Coin and Paper Money Collecting/1956 silver penny

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Expert: - 12/16/2009


Question
My mother found one in the bottom of a box in the attic. I read the answers to the earlier questions and was wondering how you tell if it is the one that is worth nothing or the one that is worth something.  

Answer

Off Planchet Error
Hi Angelia:

Thanks for your question.

I'm guessing what you are talking about is an off planchet error, a cent struck on a silver dime blank. It's tough to tell without actually seeing the coin or a photo. The coin should weigh the same as a dime, and may be just a little larger in diameter (almost the size of a cent#, caused by the pressure of the strike and the absence of a retaining collar. This error happened when a dime blank got mixed into the cent blanks when they were being struck.

This coin should be authenticated professionally. IGC, NGC, and PCGS slab and grade errors. The value of your error, if real, could be would have a retail value of about $1000 to $2500, depending on date, condition, and strike.

You may want to check the eBay error listings under US coins to get an idea of what these are going for.

See link: http://www.bestcoin.com/Misstrikes-and-Errors.htm
See link: http://minterrornews.com/news-1-24-06-auction_prices_realized.html

Should you decide to sell your coin to a dealer, remember they will offer about 50% to 60% of the retail value. You would get a better price for the coin in a large auction. Dealers would likely pay no more than $500 to $750 for the coin to resell it. You should always get two or more estimates, and try and deal with PNG #Professional Numismatists Guild) dealers when possible. I'll list the link for you to check dealers near you.

To find a PNG dealer, see Link: http://www.pngdealers.com/dealersearch.php

Please remember to go to the experts site to rate this answer. And check the nomination box on the rating page below any comments you may have.

Thank You and Good Luck in your collecting.

Ronald Fern

Expertise

I can answer most all questions relating to US coins, tokens, and currency. I'm not strong on world coins or ancients. Primary field of expertise is errors and varieties. Over 55 years experience in coin collecting. Part time dealer since 1976. Employed by McDonnell Douglas/Boeing for over 34 years as an Industrial Engineer/Technical Specialist before retiring in 2002.

Experience

Worked weekends for "Lonesome" John in the late 1960's to mid 1970's processing error coins, packaging, and preparing orders. Worked with John Devine and Fred Weinberg on several California Error A Rama's in the early 1970's. Served as display judge at annual Error-A-Rama coin shows. Opened and operated mail order coin business DBA "CAL ERRORS" in 1976. Contributer to Alan Herbert's "Official Price Guide To Mint Errors" and Fivaz/Stanton "Cherrypickers' Guide". Worked Saturdays at Huntington Beach Coin Exchange 1980-1999. Had table and sold coins at a number of coin and gun shows in So CA, AZ and NV. Sell coins, tokens and currency currently at my space in the Pomona Antique Center. Past "Errorscope" Editor. Presently CONECA Examiner.

Organizations
ANA, CONECA, CWTS, NLG

Publications
Errorscope, Numismatic News, Civil War Token Journal, Error and Variety News

Education/Credentials
AA Degree LBCC pre Engineering, 1964 BS Degree CSULB Ind Technology, 1968

Awards and Honors
1st Place EAR Trophy for Civil War Token Errors, NLG Author of Year Award for best monthly coin column "Error News and Views" in small Numismatic paper, owned and published by Ray Anthony.

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