Tuesday, 19 March, 2019

Rare penny found in 1947 could be worth more than $1 million

Lucky Lincoln: Rare 1943 Penny Could Fetch Over $1 Million at Auction Incredibly Rare Coin US Mint Denied Existed Found In Boy's Lunch Money Could Be Worth $1.7 Million
Laurie Berry | 10 January, 2019, 18:41

It is expected to fetch up to $1.65 million at auction. During the war, copper was considered strategic, said Heritage Auctions.

Done Lutes, from MA, was 16 when he was handed the one cent coin at the cafeteria in 1947.

It was many years before the truth came out about the rare pennies, according to Heritage Auctions.

So Lutes concluded his coin was probably valueless, and stored it as a curiosity in his coin collection for the next seven decades. It was a penny. The metal was used in the production of bullets, telephone wires and other wartime necessities, Fox News reports.

Fewer than 20 of the rare 1943 Lincoln pennies were ever made- and that was due to an error. These few planchets went unnoticed when the bins were refilled with zinc-coated steel planchets in 1943. When they became dislodged, they were printed and circulated with the millions of steel copies.

Lincoln pennies produced in 1943 were meant to be made from zinc-coated steel, but a handful of coins put into circulation used copper instead.

'PCGS CoinFacts estimates the surviving population at no more than 10-15 examples in all grades.

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Only a handful of the legitimate rare pennies have reportedly been discovered.

But when Lutes contacted the Ford Motor Company, he was told the rumor was false.

Lutes also got in touch with the Treasury Department about his find.

"In regard to your recent inquiry, please be informed that copper pennies were not struck in 1943". "All pennies struck in 1943 were zinc coated steal". The young coin collector chose to keep the cent in his collection for more than 70 years, until he died in September. While the coin wasn't purchased off the auction block, it reportedly raked in $40,000 in a private sale shortly after.

According to Heritage Auctions, the "bronze Lincoln cent is the most famous error coin in American numismatics". However, in 2010, one certified by the Professional Coin Grading Service was sold for a record $1.7 million by Legend Numismatics.

Lutes's coin, now verified, will remain on auction until January 10, according to Fox News.

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