When you think of valuable coins, pennies probably aren‘t the first to come to mind. After all, a penny is just 1 cent, right? While that‘s true for most of the billions of pennies that have been minted over the years, there are some exceptionally rare and valuable pennies that are coveted by coin collectors. Certain rare pennies have sold for hundreds of thousands of dollars at auction!
In this in-depth guide, we‘ll dive into the fascinating world of rare pennies worth money. You‘ll learn the history of the penny, what makes certain pennies so valuable, and get a closer look at some of the rarest and most expensive pennies in existence. By the end, you‘ll know how to identify valuable pennies and maybe even be inspired to start collecting them yourself! Let‘s get started.
The History of the U.S. Penny
The penny has a long and storied history in the United States, dating all the way back to the late 18th century. In 1792, the U.S. Mint was established and the very first penny was minted that same year.
Over the last 230+ years, the penny has gone through many design changes and has been minted in several different metal compositions. Here‘s a quick timeline of the evolution of the penny:
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1793-1857: Large Cents – These early pennies were much bigger than today‘s pennies (about the size of a modern half dollar) and made of pure copper.
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1856-1858: Flying Eagle Cents – The U.S. Mint started making smaller pennies out of copper-nickel. The Flying Eagle design was used briefly before being replaced.
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1859-1909: Indian Head Cents – The Indian Head penny is one of the most popular 19th century coins among collectors today. They started as copper-nickel before switching to bronze in 1864.
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1909-1958: Lincoln Wheat Cents – In 1909, the Lincoln penny was introduced to commemorate the 100th anniversary of Abraham Lincoln‘s birth. The reverse featured two wheat ears.
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1959-1981: Lincoln Memorial Cents – The reverse design was changed to the Lincoln Memorial building. Pennies were made of 95% copper and 5% zinc until 1982.
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1982-Present: Zinc Cents – To save money, pennies are now made of 97.5% zinc with a thin copper plating, with the exception of some special copper pennies minted for collectors in 2009.
As you can see, pennies have undergone quite the transformation over the centuries! Next we‘ll look at what makes certain pennies from this timeline especially valuable.
What Makes a Penny Rare and Valuable?
Age alone doesn‘t make a penny valuable. There are plenty of old pennies that are only worth a few cents. The value of a rare penny depends on a few key factors:
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Mintage – How many of the pennies were made in a given year and mint location? In general, the lower the mintage, the rarer the coin. Some pennies had very low production.
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Minting errors – Pennies with mistakes made during the minting process, like double dies, off-center strikes, clipped planchets, etc. are highly sought after.
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Historical importance – Certain pennies are valuable due to their place in history or one-year-only design changes. A great example is the 1943 steel penny or 1955 double die penny.
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Condition – As with any coin, the condition matters hugely for value. Pennies are graded on the Sheldon scale from 1 to 70, with 70 being a perfect "mint state" coin. Higher grade pennies command the biggest prices.
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Composition – For many collectors, only original copper pennies are worth collecting. Copper pennies are more valuable than modern zinc pennies.
The most valuable pennies will have a combination of these factors – they‘ll be rare, high grade, struck in copper or bronze, and have an interesting history or error. Next let‘s look at some of the most valuable pennies ever sold.
List of the Most Valuable U.S. Pennies
Here is a list of some of the rarest and most valuable U.S. pennies, along with their auction prices:
| Date/Variety | Mintage | Composition | Auction Price |
|---|---|---|---|
| 1943-D Lincoln Wheat Cent Struck on Bronze | Unknown | 95% Copper | $840,000 |
| 1943-S Lincoln Wheat Cent Struck on Bronze | Unknown | 95% Copper | $504,000 |
| 1856 Flying Eagle Cent | 2,000 | 88% Copper, 12% Nickel | $172,500 |
| 1955 Double Die Lincoln Wheat Cent | 40,000 | 95% Copper | $48,300 |
| 1922 No D Lincoln Wheat Cent | Unknown | 95% Copper | $30,000+ |
A few interesting things to note about this list:
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The most valuable pennies on this list are the 1943 Lincoln Bronze cents. These were mistakenly struck in the wrong metal – bronze instead of zinc-plated steel like all the other 1943 cents. It‘s estimated that only around 40 of these error coins exist.
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Many of the most expensive pennies had a very small mintage. The 1856 Flying Eagle cent for example had only 2,000 made originally as proofs. So they are very rare.
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Condition matters a lot for value. The prices listed are all for high grade, mint state examples of these coins. Circulated examples in lower grades would sell for less.
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The historical value of the coin matters too. The 1943 bronze and steel pennies have an interesting World War II story behind them, as copper was needed for the war effort that year.
Of course, this is just a small sampling of the rare pennies worth money out there. But it gives you an idea of how much money the rarest of the rare can bring!
Preserving Rare Pennies
One important factor that greatly affects a rare penny‘s value is its color, or toning. Pennies come in three main color designations:
- Brown (BN) – Circulated pennies that have darkened due to age and wear.
- Red-Brown (RB) – A mix of the original mint red color with some brown toning.
- Red (RD) – Uncirculated pennies that have kept their original bright copper color.
For collectors, red pennies are the most valuable and desirable. A rare penny with full red color can be worth many times more than the same penny in brown.
So if you have a rare penny, how do you maintain its color? Here are some tips:
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Keep the penny in a protective holder like a clear plastic capsule. This prevents it from being exposed to air and moisture which cause toning.
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Store your pennies in a cool, dry place. Avoid humid locations like basements or attics. Consider getting a coin safe or storage box.
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Only handle rare pennies with gloves. The oils on your fingers can discolor the surface of the coin.
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Get your rare pennies professionally graded by a company like PCGS or NGC. Not only does this certify authenticity, but the coin is then sealed in a tamper-proof holder to preserve it.
By following these guidelines, you can help preserve the condition and value of your rare pennies for years to come.
How to Collect Rare Pennies
If reading this article has piqued your interest in collecting rare pennies, you might be wondering how to get started. The good news is, pennies are one of the easiest and most affordable coins to collect! Here are some tips.
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Decide what kind of pennies you want to collect. You can try to assemble a complete set of Lincoln pennies from 1909 to today, or focus on certain types like wheat pennies, steel pennies, or error pennies.
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Get a guide book on collecting pennies like the "Guide Book of Lincoln Cents" or "Cherrypickers‘ Guide to Rare Die Varieties." These will help you learn about key dates, errors, and other things to look for.
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Search through spare change and rolls from the bank to find old or unusual pennies. You never know if you have a valuable wheat penny hiding in your change jar! Coin roll hunting is a fun hobby.
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Visit a local coin dealer or coin show to purchase specific pennies for your collection. Reputable dealers will have their coins labeled and priced fairly based on condition.
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Save up for the rare pennies on your wish list. Big ticket items like the 1943 bronze Lincoln cent may be out of budget, but there are plenty of affordable key date and semi-key pennies.
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Consider joining a coin collecting club, participating in online forums, and reading magazines like Coin World. Learning from other collectors is a rewarding part of the hobby!
Whether you‘re looking to strike it rich by finding a rare penny or simply want to learn more about the history of U.S. coins, collecting rare pennies is a fascinating and fun pursuit. While not all old pennies are valuable, you now know some of the rare treasures to look out for. Who knows – maybe you have a penny worth thousands tucked away in a drawer somewhere! At the very least, collecting pennies is an affordable way to own a piece of American history. Happy hunting!
