A penny, like any other penny, may, in fact, turn out to be worth millions when the unexpected events happen. Yeah, one of them, discovered in someone’s old pocket very recently, fetched an eye-stopping $11 million: the 1943 Lincoln Wheat Penny, the rarest penny as far as U.S. history goes; if you have it, you’re most likely sitting on a veritable goldmine. But how can you tell whether it might be worth millions? This article will walk through how to identify rare coins, offer historical background on the 1943 Lincoln Wheat Penny, introduce several other coins worth some bucks, as well as provide real-life applications for those in the hunt for collecting coins or cashing in on their old pennies.
Someone Found This $11 Million Penny in Their Pocket
| Key Points | Details |
|---|---|
| The $11 Million Penny | The 1943 Lincoln Wheat Penny minted in bronze is worth up to $11 million. |
| Rarity | Only 10 to 40 1943 bronze pennies are believed to exist. |
| How to Identify | Use a magnet to check, and look for a copper-brown color. |
| Other Valuable Pennies | 1909-S VDB, 1914-D, and 1922 No D are also worth considerable amounts. |
| What to Do if You Find a Rare Coin | Don’t clean it! Consult a professional and avoid altering the coin. |
Coin enthusiasts have maintained that some truly stunning finds can be found within the corners of a rare penny. They are worth millions if you know what you are eyeing for; 1943 bronze penny or a 1909 S VDB penny lying somewhere in your pocket-both lend themselves to the fun opportunities that coin viewing keeps hidden within itself in the pursuit of treasure in the most unsuspected places. Learn about identifying and preserving rare coins so that, when called for, you can hire an expert and step into the numismatic land where rare finds could pay off.
The Key Importance of 1943 Lincoln Wheat Penny:
While to appreciate why the 1943 Lincoln Wheat Penny is worth millions, some history about the coin is essential. The fact is that the U.S. faced shortages of supplies during 1943 due to the ongoing World War. However, there was need for copper for ammunition and other war-related purposes at the U.S. Mint. Hence, it decided to mint pennies in steel instead of copper for that year.
A very small percentage of these pennies were, instead, blanked in bronze, using the metal for other coins. These pennies have become exceedingly sought after by numismatists due to their historical implication and inaccessibility and have come to be referred to as “1943 bronze pennies”.
Worth $11 million because:
Many factors determine the valuation of a rare coin: rarity, condition, and demand. In the case of the 1943 bronze penny, only a handful of these coins exist-made some estimates between 10 to 40. Measured against that rarity and the increasing demand among collectors, one of those pennies changed hands at a fantastic price-Awesome $11 million sale in 2019. As word spreads about the rarity of this coin, it is likely to elevate the value still further.
Detection Of The Value 1943 Bronze Penny
Now you know the fable, and you may be wondering how you identify one of these rare pennies. No fear – simple steps listed below help to make that check whether your penny holds the chance of being worth millions:
Step 1: Look at the Date
The first thing you need to check is the year on the penny. The 1943 bronze penny must be 1943 stamped onto it. If there is any other date on the penny, it’s not the rare bronze penny.
Step 2: Test with a Magnet
A simple magnet could show you in moments whether your penny is steel or bronze. Steel pennies, which were meant to be the penny of 1943, are magnetic: if it sticks, then it’s probably not the rare bronze version. But if it doesn’t stick, it could be a bronze penny.
Step 3: Observe the Color
The other distinguishing feature between coins is their color. The rare penny of 1943 with a bronze flavor has a copper brown color as opposed to the silvery steel pennies minted that year. Over the years, the steel pennies may also show signs of rust, another hint.
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Other Valuable Lincoln Wheat Pennies You Need to Seek Out
Although the 1943 bronze penny is arguably the most popular, it is not the only Lincoln Wheat Penny that can sell for good dollars. Here are a few prime examples of coins worth quite a bit that you can find sitting in your pocket right now:
1. 1909-S VDB Penny
The 1909-S VDB penny was among the first pennies ever minted with the initials of the designer, Victor David Brenner. Due to a controversy over using his initials, this penny saw its early circulation withdrawn, making it one of the most valuable pennies today. It goes for hundreds to thousands of dollars, depending on its condition.
2. 1914-D Penny
Very few pennies were struck in Denver in 1914, which makes this penny rare. The 1914-D penny is one of the most sought-after coins by collectors, with prices reaching thousands of dollars for those in good condition.
3. 1922 No D Penny
Due to the mint mistake of 1922, some pennies were not marked “D,” indicating they were made in Denver. In fact, there was no mint mark, making the 1922 No D penny rare, and the collectors are willing to pay a lot for that mint mistake.
The Way to Go About Starting Your Own Coin Collection
Getting into coin collecting is a near hobby, and a far-fetched investment, as it can be for striking pennies or any other coinage. Starting a collection can be an exciting and enlightening experience. Here is a guide to starting collecting coins:
Step 1: Research
Before buying coins, find out what types of coins exist and how much they are worth. There is plenty of information online, in books, and guides about collecting coins. U.S. Mint’s website and PCGS provide plenty of information on rare coins and their prices.
Step 2: Start Small
When starting out, do not immediately feel pressured to own expensive and rare objects. Collect beginner, less expensive coins to learn on, maybe build up a skill in identifying coin characteristics. Eventually, you can work your way up to those more valuable objects.
Step 3: Learn About Coin Grading
Coins are graded based on their condition, which really plays a major role in consumption value. Get familiar with their coin grading systems as applied by the Numismatic Guaranty Corporation (NGC) or PCGS. The condition of the coin is graded on a scale from poor (P-1) to perfect (MS-70).
Step 4: Protect Your Coins
Once they start collecting, they will have to take protective measures with their coins. Get protective holders or cases that would safeguard coins from damage and, of course, outside environmental factors. Coin should be kept in a dry, cool area as humidity and extremes in temperature can affect the quality.
Step 5: Network with Other Collectors
Join by membership in a coin conducting club or an online forum to meet other collectors. Such communities can provide valuable tips, help identify rare coinage, and even advise when buying or selling coins.
Practical Advice: What to Do If You Think You Have Found a Rare Coin
If you think you have found a valuable penny or some other rare coin, these are the steps to follow to preserve its value:
- Don’t Clean the Coin: It’s tempting to clean a coin to make it all shiny looking, but cleaning can actually devalue the coin. Overzealous cleaning may scratch or otherwise mar that all-important surface, which the value of the coin relies on. In fact, if you find a penny that has rarity value, without further ado, leave it in its current state and don’t even think about trying to clean it with any sort of abrasive material.
- Consult with a Professional: If you think you have a really valuable penny, consult the expert or grader that specializes in coins. There are organizations like the Professional Coin Grading Service (PCGS) and the Numismatic Guaranty Corporation (NGC) doing authentication and grading of coins. These experts are to certify whether or not your period is real and make an appraisal.
- Take Clear Photos: Before schlep to a professional to have your coin checked and possibly graded, it’s a good idea to take clear photos of both sides of the penny, concentrating on the date and any distinguishing features. This can help with authentication and will also serve as a record of the coin’s condition.
- Auction Sites and Marketplaces: If you’re ready to put your rare penny up for sale, do yourself a favor and look at the current market to understand its value through the auction sites like eBay or by reputable coin-selling platforms. For further insight on value and possible sales, professional auction houses or dealers can often be consulted.
FAQS:
How Can I Be Sure My Penny Is A 1943 Copper Alloy Penny?
Another way to tell whether a penny in question is authentic or not is a careful visual inspection of the penny’s color and the year inscribed on the penny. If there is some metallic substance inside the penny, it shouldn’t be clinging on to a magnet, which in this case is a good indicator that this substance is not steel but could be bronze, the other common metal.
Where can I sell my rare coins?
Well, it’s better to sell rare coins through well-known auction houses, online coin marketplaces, or directly to coin dealers. Under such a circumstance, however, it is wise to go with the experts, as this will give your rare coin the best possibility to achieve reasonable rates.
Are other pennies worth more than one penny?
Moreover, there are other pennies such as 1909-S VDB, 1914-D, and 1922 No D of a value that has been attributed and valued on them. The reasons for tight mintages are common among these coins.
