Why did this 1979 Penny sell for $2800?

The absolute KEY word as to why a seemingly ordinary coin would sell for so much is .....HYPE. Whether it's color, or grade, or pop report, or previous owner, or whatever the "hypable" aspect of the coin may be, it's recognizing that aspect and then hyping it for all it's worth. That is what pushes the prices high.
The important thing to understand about this, is that to avoid falling victim to that hype, you must educate yourself and be knowledgable about the coin or coins you're looking at. Gaining that protective knowledge can take quite some time, maybe even a lifetime, but that is what is so great about having a go-to source like Coin Talk !!
You can always count on these members to be very honest with you about your coins. Very blunt, but very honest.
Hey agrace97 , I want to welcome you to Coin Talk !! where there is no coin that can't be discussed.

 

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And where secrets stay safe in the 'naked city'........

I'll Go stand in the corner.

 

Hmmm... Maybe someone should start a coin business with Flava Flav.

 

And with the TPGs entering less than a decade later and coin collecting in 1979 in full-swing, I can't believe there aren't tens of thousands of MS-70's let alone tons more in Mint State. For all we know, the penny referenced in the YouTube video was an MS-70 DPL or something like that.

Some of the 2009 Ultra-High Relief Saints sold for tens of thousands of dollars with gimmicky labels and a belief they'd be more likely to double or triple if gold simply moved up 50%. I don't follow their pricing as closely, but they generally have been falling in price for years.

I see nothing on Ebay now for much more than $20 completed, $100 asked for any 1979 pennies:

https://www.ebay.com/sch/i.html?

https://www.ebay.com/sch/i.html?_fr...&_odkw=1979+U.S.+1C+penny&LH_Complete=1&rt=nc

 

Here's the sale for $2,800:

https://coins.ha.com/c/search-results.zx?N=51+790+231&Nty=1&Ntt="1979+1C"&Ntk=SI_Titles-Desc&ic10=ArchiveTab-071515

5 down from the top.....$2,820. It's because of the unique color....appears to be just a fluke strike combined with that specific metallic fluid that caused the color, similar to why some coins have PL or DPL or DMPL.

Add in some penny collectors as kids who went on to great wealth as adults...and...VOILLA !! Thou$and$ of dollar$ for a penny that should probably cost no more than $150, if not $20.

 

The description:

1979 Cent, Shimmering MS68 Red
1979 1C MS68 Red PCGS. Fire-orange color adorns the rims, progressing to lilac-gold patina over the central devices and fields. This exceptionally preserved, Registry-grade Superb Gem boasts shimming mint luster and a bold strike. Tiny ticks on the shoulder and one in front of Lincoln's mouth are noted simply for accuracy. Population: 7 in 68 Red, 0 finer (8/16).(Registry values: P1) (NGC ID# 22HD, PCGS# 2995)

Weight: 3.11 grams

Metal: 95% Copper, 5% Zinc

 

"Fire-orange color adorns the rims, progressing to lilac-gold patina" .... that sounds like something some stuffy butler or foil on a sitcom from the 1970's or 1980's would say.

I mean, yeah, it has a nice color...but it's a damn penny !!! It's a bit more red....has some different hues or tones, and HA and the marketers call it "fire-orange" with "lilac-gold patina."

What the hell is patina ?

What the hell is lilac-gold ?

How did the Cardinals qualify for the NLCS the way they stunk ?

These and other questions to be answered next week...same Bat-Time...same Bat-Channel !!

"A penny for your thoughts, Batman !!!"

 

Your commentary cracks me up! Thank you for the information!

 

If you check Heritage Auctions you'll find a 1979 D Lincoln Cent graded MS 67+ sold for $3,055. Some people that have Registry sets will pay crazy money to upgrade their set.
The 1979 that sold for $2,820. was graded MS 68 Red by PCGS (sold in 2016).

 

ALL HYPE !! ........except for the weight and composition. So theatrical! I can hear it now....the Professional Spokesperson/Auctioneer giving that description over the public address system at the auction....lingering on every word...stressing every syllable.....fire-orange revives memories of youthful Summers rolling into Fall in your hometown......lilac-gold was the color of your mother's house dress as she made breakfast on that lazy Sunday morn.....then the hooks are sunk in with "exceptionally preserved", "Registry-grade" and "Superb Gem".....the single word "shimmering" becomes a full paragraph of "can't wait" excitement.

And that's how it's done, Folks. A $130.00 offering hyped into a $2800.00 Bonanza.

 

Some of you really have no clue how rare a MS 68 cent actually is.

 

If the idiot in the video doesn't explain the central premise of his/her title, it's click bait. S/He's getting paid per click and people like you are helping to get her/his views up.

/1/ Unfollow the idiot
/2/ Please don't post his videos here

 

I'll offer $3,000 !!!!

 

I know it's rare, but I think others sell for $150 or so. A penny from 40 years ago with 6 billion minted -- I would think there's plenty of MS65's and up available.

What's the population census look like ?

 

Results based on grade rarity and registry game. If you scour the registry sets and find low pop high grades, supply and demand dictates prices.

I highly recommend the Cherry Pickers Guide rather than focusing on pocket change and error stuff. The CPG in conjunction with identifying low pop coins has proven results, at least for me although I rarely do much these days.

For the CPG varieties, most, but not all varieties have low pops because nobody is looking

I picked up the CPG, a $25 Book and within a month, found my first variety on Ebay, $59.99 free ship. I had it graded and attributed by PCGS then sold it on Ebay for $3,549. Thought that was neat, so found another offered by JT Stanton, $28, graded and sold on Ebay for $3,500. Went on to find approx 25 more with similar results with a decline in upside in direct correlation to the grade, and number of registry players.

The great thing about the CPG is there are hundreds if coins in there to learn the correct varieties, great photos, and you can actually find them with a little effort.

Set up searches, run through once, then search newly listed first, and that can limit your time to minutes a day etc.

My best Cherry pick was actually a truly rare variety, and I say rare because it's heavily searched, and I've only found 1, and the current pop is 2. Picked that one for $5. Sold for $4,500.

My take is if I can do it, anybody can. I equate this to simple picture matching. Although I rarely play coins much these days, it was great fun.

 

Is Cherry Picking still valid in the day of the internet and online auctions ?

I can see it working years ago but I can't see being able to pick up a coin for $5 and then selling it for $4,500 today.

But maybe I'm wrong......

 

no they consistently sell for several thousand and you guys are completely off base with how rare these are. 65 and 68 are not the same

mintage means nothing. Over 99.9 percent of those were never ms 68 the second they were minted. That doesn’t even get into how many are destroyed or used etc. top pop moderns are incredibly rare

 

OK, I stand corrected...but I still think the price for that penny is insane and having the "finest" 1979 penny -- with or without patina or lilac-gold -- is not the same thing as having the best 1927-D Saint or a super-rare Morgan Dollar or something like that.

 

How many thousands are sitting there in unopened rolls waiting to be looked for?

 

Here is and interesting observation, that 1979 MS-68 RD that sold in 2019 for $2,820, sold again this year at Heritage June 7, 2019 for $1,320. Same coin.