Imagine finding a penny worth up to $25,000 nestled among your everyday change. The 1992 Close AM Lincoln penny is one such treasure, highly sought after by collectors due to a rare minting error. This article delves into the details of this valuable coin, guiding you on how to identify it and understand its worth.
Understanding the 1992 Close AM Penny
In 1992, the U.S. Mint inadvertently produced a limited number of pennies with a reverse design intended for the following year. This error resulted in the “Close AM” variety, where the letters “A” and “M” in “AMERICA” on the reverse side are nearly touching, unlike the standard “Wide AM” where a noticeable gap exists.
Identifying the Close AM Variety
To determine if you possess a 1992 Close AM penny, examine the reverse side of the coin:
- Close AM: The letters “A” and “M” in “AMERICA” are so close that they almost touch.
- Wide AM: A clear gap exists between the “A” and “M.”
Additionally, observe the designer’s initials “FG” near the Lincoln Memorial. On the Close AM variety, these initials are positioned farther from the building, whereas on the Wide AM, they are closer.
Value of the 1992 Close AM Penny
The rarity of the 1992 Close AM penny significantly elevates its value. Prices vary based on condition and mint mark:
- 1992 Close AM (Philadelphia Mint):
- Circulated examples can fetch several hundred dollars.
- Uncirculated specimens have commanded prices up to $25,850, as seen in a 2017 Heritage Auctions sale.
- 1992-D Close AM (Denver Mint):
- Circulated coins are valued from a few hundred dollars upward.
- Uncirculated examples have reached prices of $20,700, such as a Mint State-64 specimen sold in July 2012.
Notable Auction Sales of 1992 Close AM Pennies
| Year | Mint Mark | Grade | Sale Price |
|---|---|---|---|
| 2017 | None | MS-67 | $25,850 |
| 2016 | None | MS-64 | $8,813 |
| 2012 | D | MS-64 | $20,700 |
| 2014 | D | MS-65 | $14,100 |
Why Is This Penny So Valuable?
The 1992 Close AM penny’s value stems from its rarity. The U.S. Mint’s unintended use of a 1993 reverse die on some 1992 pennies resulted in a limited number of these error coins. Professional Coin Grading Service (PCGS) has graded fewer than 20 examples from the Philadelphia Mint and about 75 from the Denver Mint, underscoring their scarcity.
How to Find a 1992 Close AM Penny
Given their rarity, discovering a 1992 Close AM penny in circulation is uncommon but not impossible. To increase your chances:
- Inspect Your Change: Regularly examine pennies, especially those from 1992.
- Coin Rolls: Obtain rolls of pennies from banks and search through them.
- Estate Sales and Auctions: These venues may offer opportunities to find rare coins.
Preserving and Grading Your Find
If you believe you’ve found a 1992 Close AM penny:
- Handle with Care: Use gloves to prevent oils from your skin from affecting the coin’s surface.
- Avoid Cleaning: Cleaning can reduce a coin’s value; leave it in its found condition.
- Professional Grading: Submit the coin to a reputable grading service like PCGS or NGC for authentication and grading.
The 1992 Close AM penny is a testament to the intrigue of coin collecting, where a simple minting error can transform an ordinary coin into a valuable collector’s item. By familiarizing yourself with its distinguishing features and understanding its value, you might just discover one of these rare pennies in your own collection.
FAQs
What is the difference between a Close AM and a Wide AM penny?
The distinction lies in the spacing between the letters “A” and “M” in “AMERICA” on the coin’s reverse. In a Close AM, the letters are nearly touching; in a Wide AM, a noticeable gap exists.
How many 1992 Close AM pennies are known to exist?
PCGS has graded fewer than 20 from the Philadelphia Mint and about 75 from the Denver Mint, indicating their extreme rarity.
Can I find a 1992 Close AM penny in my pocket change?
While it’s unlikely due to their scarcity, it’s not impossible. Regularly inspecting your change increases your chances.
