Rare penny sells online for $5,000

Even though coins with a value of one cent don't have much value today, there are still some that coin collectors treasure.

But remember that coins can become quite valuable if they have an error, a special feature, or if the coin is a low mintage variety.

We explain why the penny that sold for $5,000 is so valuable and what to look for to find it.

The obverse of the coin features an image of an Indian holding a bow and arrow.

The words "Common" and "Wealth" are written around the image on either side.

The reverse also bears the date 1788, which is visible in the bottom center. The 1788 Massachusetts cent is the name given to this coin.

A circulated 1788 Massachusetts cent has actually only ever sold for as little as $80 according to Professional Coin Grading Service's price guide list.

The 1788 penny, meanwhile, was graded VF Detail by PCGS and sold for $5,000 after 22 bids in a recent eBay listing.