Your Lincoln penny could be worth $21,900 but coin collectors need check for two details
Americans are being reminded the spare coins in their wallets and purses could be worth a lot of money.
A professional coin collector shares how one penny could be worth tens of thousands of dollars.
Shaun is a content creator on TikTok who documents specific coins and what makes them valuable.
Coin collecting is a popular hobby among millions of people and, apparently, a potentially lucrative one.
The TikTok star discussed how a 1957 Lincoln penny with a wheat reverse was sold for $21,947.62.
In a recent TikTok, Shaun broke down why this particular coin can sell for tens of thousands of dollars.
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@blueridgesilverhound Plentiful Dated Lincoln Penny Hammers Gor $21,900+ At Auction! #blueridgesilverhound #recessionproof #changetreasure #coinsworthmoney #bigmoneycoins #pocketchangetreasure #moneycoins #luxurylife ♬ original sound - BlueRidgeSilverhound
The content creator shared: “Here’s another auction update from GreatCollections.com. It's probably one of the biggest sets I’ve seen.
“Sold just over the summer and it’s come down to this 1957 Lincoln Wheat set. Now let’s get this out of the way, over 282 million 1957 Lincoln wheat sets were produced by the Philadelphia mint.
“I want you guys to keep that number in the bag of your head as we navigate the information on this recent sale.”
According to the coin expert, the expensive value of this particular penny is “all about the grade”.
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When valued, coins are graded on a 70-point grading scale with one being the worst condition and 70 representing a perfect mint state.
The TikTokker revealed that wheat set coins produced in Philadelphia are usually very hard to grade at the highest level.
This is primarily due to the “abysmal” quality of the Philadelphia Mint at the time of production, according to
He added: “This right here [the coin]] kind of represents the best of the best of what you can expect.
“This one: 67 plus full red is the top grade level with only five known at that grade level. It’s even got a CAC [the coin grading authority] sticker which I think is totally insane.
“Ladies and gentlemen: $21,947.62. My goodness, what a rip.”
Those interested in getting more tips and guidance on coin collecting and auctioning can follow Shaun’s TikTok channel [@blueridgesilverhound].
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