In 2011, when I co-wrote the first edition of 100 Greatest U.S. Modern Coins, the 1969-S Lincoln, Doubled Die Obverse cent was awarded the top ranking. Just a few years before, Internet chat rooms had been set abuzz when the finest known example of this variety was found by a Michigan collector while searching through rolls.

When it came to auction shortly afterward, graded Mint State 64 red, it realized $126,500 — still a record for a Lincoln cent with the Lincoln Memorial reverse.

The 100 Greatest book lists a trio of Lincoln cents from that era with doubled die obverses, including the Proof 1971-S cent and the ever-popular 1972 cent, a “Red Book” variety. Essentially overlooked was the coin that turns this trio into a quartet: The 1970-S Lincoln, Large Date, Doubled Die Obverse cent.

I watched with close attention to see the outcome of Lot 3382 in Heritage Auctions’ sale Jan. 7. Offered was the second finest known of the 1970-S variety, at MS-65 red. The result: $7,931.25.

Trades of examples in this condition are so infrequent that it’s hard to pinpoint the precise value. But why is this coin worth less than one-tenth the price of the 1969-S Doubled Die Obverse cent?

While visually the 1970-S cent is an exceptional variety, showing clear separation between hub impression on the LIBERTY and IN GOD WE TRUST, I do believe it is ever-so-slightly less dramatic than the 1969-S coin. In its favor, it is twice as rare. To date, Numismatic Guaranty Corp. and Professional Coin Grading Service have graded only 26 examples combined! For the 1969-S cent, the total population is 55 pieces.

In the end, the auction catalog itself may include the answer. Quoting the 2009 Cherrypickers’ Guide to Rare Die Varieties, it reads as follows: “To this point, fewer examples are known than the previous listing, the 1969-S. However, this variety has not received the publicity as the previous, thus the lower values.”

When it was first discovered in mid-1970, the Secret Service declared the 1969-S cent to be the work of counterfeiters, seizing known examples. Discovering their error, they declared the coin genuine and returned the coins. From that day, through the discovery in Michigan, the 1969-S cent has been the more storied and coveted coin.

Both varieties are rare. However, rarity is only half the story — or one-tenth, in this case. Desirability is the more important factor in determining value.

More from CoinWorld.com:

2015 Ultra High Relief 24-karat gold coin from U.S. Mint to carry $75 denomination

Error allows U.S. Mint customers to order and receive Proof 2015-S U.S. Marshals Service half dollars early

2015 American Eagle silver bullion coins being struck only at West Point Mint currently

All 2015 Kennedy half dollars to bear 1964 obverse design sculpt employed on 2014 50th Anniversary coins 

ANACS reports first example of Missing Edge Devices error for Enhanced Uncirculated 2014-D Native American dollar

Please sign in or join to share your thoughts on this story.

Keep up with all of CoinWorld.com's news and insights by signing up for our free eNewsletters, liking us on Facebook, and following us on Twitter. We're also on Instagram!