A RARE penny featuring the 16th US president Abraham Lincoln has sold for almost $244 on eBay.
The one cent coin was minted in Denver in 1992, having been designed by Frank Gasparro.
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The piece features Lincoln in the middle of the coin and below the text “In God We Trust”.
On the left hand side, it says “Liberty” and on the right hand side, you’ll find the year it was minted alongside the letter “D” for the Denver Mint.
The other side of the coin comes with the text “United States of America” and “E pluribus unum”, which is Latin for “out of many, one” and is a motto of the US.
What makes this piece so valuable to coin collectors is due to how “AM” of America is written.
There are two different varieties of the 1992 version of the coin, and the piece that sold recently was said to be a “Close AM variety”.
It means it has the “AM” letters close to each other and nearly touching.
In comparison, the other variety of the coins has the “AM” letters spread out further.
According to Coinappraiser, a site that claims it has a group of industry professionals, only 10 or so of these Close AM coins exist.
It added: “Not many have been certified by the leading coin grading services.”
One of these pieces sold for more than $25,000 at a Heritage Auction Galleries sale in 2017.
While the coin on eBay didn’t rack up such a high price tag, it still sold for more than 24,000 times its value at $243.50.
The coin was sold by an individual in California, and racked up 30 bids before the auction ended yesterday, October 26.
If you’re keen to sell any coins you have too, keep in mind that the value is determined by how much someone else is willing to pay for it.
In other words, you’re not guaranteed a windfall but you may be able to make more than its face value.
If you want to buy a rare coin, watch out for fake versions if the coin isn’t certified.
Is your small change worth a fortune?
If you believe that you have a rare coin then you might hold some serious value.
The most valuable coins are usually those with a low mintage or an error, as they’re deemed the most valuable by collectors.
To check out if your coins are worth anything on eBay, search the full name, select the “sold” listing and then toggle the search to “highest value.”
It will give you an idea of the amount of money that the coin is going for.
You can either choose to sell the coin on eBay or through a specialist site such as Coinappraiser or USA Coin Book.
If you choose eBay, remember to set a minimum price that is higher or at the very least equal to the face value of the coin – or you could lose money.
You also need to be aware that even if your coin “sells” on eBay for a high price there’s no guarantee that the buyer will pay up.
According to eBay’s terms and conditions, bidders enter a “legally binding contract to purchase an item.”
However, there’s no way of enforcing this rule.
The most eBay can do is add a note to their account for the unpaid item or remove their ability to bid and buy.
We’ve explained the rarest and most valuable Lincoln coins.
For example, a 1909 S VDB Lincoln recently sold for $1,500.
We’ve also rounded up the most valuable error coins.
Check your pocket change as a rare Lincoln penny error coin could earn you money
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