The following is excerpted from Clifford Mishler’s Coins: Questions & Answers
Q: My father gave me a 1966-D Lincoln cent he received in change on which “Liberty” is misspelled “LIBIERTY.” Is this an engraver’s error? Is it valuable?
A: Your cent is an example of the popular striking oddity known as the “BIE” error. It was caused when a portion of the die between “B” and “E” broke away, leaving a sharply delineated depression in the die, which raised what appears to be an additional “I” in LIBERTY. The BIE error is quite common in its cruder expression; that is, with the extra “I” being generally featureless and of less than full height. They are of little value. However, examples where the I is attractively formed, such as the 1959-D BIE cent, have commanded substantial premiums. Such defective die varieties of cents, nickels, dimes, and quarters typically command valuations in the $10 to $25 range.