When it comes to the Lincoln cent, there are a few different designs of the coin.
The seller noted that 30% of the coin was off-center This includes the memorial cent, wheat ears, and reverse shield series. The one in the eBay listing, which includes the date 1916 without a mintmark, is a part of the wheat ears series.
But most importantly, the one that sold features a noticeable error, which is known as an off-center strike.
This error occurs when a coin is struck to more than one side than the other.
“The coin gives a freakish appearance as a result, and various amounts of blank planchet space are visible,” coin site Variety & Errors wrote in a guide.
“The coins can vary in value because of how far off center they are struck, although coins with full dates are more desirable than coins without a date or missing digits."
While most of the coin is showing, you can clearly see the missing parts on the bottom of the obverse and the top of the reverse.
At the end of the auction, the 1916 Lincoln error cent sold for $372 after picking up 36 bids.
That would imply the penny is now worth more than 3.7million percent its original value.
For example, the original strike of the 1916 penny without a mintmark is quite common with more than 131million pieces minted. According to USA Coin Book, the coin is only worth $0.56 in average condition and up to $39 if in an “Uncirculated (MS-63)” grade.
Meanwhile, some other Lincoln pennies with the off-center error have sold for hundreds on eBay recently. But as always - make sure you're aware of possible fakes online.
To avoid this, make sure you check the seller’s history and whether or not the coin was certified in the listing. What is your spare change worth? Know that your Lincoln pennies aren't the only coins that could be worth a serious mint.
You’ll want to check your change for rare dimes, half dollars, nickels, quarters, others because some of these coins might sell for thousands. The most valuable coins are usually those with a low mintage or an error, as they're deemed the most valuable by collectors.
To check if your coins are worth anything on eBay, search the full name, select the "sold" listing and then toggle the search to "highest value.” It will give you an idea of the amount of money that the coin is going for. You can either choose to sell the coin on eBay or through a specialist site such as Coinappraiser or USA Coin Book.
In other rare coin news, a counterfeit Jefferson coin recently sold for more than $400 online.
We've explained the Lincoln VDB, 1992, and 1914 pennies and why they are so valuable.
Plus, we show you how to find rare coins including ones featuring Lincoln.