The 1958 Doubled Die Lincoln Cent stands as one of the most coveted treasures among coin collectors, with its value soaring to remarkable heights.
This article delves into the intricate details of this rare penny, exploring its origins, distinguishing features, and the factors contributing to its extraordinary worth.
Understanding the 1958 Doubled Die Penny
A “doubled die” coin results from a minting error where the die imprints the coin’s design twice, slightly offset, leading to noticeable doubling of design elements.
In the case of the 1958 Lincoln Cent, this doubling is prominently visible on the obverse side, affecting inscriptions such as “LIBERTY,” “IN GOD WE TRUST,” and the date “1958.”
Rarity and Discovery
What elevates the 1958 Doubled Die Penny to legendary status is its extreme rarity. To date, only three specimens have been confirmed, making it one of the scarcest errors in U.S. coinage history.
Interestingly, this variety remained undiscovered until the early 1980s, when it first came to light at an ERRORAMA event in Cherry Hill, New Jersey.
Prior to this revelation, the numismatic community was unaware of its existence, adding an element of mystery to its allure.
Identifying Features
Collectors can identify the 1958 Doubled Die Penny by observing the following characteristics:
- Obverse Doubling: Pronounced doubling is evident on the inscriptions “LIBERTY,” “IN GOD WE TRUST,” and the date “1958.”
- Die Markers: Specific die scratches serve as markers for authentication. For instance, three parallel die scratches run south from between the “T” and “Y” in “LIBERTY,” and a short die scratch runs WNW to ESE below and between the “O” and “D” in “GOD.”
Market Value and Auction Records
The scarcity and desirability of the 1958 Doubled Die Penny have led to staggering auction results. Notably:
- March 2018: A specimen graded MS64RD by PCGS fetched approximately $336,000 at a Stack’s Bowers auction.
- January 2023: The finest known example, graded MS65RD, achieved a record-breaking price of $1,136,250 through GreatCollections Auctions, marking the first Lincoln cent to surpass the $1 million threshold.
Comparison with Other 1958 Pennies
While the standard 1958 Lincoln Cents are common and hold modest value, the doubled die variety’s worth is exponentially higher due to its rarity.
| Coin Type | Mintage | Value Range |
|---|---|---|
| 1958 Lincoln Cent | 252,525,000 | $0.01 to $0.30 |
| 1958-D Lincoln Cent | 800,953,300 | $0.01 to $0.30 |
| 1958 Proof Lincoln Cent | 875,652 | $5 and up |
| 1958 Doubled Die Lincoln Cent | Estimated 3 | $142,623 to over $1,136,250 |
Values are approximate and can vary based on condition and market demand.
Significance in Numismatics
The 1958 Doubled Die Penny holds a prestigious place in numismatic circles, often compared to other famous doubled die errors like the 1955 and 1972 cents. Its late discovery and the minuscule number of known specimens contribute to its mystique and desirability among collectors.
The 1958 Doubled Die Lincoln Cent is a testament to the allure of numismatic rarities. Its combination of a striking minting error, extreme scarcity, and record-breaking auction results cements its status as a legendary coin.
For collectors and enthusiasts, it represents the pinnacle of discovery and the enduring fascination with coinage anomalies.
What is a doubled die penny?
A doubled die penny features design elements that appear doubled due to a die misalignment during the minting process, resulting in a distinctive and collectible error.
How can I identify a 1958 Doubled Die Penny?
Look for pronounced doubling on the obverse inscriptions, especially “LIBERTY,” “IN GOD WE TRUST,” and the date “1958.” Specific die scratches can also aid in authentication.
Why is the 1958 Doubled Die Penny so valuable?
Its value stems from its extreme rarity, with only three known specimens, and high demand among collectors, leading to significant auction prices.
