Expert: Ronald Fern - 3/26/2010

Question
i have what seems to be 1950s steel penny. is there such a thing?

Answer
Hi Daniel:

Thanks for the opportunity to revise my answer to your question.

You got the e-mail reminders because I wanted to know if you reviewed my answer and would rate it. I spend about a half an hour on the average per question doing the research and formulating an answer. In my case, only about half or the questioners bother to read the answers. Of those that do, under fifty percent rate them. This is the only measure I have of whether I am making a difference in the time I spend. Thanks for your understanding and the rating.

I'm guessing what you are talking about maybe an off planchet error, a cent struck on a silver dime blank. It may also be a plated cent, or a cent struck on a world coin blank as well. It's tough to tell without actually seeing the coin or a photo. If it is a plated cent, the weight would be a little more than a cent, and the same diameter. It would be worth no more than a few dollars. If on a dime blank, 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. The U.S. mint also struck coins for different world countries during this period of time. The weight, diameter and thickness of your coin are critical in determining what you may have.

If you want to provide added information and/or a photo, I'll revise my answer, if needed.

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.