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1969-S Penny Sold to Honest Coin Dealer for 5 Cents to Realize over $40,000 at Auction
Ian Russell on Tue, Nov 17, 2020 06:23:19 AM
November 17, 2020. Irvine, Calif. – Over thepast 50 years, an individual from San Francisco accumulated thousandsof Lincoln Cents from change, friends and by searching rolls. Henever found anything of note, and finally the day came to sell thecollection. He obtained several quotes from local coin shops, andended up selling the whole collection for a few hundred dollars,equaling about 5 cents per coin.
Several days passed, and the coin dealerfinally went through every coin, many of which were housed in paperenvelopes. To his surprise, an uncirculated 1969-S Lincoln Centturned out to be the very scarce Doubled Die variety, of which lessthan 100 coins are known in all grades.
The dealer instantly called the collector whosold him the collection, and arranged to return the coin to him. Although he never told the collector the estimated value, he made himaware that the coin was very valuable, and certainly should not besold before it could be professionally graded and authenticated.
GreatCollections received the coin raw in thesame paper envelope it had been housed in for decades, and was amazedby the freshness and quality, and confirmed it was genuine.
Ian Russell, president of GreatCollections said, “Although there are many reproductions and even genuine coinswith inconsequential machine doubling, we knew instantly the coin wasthe major doubled die and genuine, and arranged for the coin to begraded by PCGS. The elderly owner of the coin really hit the jackpotthat after selling the coin for 5 cents, the honest dealer returnedit to him without question. While the dealer is wishing to remainanonymous at this point in time, I hope one day to be able todisclose his name, since he deserves praise for how he handled thetransaction.”
PCGS, which stands for Professional CoinGrading Service, graded the coin within a few days, and assigned thegrade of PCGS MS-63+ RD, ranking it as the fourth finest graded ofthe variety.
A Doubled Die variety of a coin refers to aduplication of design elements on the working die used to mint coins. If the striking of the die (a hub) was slightly misaligned, the endresult is the impression of two imprints on the final coin. The mostprominent doubled dies can be seen with the naked eye, such as this1969-S variety.
GreatCollections also arranged for CAC toreview the coin and it passed their strict grading standards. It isthe fourth highest to be approved by CAC.
The encapsulated coin is being featured in theDecember 13thauction by GreatCollections and is being sold without reserve. It isexpected to realize in excess of $40,000 when the bidding hasfinished.
For more information about the 1969-S Lincoln Cent Doubled Die PCGSMS-63+ RD CAC, please visit www.greatcollections.com telephone 1-800-442-6467.
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GreatCollections is an auction house forcertified coins and paper money, as well as coins approved by CAC,handling coin/banknote transactions from start to finish. Forsellers, GreatCollections offers professional imaging for eachcoin/note, cash advances as appropriate, extensive marketing andother individualized services generally not available with otherauction houses and websites, freeing the seller to do nothing exceptcollect the proceeds of the sale. Buyers benefit by entrusting avenue whose principals have years of numismatic experience and whosereputations in the industry are impeccable. Ian Russell,owner/president of GreatCollections in a member of the prestigiousPNG (#785) and Life Member of the American Numismatic Association,while the company is an authorized submitter to PCGS, CAC and memberof the National Auctioneers Association. Calif. Auctioneer Bond#106582267.
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