COIN collectors should check their change now – as they could become $138,000 richer if the item has a rare error.
The 1916 Doubled Die Obverse Nickel stands out for a variety of reasons, including its bold detailing and unique historical significance.
The rare 1916 Doubled Die Obverse Buffalo nickel could bag you a sweet sum[/caption]
The coin fetched $138,000 at auction in August 2022[/caption]
What makes this 1916 nickel special is the prominent “doubled die” effect on the obverse (front) side, specifically visible on the date, according to Heritage Auctions.
The doubling, where the date appears twice in a slightly offset manner, is the coin’s defining feature.
This detail, often referred to as a “1916/16” due to the striking of the number “16” twice, was a rare minting error that went unnoticed for over 50 years, the auctioneer site shared.
Its scarcity and the difficulty of spotting it, especially after the coin entered circulation, make it incredibly valuable.
So much so that it sold for a record $138,000 at auction in August 2022.
COINING IT
Finding valuable coins could be as easy as checking your spare change.
This means inspecting your coins for rare pennies, nickels, dimes, and others as many of them could sell for thousands.
The most valuable coins are ones with a low mintage or an error, as collectors find those coins are some of the rarest.
The eBay site is a great resource to check if your coins are worth anything.
Just need to search the full coin name, select the sold listing, and then toggle the search to highest value.
It may also be helpful to get your coin graded by a third-party service.
This will likely reassure any coin collector that yours is legitimate which can add tons of cash to the price.
GRADE UP
Coin grading may seem complex, but understanding the basics can help you make better decisions when buying or selling coins.
Coins are assessed on a 70-point scale, where 1 represents the lowest condition and 70 signifies a perfect mint state.
The grading system uses terms like “Good,” which scores a low 4, and “Fine,” rated at 12.
However, grading considers more than just wear; factors such as luster, strike quality, and coloration can greatly impact a coin’s value.
As a result, two coins with similar wear may receive different grades based on these aspects.
Authenticity is vital, ensuring the coin has not been altered.
How coins are graded
Coins are graded on a scale of one to 70, with one being the poorest grade, and 70 being the most pristine example.
Numbers 60 to 70 are generally the most sought-after by collectors and are known as Mint State coins.
Pieces that fetch thousands at auction are commonly found in MS67, MS68, and MS69 conditions.
An MS-70 is near-impossible to find among older coins.
Reputable third-party grading services, like the Numismatic Guaranty Corporation (NGC) and the Professional Coin Grading Service (PCGS), provide expert evaluations, assign grades, and encapsulate coins in protective holders.
Utilizing these services enhances a coin’s credibility and marketability.
Coin grades range from Poor (1) to Mint State (60-70).
For example, a “Good” coin shows basic outlines of the design, while an “Extremely Fine” coin retains sharp details with minimal wear.
Mint State coins may display minor handling flaws but show no signs of circulation wear.
Moreover, grading services can identify proof coins, which are specially produced and graded differently than regular coins.
