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Penny for your thoughts? It is better to raise the price. The U.S. Mint ended more than two centuries of coin production last week, and the final coins rolling off the printing presses could become a hot item among collectors. Some reports suggest that those last five pennies, which were struck during a ceremony in Philadelphia, may be worth up to $5 million each. Others say the numbers may be much more modest.
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The circulation penny was first issued in 1793, although it began to resemble modern pennies in 1809. This is the 100th anniversary of President Abraham Lincoln’s birth, and the year the United States placed his now-familiar image on the penny for the first time.
The last coin pressing took place on November 12 at the Philadelphia Mint, but not without a special farewell. The final five ceremonial pennies include a small omega symbol, a mark that sets them apart from the larger batch of standard coins of the day.
The final five pennies will not be in circulation, according to the Treasury Department. Instead, the government plans to auction them off. Details about the auction are not yet available.
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This little Omega detail is what many collectors keep a close eye on. Omega was chosen because it is the twenty-fourth and final letter of the Greek alphabet, symbolizing the end of the long chain of pennies. The Omega symbol appears below the word Liberty on the left side of Lincoln’s portrait.
said one well-known appraiser, John Feigenbaum USA Today He believes the final pennies could reach $2 million to $5 million each as the bidding wars begin.
“Collectors are going to go crazy over a recent rarity of Lincoln cents hitting the business,” said Feigenbaum, publisher of the Rare Coin Price Guide. Gray paper.
However, speculation about the value varies widely. Other numismatists, who are experts in coins, are much more cautious. Some speculate that the final portion of the batch will likely sell for tens of thousands of dollars, but not millions.