A rare 1958 Lincoln penny is selling online for $305 – have one sitting around in your loose change?

Most don’t realize that cents can actually be worth more than their face value.

In fact, one was recently sold online for $305.

The error was printed on Lincoln's jacket


The error was printed on Lincoln’s jacket

Bids for the 1958 Lincoln penny started on January 7, 2022 at just $25.69.

The coin didn’t see immediate action, but things started to heat up about 10 days later.

On January 17, 12 bids were submitted. The first bid of the day started at $33, followed by incremental increases of $45, $50 and $52 respectively.

Then a user walked in and blew everyone away with a bid of $305.01.

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The successful bid would mean that the cent is now worth more than 3 million percent of its original value.

Why is a 1958 Lincoln penny worth so much?

First, know that the 1958 coin is the last date to feature the wheat cent design.

The design takes its name from the reverse, which depicts two stalks of wheat.

The US government began making these pennies in 1909 to commemorate Lincoln’s 100th birthday.

But there are a few reasons a penny dated 1958 can be quite valuable.

According to CoinStudy, circulating Lincoln pennies with “strong detail” on stalks of wheat are in demand.

However, the 1958 Lincoln penny sold online is slightly more valuable as it is a bug coin.

You’ll find this on Lincoln’s jacket – with the words “IN GOD WE TRUST” misprinted.

Although this is a bug coin, you can also find the words in their original location, seen on the reverse above.

In addition to the 1958 date, the penny also features a D letter in the listing, representing the Denver mint location.

Where to find rare coins

You will be surprised, rare coins can be found in everyday places.

This even applies to your home.

Rare coins can be found in particular in sofas, clothes pockets and drawers.

You can also visit auction houses, antique shops, pawn shops and coin collectors’ clubs.

Finally, you can get your hands on some valuable coins by buying them online through USA Coin Book or eBay.

However, before you enter your card details on these sites, you should do your research and ensure that the offer is from a credible seller.

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