The 1958 Doubled Die Lincoln Cent is one of the rarest and most valuable coins in American numismatics, known for its remarkable doubling error. With only three confirmed specimens, this coin has captivated the attention of collectors and investors, fetching over $1 million at auction. Here’s a closer look at what makes this coin so extraordinary and valuable.
Understanding the Doubled Die Error
A doubled die error occurs when the die, which is used to strike the coin, receives a misaligned impression from the hub during the minting process. This results in visible doubling of certain design elements on the coin. In the case of the 1958 Doubled Die Lincoln Cent, the most noticeable doubling appears on the obverse inscriptions, including:
- IN GOD WE TRUST
- LIBERTY
- 1958 (the date)
Key Specifications of the 1958 Lincoln Cent
| Specification | Details |
|---|---|
| Composition | 95% Copper, 5% Tin and Zinc |
| Weight | 3.11 grams |
| Diameter | 19.00 millimeters |
| Edge | Plain |
| Designer | Victor David Brenner |
| Mintage | 252,525,000 (Philadelphia Mint) |
Rarity and Discovery
While the 1958 Lincoln Cent had a substantial mintage of over 252 million coins produced at the Philadelphia Mint, only three confirmed examples of the doubled die variety exist. The rarity of the coin went unnoticed until the early 1980s, when the first specimen was reported at an ERRORAMA convention in Cherry Hill, New Jersey. The discovery of such a rare error decades after the minting process highlights its extreme scarcity and the growing interest among collectors.
Market Value and Auction Records
The 1958 Doubled Die Lincoln Cent has made waves in the numismatic market with impressive auction results:
- March 2018: An MS64 Red (Mint State 64, Red) example sold for approximately $336,000.
- January 2023: A PCGS-graded MS65 Red specimen fetched a record-breaking $1,136,250 at auction.
These auction records underscore the immense value and desirability of this coin, driven by its rarity and excellent condition.
Identifying the 1958 Doubled Die Cent
Collectors looking to identify this rare coin should focus on the following characteristics:
- Doubling: Look for clear and prominent doubling on the inscriptions IN GOD WE TRUST, LIBERTY, and the year 1958.
- Mint Mark: The absence of a mint mark indicates it was struck at the Philadelphia Mint. Despite the low likelihood of finding this rare coin, a careful examination of 1958 Lincoln Cents can be worthwhile.
Preservation and Grading
The surviving examples of the 1958 Doubled Die Cent are in exceptional condition, with specimens being graded MS64 Red and MS65 Red by the Professional Coin Grading Service (PCGS). The “Red” designation means the coins retain at least 95% of their original red copper luster, a factor that significantly boosts their value.
Conclusion
The 1958 Doubled Die Lincoln Cent is not just a rare coin but a true numismatic treasure. Its historical significance, combined with its scarcity and record-breaking auction prices, make it a coveted prize among collectors. While the likelihood of finding such a coin is slim, understanding its characteristics and history enhances the appreciation of this exceptional piece of American coinage. Whether you’re a seasoned numismatist or a casual collector, the 1958 Doubled Die Lincoln Cent represents a rare opportunity to hold a piece of coin-collecting history.
Frequently Asked Questions (FAQ)
1. What is a Doubled Die Error?
A doubled die error occurs during the minting process when the die, which is used to strike coins, receives an additional, misaligned impression from the hub. This results in visible doubling of the coin’s design elements. In the case of the 1958 Doubled Die Lincoln Cent, the doubling is most noticeable on the inscriptions “IN GOD WE TRUST,” “LIBERTY,” and the date “1958.”
2. Why is the 1958 Doubled Die Lincoln Cent so valuable?
The 1958 Doubled Die Lincoln Cent is extremely valuable due to its extreme rarity—only three specimens are known to exist. Despite a mintage of over 252 million coins, this error went unnoticed for decades, making it a highly sought-after coin among collectors. The coin’s auction prices have reached over $1 million, driven by its scarcity and historical significance.
3. How can I identify a 1958 Doubled Die Lincoln Cent?
Look for clear and strong doubling on the inscriptions “IN GOD WE TRUST,” “LIBERTY,” and “1958”. Also, check for the absence of a mint mark, which indicates that the coin was produced at the Philadelphia Mint. These characteristics are key to identifying the rare doubled die variety.
4. How many 1958 Doubled Die Lincoln Cents have been discovered?
Only three confirmed specimens of the 1958 Doubled Die Lincoln Cent are known to exist. The rarity of this coin adds significantly to its value in the numismatic market.
5. What is the record price for a 1958 Doubled Die Lincoln Cent?
The highest price ever paid for a 1958 Doubled Die Lincoln Cent was $1,136,250, achieved in January 2023 for a PCGS-graded MS65 Red specimen. This record price highlights the coin’s immense value and desirability among collectors.
6. What is the “Red” designation on a coin’s grade?
The “Red” designation means that the coin retains at least 95% of its original copper luster, which is a key factor in determining the coin’s quality and value. The 1958 Doubled Die Lincoln Cent specimens are often graded MS64 Red or MS65 Red.
7. Where can I sell or buy a 1958 Doubled Die Lincoln Cent?
Rare coins like the 1958 Doubled Die Lincoln Cent are typically bought and sold at specialized coin auctions or through professional numismatic dealers. It’s recommended to work with reputable sources such as PCGS-certified dealers or to attend major coin conventions and auctions for the best opportunities.
8. How rare is it to find a 1958 Doubled Die Lincoln Cent?
Finding a 1958 Doubled Die Lincoln Cent is extremely unlikely, as only three confirmed examples have been discovered. While most 1958 Lincoln Cents are relatively common, the doubled die variety is an incredibly rare error coin.
9. How much is a 1958 Doubled Die Lincoln Cent worth today?
The value of the 1958 Doubled Die Lincoln Cent can vary based on its condition and grade, but high-quality examples have sold for over $1 million at auction. An MS64 Red specimen has been valued around $336,000, while an MS65 Red specimen broke records with a sale price of over $1.1 million.
10. Can I find a 1958 Doubled Die Lincoln Cent in my pocket change?
Given the rarity of this coin and the fact that only three specimens are known, it’s highly unlikely that you would find a 1958 Doubled Die Lincoln Cent in circulation today. However, it’s still valuable to check your coins, as even minor errors can sometimes lead to significant discoveries.