while you're at it...please, comment if there's any value (other than loving the coin myself) in keeping a coin with an error or variety but that otherwise is beat up and low grade?
Pretty much the damage erases the value of you coin. But clearer image would help to see what is going on with the 'LI' on LIBERTY. It might be a die chip or moved metal. I can't tell for sure from the image provided.
I can't tell for sure, but it looks like a die chip between L and I of LIBERTY. Is it incuse or raised? If raised, die chip. If you can get sharper pictures of your coin, you can submit it to Cuds on Coins: http://cuds-on-coins.com/lincoln-cent-bies/ They catalogue "BIE" type errors as Lincoln Die Breaks "LDB," and I do not see one listed at position two for 1956.
the "thing" between the L and the I is raised like the other letters, looks like a squished L (very squished!) I'm going to try to get better pics if no value, still can learn :) tysm
If it's raised and hard, it's a die chip. (There could be raised spots on a coin due to plating under the copper plating, but that would only be applicable to cents 1982 and later.) On your coin, the protrusion between the lettering in LIBERTY on the die broke off, so coins struck after that have a blob of metal in that area. They are often called "BIE" type errors because the popularized version had the chip between the B and E of LIBERTY. When you get sharper pictures, you can submit it to Cuds on Coins. I'm not sure it's worth much, but it's always fun to be the first one to discover something!
Ok...as promised...closer image of the "thing" between L and I... on closer look, it's like a U-shaped thing, same thickness and height as the letters.
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