Imagine finding three grams of treasure in your pocket worth $40,000. Would this be platinum? Weapons-grade plutonium? An invisibility serum?
How about a Lincoln Memorial copper penny, found in change? Impossible, right? Wrong! Several years ago, collectors from the Brown County Coin Club were in Ft. Worth at the American Numismatic Association’s national coin show, an event that rarely comes to Texas. While there, a couple of the guys overheard the following true tale.
A fellow brings up a 1969 S (S for San Francisco mint) cent, with doubling, to the ANACS representative who takes in coins for authentication. He immediately takes the coins to one of his graders, for a quick opinion on what was presented to them. “Yes,” the grader said, “This is an authentic 1969 S Lincoln cent with doubling, in a grade of Mint State 65.” From there, the ANACS rep took the pennyand its owner, to a dealer whom he knew dealt in these kinds of coins. The dealer offered the owner $40,000 for it, but was turned down because the book value on it was $85,000! Can you believe a value of $85,000 for a penny found in pocket change!
I have an update related to this story. In its November 24 issue, Coin World reports that Kentucky collector Terry Muth found one of the 1969 S doubled die obverse coins in circulation! He found it as he went through 12,000 cents that he gotten in rolls from his local bank. He submitted it to PCGS for authentication and grading. It received a grade of AU-55, which indicates it had light circulation. Then he submitted it to GreatCollections.com. With the buyer’s premium, the winning bidder paid $19,800 for this coin—a coin for which Terry basically paid a cent!
Even as late as the ‘70s, it wasn’t unusual to find a buffalo nickel or a Mercury dime in your pocket change. Nowadays, it’s nearly impossible to find any silver coin in circulation. However, there is treasure to be gleaned from your pocket change in the form of die varieties and errors, as evidenced by the two stories of the 1969 S doubled die obverse cent.
How would one get “up to speed” on the basics of coin collecting? The Brown County Coin Club meets on the second Tuesday of each month, at 6:30 pm, at Principally Coins and Metal Detectors, at 3002 Early Blvd, in Early. There’s probably at least one club member who shares an interest with you and would guide you in the basics. Get involved in coin collecting!
We hope to see you on December 9 for our next meeting. Call me at 325-217-4129 for more information.