A THOROUGH search through your spare change could make you several hundred thousand dollars.
Coins from specific years can be exceedingly rare and valuable.
Coins with specific errors can be worth serious money (stock image)Credit: Alamy
The 1794 Head of 1794 Cent was made by the first artist of the United States MintCredit: Heritage Auctions
This version of the 1794 coin features clear errorsCredit: Heritage Auctions
This is often due to minting errors that went unnoticed and were still sent out in circulation.
A pretty clear and significant error on a coin is a “double strike,” someone recently found it on a 1794 One-Cent Head of 1794 coin in phenomenal condition, per Heritage Auctions.
The owner had it evaluated by the Professional Coin Grading Service (PCGS), which rates the quality of a coin in its Mint State (MS) on a scale from 1 to 70.
The 1794 coin, created before the United States had established its penny, nickel, dime, and quarter system that we all know today, was rated an MS66, meaning it was near-mint.
That’s exceptional for a coin dating back about 230 years, and it sold for over $588,000 at auction on August 14, 2024.
The standard 1794 one-cent coin features a depiction of Liberty on its obverse side courtesy of artist Robert Scot, the United States Mint’s very first chief engraver.
Liberty has flowing hair and looks off to the right.
On the reverse, “UNITED STATES OF AMERICA” is written across the top with a “ONE CENT” marking in the middle, surrounded by branches.
SEVERE STRIKE
While the discovered 1794 Once-Cent Head of 1794 features these markings on both sides, they’re heavily double-struck.
The obverse side clearly shows two Liberty heads overlain atop one another and a dye crack in the lower right corner, per the listing on the Heritage Auctions site.
A faint doubling of the 1794 date can also be seen.
On the reverse side, the dye crack is near the top, with the “UNITED STATES OF AMERICA” and “ONE CENT” wording severely off-center, along with the branches.
The significant errors, condition, and date made it significantly valuable to collectors and earned it the $588,000 price point.
Fred Weinberg, a coin error expert, was blown away by the find.
EXPERT BAFFLED
“The right side strike was first, and off center, and then it was struck again, also off center,” Weinberg noted of the 1794 coin’s obverse side while speaking with Heritage Auctions.
“It is a superb mint error, especially in that degree of preservation.”
The expert suspected the error was noticed immediately by someone and set aside for preservation.
“This cent has incredible condition and eye-appeal for an early error of any denomination,” Weinberg added.
“Simply breathtaking.”
KEEP LOOKING
While it’s possible, it would still be relatively improbable to find a coin so old among your spare change.
It would more likely be discovered at antique stores or passed down through families and sold off.
Other coins dating back not nearly as far are still worth considerable amounts and could very well be sitting in your change dish.
A rare 1920 penny could go for as much as $26,000 thanks to an “off-center” rim error.
The “full bands” detail on the back of a 1916 dime could also bring in about $18,000 for collectors.
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