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1969-S Doubled Die Penny Sold To Honest Dealer For 5 Cents Expected To Realize $40,000 At Auction

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 Posted 11/20/2020  08:37 am Show Profile   Bookmark this topic Add CCFPress to your friends list Get a Link to this Message
PCGS - Over the past 50 years, an individual from San Francisco accumulated thousands of Lincoln Cents from change, friends, and by searching rolls. He never found anything of note, and finally the day came to sell the collection. He obtained several quotes from local coin shops and ended up selling the whole collection for a few hundred dollars, equaling about five cents per coin.

Several days passed, and the coin dealer finally went through every coin, many of which were housed in paper envelopes. To his surprise, an uncirculated 1969-S Lincoln Cent turned out to be the very scarce doubled die variety, of which less than 100 coins are known in all grades.


1969-S Lincoln Cent Doubled Die Obverse, PCGS MS63RD


The dealer instantly called the collector who sold him the collection and arranged to return the coin to him. Although he never told the collector the estimated value, he made him aware that the coin was very valuable and certainly should not be sold before it could be professionally graded and authenticated.

GreatCollections received the coin raw in the same paper envelope it had been housed in for decades and, amazed by the freshness and quality, confirmed it was genuine.

Ian Russell, president of GreatCollections said, "Although there are many reproductions and even genuine coins with inconsequential Machine Doubling, we knew instantly the coin was the major doubled die and genuine, and arranged for the coin to be graded by PCGS. The elderly owner of the coin really hit the jackpot that after selling the coin for five cents, the honest dealer returned it to him without question. While the dealer is wishing to remain anonymous at this point in time, I hope one day to be able to disclose his name, since he deserves praise for how he handled the transaction."

PCGS graded the coin within a few days, assigning the grade of PCGS MS63RD and ranking it as the fourth finest graded of the variety.

A doubled die variety of a coin refers to a duplication of design elements on the working die used to mint coins. If the striking of the die (a hub) was slightly misaligned, the end result is the impression of two imprints on the final coin. The most prominent doubled dies can be seen with the naked eye, such as this 1969-S variety.

The encapsulated coin is being featured in the December 13 auction by GreatCollections and is being sold without reserve. It is expected to realize in excess of $40,000 when the bidding has finished.
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 Posted 11/20/2020  08:48 am  Show Profile   Check Paul Bulgerin's eBay Listings Bookmark this reply Add Paul Bulgerin to your friends list Get a Link to this Reply
What a nice story! Reading it was a great way to start my day.
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 Posted 11/20/2020  09:05 am  Show Profile   Bookmark this reply Add Coinfrog to your friends list Get a Link to this Reply
Quite a story, thanks.
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 Posted 11/20/2020  09:10 am  Show Profile   Bookmark this reply Add T-BOP to your friends list Get a Link to this Reply
That's the kind of dealer to make friends with for buying and selling your coins .
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 Posted 11/20/2020  09:19 am  Show Profile   Bookmark this reply Add oih82w8 to your friends list Get a Link to this Reply
There are honest people out in the world. Bravo!
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 Posted 11/20/2020  09:33 am  Show Profile   Bookmark this reply Add brenpickle to your friends list Get a Link to this Reply
That is awesome that the dealer was honest, and also gives me hope that one day one of these might pop up for me coin roll hunting.
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 Posted 11/20/2020  09:54 am  Show Profile   Bookmark this reply Add psuman08 to your friends list Get a Link to this Reply

Quote:
What a nice story! Reading it was a great way to start my day.


Couldn't agree more.
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 Posted 11/20/2020  10:37 am  Show Profile   Bookmark this reply Add CoinHunter27 to your friends list Get a Link to this Reply
Loved it! I agree a great way to start the day!

-CH27
Collector of U.S. varieties and errors
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 Posted 11/20/2020  10:45 am  Show Profile   Bookmark this reply Add Zurie to your friends list Get a Link to this Reply
Great story!
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 Posted 11/20/2020  10:46 am  Show Profile   Bookmark this reply Add john100 to your friends list Get a Link to this Reply
That dealer should get some kudos !
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 Posted 11/20/2020  11:25 am  Show Profile   Bookmark this reply Add westernsky to your friends list Get a Link to this Reply
Kudos to an honest dealer!
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 Posted 11/20/2020  1:21 pm  Show Profile   Bookmark this reply Add Jim0815 to your friends list Get a Link to this Reply
There are good people still out there. Really a good read.
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 Posted 11/20/2020  2:44 pm  Show Profile   Bookmark this reply Add nick10 to your friends list Get a Link to this Reply
Cool story. Only 100 or so known examples. How many coins does the average cent die produce? Must be thousands, so there should be many more examples yet to be found.
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 Posted 11/20/2020  7:02 pm  Show Profile   Bookmark this reply Add jmkendall to your friends list Get a Link to this Reply
I'm not sure I would characterize the dealer as honest. A good guy certainly.

But buying a bulk collection of Lincolns at an agreed upon price, sight unseen, is the norm in our busniness. It is the hope of finding that rare coin inbetween all the common stuff that gets us coming into the shop every day.

Let me put it into perspective. You as the buyer buy a bulk bag of 5000 Lincolns from an individual on Ebay. Said individual is liquidating a collection of coins they inherited and trying to make a quick buck. Happens all the time.

Now YOU as the buyer find an UNC Red 1909-S VDB. Are you now required to return it to the nice old man who sold you the bulk collection?
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 Posted 11/20/2020  8:49 pm  Show Profile   Bookmark this reply Add macmercury to your friends list Get a Link to this Reply
I would really thanks the dealer if it was me, and would give back some of the auction winnings as a gesture of my gratitude and the dealer generous honesty.

This would be a case by case basis, but that's how I would approach it in this case.

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 Posted 11/20/2020  9:30 pm  Show Profile   Check Collects82's eBay Listings Bookmark this reply Add Collects82 to your friends list Get a Link to this Reply
Such a great story, very proud of the dealer for being honest and legit in his dealings.

I've recently abandoned a couple other hobbies primarily because I grew tired of the cutthroat, self-serving, and underhanded practices of so many others. I know coin dealers can be grumpy profiteers at times, but every show I've been to I keep finding honest and kind dealers that help keep this hobby enjoyable.
My hoard of '82s is up to 202! 218 BC x 1, 118 BC x 3, 18 BC x 1, 82 x 1, 182 x 1, 282 x 2, 582 x 2, 682 x 1, 782 x 2, 882 x 1, 982 x 4, 1082 x 1 1182 x 8, 1282 x 2, 1382 x 1, 1482 x 5, 1582 x 13, 1682 x 15, 1782 x 56, 1882 x 49, 1982 x 33
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