We all know pennies are worth money.  A penny is the smallest form of currency in the United States.  It is equal to 1/100^th of a dollar.  Because of this, many people throw their change in a jar and think nothing of it.  Some people even throw the pennies on the ground or out the window! By doing this, there is a chance they could have just thrown a fortune out the window! There are some pennies that carry a value way above their face value.  This article will explain which pennies are worth money and why.

 

A penny or any other coin can be extremely valuable for many different reasons.  There are collectible coins called “proofs” that the U.S. Mint makes specifically for collectors.  There are also error coins and varieties that are created by accident.  These are also highly collectible.  Some error coins even sell for thousands of dollars, and a few sell for millions!  A coin can even be worth a substantial amount if it is in perfect condition!  Just a regular old penny… or even a new penny… can be worth a stack of cash if it receives a grade of MS-70 from one of the major grading companies.  

 

Which Pennies Are Worth Money?

 

The 1943 Copper Penny –

One of the most valuable pennies you can find is the 1943 copper penny.  Most 1943 pennies are made from steel, however, a few were accidentally struck in copper.  Because of this, these pennies are worth a substantial amount of money!  A 1943-D copper penny graded MS-64 Brown by PCGS, actually sold for $1,750,000 back in 2010!  Even the lower-graded examples still sell for $100,000!  Read more about the 1943 copper penny here!

 

The 1992 Close AM Penny –

A penny doesn’t even have to be old to be worth money!  There are many Lincoln Cents made in the 1990s that carry a large value.  Take the 1992 Close AM penny for example.  This is another error coin worth thousands of dollars.  A 1992 Close AM penny graded by PCGS with a grade of MS-67 Red, sold for $25,850!  Even the lower grades can fetch up to $5,000!  So make sure to look at all your 1992 pennies to see if you have a “close AM” variety!  Read more about the 1992 close AM penny here!

Proof Pennies Worth Money

 

As I said before, a “proof” is a coin made especially for collectors.  Because these coins are made with such care and detail, there are almost never any errors created.  There have been a small number of proof errors found and they are valuable.  

The 1990 No S Proof –  

Some of the pennies enclosed in the 1990 collectors’ proof set were accidentally struck without the “S” mintmark.  All the other coins in the set will have the S on them, but the penny will not.  This little error is worth a lot of money!   One example graded PR69 sold for $20,700!  So make sure and check your proof sets for a penny without a mintmark. 

 

The 1971-S Proof DDO Varieties-

 

FS-01-1971-S-102 

There are actually 3 different varieties you can possibly find in the 1971 proof sets.  All three are examples of a doubled-die error.  The FS-01-1971S-102 is worth the most money.  It is valued at $1,500 in PF-67 and $500 in PF-63.  One example sold for $4,700 with a grade of PF-68. 

FS-01-1971S-101

This variety is still worth $750 in PF-67 and $250 in PF-63.  

FS-01-1971S-103

The last of the three is the least expensive, but it is still worth some money.  A 1971-S Proof penny with this doubled die error will sell for $150 in PF-67 and $35 in PF-63.  

 

Other Pennies Worth Money

 

There are hundreds, or maybe even thousands of pennies out there that are worth a lot of money.  Check out the rest of this site to find more examples to look for.  One thing some people forget is that a penny doesn’t even need to be an error coin or variety to sell for thousands of dollars.  The coin’s grade can highly affect the price is sells for.  A new penny can sell for thousands if it has a high grade.  It’s all about supply and demand.  There is always a demand for highly graded pennies.

Just a few months ago on February 4th, 2023, a regular little 2022 penny with a grade of MS-67 Red sold for $2,128!  Go check out the details of the sale right here.

Go to eBay and look at all the valuable pennies.  The higher the grade, the higher the value!  So next time you think about throwing your pennies on the ground… stop and think!  You could be throwing away thousands of dollars!

Check out our other posts on valuable coins!

 

 

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From Flawed to Favored:

 The Appeal of Error Coins in Collecting

 

Error coins have long been an interesting part of coin collecting. Also known as mint errors, these coins are unintentionally created during the minting process.  Many errors, like the double-struck error and the off-center error, happen during the striking process.  Other errors like the doubled die error occur during the die-making process.  Understanding the minting process is paramount when studying error coins because you must know how the coin was created before you can fully understand the error.  Read more about the minting process here!   

Many error coins are extremely valuable to collectors, however, there are some errors that carry no value at all.  It all depends on the type of error that occurred and when it took place.  This blog post will help you to understand error coins as a whole so that you can start searching for valuable coins in your spare change!  Don’t forget to register for a free membership to gain access to the latest posts about valuable coins!

 

What Are Error Coins?

 

Error coins, as the name suggests, are coins that have errors or abnormalities in their production. These errors can occur during the minting process and can result in various types of unique and interesting coin varieties. Error coins are highly sought after by collectors due to their rarity, uniqueness, and the intriguing stories behind their creation.

The Mule Error Coin

One type of error coin is the mule coin, which is created when two different coin dies are mismatched. This can result in a coin with a combination of obverse and reverse designs that were never intended to be together. Mule coins are highly prized by collectors due to their rarity and the novelty of having two different designs on the same coin. 

A 2000-P Sacagawea dollar and statehood quarter mule sold in the past for $192,000!  This is one of the rarest and therefore most valuable types of error coins, so always pay attention to both sides of your coins!  Remember, a mule can occur in any denomination!  So always look at your pocket change!

Read more about the Mule error that sold for $192,000 here.

The Off-Center Error Coin

Another type of error coin is the off-center coin, which occurs when the coin is struck off-center, resulting in a misalignment of the design.  This can range from a minor misalignment to a coin that is significantly off-center, with part of the design missing. Off-center coins are popular among collectors because of their visually striking appearance and the fact that each coin is unique in its degree of off-centering.  These errors are one of the more common errors that can occur. 

The Double Struck Error Coin

Double-struck coins are another fascinating type of error coin.  This is also referred to as a multiple-strike error.    This occurs when a coin is struck more than once during the minting press. The second strike can result in the design being doubled, creating a coin with a distorted or overlapping design. Double-struck coins are highly sought after due to their distinct appearance and the intricate nature of the doubling.

Be sure not to confuse this with the doubled die error.  The doubled die error is a completely different error than the double or multiple strike.  Both of these errors are valuable, so remember to look for them in your change!

Check out this for a more in-depth look at the multiple-strike error!

The Clipped Planchet Error Coin

Clipping errors are also common in error coins. This occurs when a piece of the coin’s edge is clipped or cut off during the minting process. These clipped coins can range from minor clips to large sections of the coin missing. Clipping errors are intriguing to collectors as they offer a glimpse into the minting process and the potential mishaps that can occur.

The Doubled Die Error Coin

The doubled die error is one of my favorite error coins to collect.  A doubled die error coin is created during the die-making process.  After the coin is designed, the image is engraved onto a piece of metal called a hub.  The hub is then used to transfer the image onto the die.  This process happens twice. 

A Master hub makes a master die, then the master die makes a working hub.  The working hub is then used to make several working dies. The dies are struck multiple times by the hub and every now and then a misalignment occurs between strikes.  This would cause a doubled image on the die.  

These faulty dies are scrapped when they are caught, but if no one catches the error, they are used to produce coins.  Thus, a doubled die error coin is born! This die containing a doubled image is then used to strike multiple coins.  This is why all doubled die error coins will look EXACTLY alike.  If the doubled image is any different at all, it is not the same doubled die coin.  It will most likely be strike doubling (mechanical doubling), or die deterioration doubling.  These types of doubling are worthless and also very common. 

When searching for doubled dies, a book such as The Cherrypickers’ Guide will come in handy.  It has a photo for almost every single doubled-die error known.  The book tells what to look for, how rare the coins are, and the average price you can expect to receive for each error.  

 

 

Overall, error coins hold a special place in the world of coin collecting. Their rarity, uniqueness, and the fascinating stories behind their creation make them highly desirable to collectors. Whether it’s the novelty of a mule coin, the visually striking appearance of an off-center coin, the intricacy of a double-struck coin, or the glimpse into the minting process provided by a clipping error, error coins offer a treasure trove of excitement and intrigue for collectors.

Register for a free membership and be the first to find out about new error coins and varieties! Members can access the entire site free of charge!  Upload pictures of your own error coins and find out what they are worth!  Before you can get rich from error coins, you have to know what to look for…   So become a member of Valuable Coin List and turn your pocket change into stacks of cash!

The Minting Process at the U.S. Mint:

Unveiling the Magic Behind Coins

Coins have always held a significant place in human history. Serving as a medium of exchange, they not only embody the economic growth of a nation, but also represent a nation’s identity, culture, and heritage. In the United States, the responsibility of crafting these emblematic pieces falls upon the U.S. Mint.  So, let us delve into the fascinating minting process behind the creation of these coins, which have been a part of American lives for over two centuries.

 

  Understanding the minting process is critical when searching for error coins.  You must know how a coin is made before you can understand how the error happened.    

 

Design: The Journey Begins

Long before the minting process begins, the creation of a new coin begins with the intricate art of design. Talented artists work tirelessly to craft designs that reflect the uniqueness and essence of the nation, paying meticulous attention to every detail.

Once a design is finalized, it undergoes several phases of review and approval by the U.S. Mint’s committees and the Secretary of the Treasury. Only after meeting the guidelines and standards does the design move forward to the next stage of the minting journey.

 

 

 

 

Preparing the Dies

 

The next step in the process involves creating the dies, which will imprint the design onto the blank coin discs. Highly experienced engravers carve intricate designs onto steel cylinders, meticulously translating the vision of the artist.

These master dies are used to create working hubs and dies. Hubs will be used to create multiple working dies.  These dies are then hardened so that they will be able to withstand the immense pressure during the minting process.  

This die is where the term doubled-die error comes from.  A doubled-die error occurs when there is a doubled image on one of the dies.  That die is then used to strike multiple coin blanks, leaving the same doubled image on every coin.  This is why your doubled die error must look EXACTLY like the example photo of the error you are searching for.   

 

 

Blank Coin Production

 

Coin production starts with the creation of coin blanks, commonly known as planchets. These blanks are punched from large coiled metal strips, which are carefully weighed and inspected to ensure their consistency and quality. The chosen metal, usually copper or nickel, is fed through a blanking machine that stamps blanks of uniform size and shape.

 

 

 

Edge Lettering

 

Some coins, like the iconic quarters, have special edge lettering. This process involves using a collar, a circular piece of machinery, to shape the edge and engrave necessary text or serrations on the coin.

 

 

 

Minting: Where the Magic Happens

 

Once the coin blanks are prepared, the minting process can begin.  This is where the blank coins (called blank planchets) are struck with the die to create the coin.  The blanks are fed into large presses that apply tremendous pressure to imprint the design onto both sides of the coin simultaneously.

These powerful presses exert force ranging between 50 and 300 tons, using specially designed dies that ensure the highest level of precision for every coin produced. The pressure is so immense that the coin designs are impressively raised from the surface of the blanks.

This is where the majority of errors happen on a coin.  Many different types of errors could occur like the double die error, the off-center error, the broad strike error, a strike-through error… the list goes on and on.  Learn more about different types of errors here at Valuablecoinlist.com. 

 

 

Quality Control

 

The final step in the minting process is quality control. Every batch of newly minted coins undergoes thorough inspection and sampling, ensuring they meet the stringent standards set by the U.S. Mint. This meticulous scrutiny guarantees the coins’ integrity and beauty, ensuring only the highest quality coins make their way to circulation.

 

 

 

The Finale: Coins in Circulation

 

After undergoing the minting process and passing the rigorous quality control standards, the newly minted coins are then ready to be distributed to financial institutions, businesses, coin collectors, and the general public. These coins become an integral part of everyday financial transactions and continue circulating for years, becoming a cherished piece of a nation’s history.

The dexterous hands, creative minds, and advanced machinery at the U.S. Mint flawlessly execute the minting process, turning raw materials into iconic representations of America’s heritage. The process captures the rich history, diversity, and ingenuity of a nation within these tiny, yet powerful, pieces of metal that we carry in our pockets every day. So, the next time you come across a coin, take a moment to appreciate the intricate craftsmanship and delicate artistry that brings them to life.

This was just a quick explanation of the minting process.  To fully understand how a coin is made, go check out the U.S. Mint’s Website!  They have an amazing website full of great information.  

 

 

ValuableCoinList.com

Register for a free membership and be the first to find out about new error coins and varieties! Members can access the entire site free of charge!  Upload pictures of your own error coins and find out what they are worth!  Before you can get rich from error coins, you have to know what to look for…   So become a member of Valuable Coin List and turn your pocket change into stacks of cash!