Dean Drobot, Heritage Auction, PublicDomainPictures U-turn With Lincoln's Penny Coins: They Pay a Fortune for This
An almost imperceptible detail on some Lincoln coins has skyrocketed the value of these pieces in the markets.
In the world of coin collecting, some specimens are sold for a large amount of money. Among them, there is a penny that has captured the attention of experts and collectors. It is a rather unknown version of the 1992 Lincoln penny.
This coin featuring Abraham Lincoln is known for an unusual detail in its design. It is the 1992 Close AM penny, a coin that at first glance may seem completely common and go unnoticed among other pennies.
The History of the 1992 Close AM and Why It Is So Valued
The 1992 Close AM penny emerged due to an error in the minting process. The peculiarity of this coin lies in the closeness of the letters “A” and “M” in the word “AMERICA” on its reverse. This design resembles that of the 1993 pennies but was not supposed to be used on the 1992 coins.
The error occurred because a die intended for Proof coins was used to mint regular circulation coins. In circulation coins, the letters “A” and “M” are more separated, known as “Wide AM”. Additionally, on the Proof dies, the initials of the designer Frank Gasparro appear further from the base of the Lincoln Memorial.
This detail makes the coin extremely rare. Only a few specimens are known, making it one of the most sought after by collectors of Lincoln Memorial pennies. This accidental combination of dies has made the 1992 Close AM have a very high value in the market.
The first 1992 Close AM penny was discovered in December 2001 by collector Colin Kusch. The found coin showed signs of having been minted in an intermediate state of the die. This indicates that the Denver Mint tried to eliminate these experimental coins, but some managed to circulate.
A 1992 Close AM penny in MS67 Red quality sold for $25,850 at a Heritage auction in 2017. Even specimens in circulation condition can reach prices between $3,000 and $4,000 in MS64 quality. The demand for these pennies remains high due to their history and rarity.
Other Rare Penny Coins You Can Find
The 1992 Close AM is not the only rare penny, another interesting example is the 1983 penny without a mint mark. In that year, coins minted in Philadelphia did not carry this mark. However, some specimens feature a stamping error known as “doubled die reverse”.
This error occurs when the die strikes the coin twice slightly misaligned. As a result, it leaves a double image on the inscription “one cent”. It is estimated that out of the 7.7 billion pennies manufactured in 1983, only about 5,000 exhibit this error.
The value of these pennies increases considerably due to their rarity. Some specimens have sold for up to $7,000. The combination of minting process errors and the limited quantity available makes these coins highly sought after.
Errors in coins continue to fascinate collectors worldwide. Specimens like the 1992 Close AM and the 1983 penny without a mint mark are examples of how small details can transform common coins into true treasures.
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