
Error coins are in-demand rarities.
Mint error coins are sought after by numismatists and casual collectors alike. Their value comes from their rarity and the unique beauty they add to any numismatic collection.
While there is no known spacing error in 2002 Lincoln Cents, that does not mean your Penny is not an error coin. There are known 2002 Lincoln Cent errors, including strike, die, and planchet errors.
Defining Mint Error Coins
Strike errors can be defined as any error in the physical production of the coin and encompasses off-center strikes, multiple strikes, misaligned dies, overstrikes, rotated die, and weak strikes.
Planchet errors refer to problems with the planchet on which the coin was made. These include wrong metals, incomplete planchets, cracked, clipped, chipped, and thickness errors.
Die errors occur from a die that does not adhere to U.S. Mint standards and can include preproduction errors and damage to the coin in the striking process.
You don’t need to be an expert to recognize some of these errors. Does the coin appear a different color than it should, such as a Cent appearing silver? That may be an error coin. Is the coin misshaped, missing a letter, larger or smaller than it should be, or if not a Cent, is it missing a reeded edge? These are likely error coins.
An easy tell is to weigh it and check this weight with the official weight of the coin. For instance, the 2002 Penny weighs 2.5 grams. If yours weighs 2.5 grams and has not been altered since leaving the Mint, this might be an error.
The best way to find a conclusive answer to the question is to send your Penny in for error coin grading.
PCGS Mint Error grading carries a $65 cost in addition to the fees associated with PCGS grading.
NGC Mint Error coin grading takes an additional $20 and five more days for a turnaround of the given tier you have chosen to have it graded in.
It’s best to remember that when your Penny displays some of the above errors, it may be attributed to damage after issue by the Mint. Authoritative, third-party coin grading organizations have the experience and knowledge to clarify that, in addition to both grading and certifying your coin.
No matter how certain you are of the coin’s error, if you plan to sell or insure the Penny, it’s wise to send it in for grading to receive a conclusive judgment. Otherwise, you may end up confused and arguing in an online forum without an authoritative grade.