View Mobile Site

Text Size: Smaller Larger Normal

Local coin collector cashes out $4,000 penny

POSTED December 28, 2012 2:00 p.m.

Four thousand dollars may not be pocket change for most Turlock residents, but for one lucky local man and coin collector, this was just the case. A rare 1992-D MS62RB NGC close “AM” Lincoln Memorial penny was sold recently on eBay for $4,051.99.

For security reasons, the seller wishes to remain anonymous.

There are varying factors that go into determining the value of coins. Lincoln Memorial pennies are extremely common, but some may hold more value than you think. 

Troy Thoreson of Thoreson Numismatics in Turlock helped the local man receive full certification of his penny, and supplied a little knowledge about why the penny was worth more than its weight in gold.

Those intricate details play a part in it’s worth, Thoreson explained. The letter “D” under the date of the penny is a mintmark, which indicates where the coin operated. The “D” stands for Denver, Colo.

As for the code MS62RB, the grading system goes from 1 to 70 on coins. MS60 or higher has never been used in circulation. The close “AM” actually stands for how close the “A” and the “M” are in America. On this coin, they touch, which is a big error.

"It’s like finding a needle in a haystack,” Thoreson said.

The local coin collector was shocked to find such a treasure in his pocket change and automatically sought Thoreson for clarification. The men then decided to get it certified immediately.

“There are two really good certification companies; NGC (Numismatic Guaranty Corporation) and PCGS (Professional Coin Grading Service). We are authorized dealers for both companies. We chose NGC to certify the coin,” Thoreson said.

 After finding certification, and placing it for sale on the Internet, the anonymous seller watched as the bid went from 99 cents to a whopping $910 on Dec. 16. Finally, with seconds to spare, the price soared from $1,000 to $4,051.99.

“It felt like a horse race. I’m an avid collector, and I didn’t think the penny would sell for that much. It wasn’t in pristine condition. Mine had spots, and that makes it less valuable. It has been in circulation. Without spots, I’ve seen it cost about $24,000,” the collector said.

Thoreson said the newfound penny was the best Christmas gift that his friend could receive, and is he was happy to share his expertise.

“It feels really good to help someone to take the right steps to get the maximum out of a coin,” he said.

The anonymous collector said the public should also consider looking for common errors seen in pocket change.

“These were such subtle errors,” he said. “Be sure to keep your eye out!”118 West Main StreetUSCATurlock95380

Commenting is not available.

Share on Facebook Bookmark and Share
Commenting not available.

Please wait ...