Where Do You Sell Common and Valuable Pennies?

Pennies can hold significant financial interest, with values ranging from face value to considerably higher amounts. This difference dictates how they are sold: either converting common coins into spendable cash or selling individual pieces for their collectible worth.

Selling Common Pennies

For individuals with many common pennies, the objective is to convert them into usable currency at face value. Banks and credit unions often accept rolled coins from customers; contact your bank to confirm policies and wrapping requirements. Wrappers may be provided by banks or purchased at office supply stores.

Another option is using coin-counting machines, such as Coinstar kiosks, available in retail locations. These machines count unrolled coins and provide a voucher redeemable for cash or an e-gift card. Coinstar typically charges an 11.9% service fee for cash payouts. Gift cards to various retailers are often available at no fee, providing full value.

Identifying Potentially Valuable Pennies

Identifying valuable pennies requires examining several features. Key dates are a primary indicator, sought after due to low mintage or historical significance. Examples include the 1909-S VDB penny, known for its designer’s initials and low mintage, and the 1943 copper penny, mistakenly struck on copper planchets when steel was used. The 1955 Doubled Die Obverse penny is another notable example, identifiable by distinct doubling of the date and inscriptions from a die misalignment.

Mint marks indicate production location and influence value. These letters, like ‘D’ for Denver or ‘S’ for San Francisco, are typically below the date on Lincoln cents. The absence of a mint mark usually signifies production at the Philadelphia Mint, though some Philadelphia issues bear a ‘P’ mint mark. Errors like off-center strikes, re-punched mint marks, or die cracks also add value. Inspecting pennies for these characteristics, often with a magnifying glass, helps discover rarities.

A penny’s condition, or grade, impacts its numismatic value. Coins are “circulated” if used and show wear, or “uncirculated” if never used and retain original luster. Uncirculated coins command higher values due to their pristine state, exhibiting sharp details and original shine. Professional grading services use scales like the Sheldon scale to assign precise grades, with higher grades indicating better preservation and value.

Valuing Your Pennies

After identifying a potentially valuable penny, determine its market value using reputable resources. Online coin price guides from services like PCGS and NGC offer average dealer retail prices based on documented transactions. These updated guides can be searched by coin attributes like year, mint mark, and variety.

Reviewing completed auction results on platforms like eBay provides insight into recent sales and market demand. Numismatic forums and specialized websites offer additional valuation insights. For highly valuable pennies, seek a professional appraisal from a reputable coin dealer or certified numismatist. Appraisers assess authenticity, condition, and market value, often for a fee.

Selling Valuable Pennies

Selling valuable pennies requires choosing venues that cater to collectors. Local coin dealers offer immediate sale, providing quick assessment and cash offers. However, their offers may be lower than other methods, as dealers account for profit margins and operational costs.

Online marketplaces like eBay offer access to many potential buyers, allowing sellers to set prices or conduct auctions. Specialized coin selling platforms and auction houses, such as Heritage Auctions, Stack’s Bowers, and GreatCollections, are preferred for higher-value or certified coins due to their expertise and reach. These platforms charge commissions or fees on successful sales. When listing coins online, clear, high-quality photographs and detailed descriptions, including any identified errors, are important for attracting serious buyers.

Proper handling of valuable pennies is crucial. Never clean coins; cleaning irreversibly damages the surface, removes natural patina, and reduces numismatic value. Collectors and dealers prefer coins in their original, untouched condition. When handling pennies, hold them by their edges to avoid transferring skin oils and dirt, which cause permanent damage. Store them in inert, protective holders or slabs to preserve their condition until sale.