Opinions please: 1902 penny

Discussion in 'What's it Worth' started by Coin Person, Nov 28, 2011.

  1. Coin Person

    Coin Person New Member

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  3. Coin Person

    Coin Person New Member

    I was told by someone that it was worth in the neighborhood of $30 million, but a part of me has a hard time believing that.

    I'm looking to get as much light as possible shed on its real value.
     
  4. Lincoln Cents

    Lincoln Cents Cents not pennies

    That cent was minted in 1982, from the looks of it. The memorial cent was minted from 1959 to 2008, so there is no way a that is a 1902 cent. A 1902 cent would be similar to this, except that it has a date of 1902.

    Coins_Banknote 050.jpg Coins_Banknote 051.jpg
     
  5. Lincoln Cents

    Lincoln Cents Cents not pennies

    It is worth 1c. A real 1902 coin could be worth a couple dollars in average condition. $30,000,000.00 is a little off :smile.

    Oh, and :welcome:to the forum! I'm sure you will learn a lot about coin collecting here!
     
  6. Coin Person

    Coin Person New Member

    Sorry for the 3rd post (moderators, feel free to merge them), but here is some info I found online:

    "The first lincoln cent like what we have today appeared in 1909. If you have a 1909 penny hold on to it!"
    Source: http://www.essortment.com/history-penny-21219.html


    This is a lincoln cent 7 years before what was supposedly the first.
     
  7. Coin Person

    Coin Person New Member

    Lincoln Cents,

    Thanks for your response(s). You are probably much more knowledgeable than I am about coins, so I value your opinion.

    a) If it was minted in 1802 rather than 1902, wouldn't that make it more valuable (not getting smart--genuinely asking)?

    b) If you could humor me for a second and act like this is in fact a 1902 lincoln cent (even hypothetically), how much would you say it would be worth considering that the first lincoln cent was supposed to be minted in 1909?

    And finally, there's not much doubt in my mind that $30m is a "little" off...lol... but that's why I'm here. :)

    Thanks for the welcome.
     
  8. d.t.menace

    d.t.menace Member Supporter

    1 cent
     
  9. Lincoln Cents

    Lincoln Cents Cents not pennies

    I said memorial cents, which have a reverse that looks like this:
    Qrtr_&_Nickel 044.jpg
    The Lincoln cent was indeed first minted in 1909 and has a reverse that looks like this:
    More coins 034.jpg
    Cents with this back are called wheat cents, which were minted from 1909 to 1958.
    Both types are called Lincoln cents, which have the same front as today's cent.
     
  10. Coin Person

    Coin Person New Member

    dtmenace,

    Thanks for sharing your opinion.

    I'm not saying you're wrong, but would you mind explaining why it is only worth 1 cent considering the info I have provided?

    If anything, I would just like you to explain for my own learning purposes.

    Thanks. :)
     
  11. Coin Person

    Coin Person New Member

    The backside of the cent I have has the same design as the top image shown in your post (albeit very messed up).

    And the frontside being similar to the cent we have today...is that a cent "typo" or something? And if so, does its rarity truly mean nothing?
     
  12. rzage

    rzage What Goes Around Comes Around . Supporter

    Sorry , but they didn't use the design on your cent till 1959 . There is no surmising in coins when it is so cut and dried . As to the coin being worth 30 million , the most espensive coin , the 1933 St Gaudins double eagle sold for a bit over 7 million , no coin yhat I know of has ever reached higher . Your coin as stated is worth 1 cent no more , sorry .
     
  13. d.t.menace

    d.t.menace Member Supporter

    It's damaged. There is no way for this coin to have been minted like this.
     
  14. rzage

    rzage What Goes Around Comes Around . Supporter

    The date was changed , which happens a lot more than you think . So it is no typo , if it was there would be many more . But with the way they get the dies ready today a mistake like that is almost if not impossible .
     
  15. Coin Person

    Coin Person New Member

    rzage,

    Thanks for your post. That's exactly what I'm saying:

    If the cent design on my penny didn't come out until 1959, then what would a 1902 penny with that same design go for? May not be in the millions like someone else "suggested," but surely it has some value.

    If it's too hard to believe, despite the images provided (since the penny is in fact pretty messed up), then please answer the question hypothetically. But honestly, the rarity factor alone has to go for something, right?
     
  16. Lincoln Cents

    Lincoln Cents Cents not pennies

    A cent from 1802 would be larger than a cent today, it would be near 27ish mm (if you are wondering why, a cent was worth more in the 1800's, so the were larger), and you are right, if it were minted in 1802, it would definitely become more valuable. Your coin was minted in 1982 at the Denver mint. It appears that your cent has is "road kill" (as in that it ended up on the road and was run over by a car). Rocks in the road put a scratch in the date that made the 8 look like a 0.

    It is extremely unlikely (I would say impossible) that a Lincoln cent were minted in 1902, but if it were, it would be considered a pattern. Pattern coins are samples of the design before the coin was produced. Your coin could not be a pattern because it has the memorial reverse (back), and a pattern would have the wheat reverse.
     
  17. Lincoln Cents

    Lincoln Cents Cents not pennies

    As you can see from this cent, a "roadkill coin" can very much end up looking very different. View attachment 148013
     
  18. Coin Person

    Coin Person New Member

    Guys, I really appreciate everyone's input. What you say makes sense and I'm thankful for the time you took to educate me.

    Another question, though: The roadkill scenario makes a bunch of sense. But is it possible that the penny may just be that old? Or are there older coins still in great quality?
     
  19. zach24

    zach24 DNSO 7070 71 pct complete

    Also, OP, I'd like to add that the Denver mint was'nt opened until 1906, further proof that your coin most certainly is'nt from 1902 or 1802, or any year before 1959! And as noted before, it appears to be from 1982...
     
  20. Coin Person

    Coin Person New Member

  21. Lincoln Cents

    Lincoln Cents Cents not pennies

    There are definitely older coins that are in mint state, they are just more scarce, and they won't be in circulation.
     
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