what we call “double dies.” That is, the die that was made to mint the coins that command these high prices had a double impression transferred to the die. Hence, double dies are the coins that were struck by this die.
How does this occur? A die is created starting with a blank piece of steel. A device called a hub, which has the image of the coin on it, is driven into the steel multiple times, creating the reverse image of the coin. This hub is held in place by a set screw. On some occasions, while making the die, the set screw loosened and the hub shifted, creating a second image over the first. This double image can be dramatic or very minor, but still noticeable through a magnifying glass.
The most famous double-die coin is the 1955 one-cent coin, whose doubling is so evident that it can be seen with the naked eye. However, since this is a wheat cent (cents with wheat stalks on the reverse), this is not one that would be typically found in circulation as most wheat cents have been saved by collectors. However, here are some examples of double-die cents in the coins minted from 1959 forward, which have a design of the Lincoln Memorial on the reverse.
The 1972 double die cent created a lot of interest when first discovered. While not as evident in doubling as the 1955 cent, it can still be seen with the naked eye. This discovery started many people getting $50 bags of cents from banks to search for this coin. The value today is anywhere from $200 up.
The next cent was the 1983 cent, which had its reverse doubled. A good magnifying glass is required to see the doubling, as it is not as obvious to the naked eye. The current value is $100 and up.
The next year, 1984, saw another double die, but this showed only on Lincoln’s ear. Looking closely, there is a second ear under the main design. Today, they are valued at $100 and up.
1995 resulted in probably the most common of double-die cents. The doubling is evident in the lettering and date on the face (obverse) side of the coin. The value stands at $20 and up.
So where is the real money, you ask? It’s in coins that have not been well publicized and discovered recently. A 1971 double-die cent, while not as known as 1972, is worth more: $300 and up.
1969-S is a biggy. The doubling is evident in the date; it appears as a shadow but doubled nonetheless. An example of this coin sold in an auction in 2007 for over $125,000.
Next is the 1970-S cent, which can command three figures when sold.
There are other examples of double-die cents. If someone is interested in finding which ones are valuable, I recommend purchasing a copy of the book, “The Cherry Pickers Guide.”
If you have a collection of wheat cents, check your 1958 dates. This was the last year that wheat cents were minted. So far, three coins have been found doubled, and I guarantee the die that struck those coins struck more than three. If you find the fourth, you could have a $100,000 payday.
