August 13, 2012
A collector recently discovered a 20 year old Lincoln Cent that had a very scarce variety on the reverse design of the coin. Due to the rarity of this specific variety the coin went from being worth exactly 1 cent to over $20,000. The coin, was none other than a 1992-P Lincoln cent with a Reverse design of 1993. As soon as the collector recognized this variety on his Lincoln cent, he sent the coin PCGS to be certified and in the end, we graded it PCGS MS67 Red. The collector then put the coin up at auction on eBay, at a starting bid of 99 cents. The coin received 63 different bids and sold for an astonishing $24,056.63 (click here to see the auction), a new record price for this variety.
The major difference between a 1992-P Close AM variety and a Wide AM variety is on the Lincoln cents reverse design. On the word "AMERICA" either the two letters "AM" of "AMERICA" are almost touching or are separated from one another, also referred to as a "Close AM" or "Wide AM" variety. In 1992, the Mint produced over 4.6 billion Lincoln cents for circulation with a P mint mark. The Mint also produced over 4.4 billion Lincoln cents with a D mint mark for circulation.
Despite over 9 billion 1992 Lincoln cents being struck for circulation from both the Philadelphia and Denver Mint combined, so far, there are only about 5 examples of the 1992-P Close AM Lincoln Cents known, making it truly scarce. And there are also only about 15 known 1992-D Close AM Lincoln cents in existence, after 20 years of this issue being in circulation. Recently, a different example of a 1992-D Close AM Lincoln cent graded PCGS MS64 Red Brown also sold at a Heritage Auction for $20,700.