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What makes the 1983 penny rare?

Stack's Bowers sold this 1983 Doubled Die Reverse penny for $2,640 in March 2018. The U.S. made about 7.7 billion pennies in 1983, but only about 5,000 of them are known to have been made with this doubling error, James McCartney, director of numismatics at Stack's Bowers Galleries, tells CNBC Make It.

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You may want to think twice before tossing out your loose change — one of your pennies could be worth $7,000. That's if you have a 1983 Lincoln penny, says Blake Alma, whose "CoinHub" TikTok account has over 850,000 followers. In 2017, the rare penny was auctioned for $7,050, according to Professional Coin Grading Service, one of the most popular third-party coin grading and authentication companies. Here's how to tell if you have one.

What to look for

This special penny lacks a mint mark, according to Alma's video. A mint mark is the marking on the face side of a coin that indicates where it was created. A coin with a letter "P" indicates it was made in Philadelphia, according to the United States Mint. Next, you'll want to check the bottom of the coin's other side to see if the "one cent" wording has a "doubling effect," Alma says. Coin collecting experts call this a "doubled die reverse" coin. This typically happens when the stamping machine used to imprint images onto a coin accidentally strikes the coin in a slightly different spot, resulting in a doubled image, according to the American Numismatic Association. Here's what the 1983 Doubled Die Reverse penny looks like. Stack's Bowers sold this 1983 Doubled Die Reverse penny for $2,640 in March 2018. Stack's Bowers Galleries Stack's Bowers sold this 1983 Doubled Die Reverse penny for $2,640 in March 2018. Stack's Bowers Galleries The U.S. made about 7.7 billion pennies in 1983, but only about 5,000 of them are known to have been made with this doubling error, James McCartney, director of numismatics at Stack's Bowers Galleries, tells CNBC Make It. The rarity of these misprinted pennies are what make them more valuable than ordinary pennies.

How to cash in on your rare coin

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How much is a 1944 penny worth?

In general, a 1944 Wheat Penny in good condition is worth about $0.15, far more than its face value, but one in mint condition can be worth up to $2.00 or more depending on how fine the condition is. The value of a 1944 Wheat Penny also depends on how many of the coins were minted.

The highest premium is paid for 1944 wheat pennies graded by venerable institutions such as PGCS. The value of these graded 1944 cents is increased not only because they are graded but also because graded coins are presented in better condition. Ungradable coins are the least valuable and go all the way up to MS or mint state coins, the highest of which is MS-PR-70, which stands for mint state/proof. If you believe your 1944 wheat pennies are in excellent condition, having them graded is always a good idea. A grading institution will also be able to determine if your coin presents an error or not, making it potentially more valuable. Remember that the cost of having most of these coins graded is more than the coin’s value, even in exceptional condition. The best reason to have these coins graded is if you believe your coin contains a valuable error that makes it worth hundreds or even thousands of dollars.

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