Rare pennies and bicentennial quarters will not turn their owners into overnight millionaires, despite what they may have read online, according to an organization representing coin collectors and rare coin experts.
The Professional Numismatists Guild recently released a blog post debunking fake online stories and videos claiming that somewhat rare pennies and quarters are worth millions of dollars. One prominent fake story claimed that certain pennies could fetch their owners up to $124 million, and that bicentennial quarters could be worth $1 billion. In reality, the highest price ever paid for a rare coin sold at auction was $18.9 million, according to PNG President James Sego.
Sego recalled an interaction with a customer who believed his scratched 1926 silver dollar was worth tens of thousands of dollars after watching an online video claiming the damage was a rare production flaw. “However, the deep scratches on the coin occurred after it left the Mint, and because of that unsightly damage the coin is now only worth melt value, about $25 for its silver content,” he said.
