The United States Mint struck this special Lincoln cent back in 1978.
It carries the "S" mint mark, which means workers produced it at the San Francisco Mint.
San Francisco focused on making collector proof coins rather than pennies meant for everyday pocket change.
These proofs were struck on specially prepared planchets using polished dies.
The "DCAM" designation stands for Deep Cameo.
A Deep Cameo coin has heavy, frosted design details that pop out against mirror-like background fields.
While millions of modern proofs were made, finding one in absolute perfection is an entirely different story.
This particular piece holds rank 64 out of the 200 top Lincoln cents.
This coin made numismatic news when it crossed the auction block through Heritage Auctions (HA).
Bidders competed for the piece, pushing the final sale record in the 6/08 price range.
The coin earned a perfect certified grade of Proof 70 Deep Cameo.
On the standard grading scale, a 70 represents absolute perfection.
A grade of 70 means the coin has no post-production flaws, scratches, or spots visible even under high magnification.
Even tiny handling marks or microscopic manufacturing defects will drop a coin down to a 69 or lower.
That razor-thin line between a 69 and a flawless 70 is what drives serious collector bidding.
Heritage Auctions handled the sale, giving high-end Lincoln penny collectors a rare shot at a top-pop specimen.
Condition rarity is the main factor behind the strong price of this modern cent.
Modern copper-alloy proof cents are very sensitive to their environment.
Copper reacts easily to moisture, air, and the packaging materials used over the decades.
Many 1978-S proofs have developed haze, tiny carbon spots, or uneven toning over time.
Finding an example that kept its spotless, heavy frosted finish without a single blemish is very unusual.
Deep Cameo contrast was also not guaranteed on every proof struck that year.
As the dies struck more coins, the frosted texture wore away and the contrast softened.
Only early strikes from fresh dies received the true Deep Cameo designation from grading services.
Registry set collectors actively hunt for perfect 70s to build top-ranked sets of modern Lincoln pennies.
That strong demand among competitive collectors keeps prices high for top-grade survivors.
You can start by looking for the mint mark on the front of the coin.
Find the date 1978 below Lincoln's chest, and look directly beneath it for a clear "S" letter.
Next, examine the visual contrast between the raised details and the flat fields.
Abraham Lincoln's portrait and the lettering should look milky, chalky, or frosted white.
The background field should act like a clean glass mirror that clearly reflects light.
Use a 10x jeweler loupe under good lighting to inspect the surfaces for tiny copper spots or hairline scratches.
If you see any contact marks or dulling in the fields, the coin will not achieve that flawless 70 grade.
Make sure not to confuse a regular business strike from Philadelphia or Denver with a proof from San Francisco.
Regular circulation pennies lack the mirrored backgrounds and sharp rim details of a true proof.
If you want a fast way to double-check your coin at home, you can use Coin Value Checker to scan the piece and look up reference details.
Remember that ordinary 1978-S proof cents in standard grades are very affordable.
Only third-party certified, mathematically perfect examples reach record-setting auction levels.
If you want a number and not a lesson, check the coin valuation app tools we tested side by side.