Sure! Unlike most people who generally consider 5 Rare pennies as some pocket change, in the world of numismatics, pennies have extraordinary value. Some pennies due to minting errors, historical significance, and rarity have fetched auction prices in thousands or millions.
This article takes a look at five of the rare pennies that can cash you a fortune: those that have earned their place on the list and ways to identify them.
Coin Valuation
These are some of the factors determining the value of a rare penny:
- Rarity: The greater the number of minted coins, the less valuable they become. Errors, low mintage, or unique design features may add to rarity.
- Condition: Mint (uncirculated) coins typically command a higher value. Services such as PCGS and NGC help determine coin condition.
- Historical significant coins, connected to historical events or when the country changed coinage designs, serve to attract collectors.
- Demand: The price value of a coin is determined by the collectors who actively look for it.
- Provenance: If this particular coin has the documented history of having been owned or if part of a collection with some fame, then the value appreciates.
1943 Copper Penny
Having adopted zinc-coated steel in World War II to conserve copper for war supplies, the U.S. Mint had struck a few copper 1943 pennies by mistake. As a result, one of the rarest and highly valuable error coins became mounted in the 1943 copper penny.
Expected Valuation
$1 million or even more, depending on the condition of the item.
In 2010, a 1943 copper penny was sold for $1.7 million.
Identification
non-magnetic-pennies made of steel 1943 will be stuck to the magnet, but the copper ones won’t.
reddish-brown in color-the original 1943 copper penny looks different from the silver-grey steel version.
authenticity check-tread carefully around altered 1948 pennies made to pass as 1943 pennies.
1955 Double Die Penny
It’s shaped into one of the famous minting mistakes, the 1955 double-die penny, where the used die for stamping the coin was misaligned with one another. From this, an evident doubling of date and inscriptions resulted, which made it most sought after by collectors.
Value
from $1,000 up to $40,000, depending on condition
high-grade examples sold for more than $100,000
Identification
double lettering found in “LIBERTY” and “IN GOD WE TRUST”
doubling is only on the front side of the coin; the reverse should show normal
watch out for fakes-there are many double-die pennies counterfeit-created.
1969-S DDO-Penny
Like the double-die penny of 1955, the 1969-S version displays a strong doubling effect of the obverse. It was minted in San Francisco, and no more than 100 specimens are known to exist in the entire world with authentic standing.
Estimated Value
$20,000-$30,000, depending on condition; some pristine examples have been known to sell for higher amounts.
How to Identify
doubling on the inscriptions and date
has an “S” mint mark from San Francisco
Only coins authenticated by the PCGS or NGC can be considered genuine, as fakes are common.
Copper Penny 1983
The U.S. Mint started producing pennies with primarily zinc and a covering of copper in 1983. However, a couple of totally copper pennies were reputedly struck accidentally and are thus very rare.
Value Estimate:
$1,000 to $10,000, depending on condition
How To Tell
weighs 3.11 grams (regular 1983 zinc pennies weigh 2.5 grams)
looks just like a regular 1983 penny, but needs to be weighed in order to confirm authenticity
needs professional grading and verification
1999 Wide AM Penny
The 1999 Wide AM penny is classified as an error coin because it bears a wide spacing between the letters “A” and “M” in “AMERICA” on the reverse side. The mint made use of a proof coin die to strike regular circulation coins by mistake in 1999.
Estimated Value: From $1,000 to $5,000, depending on condition
Chipping Out:
Check reverse for separation of “A” and “M” in “AMERICA” should be apparent Open the gap between “A” and “M” in “AMERICA.” Watch out for altered coins: a microscope or magnifier can help check authenticity.
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The Market for Rare Pennies:
The market for rare pennies is strong and always buzzing with activity, as collectors keep hunting these coins to complete their collections. Here are some of the best venues for buying or selling rare pennies:
- Heritage Auctions, Stack’s Bowers, and Great Collections sell most of their coins at auction, including some rare coins available
- coin dealers – honest coin shops and numismatic experts will help buying and selling
- online marketplaces – eBay and others are conducive to trade in rare pennies by collectors
- coin shows and conventions – great venues to meet and network with scholars and dealers on rare coins
Collector Tips:
If one entertains a notion concerning the collecting of rare pennies, the following ideas can help:
- research before purchasing – find out what makes a coin valuable, its features, and market prices
- buy only from a reputable dealer – this minimizes the risk of fake or altered coins
- store coins in a protective holder – proper storage can protect against wear and damage
- join a numismatic community – engaging in conversations with other collectors often leads to useful tips
- know the current news and market trends – prices fluctuate and what you learn will help you make smart investments
The major contenders for the most valuable pennies are: the 1943 Copper Penny; the 1955 Double Die Penny; the 1969-S Double Die Penny; the 1983 Copper Penny; and the 1999 Wide AM Penny. Indeed, these coins have sold for thousands to millions of dollars, just the kind of proof that a lowly penny can be worth a fortune.
If you come across anything odd about a penny, it might be best to get in touch with a grading service for an appraisal. You just might be sitting on a hidden treasure!
FAQS:
What might the value of a 1943 copper penny be?
As a matter of fact, a bona fide 1943 copper penny is worth over $1 million and some have actually been sold for $1.7 million.
What penny is the rarest?
A penny made of copper dated 1943 is considered to be one of the rarest and most valuable pennies in existence.
How can I tell if I’ve got a penny worth something?
Look for the date, mint mark, weight, and any unusual attributes; perhaps doubling or spacing mistakes.
Is the 1983 copper penny worth anything?
The 1983 copper penny is indeed rare and pretty valuable when real; it could “bring” you thousands.
Where do I sell a rare penny?
You may sell rare pennies at auctions and through coin dealers, or on online markets like eBay.