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1 cent coins can be worth up to $7,000

1 cent coins can be worth up to $7,000

Before you throw that loose change in your pocket, you should check it carefully. You could have a 1983 penny in your hands With a value of up to $7,000.

Blake Alma, who runs the TikTok account “CoinHub” with more than 850,000 followers, highlighted that one of these rare coins was sold at auction for $7,050 in 2017, according to the Professional Coin Grading Service, one of the most well-known companies in authenticating and grading coins. .

How to identify this currency

This particular cent lacks a mintmark, which is an indication on the face of the coin that indicates where it originated.

For example, a coin with the letter “P” was minted in Philadelphia, the United States Mint Service explains.

In addition, you should check the reverse of the coin to see if the text “one cent” shows a double effect, Alma said.

Coin experts call these coins “double coins.”

This occurs when the stamping machine accidentally hits the coin in a slightly different place than the original coin, creating a duplicate image.

According to the American Numismatic Association, of the 7.7 billion pennies produced in 1983, only a few were minted. 5000 feet this error Of duplication, making it extremely rare and valuable.

How to benefit from your rare currency

If you believe you have this rare coin, or any other coin that may be of value, it is recommended that you send your coin to a rare coin authentication and grading company, such as Numismatic Guaranty Company or Professional Coin Grading Service, to be independently appraised.

Once your coin is authenticated and graded, It will be ready for auction.

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