Why is 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.

cnbc.com - Penny worth $7,000 could be hiding in your pocket—how to identify 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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