2016-03-22 Tue

After decades in private possession, the only known 1974-D aluminum Lincoln cent has been returned to the United States Mint. Randall Lawrence and Michael McConnell own the coin legally after an agreement to resolve a lawsuit over who owns it. Officials say that this agreement is not only good for the integrity of the coin collecting hobby but for the integrity of the government property and rule of law. The coin was originally with Harry Lawrence who served as Deputy Director of the Denver Mint until his retirement in 1980. His son, Randall inherited this rare coin later.

Over 1.4 million aluminium coins were struck at the U.S. Mint in Philadelphia as part of a test program to possibly replace copper cents in 1974. Since the plan did not materialize, they were all to be melted. As per the mint marks, the specimen coin was minted in Denver, along with the date "1974,”. About ten of these coins were taken by the foreman to the Coining Division office to be shipped back to Mint headquarters in Washington, D.C.

Randall Lawrence sold the cent to La Jolla Coin Shop owned by Michael McConnell, without knowing the coin’s real worth. McConnell sent it to PCGS who authenticated and certified it as a Denver-struck 1974 aluminum cent in grade MS63. McConnell contacted Lawrence to sell the coin at auction with a large portion of the proceeds to be given to charity. Officials at the U.S. Mint contacted Lawrence and McConnell for the coin, indicating it was unlawfully removed from the Denver Mint. Lawrence and McConnell responded by filing suit in United States District Court for the Southern District of California seeking a judicial declaration that they were the lawful owners of the piece.

The U.S. Mint filed a response asking that the court dismiss the complaint, which was granted with a ruling that Lawrence and McConnell failed to prove the coin was legally owned. After several rounds of legal procedures, U.S. Mint Police finally secured the cent on 17th March. The Mint has plans to publically display the coin for coin collectors.