PENNIES can be worth far more than their one cent face value if you know what key characteristics are desirable to collectors.
One coin expert revealed the exact date and details to look for in your Lincoln penny to make it worth a whopping $240,000.
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A seemingly ordinary penny sold for 24 million times its original value thanks to two important features.
An avid coin collector (@huntcoinswithme) shared the details of the astounding rare penny in a TikTok video on Tuesday.
“Guys, check your pocket change,” he said.
The TikToker encouraged his followers to keep their eyes out for a 1943 Lincoln wheat penny.
Wheat pennies are one-cent coins minted in the US from 1909 to 1958, engraved with a portrait of Abraham Lincoln on the obverse and two stalks of wheat on the reverse.
The coin collector showed an example of the 1943 penny, which sold for $240,000 in January 2023 through Heritage Auctions.
He offered two reasons for the penny’s high value – the fact it was struck on a bronze planchet and its AU50 grading.
BIG BUCKS
The first reason the auctioned 1943 wheat penny was so rare was because it was erroneously struck on a bronze planchet.
The US Mint used traditional bronze planchets for pennies since 1864 but switched to zinc-coated steel planchets for pennies to conserve copper for the war effort in 1943.
However, a handful of the bronze planchets were accidentally struck – an error that resulted in extremely rare and valuable 1943 bronze pennies.
Although the exact number of these highly sought after coins is unknown, it is estimated at around 20 coins from the Philadelphia Mint and six or seven from the San Francisco Mint.
“The coins remain extremely rare today and any 1943 bronze cent is an important find, with examples regularly bringing six-figure prices at auction,” according to Heritage Auctions.
The pennies are among “the most famous rarities in American coinage” and always rake in “astronomic prices” when they are brought to auction.
The TikToker offered his viewers a simple way to check the material of their 1943 Lincoln cents.
“In this case the coin is struck on a bronze planchet,” he shared in the comments. “If it sticks to magnet, it’s the wrong one.”
The coin collector also noted the second reason the 1943 Lincoln wheat penny sold for $240,000 at auction – its high grading.
How coins are graded
Coins are graded on a scale of one to 70, with one being the poorest grade, and 70 being the most pristine example.
Numbers 60 to 70 are generally the most sought-after by collectors and are known as Mint State coins.
Pieces that fetch thousands at auction are commonly found in MS67, MS68, and MS69 conditions.
An MS-70 is near-impossible to find among older coins.
The penny was graded at AU50, or About Uncirculated 50, on the Sheldon Coin Grading Scale.
This means it is very close to uncirculated but shows minor signs of wear on the highest points of the design.
“This AU example has strong design definition with sharp hair and beard detail on the obverse, and full wheat ears on the reverse. A few trivial handling marks are noted on each side, but they are of no concern,” reads the Heritage Auctions description of the penny.
“The surfaces are smooth with a blend of golden-tan and light brown. An impressive example of a famous Mint error.”
Check your pocket change for these other rare coins.
Read about the three rare quarters in your spare change to hold on to this year – they’re worth up to $74,400.
Plus, the dime still in circulation that could be worth $45,600 at auction – check your pockets now.
