Can a Coin With a Mintage of 3,300,000,000 be Rare?
Monday January 7, 2008
The 2003 U.S. Lincoln Cent minted at Philadelphia has a mintage of 3.3 billion coins. However, a specimen from this mintage is listed in the PCGS Price Guide with a value of $10,000. The coin is not an error coin, or doubled die or any other variety. In fact, it's perfect! It received the grade of MS-70, the first normal business strike penny ever to get this lofty grade. "That's nice and all," you're probably thinking, "but why in heaven's name is it worth $10,000?!"That's a very good question, and I have the answer for you in my article about the difference between "grade rarities" and "mintage rarities." This is an increasingly misunderstood distinction, but if you want to make sound, solid coin purchases you need understand these concepts. I set them out simply and clearly in my FAQ about rare coins.
Photo of the MS-70 2003 Lincoln Cent courtesy of PCGS.
Comments
It seems like pcgs is becoming more like debeers in setting coin prices. Where do they come up with the value? Is that just an arbitrary number they pick out, or offers made on the coin.
It says this is what pcgs has the coin valued at. If i’m not mistaken.
To me that sounds like an arbitrary number they picked out of a hat.
Coinycom,
According to the PCGS press release regarding this coin, the coin was going to be put up for sale on Teletrade, so my assumption is that the price given is the selling price on Teletrade. But I guess if you really wanted to know you could email PCGS and ask them specifically about this coin. In general, I believe that their price guide numbers are reflective of actual sale prices for coins in their holders.
Susan Headley
Coins Guide
Thank you Susan for taking the time to point this out to me.
I read the article. I understand it now.
It is very much like dealing in gems any more. Just like looking for that perfect diamond. Flawless.
coiny
The “BEST REGISTERY” or not, $10,000 for MS70 Lincoln is a bit excessive. Well, acutally, very excessive.
Susan: I bet if you bought 10,000 dollars worth of pennys @ 1 cent each. You could probably find your own mint state 70 penny sooner or later! ;-]
coiny
Susan: I am the maker of this coin and as others stated it was put up for auction on Teletrade where it sold for $13,500; ultimately $15,000 when the buyer’s fees were added on. The buyer and myself are both PCGS message board members so you can go to http://www.pcgs.com/message_boards.html to read the multiple threads about this coin.
The coin was submitted from a 2003 United States Uncirculated Mint Set. Supposedly, three other coins that I submitted initially received the MS70 grade, but were bumped down to MS69 during finalization.
So the theory of “other” MS70 2003-P pennies being out there is plausible, but it has been over a year and half since the coin was sold at auction…
Karl
After reading submission reports from both pcgs and ngc. And i suppose a partial mission statement. Their idea is to steer collectors into high end coins of high grades. To exclusive and exclusionary. Out of reach to collectors that enjoy collecting as much as they do making a profit from their hobby.
Many many years ago i don’t remember which of the two did a cursurey inspection of four silver dollars i sent in to them for their idea of my coins new grades. This was right at the begining of their inception. Things were different back then.
As i see it this will turn into the pebble beach for coin traders. Excluding many who also enjoy the hobby but cannot afford the prices of high end high grade coins. I think what they do in concept is a great idea. It is the little guy/gal that make up the bulk of this hobby.
Alright, they’ve made plenty through the years grading coins, but there are coins they won’t grade. Where does that leave us? Who will fill the void, and take care of us regular folks that have been … left out in the cold.
The canyon grows ever wider between the haves, and have nots.
I read on the same PCGS CU that this poster sent in the coin for a spot review and it was downgraded recently to MS-69 which PCGS made good on the price difference.
why PCGS guarentees coins from the Mint for defects after the fact is beyond me; ie milk spots
I remember watching that coin on Teletrade with my daughter when it was for sale thinking it was insane.