COIN collectors have been hunting for a rare penny since the 1800s, and one just sold for $18,000.
The 1856 Flying Eagle Cent is credited with popularizing coin collecting nationwide.
As the name implies, the coin’s obverse, or “heads” side, features a soaring eagle with its wings spread.
The reverse features an ornate wreath encircling the words “One Cent.”
The pennies were initially struck as presentation pieces to be gifted to government officials and other dignitaries.
At least 634 coins were struck specifically to be passed out, but it is estimated that between 1,500 and 2,150 were minted.
Coin enthusiasts believe that some examples were explicitly minted for collectors who wanted their own, according to Jamie Hernandez of the Professional Coin Grading Society.
Currency demand has always been high, with even the lowest quality pennies selling for thousands of dollars at auctions.
In 1908, the record auction price for the coin was $16, which is the equivalent of $512 when adjusted for inflation.
The value has skyrocketed beyond that. Last month, a Flying Eagle Cent sold for $18,000 from Heritage Auctions.
That penny was a Snow-9 example, the typical restrike variety between late 1857 and 1860.
It was also in extremely good condition, featuring the original walnut-brown patina over the copper-nickel surface
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The strike was bold and easily visible without severe abrasions, adding to its value.
PENNY FOR YOUR THOUGHTS
Despite their face value of just one cent, coin collectors will pay thousands of dollars for certain pennies.
Coin expert Eric Miller (@thecoinchannel) shared how to spot another valuable penny in a TikTok.
He explained that all pennies were minted in Denver in 1922.
Coins have a small letter signifying where they were produced called the mint mark. It usually appears under the year on pennies.
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.
Select pennies were struck without the mint mark, making them very valuable.
One 1922 penny missing the mint mark sold for $26,000 at auction.
The penny was certified by the PCGS, which added to its value.
However, an uncertified coin still sold for $1,300.
