Coins can be more than just money; they can be collectibles with exciting stories behind them. One of the most fascinating examples is the 1970-S Small Date Lincoln Cent. This penny is not just a piece of currency; it has become a modern rarity, valued at a staggering $70 million. In this article, we will explore the history of this coin, why it is so rare, and what makes it so valuable.
The Creation of the 1970-S Small Date Lincoln Cent
The Lincoln Cent has been an important part of American currency since it was first introduced in 1909. The 1970-S Lincoln Cent is part of the series known as the Lincoln Memorial series, which ran from 1959 to 2008. In the 1970 mintage, there were two versions of this penny: the Large Date and the Small Date.
Understanding the Design
The difference between the Large Date and Small Date versions comes down to the size of the numbers in the date. On the Small Date version, the numbers are smaller compared to the Large Date version. This design difference happened at the San Francisco Mint, where these coins were made. Because only a few Small Date coins were minted, this made them rare.
Why Is the 1970-S Small Date Lincoln Cent So Rare?
Rarity is one of the biggest factors that make a coin valuable. The 1970-S Small Date Lincoln Cent is considered very rare because not many were produced. While the Large Date version was made in large numbers, experts believe that only about 2,000 of the Small Date coins were created. This low number makes it a hot item for collectors.
The Importance of Condition
When it comes to coins, their condition is also important. Coins are graded on a scale from 1 to 70, with 70 being perfect. The 1970-S Small Date Lincoln Cent that sold for $70 million was graded as a perfect 70 by a professional grading service called the Professional Coin Grading Service (PCGS). Coins in perfect condition are extremely rare, which greatly increases their value.
The Amazing Market Value of the Coin
The valuation of $70 million for this coin shocked many people in the numismatic community. It was sold at an auction, showing how much collectors and investors are willing to pay for rare coins. The price reflects not only its rarity and perfect condition but also the growing interest in collecting coins as an investment.
Comparing It to Other Rare Coins
To understand just how valuable this penny is, we can compare it to other famous rare coins. The table below lists some other notable rare coins and their auction prices:
| Coin Name | Year | Auction Price |
|---|---|---|
| 1970-S Small Date Lincoln Cent | 1970 | $70 million |
| 1933 Saint-Gaudens Gold Double Eagle | 1933 | $7.6 million |
| 1794 Flowing Hair Silver Dollar | 1794 | $10 million |
| 1913 Liberty Head Nickel | 1913 | $4.5 million |
| 2007-W $100 Gold Coin | 2007 | $3.7 million |
This table shows how the 1970-S Small Date Lincoln Cent’s price tag puts it in an elite category, making it one of the most valuable coins ever.
Collecting the 1970-S Small Date Lincoln Cent
For young collectors or anyone interested in coins, the 1970-S Small Date Lincoln Cent is a thrilling challenge. While owning a $70 million coin may not be possible for most, there are still ways to get involved in coin collecting.
Tips for Young Collectors
- Learn About the Coins: Get familiar with the differences between the Large Date and Small Date versions so you can spot them when looking for coins.
- Attend Coin Shows: Coin shows are great places to meet dealers and other collectors who can help you learn more about coins.
- Join Coin Clubs: Being part of a coin club can help you connect with others who share your interest in collecting.
Conclusion
The 1970-S Small Date Lincoln Cent is more than just a penny; it is a piece of history that captures the excitement of coin collecting. Its value of $70 million shows how rare coins can be incredible investments. As the interest in collecting continues to grow, the 1970-S Small Date Lincoln Cent stands out as a unique and valuable treasure in the world of numismatics. Whether you are an experienced collector or a beginner, understanding this coin can help you appreciate the fascinating world of rare coins and what they can mean for the future.
FAQ’s
What is the 1970-S Small Date Lincoln Cent?
The 1970-S Small Date Lincoln Cent is a penny minted in San Francisco that features a smaller date compared to the Large Date version from the same year. This design difference makes it a rare collectible.
Why is the 1970-S Small Date Lincoln Cent valued at $70 million?
Its high value is due to its extreme rarity, with only about 2,000 coins believed to have been minted. Additionally, the coin that sold for $70 million was graded as a perfect 70 by a professional grading service, making it one of the most valuable coins ever.
How can I tell if I have a 1970-S Small Date Lincoln Cent?
You can identify it by comparing the size of the numbers in the date on the coin. The Small Date version has smaller numbers than the Large Date version. It’s also helpful to check the mint mark; the Small Date will have an “S” for San Francisco below the date.