The penny is the most disrespected coin!
In a pile of loose change, pennies seem to always get left behind. Many people won’t bother to pick one up if they see it lying in the street. But some pennies are worth far more than their face value, and others have a potentially greater value, too.
To assess the true value of a penny, it helps to first consider its true value in metal terms.
The copper penny, which was produced until 1982, contains 95% copper, and the price of the metal has been rising steadily. In fact, last January, copper peaked at a price of $3.649 per pound. Since there are 146 pennies to the pound, that means the value of the copper contained in each penny was 2 ½ cents!
Back in 1982, the government realized that penny production was becoming too expensive and changed the composition of the penny to 97.5% zinc, which was copper-plated. In fact, 1982 pennies may be made of either metal. Pennies minted in 1983 and later no longer have this intrinsic value.
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By the way, you can see the current composition of the cent and how it has changed over the years on The United States Mint department’s website.
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Why Not Melt & Sell the Copper in Pennies?
“Couldn’t I just melt pre-1982 pennies to extract and sell the copper that makes them?” you may be thinking to yourself.
Well, it’s not that easy.
You’re not legally allowed to realize the value of the pre-1982 penny. You see, it’s illegal to melt down currency and sell it as scrap. So, at the moment, your penny is worth just one penny.
And you can’t get around this by going abroad with your hoard of pennies, as it’s also illegal to leave the country with more than five dollars’ worth.
Some people believe that there may come a time when they’ll be able to make money from these coins, so they continue to collect them.
For example, if the U.S. government decided to get rid of the penny, it would no longer be legal currency and could potentially be melted down for its value.
This isn’t an unlikely prospect. Recently, Canada decided that its one-cent coins were too expensive to produce, given their diminishing purchasing power, and abolished them. In fact, the U.S. Congress considered getting rid of the one-cent coin in 2006 but took no action.
Other Possibilities
Barring the abolition of the penny, there are other ways in which you may find your coins are worth more than you thought.
Perhaps the most obvious way is to collect these older coins and sell them to people who want to hoard them for a future time. You could even buy rolls of pennies from banks and sort through them to find the older coins. Once you have some, you could sell them on eBay or Craigslist.
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Collectible Coins
The fact is, most of us have probably had a valuable penny in our possession at some time and didn’t realize it.
There are a host of numismatic magazines, which are magazines for people who collect coins. While silver dollars and the like attract the most attention, there are also pennies that are worthy of our interest.
You can also find information online, though for rare coins that are really valuable, you need to consult a professional coin grading service or coin auction house.
A Brief History of the Penny
You’ve probably never seen what is called a Large Cent coin. These coins, which were minted before 1857, are much heavier and larger than the pennies we use nowadays. You can see pictures of these, as well as the later Small Cent coins, here.
Valuing these coins is complicated, so if you have one, you should get professional advice. There is a lot more to valuing a coin than simply looking up the date; its condition is very important.
Penny Value Chart
Now, here are a few not-so-rare pennies that you may actually have in your change jar right now, and how much they are worth.
1. Flying Eagle Cent
Small Cent coins were first issued in 1856, and if you find one of these, you are very lucky. There were only about 2,000 made in that year, although many subsequent forgeries have been created because of the value. Again, you should take it to a professional.
These coins were called Flying Eagle Cents because of the image on one side.
Even in a poor or worn-out condition, the 1857 and 1858 versions should be worth about $15–$25 if you sell them to a dealer. Note that this is a realistic amount you should be paid for them, though dealers may sell them for much more.
2. Indian Head Penny
In 1859, the design changed to the Indian Head Penny, as illustrated on the webpage.
These coins are actually purported to show Lady Liberty wearing an Indian headdress, so the name “Indian Head” is a misnomer. Even these should be worth at least one dollar in typical worn-out conditions.
3. Wheat Penny
Wheat Pennies were issued in 1909 and were produced until 1958.
These show Lincoln on one side and two wheat sheaves on the other. They are made of nearly pure copper, with the exception of one year, 1943, when the war effort required copper, so they were made of plated steel.
These pennies are still fairly common and worth at least three times their face value, with certain key date coins worth much more.
4. Lincoln Memorial Penny
Finally, the Lincoln Memorial Penny was introduced in 1959 and is still used today.
This coin features Lincoln on one side, and on the other side, there is a depiction of the Lincoln Memorial. As mentioned earlier, these pennies were made of 95% copper until 1982, when the composition changed to zinc with copper plating.
Unless they are old and in exceptional condition, these coins are all worth only their face value.
Is Collecting Pennies Worth It?
Only you can answer whether you want to collect pennies and go through your change to see which ones are valuable. It is a very inexpensive way to start collecting coins and can provide you with some welcome surprises.
Because the penny is so often looked down upon, most people don’t check their coins, meaning there are many valuable ones still in ordinary circulation. If you have the time and interest, it can be an enjoyable hobby.
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