What makes rare pennies valuable? How do you identify them? And which are most valuable? Some are worth more than $1.5 million. Let’s find out why.
We’ve all heard the expression, “It may be a lucky penny!” But to coin collectors and numismatics, a lucky penny is a perfect addition to any coin collection.
It may be worth checking your pocket change now and then to make sure you aren’t giving away a valuable rare penny.
How to Identify Rare Pennies Worth Money
You will need to consider several factors to identify valuable pennies for the coin-collecting community.
- The edition and the date of the penny is the best indicator of whether it has some value. Several editions are valuable, such as the Lincoln Bronze wheat penny, Strawberry Leaf Cent, Indian Head, and Flying Eagle. Others are only worth face value.
- The condition impacts coin values significantly. A penny in perfect condition will hold a lot more value over a low grade on the scale.
- Mistakes, errors, and circulation play a role. Typically, a coin that has an error makes it rarer. A mint error is even more valuable. Low-mintage coins in excellent condition always have a good chance at high valuations. And uncirculated pennies certainly are rarer than those circulated through the economy for a long time. But sometimes, much research is required to identify your error penny correctly.
Types of Pennies
Flying Eagle Pennies 1857 – 1858
Composed of 88% copper and 12% nickel, the flying eagle pennies are the first U.S. coin to be struck at the mint in Philadelphia.
James B. Longacre designed the flying eagle one-cent coins, and more than 17 million were struck in 1857.
Since the coins were produced at the Philidelphia Mint, they have no mint mark.
Indian Head Pennies 1859 – 1909
The Indian Head penny was a one-cent coin produced by the United States Mint from 1859 to 1909.
Designed by James B. Longacre, the coin featured the head of Lady Liberty wearing a Native American headdress on the obverse and a wreath and shield on the reverse.
The coin was initially well-received, but its design posed production problems, and it was criticized for its lack of detail and the unrealistic portrayal of Native Americans.
In 1864, the composition was changed from copper-nickel to bronze, which helped improve the coin’s durability.
The Indian Head penny remained in circulation until it was replaced by the Lincoln penny in 1909.
Today, it is a popular collectible coin due to its historical significance and unique design.
Lincoln Wheat Pennies 1909 – 1958
The Lincoln Wheat cent, also known as the “Wheat penny,” was a one-cent coin produced by the United States Mint from 1909 to 1958.
Designed by Victor D. Brenner, the coin featured the head of President Abraham Lincoln on the obverse and two stalks of wheat on the reverse.
The Lincoln Wheat Cent was the first coin to feature a portrait of a real person and not a mythical figure or allegory.
The new coin was introduced to commemorate the centennial of Lincoln’s birth and quickly became popular in circulation.
In 1943, due to the shortage of copper during World War II, the composition of the Lincoln cent was temporarily changed to steel coated with zinc, creating the “Steel penny.”
However, this needed to be clarified with the dime, which had a similar appearance and led to the coin being replaced with a copper-alloy penny in 1944.
The Lincoln Wheat Cent was replaced by the Lincoln Memorial Cent in 1959.
While it is no longer in circulation, it remains a popular collectible coin due to its historical significance and unique design.
Lincoln Memorial Pennies 1959 – Present
The Lincoln Memorial penny was a one-cent coin the United States Mint produced from 1959 to 2008.
Designed by Frank Gasparro, the coin featured the head of President Abraham Lincoln on the obverse and the Lincoln Memorial building on the reverse.
The Lincoln Memorial penny was introduced to commemorate the 150th anniversary of Lincoln’s birth and quickly became a popular coin in circulation.
In 1982, the composition was changed from bronze pennies to copper-plated zinc due to rising copper prices. The U.S. Mint was trying to save some cash.
The Lincoln Memorial penny remained in circulation for nearly five decades until it was replaced by the Lincoln Bicentennial penny in 2009, which featured four different reverse designs to celebrate the 200th anniversary of Lincoln’s birth.
While Lincoln Memorial cents are no longer in circulation, it remains a popular collectible coin due to its historical significance and the long time it was in circulation.
Top 10 Most Valuable Pennies – What Pennies Are Rare?
Let’s get into specifics from the highest penny value to the least. Here’s the countdown to the top ten most valuable pennies worth big money and real cash.
1. 1943-D Lincoln Bronze Wheat Penny – $1.7 million
Designer – Engraver: Victor D Brenner
Metal Composition: 95% Copper – 5% Tin & Zinc
Diameter: 19 mm Mass / Weight: 3.11 grams
The 1943-D Lincoln Bronze Wheat Penny is among the rare pennies you can find. The primary reason for this is that 1943 featured steel pennies.
A few copper planchets were left over from the previous year of 1942 and were used mistakenly during the transition to steel in 1943.
It was said that all three copper mints produced the penny, but as we know it, only one penny from the Denver United States mint exists.
Hence the 1943-D. A Lincoln Penny or two may have yet to be discovered.
The penny obverse features President Lincoln facing to the right with the “IN GOD WE TRUST” stamped at the top of the coin.
The wheat penny also features the word “LIBERTY” on the back of the neck of Lincoln on the left side of the coin.
The right side features the date 1943 and the U.S. Mint mark D for the Denver Mint.
The coin’s reverse shows the intended value “ONE CENT” in large font front and center.
Underneath “ONE CENT,” you will see “THE UNITED STATES OF AMERICA” also printed boldly.
These words are encompassed by the rim featuring two feathers. One on each side of the coin lining the room.
At the top of the coin’s rim, “E. Pluribus Unum” translates to “One From Many.” This is a U.S. motto signifying the 50 states coming together.
2. 1793 Strawberry Leaf Cent – $862,000
Designer – Engraver: Henry Voigt
Metal Composition: 100% Copper
Diameter: 27 mm Mass / Weight: 13.48 grams
The 1793 Strawberry Leaf Cent is up there in rarity. This is an edition of the 1793 Flowing Hair Large Cent, and only four pennies are known to exist.
The difference is that instead of using a regular leaf, the coin’s obverse uses a strawberry leaf.
Interestingly enough they were minted in Philadelphia, but there is no mint mark either.
The coin is 100% copper, and the obverse features the flowing hair woman with “LIBERTY” printed at the top rim. “UNITED STATES OF AMERICA” follows the entire perimeter.
The bottom center features the date and the strawberry leaves. The coin’s reverse sees “ONE CENT” printed in the center of a wreath.
Now, each time the coin sells to another world-famous coin collector, it brings in hundreds of thousands. Maybe someday – millions.
3. 1958 Doubled Die Obverse Cent – $219,520
Designer – Engraver: Victor David Brenner
Composition: 95% Copper, 5% Tin, and Zinc
Diameter: 19mm Weight: 3.11 grams
These Lincoln cents series were from 1909 to 1958, but only three examples of this particular coin are known to exist. It’s a very strong Doubled Die Lincoln cent.
The coloring of the coin is one to pay attention to. Its rosy luster, bright center, and hazy edges on the obverse make it so appealing.
The reverse features similar imaging of The Flowing Hair reverse. But the feathers on the right and left rims are much more distinct with a different design.
“ONE CENT and UNITED STATES OF AMERICA” are featured in the center with “E. Pluribus Unum” at the top.
4. 1943-S Lincoln Cent Struck on Bronze – $282,000
Designer – Engraver: Victor David Brenner
Composition: 95% Copper, 5% Tin, and Zinc
Diameter: 19mm Weight: 3.11 grams
There were a few bronze planchets left from the year 1942 producing these rare coins. They were used in the transition.
The 1943-S Lincoln Cent Struck On Bronze followed a similar pattern to the number one coin on our list.
Coin collectors are always seeking out this edition from the San Francisco Mint.
The obverse features the Lincoln bust with “IN GOD WE TRUST” framing him. To the left of Lincoln features “LIBERTY” while the front sees the date and a mintmark if there is any.
5. 1909-S VDB Matte Proof Lincoln Penny – $258,000
Designer – Engraver: Victor David Brenner
Composition: 95% Copper, 5% Tin, and Zinc
Diameter: 19mm Weight: 3.11 grams
Amongst the most famous 20th-century Lincoln series is the 1909 VDB Matte Proof.
While the obverse and reverse remain relatively similar, what makes this coin unique is the VDB lettering at the bottom of the reverse.
VDB stands for the designer’s initials Victor David Brenner. This became incredibly controversial, so the initials were removed the following year.
Because of this, only 484,000 were made. Today, only a few are left, especially in uncirculated conditions.
6. 1856 Flying Eagle Cent – $172,500
Designer – Engraver: James Barton Longacre
Composition: Copper Nickel
Diameter: 19mm Weight: 4.7 grams
This coin was significant to American history as it was meant to be an example presented to members of Congress.
As one of the rarest mintages of a U.S. penny, only 634 examples were made as it was only meant to be a presenting piece.
Rumors say more were explicitly struck for collectors interested in getting their hands on the coin. By the end, there were estimated to be around 2,000 samples, and they were the first coin to attract collectors.
The obverse features a soaring Eagle with: “UNITED STATES OF AMERICA” at the top of the rim and the date 1856 at the bottom.
The reverse features “ONE CENT” surrounded by a wreath. Both sides of the coin have a distinct rim darker in color than the coin itself.
7. 1864 Indian Head Penny “L” on Ribbon – $161,000
Designer – Engraver: James Barton Longacre
Composition: 95% Copper, 5% Tin, and Zinc
Diameter: 19mm Mass / Weight: 3.11 grams
This reddish-brown copper penny was made when there was a lot of economic fragility due to the war.
Minters needed help to produce pennies made from copper at this time. Five million of these pennies were made, but only a few remain in uncirculated condition.
It was initially minted in 1859, but this 1864 penny is unique because the letter “L” was printed on the war bonnet tail of the Indian head.
The obverse coinage features the Indian head facing left. On the left side of the coin is “UNITED STATES,” and on the right side, “OF AMERICA.”
The date 1864 sits at the bottom with a decorative rim around the entire penny.
The reverse side features the same rim with a more decorative wreath wrapping around “ONE CENT.”
8. 1914-D Lincoln Penny – $152,750
Designer – Engraver: Victor David Brenner
Composition: 95% Copper, 5% Tin, and Zinc
Diameter: 19mm Mass / Weight: 3.11 grams
Something different about this penny than others on this list is that it was heavily circulated. That’s because the penny was often used for penny boards.
However, if you stumble across an uncirculated edition, it will remain beautiful red.
The reverse and the obverse don’t feature anything significantly different than the other Lincoln series other than the coloring and a pronounced rim.
9. 1926-S Lincoln Penny – $149,500
Designer – Engraver: Victor David Brenner
Composition: 95% Copper, 5% Tin, and Zinc
Diameter: 19mm Mass / Weight: 3.11 grams
Looking at this penny, there’s not much to it. There are only nine other Lincoln Wheat pennies that were minted lower.
But in an uncirculated condition, like the 1914-D Lincoln Penny, it boasts a beautiful red color.
And the date and the mint mark create a slight separation from the pack. For this particular penny, it is the uncirculated condition that holds value, and increased demand of the coin to an auction price of nearly $150,000.
10. 1872 Indian Head Penny – $126,500
Designer – Engraver: James Barton Longacre
Composition: 95% Copper, 5% Tin, and Zinc
Diameter: 19mm Mass / Weight: 3.11 grams
Lastly, we look at another key date, the 1872 Indian Head Penny.
While rare, it can be found at many coin shows. There were roughly 4 million minted 1872 Indian Head Pennies.
Similar to the other Indian Head Penny, financial times were complex and difficult, meaning not many people were able to keep the penny in uncirculated condition.
Uncirculated coins are far more valuable and retain the brighter red-copper look. The obverse and reverse remain similar to 1864 minus the “L.”
How Do You Know if a Penny is Valuable?
The way to start is to look at the images of already valuable pennies to see if you can match the description. Consider PCGS, where virtually every coin in existence is documented.
Always gather information about your old coins from multiple sources.
We recommend seeing more than one to avoid being lowballed. Then you can take it to a coin collector or appraiser.
Who Owns the Most Valuable Rare Pennies?
Many of these pennies are still being searched for today. However, coin collectors and shows are the most likely people to have their hands on these pennies.
If you were to come across one, hold on to it. You’ll have several collectors knocking at your door!
How to Sell Rare Pennies?
The best way to sell rare pennies is through the valuation process. Seeking out a handful of quality coin appraisers is the best way to sell rare pennies.
A local coin dealer, a local coin shop, eBay, and Etsy are a few other good places to consider selling coins to not only get instant cash but the best price.
But even if it’s rare pennies, dimes, half dollars, a rare error coin, or the most valuable silver dollar, it’s best to know the value of what you own before you sell your coins.
There Is Much More To Learn About Rare Pennies –
So Far, We Know That –
- Flying Eagle pennies were struck beginning in 1857 when over 17 million were produced.
- In 1864, the composition of the Indian Head penny was changed from copper-nickel to bronze.
- The most valuable penny of all time is the 1943-D Bronze Wheat penny, which sold for $1.7 million. That’s big money!
- What should have been a 1943 steel penny was erroneously struck with copper planchets, creating a few ultra-rare 1943-D wheat pennies.
But There’s More to the Most Valuable Pennies in the World –
- The 1793 Strawberry Leaf Cent once sold for $79 in 1890 by famous coin collector, Lorin G. Parmelee. Over the next 100 years, the coin would change hands with other all-time great collectors.
- 1856 Flying Eagle pennies were originally produced for presentation coins for political dignitaries and members of Congress. Nobody knows the exact number of 1856 Flying Eagles, but some numismatics guess 1,500 to 2,150.
- 1864 is a key date for the Indian Head penny because of a change from a heavy copper-nickel metal to a bronze alloy. The rare coins of this year were composed of copper-nickel, and show a lighter tone on compared to bronze.
- Since 1959, the current-day Lincoln Memorial penny composition has changed twice. Once in 1962, from bronze to brass. And again in 1982, from 95% copper to 97.5% zinc.
- Still to this day, about 30 million pennies are struck at U.S. Mints every single day. That’s a total of about 13 billion pennies produced each year. In recent years, some estimates say it costs 2.5 cents to produce one U.S. penny.
- Are pennies going away? The U.S. Mint has no plans to stop producing the penny. And without the approval of Congress, the penny is here to stay.
- Should you hoard pennies? I wouldn’t recommend hoarding anything, but there are collectors who will argue in ten years’ time the value of the copper used in each penny will be worth 30 to 40 times what it is today. That’s a huge return on your penny loot – if you can store them for a decade.
Want to Expand Your Rare Coin Collecting Knowledge?
- I’m ready to do some serious selling, where do I go to sell my coins online?
- How much is this coin worth? The most popular question on this website.
- I want to learn the basics of U.S. coinage history.
