Coin enthusiasts and collectors know the thrill of finding a rare piece that’s worth a small fortune. The 1970-S Small Date Lincoln Penny is one such treasure, with a recent example selling for an incredible $18,400. This rare penny’s high value is rooted in its unique characteristics, historical context, and the demand among collectors. Let’s explore why this penny is worth so much and how you might find one yourself.
What Is the 1970-S Small Date Lincoln Penny?
The 1970-S Lincoln Penny was minted in San Francisco and comes in two major varieties:
- Small Date: The rare and valuable type.
- Large Date: The more common version.
Identifying the Small Date Variety
- Appearance: The “7” in the date is level with the “0,” and the overall date appears more compact.
- LIBERTY: The word “LIBERTY” on Small Date pennies often looks weaker or less defined due to lighter striking.
- Placement: The top of the “9” and the “0” in the date are aligned.
These subtle differences can make a big difference in value, so close examination is crucial.
Why Is the Small Date So Valuable?
Rarity
The 1970-S Small Date pennies were minted in limited quantities, making them hard to find. Their scarcity drives high demand among collectors.
Condition Matters
Coins in pristine condition, especially those graded MS-65 or higher, command premium prices.
Historical Significance
The Lincoln Penny series is a favorite among collectors due to its long history and connection to President Abraham Lincoln. Special varieties like the Small Date add an extra layer of intrigue.
How Did This Coin Sell for $18,400?
A top-quality example of the 1970-S Small Date penny fetched $18,400 at a high-profile auction due to:
- Professional Grading: The coin was certified by PCGS (Professional Coin Grading Service) as a high-grade specimen, ensuring authenticity and condition.
- Mint State Quality: It had minimal wear and a sharp strike, enhancing its collector appeal.
- Collector Interest: Bidding wars among collectors eager to own this rare piece drove the price up.
How to Spot a 1970-S Small Date Lincoln Penny
- Use a Magnifying Glass
- Check the date alignment: The “7” and “0” should be level.
- Look for Weak LIBERTY
- The word “LIBERTY” may appear faint.
- Compare to Known Images
- Use reference images of both Small and Large Date varieties to confirm your find.
Where to Search for Rare Pennies
- Old Coin Collections
- Check inherited coin jars, rolls, or collections for hidden gems.
- Coin Dealers and Shows
- Browse through selections to spot rare varieties.
- Bank Rolls
- Request rolls of pennies from banks and search for rare dates.
Tips for Collectors
- Invest in Tools
- A good magnifying glass or coin loupe is essential.
- Get Coins Graded
- Professional grading can significantly increase a coin’s value.
- Preserve Condition
- Store coins in protective cases to prevent damage.
Conclusion
The 1970-S Small Date Lincoln Penny is a shining example of how attention to detail and a little bit of luck can lead to big rewards. Whether you’re an experienced numismatist or just starting, the thrill of finding a rare coin like this is unmatched. With careful searching and a good eye, you might just discover a treasure worth thousands!
FAQs
1. How can I tell if my 1970-S penny is a Small Date?
Look for the compact date with the “7” and “0” aligned and a weaker LIBERTY.
2. Are Large Date pennies valuable?
While Large Date pennies are more common, high-grade examples can still have some value.
3. Why are some pennies worth thousands of dollars?
Rare varieties, minting errors, and coins in pristine condition are highly sought after by collectors, driving up their value.
4. Where can I sell a rare coin?
You can sell rare coins at auctions, coin shows, or through reputable dealers.
5. Is it worth searching bank rolls for rare pennies?
Yes! Many collectors have found valuable coins by searching through rolls from banks.