If you’ve been working on coins for a while, you’ve most likely had one or two pennies slip through your fingers that could have increased your coin-grading qualifications. When we talk about pennies for collectors, they are there with higher backs compared to the bigger denominations. Including collectors, anybody who sees the potential of some of these pennies as collectibles could do very well by figuring out which pennies find themselves in circulation. Listed here are five rare and valuable pennies that must be kept for circulation.
1943 Steel Wheat Penny
The 1943 steel wheat penny is one of the most famous and valuable pennies out there, coveted by coin collectors. In 1943, due to copper shortages during World War II, the U.S. Mint began producing pennies of steel plated with zinc rather than the usual copper. Most of these steel cents were minted with the familiar wheat reverse design, but there are a few exceptions that are remarkably rare and valuable.
A certain 1943 steel penny is notable as mass minting was undertaken, but due to the rarity of errors in minting, certain ones were found with unique characteristics. A single penny made of 1943 copper (due to a minting error) could pull much more than that for the steel penny, often reaching into millions of dollars. A 1943 copper penny sold for $1.7 million at auction in 2019!
Value: Usually regular 1943 steel pennies sell for $0.10-0.20 each, but the copper variety is worth easily $1 million or above.
What to Look for: Allegedly, a copper penny in 1943 is very rare, so look through any 1943 pennies you may have if you suspect it to be copper. It is today one of the most sought-after pennies amongst collectors.
1955 Double Die Penny
The 1955 double die penny constitutes another rare and valuable find considered by collectors. The double die error occurs when the mint imperfectly strikes a coin for the second time during the minting process, resulting in an image that has a doubled look. The error in minting gives the 1955 penny its characteristic blurriness, especially noticeable in the word “Liberty” and the date.
One of the most-renowned double die errors, the 1955 double die penny, has appreciated tremendously since its error inception. The majority of those not monetarily appealing were fascinating to collectors, so even a little amount of the more rare ones were being auctioned through the years for thousands.
Value: A 1955 double die penny that is graded in good condition would sell for at least $1,000, while one that is in mint would sell for $10,000 or even higher.
What to Look for: Look at “Liberty” and the date. If they are doubled, then you could have a 1955 double die penny, and check the clarity of doubling to verify it is an error coin; blurred impressions don’t count!!
1992 AM Close Penny
The close AM penny of 1992 is one of the rarest of these coins that can only be truly appreciated when found in circulation. During the same year, there was a penny reverse design defect at the U.S. Mint. The “A” and “M” surrounding “AMERICA” normally touch either directly or within close proximity, but for some pennies produced in 1992, “A” and “M” were positioned so that they nearly meet by touching.
This exclusive mistake gives the penny close to AM in 1992 a quality that collectors of coins normally consider rare. Once you find such penny, be ready to make so much money because these pennies are in reality few and far between.
Value: Depending on condition and clarity of the error, the 1992 close AM penny could be worth anything from $100 to $1,000 and more.
What to Look for: Check the reverse of the coin-the “A” and “M” of “AMERICA”-should be just very close together almost touching. If that is the case, you might have a valuable 1992 close AM penny on your hands.
Penny 1970-S Small Date
In 1970, the U.S. Mint produced pennies with both a large date and a small date version of the “S” mintmark. The 1970-S small date penny is much rarer than the large date version, making it a valuable coin for collectors. The digits in the year “1970” are small, and the overall design of what the coin looks like is quite different from the usual.
It may not be considered the rarest of all coins in this category, but the 1970-S small date penny does register high on the must-have list, especially if it’s in uncirculated condition. Most people don’t even know to look for this little date variety, so they won’t be found hunting for them.
Value: Depending on the condition, a 1970-S small date penny will have a value that can range between $100 to $1,000.
What to Look for: Compare the “1970” on your penny to a regular large date version. The digits will be skinnier and smaller compared to the “1970” on your penny, especially the “7” and “0” in the year.
2009 Lincoln Bicentennial Penny (Formative Years Error)
These coins are to commemorate the birthday of Abraham Lincoln, the great politician of history, on the occasion of his 200th birthday. Most of these pennies are not particularly valuable, but some “Formative Years”-design errors have become highly sought after to collect. The errors that produced such striking happen to have a huge misalignment with the design, which results in mis strikes or doubles on the reverse design.
Serious collectors should be on the lookout for these pennies, as they offer some of their best chances at hunting specific specimens down. Errors may not be very easily detected under most circumstances, but they are certainly ones worthy of value.
Value: Depending on the clarity and quality of the error, 2009 Lincoln Bicentennial pennies with errors for Formative Years could range from $25 to several hundreds.
What to Look for: The error will typically manifest on the reverse of the “Formative Years,” with doubling or misalignment visible in the log cabin or its surrounding elements.
How to Maximize Your Chances of Finding Valuable Pennies
With a better knowledge of the valuable pennies you are watching for, here are just a few tips that can help you maximize your odds of finding them:
Open Each and Every Penny You Ever Get: Now it seems a little bit tedious, but actually really pays off for those valuable pennies you might find searching through all that change. When not tossing out pennies, make sure to look for rarities.
FAQS:
How to recognize the 1992 close AM penny?
To recognize the 1992 close AM penny, the spacing between the letters A and M must be checked on the reverse side of the coin. In the case of a standard 1992 penny, these letters are spaced apart. On a close AM penny, the A and M letters have their feet almost touching.
Are all 2009 Lincoln Bicentennial pennies valuable?
Not all 2009 Lincoln Bicentennial pennies are valuable, but certain error coins from the Formative Years design are hotly contested by collectors. If you have a 2009 penny where you can see some design misalignment or doubling, it may be worth much more than face value.