AN INCREDIBLY rare coin fetched its owner a huge payday after being sold at auction.

A 1944-S Lincoln Steel Penny rare coin fetched a staggering $373,750 at auction when it went up for sale in Baltimore, Maryland, in August 2008, according to Spruce Crafts.

The coin was preserved in incredible condition and showed minimal marks, according to the site.

Its condition and a combination of other factors made the coin the second most valuable penny in the world.

It comes after a special penny with a specific zinc-coating once sold for over $100,000 in a Milwaukee auction.

Although over 430million 1944 Lincoln pennies were struck at aDenver,Coloradomint facility, a steel planchet left over from 1943 made its way into the coining press and created extremely rare 1944-D LincolnPennieson a Zinc-Coated Steel Planchet.

One of those pennies sold for $115,000 in a Heritage Auctions, Milwaukee,Wisconsin, ANA Signature Coin Auction in August 2007.

Read our rare coins live blog for the latest news and updates...

RARE DOUBLE DIE 1955 PENNY SELLS FOR $1,400

On therare penny, featuring 16th PresidentAbraham Lincoln, there is a double die meaning the coin has a double layer effect.

Most importantly, this penny is said to be the most famousLincoln coinof them all.

A big reason is because of doubling that can be clearly seen in multiple spots on the coin.

The Philadelphia-minted coin features the doubling of the words In God We Trust (above Lincoln) and Liberty (to the left of Lincoln).

Also, the year on the coin is doubled.

WHY IS THE GOLD EAGLE COIN SO VALUABLE?

The Gold Eagle was the first-ever gold coin issued by the US Mint and originated in 1792.

The design was created by Philadelphia Mint engraver Christian Gobrecht in Ancient Greek and Roman stylings.

The coin has a denomination of $10.

Plenty of these coins have sold for eye-watering sums on eBay in recent months, with thepriciest oneselling for a price tag of $7,988.

It was sold by a seller in California and the listing attracted 39 bids.

'RARE' BIDEN COIN

A Twitter user shared their "rare" coin, featuring current President Joe Biden.

THE UNITED STATES ONCE USED 2-CENT AND 3-CENT COINS

Two and three cent coins used to exist.

However, the US discontinued them after prices went up, as it was no longer practical to use the coins.

The coins were used before 1873 and 1889.

BILLS COST JUST CENTS TO PRODUCE

The cost to produce bills can range from about a nickel per note to just over a dime.

COINS FROM BLACK DEATH ERA FOUND IN ENGLAND

In June 2021, two rare gold coins were found by someone using a metal detector in the small town of Reepham.

The coins date back to the 14th century, according toSmithsonian Magazine.

Both featuring Edward III, the coins are worth an estimated $16,650.

POSTAGE STAMPS AS CURRENCY

There was a nationwide coin shortage during the Civil War, so the government began accepting postage stamps as a form of payment.

People held onto their coins because at the time, they were still made of gold and silver metals, which were valuable.

This then led to a shortage of stamps.

TWITTER USERS JOKE ABOUT THEIR RARE FINDS

Some social media users joke about the coins they have on hand being rare.

My sister and I were looking through our coins to see if we had any rare ones and I told her this one was rare, one person wrote on Twitter alongside a photo of a Chuck E. Cheese token.

MOST PAPER MONEY CONTAINS TRACES OF DRUGS

University of Massachusetts Dartmouth chemist Yuegang Zuo conducted a study in 2009, which found that 85 to 95 percent of paper money in circulation contains traces of cocaine.

In some major cities, including Los Angeles, Miami, and Boston, 100 percent of paper bills showed traces of cocaine.

RARE SILVER ONE SHILLING COIN CONTINUED: THE STAR OF THE COLLECTION

James Morton, the auctioneers coin specialist, said the New England coin is the star of the collection.

I could hardly believe my eyes when I realized that it was an excellent example of a New England shilling, struck by John Hull in 1652 in Boston for use as currency by early settlers in theMassachusettsBay Colony, he said in a statement.

In 1652, the Massachusetts General Court made Hull and his assistant, Robert Sanderson, as Boston mintmaster, responsible for producing North Americas first silver coinage.

But the mint was considered treasonous by King Charles II and was shut down in 1682, according to the statement.

RARE SILVER ONE SHILLING COIN UP FOR AUCTION THIS MONTH

A rare coin worth pennies when it was first minted in New England in the mid-17th century could sell for about $300,000 when its put up for auction in London this month.

The silver one shilling coin was made in Boston in 1652 and is considered the best example of the roughly 40 coins of its type known to still exist, according to info from theAssociated Press.

It was recently found in the United Kingdom inside a candy tin containing hundreds of older coins, according to a statement from auctioneer Morton & Eden Ltd. in October.

LINCOLN WHEAT PENNY SELLS FOR $919

The penny, featuring 16th US PresidentAbraham Lincoln, was designed by sculptor Victor David Brenner.

Brenner is also responsible for designing the1909 S Lincoln penny, which drew controversy from his initials V.D.B. getting placed on the coin and were eventually taken out completely.

What stands out most about therare pennyfrom 1914 is its mintage location which was in Denver.

On theLincoln coin, there is a D, which is the first letter of the city, displayed under the year 1914.

But the reason the D on the coin is unique is because of the citys low mintage.

There have been just under 1.2million of those Lincoln pennies minted compared to more than 75million of the 1914 Philadelphia coin version.

WHAT TO KNOW BEFORE BUYING RARE COINS

Before you buy, make sure you carefully research the coin and know how much its going for so you dont overpay.

However, youll want to humble your expectations when it comes to making a fortune.

If your plan is to buy a rare coin only to immediately turn around and flip it for a profit, the chances are fairly high you will be disappointed, Joseph Yaffe, co-owner of precious metals dealer of Gainesville Coins, told The Sun.

Yaffe recommends holding onto the coins you buy for at least 10 years.

RARE ENGLISH COIN FOUND IN CANADA

Pictured in the tweet below is what may be the oldest English coin ever found in Canada.

The coin is believed to have been minted over 520 years ago, and it was found in Newfoundland.

WHO WAS CAESAR AUGUSTUS?

Caesar Augustus was the first Roman emperor, who reigned from 27 B.C. until he died in 14 AD.

Also referred to as Octavian, the emperor is believed by researchers to be the first person to practice numismatics, or coin collecting.

WHAT IS NUMISMATICS?

Numismatics is the study or collection of coins, medals, or currency.

Researchers believe that the first person to collect coins may have been Caesar Augustus, who lived over 2,000 years ago.

LIVING PEOPLE DO NOT APPEAR ON UNITED STATES COINAGE

In 1866, a federal was enacted preventing any living persons image from being printed on American money.

Lady Liberty first appeared on American coins, while the American eagle appeared on the reverse side.

Presidents have traditionally been featured on money, dating back to 1909 whenAbraham Lincolnbecame the first to appear on a US coin.

WHY DOES PRESIDENT LINCOLN FACE RIGHT ON THE PENNY?

It is believed that Lincoln faces right because the sculptor Victor David Brenner based the design of the penny off of a portrait of the president in which he was facing right.

There are also reports that thepennywas following European tradition.

According toCoinSite, when a new monarch was installed, their bust or profile faced the opposite direction of the person preceeding them.

Because the Liberty figure faced left on the Indian cent, it could be said that Lincoln faces right to honor this tradition.

PRESIDENTS ON COINS: WASHINGTON, FDR AND JFK

President Franklin D. Roosevelt replaced the image of Lady Liberty on the dime in 1946, the year after he died.

The first US President, George Washington, is on the quarter.

The US Mint first produced the Washington 25-cent coin in 1932, to commemorate the 200th anniversary of his birth.

President John F Kennedy is on the half-dollar.

PRESIDENTS ON COINS: LINCOLN AND ROOSEVELT

The 16th President Abraham Lincoln is on the penny.

He first showed up on the front of the one-cent piece in 1909 nearly 120 years after the first US penny was minted and 44 years after he was assassinated.

President Theodore Roosevelt commissioned sculptor Victor David Brenner to redesign the penny with Lincolns on it.

SMALLEST COIN IS WORTH A MINT

Another valuable coin to look out for: the$1 Gold Liberty Head, which is the smallest ever coin struck at the US Mint.

A version of this coin from 1854 racked up more than 40 bids and sold for $3,401 oneBayin March 2021.

The first $5 Capped Bust coins were released in 1807 with a reported mintage of less than 34,000.

So it wasnt surprising when a version of this coin from 1808/1809 sold for $3,400 on eBay in April 2021, having attracted more than 35 bids from potential buyers.

$5 NOTE SELLS FOR 179 TIMES ORIGINAL VALUE

Onecirculated banknote soldfor $895, 179 times its original value.

Thestar note on the bill is quite rarefor the early 1900s.

Each federal reserve bank in 1918 featured its own Lincoln bill.

This bill is from the Federal Reserve Bank in Kansas City.

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Rare coins price news 1944-S Lincoln Steel Penny is the second most valuable penny ever with two z... - The Sun