Hunting for Treasure: Pennies That Pay Off Big

So, you’re thinking about sifting through your spare change, hoping to strike gold (or rather, copper)? Excellent choice! The world of numismatics (coin collecting) can be surprisingly lucrative, and pennies, often overlooked, can harbor hidden treasures. But which pennies should you be hunting for?

The quick answer: Focus on key dates, errors, and varieties. Specifically, 1909-S VDB Lincoln cents, 1955 doubled die Lincoln cents, 1943 copper Lincoln cents, and certain pre-1940 Wheat pennies are prime targets. Examine your coins closely for mint marks, unusual features, and anything that deviates from the norm. These anomalies are what turn a common cent into a valuable collectible. Now, let’s dive into the specifics, so you can become a bonafide penny pro.

Understanding the Allure of the Penny

Before we get into specific dates and mint marks, let’s understand why some pennies are worth so much more than their face value. There are a few key factors at play:

• Rarity: This is the most significant driver of value. Coins with low mintages, especially those that saw little circulation, are highly sought after.
• Condition: The better the condition of the coin, the more it’s worth. Uncirculated coins, those that have never been used in commerce, command the highest prices. Grading services like PCGS (Professional Coin Grading Service) and NGC (Numismatic Guaranty Corporation) assign grades based on a coin’s condition.
• Errors and Varieties: These are coins that have mistakes in their production or variations in their design. These anomalies make them unique and desirable to collectors.
• Historical Significance: Some pennies are associated with significant historical events or periods, increasing their collectibility.
• Metal Content: While most pennies are made of copper-plated zinc, some, like the 1943 copper pennies, are made of different materials due to wartime shortages, making them particularly valuable.

Key Dates and Mint Marks to Watch For

Here’s a breakdown of some specific pennies to keep an eye out for:

1909-S VDB Lincoln Cent

This is arguably the holy grail of Lincoln cents. Designed by Victor David Brenner (hence the “VDB” initials on the reverse), this coin was quickly pulled from circulation due to concerns about the prominence of the initials. The San Francisco mint produced a very limited number with the VDB initials, making it exceedingly rare. Look for the tiny “S” mint mark under the date and the “VDB” initials at the bottom of the reverse. Even in worn condition, this coin can be worth hundreds, and in uncirculated condition, it can fetch tens of thousands of dollars.

1955 Doubled Die Lincoln Cent

This error coin features a noticeable doubling of the design elements, particularly on the obverse (the side with Lincoln’s portrait). The doubling is most prominent in the words “LIBERTY” and “IN GOD WE TRUST”. This error occurred because the die used to strike the coins was improperly prepared. Be careful, though – mechanical doubling, a less significant error, is common and less valuable. The key is distinct, clear doubling.

1943 Copper Lincoln Cent

During World War II, copper was needed for the war effort, so pennies were made of zinc-coated steel. However, a few copper planchets (the metal blanks used to make coins) accidentally made their way into the minting process, resulting in 1943 copper cents. These are extremely rare and incredibly valuable. A magnet will stick to a 1943 steel cent, but not to a 1943 copper cent. Be wary of fakes, which are often steel cents that have been copper-plated.

1969-S Doubled Die Lincoln Cent

Similar to the 1955 doubled die, this coin also features a doubling of the obverse design. However, this version has the “S” mint mark, signifying that it was minted in San Francisco. While not as valuable as the 1955 version, it is still a significant find.

Wheat Pennies (1909-1958)

All Wheat pennies have some collectable value depending on their condition, but some are better than others. The condition of the coin will greatly affect the value. However, 1909-S, 1909-S VDB, 1914-D, 1922-D (weak D), 1931-S are all Wheat Pennies to look for.

The Importance of Condition

As mentioned earlier, the condition of a coin plays a crucial role in its value. Collectors use a grading scale to assess the condition of coins, ranging from Poor (P) to Mint State (MS). Coins in higher grades, such as MS65 or higher, are often worth significantly more.

• Circulated Coins: These coins have been used in commerce and show signs of wear and tear.
• Uncirculated Coins: These coins have never been used and retain their original luster. They typically have no visible wear.
• Proof Coins: These coins are specially struck for collectors using polished dies and planchets, resulting in a highly detailed and lustrous finish.

Where to Look and What to Do When You Find Something

• Your Spare Change: Start by checking your pocket change, coin jars, and any collections you may have inherited.
• Banks: You can ask your bank for rolls of pennies, which can increase your chances of finding something valuable.
• Coin Shows and Dealers: These are great places to buy, sell, and learn more about coins.

If you think you’ve found a valuable penny, take the following steps:

1. Handle it Carefully: Avoid touching the coin’s surface as much as possible to prevent damage.
2. Research: Consult reputable sources like the Red Book (A Guide Book of United States Coins) or online numismatic databases to verify the coin’s authenticity and potential value.
3. Get it Graded (Optional): If you believe the coin is valuable, consider sending it to a professional grading service like PCGS or NGC for authentication and grading.
4. Consider Selling: You can sell your coin to a coin dealer, at auction, or through online marketplaces.

FAQs: Penny Hunting Edition

1. What is a “VDB” on a penny?

“VDB” stands for Victor David Brenner, the designer of the Lincoln cent. His initials appeared on the reverse of the 1909 Lincoln cent, but were quickly removed due to controversy. This makes the 1909-S VDB a key coin.

2. How can I tell if my 1943 penny is copper or steel?

Use a magnet. A 1943 steel penny will stick to a magnet, while a copper penny will not. This is because steel pennies were coated with zinc.

3. What does “doubled die” mean?

A doubled die occurs when the die used to strike the coins is improperly prepared, resulting in a doubling of the design elements. This makes the coin an error and potentially valuable.

4. Where is the mint mark located on a Lincoln penny?

The mint mark is typically located under the date on Lincoln cents. Some older coins have the mint mark on the reverse, at the bottom of the coin.

5. What are the most common wheat penny dates to find?

Common wheat penny dates include those from the 1940s and 1950s, particularly those minted in Philadelphia (no mint mark). These are generally worth only a few cents unless in pristine condition.

6. How much is a 1944 steel penny worth?

A genuine 1944 steel penny is an error coin, because the penny was supposed to be copper that year. If authentic, these can be valuable. Have it authenticated by a professional grading service.

7. What is a “Red Book” in coin collecting?

The Red Book (A Guide Book of United States Coins) is a comprehensive guide to U.S. coins that lists their values, mintage figures, and other important information. It’s a valuable resource for collectors.

8. Should I clean my coins before selling them?

Generally, no. Cleaning coins can damage them and reduce their value. Collectors prefer coins in their original condition.

9. How do I know if a coin grading service is reputable?

Stick to established and reputable grading services like PCGS (Professional Coin Grading Service) and NGC (Numismatic Guaranty Corporation). These services are highly regarded in the numismatic community.

10. What is “luster” on a coin?

Luster refers to the original shine and reflectivity of a coin’s surface. Uncirculated coins typically have strong luster.

11. What is the difference between a variety and an error coin?

An error coin has a mistake made during the minting process. A variety refers to a coin with a minor design change.

12. What is the easiest way to get started in coin collecting?

Start small, with a particular coin or category, and learn as much as you can. Coin collecting is a hobby that involves some investment. Visit local coin shops, or shows, join a coin club, read books, and engage with online forums to become a knowledgeable and successful collector!

By understanding the nuances of key dates, errors, and condition, you can greatly increase your chances of finding a valuable penny hidden within the seemingly ordinary. Happy hunting!