In the upcoming U.S. Coins Signature Auction, set to take place at the 2024 Winter FUN Show, Heritage Auctions will feature a highly sought-after coin—the 1969-S Doubled Die Obverse (DDO) Lincoln cent. This rare coin is a favorite among collectors, and it’s known to turn heads thanks to its dramatic doubled design.
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Why Is the 1969-S DDO Lincoln Cent So Valuable?
The 1969-S DDO Lincoln cent first caught attention in 1970, but not without a bit of controversy. At the time, there were doubts about whether this coin was genuine.
This skepticism was fueled by a counterfeiting scheme led by two coin dealers, Roy Gray and Mort Goodman. Using industrial equipment, they created fake 1969 Doubled Die Lincoln cents from the Philadelphia mint. They sold 2,900 counterfeit coins for $92,000 to a collector. When they asked that collector to distribute 85 of these fake coins into circulation in Washington, D.C., the collector instead turned them over to the United States Secret Service. The resulting investigation uncovered a larger counterfeiting operation, leading to Gray and Goodman being sentenced to federal prison.
So when collector Cecil Moorhouse found a genuine 1969-S DDO in a roll of pennies from the San Francisco Federal Reserve, the Secret Service was initially skeptical. They seized the coin, suspecting it to be another fake. However, it was eventually proven to be an authentic doubled die error and was returned to Moorhouse. Around the same time, another collector, Bill Hudson, also discovered a real 1969-S DDO Lincoln cent.
Unfortunately, the Secret Service had already destroyed other genuine 1969-S DDO coins in their search for fakes. This made the coin even rarer. Experts believe that less than 100 of these coins were produced, and today, only a few dozen are thought to survive.
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The 1969-S DDO Lincoln Cent Up for Auction
As of now, only 11 1969-S DDO Lincoln cents have been graded “Full Red” by PCGS across all grade levels. The coin up for auction on January 11, 2024, is one of four graded MS63RD. Only seven coins have been graded higher, with the top coin graded at MS66RD. NGC has graded just three of these coins, with the highest grade being an MS65RD.
This particular 1969-S DDO Lincoln cent shines with a brilliant red color and original luster, although there are some surface marks and a spot near Lincoln’s tie on the obverse. What really sets this coin apart is the clear, dramatic doubling visible to the naked eye. The last time this coin appeared at auction was in March 2009, where it sold for $86,250 at the Whitman Expo U.S. Coin Signature Auction.
Ethan is a passionate rare coin collector with years of experience uncovering the stories and history behind unique coins. His insightful articles are a go-to for anyone curious about coin values or their fascinating backstories.