A typical penny is valued at just one cent, but some rare and collectible pennies can be worth thousands or even millions of dollars. If you’re going through your spare change, it’s useful to know how to identify those rare coins that could attract serious interest from collectors.
Each penny on this list is remarkable for a unique reason. Some, such as the 1792 Birch Cent, are nearly as old as the United States itself. Others are in pristine condition, despite being minted hundreds of years ago. Additionally, coins like the 1958 Double Die Lincoln Cent showcase a major mistake made at the minting process, adding to their rarity. The history behind these pennies is just as fascinating as their worth.
Key Takeaways
Rare and valuable pennies often stand out for a variety of reasons. It’s not just about the number of coins originally produced. Factors like how many remain in existence, unusual minting errors, and the intriguing stories behind them contribute to their high value.
Quick List of the 10 Most Valuable Pennies
When you’re checking your change, it helps to keep a list of the most valuable pennies in mind. Here’s a list of the top ten, ranked from highest to lowest value:
| Penny | Value |
|---|---|
| 1792 Birch Cent | $2.6 million |
| 1943 Bronze Lincoln Penny | $1.7 million |
| 1793 Strawberry Leaf Cent | $863,000 |
| 1793 Liberty Cap Wreath Cent | $391,000 |
| 1944 Steel Lincoln Penny | $375,000 |
| 1958 Double Die Lincoln Penny | $336,000 |
| 1909 VDB Proof Lincoln Penny | $269,000 |
| 1856 Flying Eagle Cent | $173,000 |
| 1864 Indian Head Penny with “L” | $161,000 |
| 1914-D Lincoln Penny | $159,000 |
Quick Tip
While every penny is nominally worth one cent, pennies made entirely of copper before 1982 are worth at least three cents based on their melt value alone.
1. 1792 Birch Cent – Around $2.6 Million
Although the U.S. didn’t begin officially minting pennies until 1793, there were prototype pennies struck in the years before. One of the most famous of these is the 1792 Birch Cent, named after its engraver, Robert Birch. This rare coin is the most valuable of all pre-minted pennies. It is classified as a “large cent,” approximately the size of a modern quarter, and only 10 known examples exist today. In 2015, a Birch Cent in pristine “gem” condition sold for an astonishing $2.6 million.
The design features the profile of Lady Liberty, which sparked debate at the time. The U.S. was striving to distance itself from the monarchy, which traditionally featured kings and queens on their coinage. While some advocated for George Washington’s image on the first penny, Lady Liberty ultimately prevailed. Washington’s likeness, however, would later appear on many U.S. coins, including the current quarter.
Though finding a 1792 Birch Cent is a long shot, it’s always worth checking old coins for potential value. While not all old pennies are valuable, their age can be a good starting point when identifying rare and collectible coins.
Quick Tip
The penny was the first circulating coin in the U.S., with 11,178 copper pennies minted in early 1793. Since then, the penny has undergone countless redesigns over the centuries.
2. 1943 Bronze Lincoln Penny – Around $1.7 Million
During World War II, the U.S. Mint switched to producing pennies made of steel to conserve copper for military needs. However, some copper remnants accidentally mixed with the steel in the production process, resulting in a few bronze pennies being struck that year. These copper-infused coins went unnoticed at the time and circulated as regular pennies. Today, it’s estimated that only around 40 of these 1943 bronze Lincoln pennies remain. In 2010, one of these rare pennies sold for an incredible $1.7 million, far surpassing the value of the typical 1943 steel penny.
This penny was already considered a rare find, even when it was first minted. A rumor even spread that Henry Ford offered a car to anyone who could locate one, though there’s no truth to that claim. Nevertheless, the excitement for this penny was very real. Collectors were eager to get their hands on it as early as the 1940s, and demand for the coin has only grown since.
When looking for rare coins, it’s important to watch for anything unusual. A penny with an unexpected color, like a copper-colored coin from a year when pennies should have been steel, could be worth far more than its face value.
Quick Tip
Abraham Lincoln has been featured on the U.S. penny since 1909. While many Lincoln pennies may seem common, some, especially those with minting errors like the 1943 bronze penny or the 1944 steel penny, are surprisingly rare and valuable.
3. 1793 Strawberry Leaf Cent – Around $863,000
The 1793 Strawberry Leaf Cent is one of the most valuable “large cents” in existence. This rare coin fetched nearly $863,000 at auction in 2009. Struck in the first year the U.S. Mint officially produced pennies, only four examples of this design are known to exist, making it extremely rare. Despite its age, the coin remains in remarkable condition, with sharp, clear details.
The coin gets its name from the faint strawberry-shaped leaves visible near the date on the coin’s face. Its rarity contributes to its high value, and while these pennies are typically found in circulated condition, the most valuable examples have often been preserved for decades, sometimes only circulating for around 50 years before being stored away.
Quick Tip
Condition certainly plays a role in a coin’s value, but it’s not the only factor. Even if a coin is worn or damaged, its age can still make it highly valuable. If you come across a penny that’s several decades old, it’s worth checking its potential worth, as it may surprise you.
4. 1793 Liberty Cap Wreath Cent – Around $391,000
The 1793 Liberty Cap Wreath Cent is another highly valuable “large cent.” In 2004, a flawless example of this coin sold for approximately $391,000 at auction. The coin features a striking design of Lady Liberty wearing a modest cap on the obverse, with a wreath adorning the reverse.
The high value of this coin is tied to its historical significance. It was minted during a turbulent time in U.S. history, as a yellow fever epidemic struck Washington, D.C., halting the minting process. This led to very few coins being produced that year. Tragically, the epidemic also claimed the life of the coin’s engraver, Joseph Wright.
Quick Tip
Coins tied to significant historical events tend to be especially valuable. When searching for rare pennies, consider looking for those minted during major historical moments, such as pandemics, wars, or other monumental events, as they often carry added value due to their historical context.
5. 1944 Steel Lincoln Penny – Around $375,000
After the confusion with the 1943 bronze pennies, the U.S. Mint switched back to copper for the 1944 pennies. However, a mix-up in the San Francisco Mint led to about 30 pennies being mistakenly struck from leftover steel from the previous year. These rare steel pennies can fetch up to $375,000 in excellent condition, according to Coin Trackers.
The design is the same as the standard Lincoln penny, with the familiar wheat wreath on the reverse, but the unusual steel color makes these coins stand out. They are difficult to find, and if you come across one in near-mint condition, it’s definitely worth checking for value.
Quick Tip
Pay attention to pennies from the war years, as the frequent changes in materials led to minting mistakes like this. You could stumble upon one of these rare, valuable coins in your spare change.
6. 1958 Double Die Lincoln Penny – Around $336,000
The 1958 Double Die Lincoln Penny is another highly sought-after coin due to a minting error where the lettering was double-stamped. Only three examples of this coin exist in a collectible condition, and one sold for about $336,000 in 2018. This error is one of the most valuable Lincoln cent double-die mistakes.
The distinctive feature is the visible overlapping of the words “IN GOD WE TRUST” and “LIBERTY,” as well as the doubled numbers in the date. These subtle but significant errors make this coin stand out among other minting mistakes.
Quick Tip
Though such errors are rare, it’s worth using a magnifying glass to inspect your pennies. If you spot unusual double-stamping or other anomalies, you could be holding a valuable coin.
7. 1909 VDB Proof Lincoln Penny – Around $269,000
The 1909 VDB Proof Lincoln Penny is a rare and valuable coin created by the U.S. Mint as a Matte Proof penny. These coins were never meant for circulation and feature the designer’s initials, VDB, stamped on the reverse. According to PCGS, only about 200 examples of this coin are known to still exist, though more were minted and likely destroyed. The remaining coins were mostly stored, resulting in many being in excellent condition.
The value of this penny is heavily influenced by its condition and appearance. The most pristine examples are especially prized for their unique rainbow oxidation, which, combined with their rarity, makes them highly desirable among collectors. One such penny was auctioned in 2014 for nearly $269,000. If you come across a particularly beautiful penny, it’s worth researching further. If it’s a rare U.S. or Canadian coin, you might be holding a hidden treasure.
8. 1856 Flying Eagle Cent – Around $173,000
In 1856, the U.S. Mint transitioned from the old “large cents” to the smaller, more familiar penny size we use today. To mark this significant change, they produced a limited run of fewer than 4,000 coins, which were primarily intended for collectors and important members of Congress. These coins are already rare, but they are especially valuable when found in near-mint condition, considering they were minted more than 160 years ago.
The 1856 Flying Eagle Cent remains a highly sought-after coin among collectors, with a particularly pristine example fetching nearly $173,000 at auction in 2004. Its excellent condition contributed significantly to its high value.
Quick Tip
When coin designs are altered, the first and last mintings of both the old and new designs often become particularly valuable to collectors. Notable penny redesigns occurred in the years 1856/57, 1858/59, 1908/09, and 2008/09.
9. 1864 Indian Head Penny With L – Around $161,000
During the Civil War in 1864, the United States faced challenges obtaining metals, so the Mint began producing pennies in bronze. These wartime pennies, like others from this period, hold historical significance due to the materials used.
In addition to the material change, the 1864 Indian Head penny saw a slight design modification, including the addition of an “L” on the ribbon of Lady Liberty’s war bonnet. Although the Mint struck approximately five million pennies that year, only a few of these “L” ribbon versions are still in uncirculated condition. One such penny sold for nearly $161,000 at auction.
Quick Tip
Keep an eye out for pennies made from unusual materials or those minted during significant historical events, as they often hold much higher value.
10. 1914-D Lincoln Penny – About $159,000
The 1914-D Lincoln penny is one of the rarest and most valuable coins in the Lincoln series. With only about one million pennies minted that year at the Denver Mint, it’s already a rare find. The true challenge lies in condition; nearly all of the coins minted were circulated, making it extremely difficult to find one in mint or uncirculated condition. A pristine example of this penny fetched nearly $159,000 at auction in 2018, making it a sought-after collector’s item.
Quick Tip
Coins in uncirculated or “gem” condition have sharp, clear edges on all lettering and designs. Using a magnifying glass to inspect for these details can help you identify rare pennies with higher value.
Tips for Identifying Old Pennies Worth Money
Even if you don’t have one of the coins listed above, there are still plenty of old pennies that are worth more than their face value. Here are some tips for spotting valuable pennies:
- Look for Excellent Condition: Old pennies that appear almost brand new, without significant wear, are more valuable. Even minor signs of wear can reduce a coin’s value.
- Check for Minting Errors: Many of the coins on this list have valuable minting mistakes. Always look closely for doubled letters, unusual colors, or misprints that could add value to your penny.
- Watch for Rare Years: Some years saw fewer pennies minted than others. Rare years, such as 1955-S, 1939-D, 1933-D, and 1931-S, are often worth more due to their scarcity.
- Check for Copper Content: Pennies minted before 1982 are made of 95% copper, giving them intrinsic value based on their metal content. If you find old pennies, they may be worth more than just their face value due to copper prices.
Know When to Hold On to Your Change
While most pennies are only worth their face value of one cent, knowing how to spot rare coins can help you discover hidden treasures in your spare change. Some pennies, due to their age, rarity, or minting errors, can be worth significantly more. It’s always worth researching rare coin values and keeping an eye out for unusual coins when sorting through your change.
Hold on to Valuable Coins
Coins can appreciate in value over time, so even if a penny doesn’t seem worth much now, it could become highly valuable in the future. Coin prices fluctuate based on market conditions, and rare pennies can sometimes see a sudden spike in value due to collector interest or shifts in the market. If you come across a coin that stands out, it’s a good idea to hold on to it and track its value. What may seem like a small find today could be worth a fortune tomorrow!
FAQs
1. What makes a penny valuable?
A penny can be valuable due to its age, rarity, minting errors, or historical significance. Coins with unique features, such as double die errors or limited mintage, can fetch much higher prices.
2. How can I tell if a penny is rare?
Look for rare mint years, errors in the design, or exceptional condition. Pennies minted in low quantities or during significant historical events are often worth more.
3. What is the most valuable penny ever sold?
The 1792 Birch Cent holds the record as the most valuable penny, selling for $2.6 million due to its rarity and historical significance.
4. Are pennies from before 1982 worth more?
Yes, pennies made before 1982 are 95% copper, which gives them a higher metal value. Depending on condition, they may be worth more than their face value.