5 Rare Pennies Worth $250K Million – Are They Still in Circulation?

The lowly penny, usually thrown away in take-a-penny trays or stacked in jars, is usually the smallest denomination of US currency. But some uncommon pennies can be worth thousands or even millions of times their face value and hence are among the most valuable coins in numismatic circles.

This piece takes a look at five incredibly worthwhile pennies that still fascinate collectors and may already be lying in your loose change, outdated collections, or inherited treasures.

1. The 1943 Copper Penny: A Wartime Mistake Worth a Fortune

During World War II, copper was made a strategic metal required for the war effort, mainly for shell casings and telephone wire. As a result, the U.S. Mint started making pennies out of zinc-coated steel in 1943.

Yet a limited quantity of 1942 copper planchets somehow found themselves still in the Philadelphia, Denver, and San Francisco Mints’ presses, leading to the unintentional striking of a few 1943 pennies in the old copper alloy instead of the wartime steel.

These 1943 copper pennies are one of the most well-known mistakes in American coinage. Owing to their rarity, with only around 20-30 thought to have been made across all three mints, they are among the most valuable pennies ever made.

One of them was sold at auction in 2019 for $1.7 million, while even those in fairly poor condition habitually sell for $100,000 or more. The high value has, regretfully, made a strong market for counterfeits. Scammers tend to plate steel 1943 pennies with copper or re-date 1948 copper pennies.

Collectors can easily perform a preliminary test with a magnet real 1943 copper pennies will not stick to a magnet, but the usual steel versions will. “The 1943 copper penny is the ultimate numismatic storm,” says Dr. Michael Harrington, a professor of economic history at Cornell University.

“It’s got real rarity, an appealing historical context amidst wartime production, and an error that anyone can understand and enjoy, even without expertise.”

2. The 1944 Steel Penny: The Reverse Error

In the opposite of the 1943 mistake, a few hundred 1944 pennies were accidentally stamped on remnant zinc-coated steel planchets rather than the copper alloy brought back into production that year. Fewer than 35 specimens are known at all mint sites; genuine 1944 steel cents normally bring $75,000-$125,000 based on condition and mint mark.

The history behind the mistakes demonstrates the day-to-day difficulties of wartime mint operations. When the Mint shifted back to copper alloy in 1944, a small number of steel planchets had clearly been left on the production line.

Similar to their 1943 copper equivalent, these coins are interesting windows into American industrial life at the time of shortages and speed of production changes.

Although not as well known as the 1943 copper penny, the 1944 steel cent is actually rarer in terms of the number of known specimens. The easy magnet test reverses here—unlike ordinary 1944 copper pennies, the steel ones will stick to a magnet.

Thomas DeLorey, past authenticator for the American Numismatic Association, comments, “What makes these transition errors so interesting is that they happened during a special time in American history. They’re not only valuable coins; they’re physical reminders of the home front during World War II.”

3. The 1909-S VDB Penny: The Collector’s Classic

Though less rare than the wartime mistakes, the 1909-S VDB Lincoln cent is arguably America’s most renowned key date in numismatics.

It was the inaugural year of the Lincoln cent type, which replaced the Indian Head penny that had been made since 1859. Designer Victor David Brenner put his initials (VDB) prominently on the reverse. Public outcry over the dominance of these initials caused the Mint to eliminate them soon after production started, but not until 484,000 specimens were produced at the San Francisco Mint.

This fairly small mintage, coupled with the coin being a first-year issue and having a good story behind its creation, has made it one of the most coveted pennies among collectors. In mint condition, these pennies typically sell for $1,500-$2,500, with flawless uncirculated specimens selling for $7,500-$10,000 or more. Even in worn condition, genuine specimens usually sell for $750-1,000.

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While the wartime error pennies were a special issue coin, the 1909-S VDB cent was a standard production coin, just one with a very small mintage. Its lasting value illustrates how historical importance and collector demand can turn an otherwise common coin into a numismatic gem.

The 1909-S VDB penny is the entry rarity for serious Lincoln cent collectors,” notes Katherine Jaeger, author of a number of numismatic guidebooks. “MANY COLLECTORS WAIT DECADES for an affordable piece to fill in their collections, generating consistent demand that has fostered solid prices for more than a century.”

4. The 1955 Doubled Die Penny: The Error Everyone Checks For

Maybe no error coin has been as meticulously searched for in pocket rolls as the 1955 Doubled Die Obverse Lincoln cent. This heralded mistake resulted when the die employed to strike the coin was made with an improper doubling of the date, inscription “LIBERTY,” and motto “IN GOD WE TRUST.”

About 20,000-24,000 of these error pennies made it into circulation before the error was detected, so they are scarce but not rare. The doubling is apparent to the naked eye, without the need for magnification, which has prompted generations of Americans to sort through their change in hopes of finding this valuable variety.

In condition, 1955 doubled Die pennies usually bring $1,000-$2,000 in circulated grades, but mint-state uncirculated examples can bring $3,000-$4,000 or more. Their relative availability versus some other scarce pennies has made them especially sought after among collectors of moderate means who would like to find one in circulation or budget dealer inventory.

The doubling on the pennies came about due to a mispositioning during the hubbing operation employed to prepare the dies. In contrast to most mint mistakes that involve small numbers of coins, this involved an entire series of production with thousands of similarly erroneous coins passing into circulation prior to being realized.

“The 1955 doubled die cent is still the monarch of doubled dies,” according to error coin expert Fred Weinberg. “Although the Mint has minted numerous doubled die varieties throughout its history, no other comes even close to having the dramatic eye appeal and resounding collector acknowledgment of the 1955 cent.”

5. The 1992 Close AM Reverse Penny: The Modern Rarity

Evidence that valuable pennies are not things of a remote past, the 1992 Close AM variety demonstrates how quite recent coins could become important rarities. This is the variation of the letters ‘A’ and ‘M’ in “AMERICA” on the back of the coin on regular 1992 pennies, which are positioned a little further apart, but on the uncommon Close AM variety, they almost touch.

The miserror happened when the Mint struck a limited quantity of regular circulation pennies using a reverse proof die (which had the Close AM spacing) intended for use in proof coins. In most instances, the coins have been discovered in 1992 mint sets, which might imply minimal circulation of this variety.

Though less precious than some historical rarities, these contemporary error coins are still highly sought after, with prices usually between $500 and $1,000 for circulated pieces and $2,000 and $2,500 for uncirculated pieces.

The 1992 Close AM penny illustrates how even minor design differences can produce substantial value when they’re rare enough. Close AM varieties are similar for 1998 and 1999 pennies, although the 1992 variety is still the rarest and most valuable. These are best found by examining the reverse lettering closely, ideally with a magnifying glass and comparison photos.

“The Close AM pennies are some of the most important modern Lincoln cent varieties,” says numismatist William Fivaz, co-author of the Cherry pickers’ Guide to Rare Die Varieties. “These are particularly noteworthy in that they occurred when dies intended for production with differing uses proof vs. circulation strikes were mixed together as opposed to common manufacturing flaws.”

The Hunt: Tips for Finding Valuable Pennies

For those interested in seeking these precious coins, various strategies may increase chances of finding one:

Inspect old collections carefully. Several valuable coins have been found in inherited collections where the previous owner was unaware of their value. Be particularly careful to inspect coins from the most important years listed above.

Scan penny rolls. Bank-wrapped penny rolls offer a cost-effective means of sifting through large numbers of coins, making it more likely to find something of value.

Inspect pre-1959 pennies closely. The 1909-1958 “wheat penny” design has a plethora of valuable dates and varieties beyond those listed herein. Any wheat penny should be examined closely, especially San Francisco (S) or Denver (D) mint issues.

Use good light and magnification. Many high-value varieties have fine points that are hard to detect without adequate light and a 5x or better magnifying glass or loupe.

Learn the true diagnosis. For very valuable coins such as the 1943 copper cent, learn the true characteristics and not just the date and visible composition, since fakes are rampant.

Authentication and Preservation

The discovery of a potentially valuable penny is only the beginning. Correct authentication and preservation are essential to cashing in on its value:

Treat coins gently, picking them up by the edges to prevent oils and dirt from being transferred to the surfaces. Never clean coins, as this can dramatically lower their value. Keep valuable discoveries in proper holders instead of loose in jars or drawers where they could be damaged by contact with other coins.

Seek professional authentication of any potentially valuable discovery. Third-party organizations such as the Professional Coin Grading Service (PCGS) or Numismatic Guaranty Corporation (NGC) will verify the authenticity of the find, which will significantly enhance its marketability and usually its value.

Do research prior to selling. Knowing what you possess enables you to establish proper asking prices or minimum reserves in auctions. Many collectors have sold valuable coins at far less than their market value because they lacked information.

The five unusual pennies featured here are only a few of the potentially valuable one-cent coins that may exist in circulation or collections. From traditional key dates such as the 1909-S VDB to sensational errors such as the 1955 Doubled Die, these tiny copper coins can possess stupendous numismatic value far exceeding their modest face value.

Part of the long-term appeal of coin collecting is the potential for a great find lurking in mundane sources. the bank roll of pennies, the collection of coins bequeathed by a grandparent, or even the clump of change from a coffee shop.

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These potentialities make numismatics one of the only hobbies where a life-altering find is still within reach for hobbyists at any level of experience and budget.

“What makes penny collecting so democratic is that anyone can participate,” concludes Harrington. “Unlike rare paintings or vintage cars that require substantial investment, penny collecting begins with just a single cent. Yet the hunt for these rare varieties can be just as thrilling as any high-end treasure hunt.”

So the next time you get a handful of change or find an old coin collection, take a moment to look at those pennies a little more closely. You never know that apparently run-of-the-mill one-cent coin could be worth thousands of times its face value, a small copper circle elevated by scarcity and collector desire into a numismatic gem.

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