Stewart Blay's 1958 Lincoln Cent Doubled Die Obverse PCGS MS-65 RD CAC sold $1,136,250 with juice.

Goldbully

https://www.greatcollections.com/Coin/1272983/1958-Lincoln-Cent-Doubled-Die-Obverse-PCGS-MS-65-RD-CAC-Red-Copper-Collection

drei3ree

Beautiful, but it's an insane market!

DCW

Holy carp.

That's one expensive doubled die!

I wish he could've lived to see that bird soar.

DCW

I wonder if Hansen is the new owner?

FlyingAl

Wowza.

OAKSTAR

Damn, that coin was cooking with grease!

1Mike1

WOW!

ChrisH821

Coin dealers brace yourselves for the flood of "I have a 1958 penny" calls.

WCC

No comment

Zoins

Amazing! @RedCopper has to be looking down and pleased!

Chevyrose

Incredible

Walkerlover

This doesn’t make sense. Even though it’s super rare it’s still only a double die error penny , and not as dramatic as the 1955 double die. What great gold you can buy with a $1,000,000.

Zoins

@Walkerlover said:
This doesn’t make sense. Even though it’s super rare it’s still only a double die error penny , and not as dramatic as the 1955 double die. What great gold you can buy with a $1,000,000.

The key is that there are only 3 known and this is the finest.

RLSnapper

There are only 3 known now. I had no idea this coin existed. How much will an OBW roll of 1958 cents go for on Ebay now? I may have to buy me some. Sorta like a lottery ticket! I predict at least 3 more will surface by years end.

mr1931S

Over 10 kg of Benjamins for a penny with not much of a story. Not a good buy, in my opinion.

Zoins

@RLSnapper said:
There are only 3 known now. I had no idea this coin existed. How much will an OBW roll of 1958 cents go for on Ebay now? I may have to buy me some. Sorta like a lottery ticket! I predict at least 3 more will surface by years end.

These coins have been known since the 1980s. Let's see if more show up now.

Kove

I had no idea the 1958 DDO was so noticeable. It's not quite as noticeable as the 1969-S or 1972, but it's a lot closer than I realized. Cool coin.

GoBust

That's an amazing price! Wow i didn't see that coming, but i do understand it. I wish Stewart was here to see that level of enthusiasm.

Walkerlover

@Zoins said:

@Walkerlover said:
This doesn’t make sense. Even though it’s super rare it’s still only a double die error penny , and not as dramatic as the 1955 double die. What great gold you can buy with a $1,000,000.

The key is that there are only 3 known and this is the finest.

That’s very valid point. Still 1.1 million can buy you many valuable coins, Gold, Rare type coins, Proof coins etc. Much more exciting than 1 penny. Would you rather own the penny or some amazing 10 and 20 dollar gold coins?

Zoins

@Walkerlover said:

@Zoins said:

@Walkerlover said:
This doesn’t make sense. Even though it’s super rare it’s still only a double die error penny , and not as dramatic as the 1955 double die. What great gold you can buy with a $1,000,000.

The key is that there are only 3 known and this is the finest.

That’s very valid point. Still 1.1 million can buy you many valuable coins, Gold, Rare type coins, Proof coins etc. Much more exciting than 1 penny. Would you rather own the penny or some amazing 10 and 20 dollar gold coins?

We may not know the new owner yet, but I'd wager that quantity of coins isn't an issue.

How many of those gold, rare type coins, proof coins, eagles and double eagles have just 3 known?

DelawareDoons

@Walkerlover said:
This doesn’t make sense. Even though it’s super rare it’s still only a double die error penny , and not as dramatic as the 1955 double die. What great gold you can buy with a $1,000,000.

If you have $100m to spend I get the feeling that finding 100 coins to drop a million on is the bigger problem lol.

Lakesammman

I'm speechless......is Sam Lukes still around??

renomedphys

How about the $600k spent on his 69-s DDO. And his 55 DDO went for over a quarter mil. Records that should stand the test of time
🤑

OAKSTAR

@RLSnapper said:
There are only 3 known now. I had no idea this coin existed. How much will an OBW roll of 1958 cents go for on Ebay now? I may have to buy me some. Sorta like a lottery ticket! I predict at least 3 more will surface by years end.

Zoins

@renomedphys said:
How about the $600k spent on his 69-s DDO. And his 55 DDO went for over a quarter mil. Records that should stand the test of time
🤑

And this Nepalese foreign planchet cent sold for $200k! Incredible!

Ref: https://www.greatcollections.com/Coin/1272991/1974-S-Lincoln-Cent-Struck-in-Aluminum-PCGS-Proof-68-CAMEO-Red-Copper-Collection

Cuprinkor

Three 1958 DDO Lincolns are known.
And it just so happens that the Philadelphia mint director (at that time) happened to have one in his estate.
Hmmmmm, . . . .. shades of midnight shenanigans?

1madman

@Zoins said:

@renomedphys said:
How about the $600k spent on his 69-s DDO. And his 55 DDO went for over a quarter mil. Records that should stand the test of time
🤑

And this Nepalese foreign planchet cent sold for $200k! Incredible!

I personally don’t understand why this coin would be that special to command such a high dollar amount? It’s struck on a foreign planchet, $2500 and you should be maxed out at that point. Just because it’s aluminum?

Zoins

@Cuprinkor said:
Three 1958 DDO Lincolns are known.
And it just so happens that the Philadelphia mint director (at that time) happened to have one in his estate.
Hmmmmm, . . . .. shades of midnight shenanigans?

It is very interesting that the Philadelphia mint director had one. And we have seen high demand and prices for other shenanigans, so this would follow in that trend if it is one.

ChopmarkedTrades

@1madman said:

I personally don’t understand why this coin would be that special to command such a high dollar amount? It’s struck on a foreign planchet, $2500 and you should be maxed out at that point. Just because it’s aluminum?

I don't get it at all. There's zero history there, even less than your conventional errors that actually occured through legitimate minting practices. Somebody made something to sell as a curiosity, and the buyers today are just rewarding that behavior.

Zoins

@ChopmarkedTrades said:

@1madman said:
I personally don’t understand why this coin would be that special to command such a high dollar amount? It’s struck on a foreign planchet, $2500 and you should be maxed out at that point. Just because it’s aluminum?

I don't get it at all. There's zero history there, even less than your conventional errors that actually occured through legitimate minting practices. Somebody made something to sell as a curiosity, and the buyers today are just rewarding that behavior.

I think a few things come into play here:

1. rarity
2. eye appeal
3. age

Coins such as this one may be purposely made, but they are appealing, rare and, in this case, almost 50 years old.

MrEureka

Interesting to ponder if this auction will lead to an increase or decrease in the population of original bank wrapped rolls of 1958 Lincolns.

Aotearoa

It’s times like this when I think: “Man, what a Chain Cent I could get for that kind of money.”

oreville

I have a $50 bag of 1958 cents containing 100 totally pristine unopened never played with original bank wrapped cent rolls all marked as from JP Morgan. Will now be a good time to start selling them?

ParadimeCoins

Wow!

Zoins

@oreville said:
I have a $50 bag of 1958 cents containing 100 totally pristine unopened never played with original bank wrapped cent rolls all marked as from JP Morgan. Will now be a good time to start selling them?

Yes, but you might need to do some YouTube videos

This one is from 4 years ago for the ESM PCGS MS64RD specimen and needs to be updated now!

https://www.youtube.com/watch?v=VG-AktG9jNo

emeraldATV

So how long does the seller have to wait for the point of no return ?
Also, was there a viewing before the auction ?

Zoins

@emeraldATV said:
So how long does the seller have to wait for the point of no return ?

By seller, do you mean Stewart or his heirs?

What do you mean by point of no return?

Overdate

Were any of the 3 known found in circulation? If even a small number of them were released through normal channels, I think one or two would have turned up by now.

Zoins

@Overdate said:
Were any of the 3 known found in circulation? If even a small number of them were released through normal channels, I think one or two would have turned up by now.

Josh said the discovery specimen was found in a mint bag:

Joshua McMorrow-Hernandez said:
The 1958 doubled die was first discovered by Philadelphia collector Charles Ludovico, who was looking through a $50 face bag of 1958 Lincoln cents around 1960. That specimen was submitted to the United States Mint, where officials confirmed the coin as genuine.

Ref: https://coinweek.com/dealers-companies/pcgs-dealers-companies/1958-doubled-die-remains-one-of-the-most-elusive-lincoln-cent-varieties/

Stewart's specimen is PCGS MS65RD and there are two PCGS MS64RD specimens. Both ESM and Ludovico had PCGS MS64RD specimens but I'm not sure if they are the same specimen or different ones.

emeraldATV

A coin which has been graded and placed in a slab with paper work supporting the rarity and researched by the customer
(buyer) would be all the buyer needs to make certain he's comfortable with his purchase ? No returns ?
Would the buyer hire someone neutral with knowledge beyond his research ?
I've never been a buyer.

Zoins

@emeraldATV said:
A coin which has been graded and placed in a slab with paper work supporting the rarity and researched by the customer
(buyer) would be all the buyer needs to make certain he's comfortable with his purchase ? No returns ?
Would the buyer hire someone neutral with knowledge beyond his research ?
I've never been a buyer.

Yes, it's possible and common for buyers to hire coin experts to provide opinions and advice on coins.

emeraldATV

When the final hammer is struck, in a auction house, game over. Correct ?
In ebay it must be very stressful , waiting for confirmation or the ya or na from the buyer after a sale.
I know there's a difference between auction format's.
I'm just kinda trying to get a handle on this subject.
Thanks @Zoins.

Zoins

@emeraldATV said:
When the final hammer is struck, in a auction house, game over. Correct ?
In ebay it must be very stressful , waiting for confirmation or the ya or na from the buyer after a sale.
I know there's a difference between auction format's.
I'm just kinda trying to get a handle on this subject.
Thanks @Zoins.

Things are a bit nuanced on returns.

Some auction houses have a return policy. For example, here's the GreatCollections return policy:

What is your return policy?
@ianrussell on Sun, Jun 30, 2019 12:05:01 PM
On all non-bullion items, GreatCollections offers a generous return policy (unless otherwise marked on the item information page) as a courtesy to Buyers, providing the item is paid for within seven days of the auction date (or in the case of a Buy Now item, when you confirmed to purchase the item) and no request to delay shipment is made by Buyer. Certified coins/banknotes must be in the original sealed grading service holders. To return an item, the Buyer must notify GreatCollections within 24 hours of receipt and receive a return confirmation number. Please mail the coin or banknote via Insured Mail to GreatCollections within 72 hours of receipt of coin. Original and return shipping costs are not refunded. Returns will not be accepted without the return confirmation number. Registered bidders are allowed one free return each month. For more than one return in a calendar month, a 5% fee will apply, based on the total purchase price of the item. Clients found to be abusing our return policy will be notified in writing that they will no longer have any return policy privileges whatsoever. If you viewed the item prior to winning the auction or offered the coin for sale to any dealer, collector and/or marketplace, there is no return privilege.

Ref: https://www.greatcollections.com/kb/What-is-your-return-policy-t83-4.html

Also, while eBay sellers can tell buyers they have a no return policy, eBay allows buyers to return.

DCW

I never heard the story of one being found in a Mint bag.
I never heard the story of one being in the estate of a deceased Mint director.
I've only heard the story of "Charlie," the former Mint worker owning all 3 of them and selling them to Mr. Blay.
Since all three of the "stories" above involve Mint shenanigans, I think the chances of finding one in circulation are somewhere between slim and none... and Slim is on vacation.
Bottom line is that there are most likely a finite number of these and this is the king of all doubled dies now.
Is it really worth a million dollars? I wouldn't have thought so, but the market has spoken.

batumi

@Cuprinkor said:
Three 1958 DDO Lincolns are known.
And it just so happens that the Philadelphia mint director (at that time) happened to have one in his estate.
Hmmmmm, . . . .. shades of midnight shenanigans?

What a coincidence!

DCW

@Cuprinkor
What is the source of that information? I've followed this variety for years, and I've never heard that mentioned. What Mint director had one of these?

Chevyrose

I know that this variety was discovered in bags from the mint.

There were many more of them, but they were destroyed and only 3 were saved

Stu told me this 3 days before he died

oreville

The million dollar price paid is by millenials including my daughter who loves to buy $7 coffee to go when I am still stuck on paying 99 cents for a coffee to go.

I sound more and more like my cheap Dad.

Chevyrose

Who saved them I don’t know

Why they were destroyed I don’t know

Stu owned 2/3 examples

Mr Lindy

Breen wrote he saw a roll of 58 DDO at a show. Roll owned by an ex 1958 Philly Mint employee. That owner sold two or three, 47 more lurking in his estate. Charles Ludvico's Shenanigans

@Zoins said:

@Walkerlover said:
This doesn’t make sense. Even though it’s super rare it’s still only a double die error penny , and not as dramatic as the 1955 double die. What great gold you can buy with a $1,000,000.

The key is that there are only 3 known and this is the finest.

CoinRaritiesOnline

If someone was really sitting on a roll of these, you would have thought the $336,000 APR for the last 64 RD might have coaxed just one out.