When’s a penny worth more then a penny?
Apr 16th, 2007 by capitaladmin
You can easily pick up a penny in your loose pocket change and end up with something worth $15-$20. During early 2000, the mint produced a batch of pennies that ended up causing quite a stir in the collecting community. Both trade papers ran front page stories concerning this new variety of 2000-P Cent.
This variety has been designated a “Type 2 Reverse”
The recent discovery of two different types of 2000 Lincoln Cents created a flurry of excitement in numismatics. The difference between the two types is readily apparent. Type 1 (known as the “Regular Business Strike Reverseâ€) shows the A and M of AMERICA almost touching. On Type 2 (known as the “Proof Style Reverseâ€), the A and the M are well separated.
The Type 2 variety is considerably rarer than the Type 1 since Proof dies represent a fraction of the dies used to strike 2000 Lincoln Cents. Proof dies were intended to strike Proof coins, not coins for circulation.
John Wexler, a noted numismatic author, researcher, and error-variety specialist advised Coin World: “The use of distinctive reverse dies resulted in two different die varieties of 2000 Lincoln Cents”.
“One variety was struck on the standard reverse die used for circulating cents since 1993. The other variety was struck on a die previously used exclusively for Proof Cents since 1993,” Wexler wrote.
Coin World advised in the May 14, 2001 issue that readers have reportedly located 360 of the Proof-Style (Type 2) Reverse Cents out of approximately 104,000 coins examined. That is about 1/3 of 1 percent! Based on search of over 30,000 coins, this variety is much scarcer than first thought.
Since the 2000 Cents have been in circulation for over a year, it would seem logical that most “finds” would grade Almost Uncirculated or less. Gem examples could be truly rare! As with any new variety, it cannot be determined how many will eventually be discovered, or what the future value might be. However, this could be a “ground floor” opportunity to obtain a certifed coin at a reasonable price!
The Type One (Normal) Reverse has the “AM” in “America” almost touching. The Type Two Reverse has the “AM” showing a clear separation similar to the 1858 Flying Eagle Cent.
The Designer’s initials “FG” are closer to the Memorial on the Type Two.
