$25,000 Lincoln Penny? The Rare 1992 “Close AM” Error That Collectors Are Hunting

Imagine finding a penny worth up to $25,000 in your change jar. That’s exactly the story behind the 1992 “Close AM” Lincoln cent — one of the most exciting and valuable transitional errors in U.S. coin collecting.

This little design mistake has turned an ordinary-looking coin into a five-figure collectible. Let’s break down how to identify one and why it’s so valuable.

Key Features to Spot the 1992 Close AM Penny

Reverse Design (The Big Giveaway):

Look closely at the word “AMERICA” on the back.
On the rare error coin, the “A” and “M” are nearly touching (Close AM).
On normal 1992 cents, the “A” and “M” are clearly spaced apart (Wide AM).

Obverse Details:

Standard 1992 Lincoln cent obverse (with or without “D” mintmark).
Exists for 1992 (Philadelphia) and the even rarer 1992-D (Denver Mint).

Why This Error Exists

The U.S. Mint accidentally used a proof coin reverse die for some business strikes.
Only a tiny batch escaped into circulation.
Listed in the Cherrypickers’ Guide as FS-901, confirming its official status.
One of the rarest Lincoln Memorial cent varieties known.

Market Value Breakdown (2024 Prices)

Grade	Value Range	Auction Record
MS-63 RD	$8,000–$12,000	$13,200
MS-65 RD	$15,000–$20,000	$25,850
MS-67 RD	Extremely Rare	Not Publicly Sold

Fun Fact: A 1992-D Close AM penny in MS-67 RD sold for $25,850 at Heritage Auctions.

How Experts Authenticate the Close AM

Check the “AM” Spacing – Almost touching, unlike the normal Wide AM.
Mintmark Analysis – Look for “1992” or “1992-D” with no damage.
Designer Initials (FG) – Position helps confirm proof die usage.
Grade & Color – “RD” (Red) coins bring the highest prices.
Certification – Send to PCGS or NGC for FS-901 label.

Why Collectors Pay Up to $25,000

Fewer than 20 examples of the 1992-D Close AM are known.
Error was never intended for circulation.
Nearly impossible to spot without magnification.
Highly desired by Lincoln cent registry set collectors.