1955 Double Die Penny

The 1955 Double Die Penny is one of the most famous and sought-after error coins in American numismatics. Known for its distinctive doubling of the date and inscriptions on the obverse, this coin can range in value from several hundred to thousands of dollars, depending on its condition. High-grade examples, especially those with clear and prominent doubling, can fetch upwards of $50,000 at auction.

1955 Double Die Penny history

1955 was an important year for American numismatics that some have called the year that marked the end of classic coin collecting and the start of the post-modern era in the hobby, though others would say that was 1964 when silver was replaced with clad for circulating coinage.

1955 was an important year for American numismatics that some have called the year that marked the end of classic coin collecting and the start of the post-modern era in the hobby, though others would say that was 1964 when silver was replaced with clad for circulating coinage.

First of all, it is a year that is replete with some of the lowest-mintage and many key-date coins of a wide range of series like the  1955 Roosevelt dime that is the lowest mintage regular issue of that series to the 1955-D Washington quarter that is the lowest mintage from quarter issued from 1941 to 1964. 1955 Jefferson nickels are not rare unless they are the 1955-D/S overpunched variety ones. Then there is the 1955 Franklin half that is the key to that series, and it is also the year known for the famous “Bugs Bunny” die variety created when the obverse and reverse dies clashed.

1955 Double Die Penny Mintage

The reason so many mintages were so low that year is that the U.S. had just gone through an economic recession in 1953-1954 caused mainly by the difficulties of transitioning from a wartime economy during the Korean War that ended in 1953 to a peacetime economy. That meant a huge drop in defense spending and durable goods, and a loss of about 1.25 million manufacturing jobs. The recession coupled with falling incomes translated into substantially decreased demand for coinage, which is the reason for all those low mintages.

Then there is the closing of the San Francisco Mint that was announced in January 1955. The Treasury department estimated that it could produce coins at the Denver, Colorado Mint which was located near the source of much silver and copper at half the cost to produce coins at the California Mint and deliver them to Federal Reserve Banks.

San Francisco had long been known to collectors of Lincoln pennies as the mint that made the lowest-mintage, key-date coins of that series – 1909-S VDB, 1909-S and 1931-S. Since there would be no new S-mint cents after 1955, that led people to hoard the coins even though with a mintage of over 44 million the 1955-S was not a low mintage coin.

And that helped further the roll craze of the 1950s that had started with the 1950-D nickel that saw its price rise a lot and later decline a great deal. The 1955-S cent was believed to be the next coin that would rise in value, but it did not. But it was hard to find examples in circulation, according to people who collecting the coins at the time.

1955 Double Die cent

Then there is the 1955 Doubled Die cent – which is by far the most well-known error/variety coin of the  Lincoln series, if not of the entire modern coinage of the U.S. It is also a coin that received mainstream attention in the press after it was discovered, and which played an important role in stimulating interest in coin collecting in the 1950s and 1960s when the hobby saw tremendous growth in the number of collectors, the size of the market, the start of new weekly coin publications like Coin World and Numismatic News that are still published, etc.

So what is so special about this coin, how was it made and what exactly is a doubled die?

A doubled die is considered to be a hubing error. It is created when a die is impressed with a hub multiple times with a shifting before the last impression from the hub. The shifting makes some elements of the design or inscriptions have two images.

In the case of famous 1955 Doubled Die penny, the doubling is very easily visible on the obverse of the coins and is most prominent on the date and on the inscriptions “LIBERTY” and “IN GOD WE TRUST”. Little doubling is evident on the bust of Lincoln.

These coins were created when a working hub struck a working die while both were slightly rotated, which is what creates the doubling effect.

Dave Bowers said he was told by the Mint that on a day in 1955 at the Philly Mint several coin presses were coining cents, which were then dumped into boxes after they were made where they were mixed with cents from other coin presses. Later that day a Mint inspector caught the obvious error and removed the die that had caused the problem.

By this time more than 40,000 of thesed double die cents had been produced. So the 16,000 of them that had been separated were destroyed, while the remaining coins were released into circulation likely because it would have been so much trouble to find them. Plus, the Mint thought people would just consider them defective cents and had no idea they would spark so much interest.

When they were first discovered, they started trading for a quarter each but prices kept rising as word of the coin spread. They got the named Doubled Die in 1959 when they were included in the 1960 Red Book (the Guide Book of United States Coins). 

Of those 24,000 or so examples that made it into circulation, today Bowers estimates that only 3-4,000 still exist. On the other hand, PCGS estimates that as many as 15,000 examples still exist.

We do know that 5,490 have been graded by PCGS and NGC has graded about 3,900, but there is no way to know how many of those were submitted to both services at different times or resubmitted multiple times.

Because most of the coins discovered were found the same year they were made, the examples that still exist tend to be of rather good quality, typically grading Almost Uncirculated or better.

One of the other reasons they tend to be in good condition is that many were found wrapped in cellophane that came with packs of cigarettes sold in machines at the time that cost 23 cents. The machines only took quarters, so the packs included 2 pennies as change.

However, since even examples that only grade Extra Fine are worth $1600, while mint state coins start at $2400 and reach almost $3,000 in MS60 Red, and top graded examples in MS65 Red are worth an amazing $125,000, it is important to be aware that counterfeits are out there.

The record sale is an MS65+ Red example that sold in a 2018 auction for $114,000.

Real coins will have some vertical die polishing lines to the left of the ‘T” in “ONE CENT” on the reverse.

It is advisable to only buy examples that have been professionally graded. 

FACT CHECK: "The most valuable coins are always gold or silver."

Validation: Not entirely true.

The claim that "the most valuable coins are always gold or silver" is not entirely accurate. While many valuable coins are indeed made of gold or silver, there are exceptions. The value of a coin can be influenced by several factors, including rarity, historical significance, condition, and demand among collectors.

For example, the 1794 Flowing Hair Silver Dollar, made of silver, is one of the most valuable coins due to its historical significance as one of the first silver dollars minted by the United States. However, non-precious metal coins, such as the 1943 Bronze Lincoln Cent, are also extremely valuable because of their rarity and unique production errors.

Thus, while gold and silver coins often hold high value, they are not exclusively the most valuable, as coins made from other metals can surpass them in value due to rarity and other collectible factors.

FAQ

What is a Double Die Penny?

A Double Die Penny is a coin that exhibits a noticeable doubling of the design elements, such as the date and inscriptions, due to a misalignment in the minting process.

How can you identify a Double Die Penny?

Look for clear and distinct doubling of the date, letters, and other design elements on the obverse of the coin. The doubling will appear as a shadow or extra image slightly offset from the original.

What is the value of a 1955 Double Die Penny?

The value of a 1955 Double Die Penny can range from several hundred dollars for well-worn examples to over $50,000 for coins in mint condition with prominent doubling.

Why is the 1955 Double Die Penny so valuable?

The 1955 Double Die Penny is valuable due to its rarity and the striking visual appeal of the doubling error. It is one of the most famous and sought-after error coins among collectors.

How many 1955 Double Die Pennies were minted?

It is estimated that about 20,000 to 24,000 1955 Double Die Pennies were released into circulation, making them relatively rare compared to other coins from that year.

What causes a Double Die error?

A Double Die error occurs when the die, which imprints the design on the coin, shifts slightly between strikes. This misalignment results in the design being stamped twice, creating a doubled image.

Are there other years with Double Die Pennies?

Yes, there are other years with notable Double Die Pennies, including 1917, 1936, 1972, 1983, and 1995. Each of these dates has its own unique characteristics and level of desirability among collectors.

How can you protect and store a Double Die Penny?

To protect a Double Die Penny, store it in a coin holder or a protective case. Avoid handling the coin with bare hands to prevent oils and dirt from damaging the surface. Keep it in a cool, dry place away from direct sunlight.

Can a Double Die Penny be faked?

Yes, there are counterfeit Double Die Pennies. To ensure authenticity, it's recommended to purchase from reputable dealers and consider having the coin authenticated by a professional grading service.

Where can you sell a 1955 Double Die Penny?

You can sell a 1955 Double Die Penny through coin dealers, auction houses, online marketplaces, and numismatic shows. For high-value coins, using a professional auction service can help you reach serious collectors and achieve the best price.