How many piggy banks do we have full of coins that we look at and say “I’ll spend them eventually”? Well, many of us keep them for fun, because they’re old, pretty or special. Hold on, my friend, because you might have a real treasure at home.
Among the most sought-after coins by collectors are the wheat pennies, minted between 1909 and 1958. Although most are only worth a few cents, some rare specimens can reach astronomical values, even exceeding $100,000! Yes yes, you read that right, a penny that can be worth up to $100,000!!
What are Wheat Pennies?
They first appeared in 1909, when the U.S. government decided to honor Abraham Lincoln on his centennial. Since then, these pennies have become highly coveted pieces, not only for their numismatic value, but also for their symbolic and historical weight, who wouldn’t want a penny over 100 years old!?
Why is a coin worth so much?
Just like there are people who collect Harry Potter things, there are those who collect coins. Of course, not all of them are worth the same and some, in fact, are worth nothing. But if they have certain features… That makes them very interesting in the market.
For example, coins that were minted in low quantity usually come from the San Francisco (S) and Denver (D) mints, but there’s more!
Rarities, yes, rarities. The more errors a limited run has, the more it will be worth. For example, the 1943 copper penny is a coin that was mistakenly minted in copper instead of steel and can reach over $100,000 at auctions!! Another case is the 1909-S VDB, the first edition with the designer’s initials, which can exceed $2,000 if well preserved. Who wouldn’t want that money for a penny?!
Mint marks, as we said, if a coin has a letter under the year (like D for Denver or S for San Francisco), it could be worth much more than another identical one without a mark (Philadelphia).
A coin in “Mint State” (with no signs of wear) can be worth hundreds of times more than an identical one that has been used. That’s why you shouldn’t clean your old coins, let an expert do it!
How do I know how much my coin is worth?
- 1909-S VDB: up to $2,500.
- 1914-D: between $200 and $3,000.
- 1943 copper: over $100,000 if authentic.
- 1955 with double stamping: can reach $15,000.
- 1958-D: although common, can be worth more than $1 if like new.
Of course, everything depends on the market and condition. To get an accurate appraisal, the ideal is to go to a professional or send the coin to certification companies like PCGS or NGC. We recommend, as the suspicious people we are, that you take them personally to get appraised, and don’t just stick with the first opinion!
Where to sell or appraise your coin?
If you discover you have a rare coin, you can sell it at numismatic shops, specialized auctions or platforms like eBay. But first, make sure it’s certified, especially if it’s high value. Professional authentication gives more confidence to the buyer and ensures a safe sale. Plus, you’ll surely squeeze out a few more dollars!
How do I start collecting coins?
Start looking at them! You don’t need to be an expert or start searching for the oldest ones, but surely if you take out your wallet, you’ll have one that’s interesting! Also, you probably have hundreds at home, start there! And if your curiosity keeps growing, you can go to coin markets and start checking which ones you want to be part of your collection, until you find one that’s truly worth millions, it’s almost like playing Indiana Jones!
Buy a coin album and organize them by year, country and mark, you’ll see you’re starting an incredible hobby!