Which Penny Is Worth a Lot of Money?

The simple answer: 1943 Copper Wheat Pennies, especially those from the Philadelphia Mint, are worth a lot of money. Certain error coins, like the 1955 Doubled Die Lincoln Cent, also command significant premiums. Rarity, condition, and error type are the primary drivers of value.

Unearthing Penny Treasures: A Deep Dive

Forget pocket change; we’re talking buried treasure, albeit miniature metallic treasure. That dull-looking penny at the bottom of your coin jar might actually be a ticket to financial freedom – or at least a very nice dinner. Identifying a valuable penny requires a keen eye, a bit of knowledge, and a whole lot of luck. Let’s delve into the pennies that can truly make a difference.

The King of Pennies: 1943 Copper Wheat Penny

During World War II, copper was a critical material needed for ammunition and other war supplies. The U.S. Mint switched to using steel blanks coated with zinc to produce pennies in 1943. However, a few copper blanks accidentally remained in the hoppers and were struck, resulting in a rare and highly sought-after error. These 1943 copper Wheat pennies (primarily those struck in Philadelphia) are legendary in the coin collecting world.

• Identifying a Genuine 1943 Copper Penny: A genuine copper 1943 penny will be made of copper and will therefore not be attracted to a magnet. Also, a quick weigh of the coin is in order. A copper penny will weigh 3.11 grams. A steel penny weighs 2.7 grams. Be very careful though, because counterfeit coins exist. Some forgers will copper plate steel pennies. Your best bet is to submit the coin to be graded and authenticated by a reputable service.
• Value: These pennies can fetch hundreds of thousands of dollars, with one specimen selling for over $1.7 million! Values fluctuate based on condition, mint mark (Philadelphia specimens are generally more valuable), and overall eye appeal.

Error Coins: When Mistakes Mean Millions

Beyond the famous 1943 copper penny, other error coins can command impressive prices. These errors occur during the minting process, creating unique and valuable anomalies.

• 1955 Doubled Die Lincoln Cent: One of the most well-known and sought-after error coins, the 1955 Doubled Die Lincoln Cent exhibits a noticeable doubling of the design elements, particularly the inscriptions “LIBERTY” and “IN GOD WE TRUST.” This doubling is caused by a misalignment of the die during the striking process.
  • Identifying a 1955 Doubled Die: Look for distinct doubling in the lettering, especially “LIBERTY” and “IN GOD WE TRUST.” Use a magnifying glass for a closer inspection.
  • Value: These coins, especially in uncirculated condition, can sell for thousands of dollars.
• 1969-S Doubled Die Lincoln Cent: Similar to the 1955 Doubled Die, the 1969-S Doubled Die Lincoln Cent shows doubling on the obverse (front) of the coin. This variety is more difficult to authenticate compared to the 1955 version, so professional grading is recommended.
  • Identifying a 1969-S Doubled Die: Examine the lettering and date for clear doubling. The “S” mint mark is a crucial identifier.
  • Value: These coins can also fetch significant sums, depending on condition and grade.
• Other Notable Errors: Keep an eye out for off-center strikes, blank planchet errors (coins struck on a blank piece of metal), and clip planchet errors (coins with a portion missing from the edge). These errors, while not as valuable as doubled die coins, can still be worth a considerable amount to collectors.

The Importance of Condition and Grading

The condition of a coin is paramount when determining its value. Coins are graded on a scale from Poor (PR) to Mint State (MS), with MS-70 being the highest possible grade.

• Grading Services: Reputable grading services like the Professional Coin Grading Service (PCGS) and the Numismatic Guaranty Corporation (NGC) evaluate coins and assign them a grade, providing authentication and assurance to buyers and sellers.
• Impact of Condition: An uncirculated coin (one that has never been used in circulation) will always be worth more than a circulated coin. Even slight wear and tear can significantly reduce a coin’s value.

Frequently Asked Questions (FAQs)

1. How do I know if my penny is made of copper? A copper penny will have a reddish-brown color and will not be attracted to a magnet. You can also weigh it, if you’re concerned it may be a steel penny that has been copper plated. A true copper penny will weigh 3.11 grams.
2. What does “doubled die” mean? A doubled die error occurs when the die used to strike the coin is improperly made, resulting in a doubling of the design elements. It is a common and desirable error for collectors.
3. Where can I get my coins graded? The most reputable grading services are PCGS (Professional Coin Grading Service) and NGC (Numismatic Guaranty Corporation).
4. Is it worth getting a low-grade error coin graded? It depends on the specific coin and the error type. Generally, if you suspect the coin is valuable, grading is recommended, even if it is in lower condition. Authentication is equally important as grading.
5. What are the key things to look for when searching for valuable pennies? Pay attention to the date, mint mark, any visible errors (doubling, off-center strikes), and the overall condition of the coin.
6. What is a “mint mark” and where is it located on a penny? A mint mark indicates which U.S. Mint facility struck the coin. On Lincoln cents, the mint mark (if present) is typically located below the date. Common mint marks include “P” (Philadelphia), “D” (Denver), and “S” (San Francisco).
7. Are steel pennies from 1943 valuable? While not as valuable as the copper version, 1943 steel pennies are collectible and worth more than face value, especially in uncirculated condition. They were made out of steel in order to save copper for wartime efforts.
8. What is the difference between a “wheat penny” and a “Lincoln cent”? A “wheat penny” refers to the Lincoln cent design used from 1909 to 1958, featuring wheat stalks on the reverse (back) side. After 1958, the reverse was changed to the Lincoln Memorial. Both are still considered “Lincoln cents,” but only those with the wheat stalks are referred to as “wheat pennies.”
9. How do I store my valuable pennies to protect them? Store valuable coins in acid-free holders or albums designed specifically for coin collecting. Avoid handling coins directly, as oils from your skin can damage them.
10. Are all error coins valuable? No, not all error coins are valuable. The rarity and visibility of the error, as well as the coin’s condition, all contribute to its value. Some minor errors may not significantly increase the coin’s worth.
11. How can I learn more about coin collecting and identifying valuable coins? There are many resources available, including coin collecting books, websites, and local coin clubs. Joining a coin club is a great way to learn from experienced collectors.
12. I think I found a valuable penny. What should I do next? Research the coin thoroughly using online resources or coin collecting guides. Compare your coin to images of known error coins or rare varieties. If you believe it is genuine, consider having it graded and authenticated by a reputable grading service like PCGS or NGC. This is the best way to determine its true value.

So, while finding a penny worth a fortune may seem like a long shot, the possibility is there. Happy hunting! Remember, knowledge is your greatest asset in the world of coin collecting.