Pennies That Are Worth a Lot of Money

Pennies, often seen as pocket change, can be worth substantial amounts beyond their face value. While most one-cent coins are only worth a penny, certain rare exceptions attract collectors and command significant sums. Understanding what makes a penny valuable and knowing which specific coins to seek out is key.

Factors Determining a Penny’s Value

Several elements determine a penny’s potential worth. Rarity plays a central role, with coins produced in lower quantities or those with fewer surviving examples generally being more valuable. Mint facilities produce different numbers of coins annually, making certain years and mint marks rarer; lower mintage coins are more sought after. The number of surviving coins also influences scarcity.

A coin’s condition significantly impacts its value. Coins with extensive circulation show more wear, which usually translates to a lower value. Professional coin grading assesses a coin’s condition on a scale from 1 to 70, where a higher number indicates better preservation. Even minor distinctions in condition can lead to considerable market price differences.

Mint errors, accidental variations from the standard coin design during manufacturing, can dramatically increase a penny’s value. Examples include doubled dies, where the coin’s design elements appear stretched or duplicated. Other errors include off-center strikes or planchet errors, where the coin is struck on an incorrect metal blank. These anomalies make a coin unique and desirable.

Mint marks provide clues about a penny’s origin and potential value. A small letter, such as “S” for San Francisco or “D” for Denver, indicates the mint. The absence of a mint mark typically signifies production at the Philadelphia Mint. The specific mint mark, or its absence, can affect a coin’s rarity and value.

Key Pennies to Look For

Identifying specific high-value pennies requires knowing their unique characteristics.

1909-S VDB Lincoln Cent

This coin was the first Lincoln Cent issued, featuring the initials “VDB” (for designer Victor David Brenner) on the reverse. The “S” mint mark, below the date, indicates it was struck at the San Francisco Mint. Only 484,000 were produced, making them significantly rarer than the nearly 28 million VDB pennies from Philadelphia that same year. Counterfeits are common; examine the “S” mint mark for a tiny raised dot and check the “VDB” initials for specific styling.

1943 Copper Penny

During World War II, pennies were made of zinc-coated steel to conserve copper. A small number of copper planchets from 1942 were mistakenly struck with the 1943 date. These rare copper examples are reddish-brown and non-magnetic, unlike the common steel pennies. A genuine 1943 copper penny weighs approximately 3.11 grams, while the steel version weighs about 2.7 grams. Around 20 to 30 authentic 1943 copper pennies are known to exist.

1944 Steel Penny

In 1944, the U.S. Mint resumed using copper for pennies. A few steel planchets from 1943 were accidentally used to strike 1944-dated pennies. These coins appear silvery-gray and are attracted to a magnet, distinguishing them from standard copper pennies. Many 1944 steel pennies are altered 1943 steel cents, so careful inspection and professional authentication are advised.

1955 Doubled Die Obverse

This error occurred when a coin die received two misaligned impressions, resulting in a noticeable overlap of the design. The doubling is most apparent on the date “1955,” “LIBERTY,” and “IN GOD WE TRUST.” This doubling is strong enough to be seen without magnification. Thousands of these coins were released, making them highly collectible.

Other Doubled Die Varieties

The 1969-S Doubled Die Obverse exhibits strong doubling on the date, “LIBERTY,” and “IN GOD WE TRUST.” Fewer than 100 authentic examples are believed to exist. The 1970-S Doubled Die Obverse also shows clear doubling on “LIBERTY,” “IN GOD WE TRUST,” the date, and the “S” mint mark. Multiple varieties exist, with some showing more prominent doubling.

1982 Small Date

In 1982, the U.S. Mint transitioned from copper pennies (3.11 grams) to lighter copper-plated zinc pennies (2.5 grams). Both large and small date varieties were minted, and both compositions exist for each. The rare variant is the 1982 “Small Date” penny struck on the heavier copper planchet. Identify it by distinguishing between “large date” and “small date” font styles, then verify the coin’s composition by weighing it or performing a non-magnetic test.

1995 Doubled Die Obverse

This more recent error shows clear doubling, particularly visible on the letters of “LIBERTY” and “IN GOD WE TRUST.” While not as dramatic as the 1955 variety, it is a recognized and collectible mint error found in circulation. This doubling can be observed with a magnifying glass.

Assessing Your Penny’s Worth

Once a promising penny is identified, assess its actual worth. Begin with a thorough inspection using a good light source and a jeweler’s loupe or magnifying glass. Collectors often use 5x to 10x magnification to spot subtle errors or wear.

Understanding basic condition categories is helpful. Coins are categorized from “Good” (heavily worn) to “Uncirculated” (no signs of wear, retaining original luster). An “Extremely Fine” coin shows only slight wear on the highest points. These assessments provide a general idea of a coin’s state.

For potentially valuable pennies, professional coin grading services are often employed. Companies like PCGS and NGC provide expert evaluation, authentication, and assign a precise numerical grade on a 70-point scale. Experts examine the coin for luster, strike quality, and surface preservation, then seal it in a tamper-evident holder, or slab, with a grade label. Professional grading typically costs between $20 to over $150 per coin, depending on its declared value and desired turnaround time. This investment is advisable only when the coin’s potential value significantly exceeds the grading fees.

After grading, or if its value does not warrant professional grading, research current market values. Reputable coin price guides, online auction results, and specialized numismatic websites provide up-to-date pricing information based on the coin’s date, mint mark, variety, and condition. Consulting experienced coin dealers can also offer insights into market trends and realistic valuations.

Preserving and Handling Valuable Pennies

Proper preservation and handling are essential to maintain a penny’s value. Minimize physical contact with coins. Always hold a penny by its edges, avoiding touching the obverse and reverse surfaces. This prevents oils, acids, and dirt from transferring and causing damage. Wearing soft cotton gloves provides additional protection.

For storage, place valuable pennies in inert, archival-safe holders. Options include individual coin flips, rigid plastic capsules, or professionally graded slabs. Avoid holders made from polyvinyl chloride (PVC), which can degrade and release chemicals harmful to coins. Store coins in a stable environment, away from extreme temperature fluctuations, high humidity, and direct sunlight, to prevent tarnishing and corrosion. A consistent room temperature (65-70°F) with humidity below 50% is recommended.

Never clean pennies or any other collectible coins. Cleaning can cause microscopic scratches, alter the coin’s original surface, and diminish its numismatic value. The natural patina and toning that develop over time are often desirable to collectors and contribute to a coin’s authenticity. Any attempt to clean a coin will almost certainly reduce its market worth.