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A rare 1958 Lincoln penny has sold for over $1 million at auction, following a bidding war between collectors.

The coin's value is attributed to a key detail on the coin known as a "double die error."

The 1958 wheat penny was certified in mint state 65RD by the Professional Coin Grading Service,

which means it has an attractive quality and strike for its age and mint.

Additionally, the coin features a double image of the word "Liberty" and the phrase "In God We Trust," which is a result of an error in the die-hubbing process during production.

There are only three known examples of this coin, making it highly sought after by collectors.

Despite being an error, double-die coins tend to bring in a great amount of money.