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Citizens of the United States have used a one-cent piece since the country’s inception. In fact, the first US “penny,” though not officially named as such, predates the ratification of the US Constitution in 1789.
However, in the era of rising inflation and floating exchange rates, the penny has waned dramatically in its usefulness to Americans. There have even been calls to abolish it from circulation, partly because the cost of minting a new penny exceeds its face value.
Because they’ve been around so long, they have gone through several iterations. Within those versions, there have been rare and unusual examples, some of which are highly valuable. You may have some of them in your pocket or drawers right now.
This guide highlights some of the most valuable pennies ever produced. If you think you may have one of these, you need to get it appraised and keep it somewhere safe.
Let’s start simple. Here are the different types of one-cent pieces that have entered the US lexicon in its 250 years of existence, along with some of the biggest standout pieces in each category.
The first one-cent coin minted in the United States is the Fugio Cent, aka the Franklin Cent. As its name implies, this coin was designed by Benjamin Franklin. It is a coin minted from copper left over from munitions barrels of the Revolutionary War.
Franklin’s design includes a sundial on its obverse and Franklin’s motto, “Mind Your Business.” The reverse of the coin features 13 rings to symbolize the 13 original colonies, along with the phrase “We Are One.” The coin’s nickname, fugio, is Latin for “it flees,” Franklin’s reference to the passage of time.
The Flowing Hair Chain Cent and the Flowing Hair Wreath Cent were the first two pennies issued by the new US Mint in 1793. Both are termed “large” cents because they are 1.18 inches in diameter and 0.38 inches wider than modern pennies.
Both of these pennies are identical on their obverse, with Lady Liberty facing to the right, with her hair flowing behind her as if blown by a breeze. On their reverses, the chain version features a set of 13 links, symbolizing the 13 original colonies, while the wreath version features a wreath of branches.
The obverse of the Liberty Cap featured the Goddess of Liberty with her hair somewhat tamed. She still faces right, but her bust is inscribed over a pileus-bearing pole. The pileus is a helmet-like symbol of freedom, reinforcing her status as the deity of freedom.
One of the defining features of the Liberty Cap cent is its numerous variations. Die differences and changing designs due to rising copper costs led to an extraordinary number of changes, including three different edge types: lettered, reeded, and plain.
Although the Liberty Cap cent had been reasonably appreciated, it was nonetheless replaced after only three years of service. Its replacement, though still featuring Lady Liberty, featured a more reserved image and became known as the Draped Bust cent.
The goddess, perhaps stronger in her resolve, still faces to the right. However, her once-flowing hair has now been tied into a ribbon, and she is now wearing a garment that drapes below her neck.
From the Draped Bust, the designers moved onto the “Classic” Head cent in 1808. The Classic Head cent is a large-style cent piece minted in copper.
Lady Liberty is wearing a headband in this iteration, fittingly inscribed with the word “LIBERTY.” Its reverse is fairly simple, with a wreath framing the “ONE CENT” inscription.
Now, it’s important to understand that there was a lag in penny production between 1814 and 1816, which allowed for a redesign and the implementation of technological advances in the minting process. It is fair to say that this coin was one of the first to be mass-produced by the United States.
The new design placed a more crown-like headpiece on Lady Liberty. The reverse continued to display the “Christmas wreath” of previous pennies. The new visage of the goddess led to naming this coin the Coronet cent, or the Matron cent.
As is its wont, the Mint decided to shift the appearance of the penny once again in 1839. The new obverse design once again featured Lady Liberty facing left, and it largely kept the headpiece featured on the Coronet Head penny. Its reverse was also essentially unchanged.
However, she now appeared with her hair coiled into a tight bun on the back of her head. The Braided Hair cent was also the last of the large-style pennies and their inch-exceeding diameters. The next iteration of the penny would feature the now-common size for the one-cent piece.
The Flying Eagle cent is notable for several historical reasons. As mentioned, it was the first one-cent piece struck in its current size. It was also the first to eschew the visage of Lady Liberty on its obverse, trading her for an eagle soaring through the air.
Thanks to a new coinage act in 1857, the Flying Eagles also became the first penny to use an 88% copper, 12% nickel alloy. The law also made the penny the smallest denomination of American currency.
Though Chief Engraver James B. Longacre had designed the Flying Eagle, he was nonetheless ordered to come up with a new design almost immediately after its release, which came to be known as the Indian Head cent. It featured Lady Liberty once again, but adorned with a traditional Native American headdress, albeit one emblazoned with the word “LIBERTY” across the headband.
The Indian Head cent is also the first of the pennies to include any type of mint mark. Although other denomination coins had displayed these marks for many years, the one-cent did not have one until the San Francisco Mint produced a few pennies in 1909. These pennies are denoted by a small S on their obverses.
As 1909 marked the 100th birthday of President Abraham Lincoln, the beloved 16th President, the Mint resolved to commemorate him on the one-cent piece. Although the reverse of the coin has changed a few times since then, the obverse design of this penny has remained unchanged.
This particular incarnation is therefore known for the image on its reverse – two stalks of wheat that wreath the edges of the image. This design is also the first penny to feature a mint mark from its first minting, with the locations denoted with a P (Philadelphia), D (Denver), or S (San Francisco).
1943 presented the most unusual set of pennies of any year in recent memory. The war effort demanded large quantities of copper, so the Mint had to come up with an alternate alloy to issue a one-cent piece. The solution was a penny minted with 99% steel and a layer of zinc.
These pennies are quite popular collectors’ pieces now. However, an even rarer and more valuable group from this year are the year’s actual copper pennies. Only a few 1943 copper pennies exist, and they are in existence only due to mint workers mistakenly using copper planchets. Some of these rarest of pennies have sold for millions.
Though Lincoln remained on the obverse, the Mint decided to celebrate both the Lincoln penny’s 50th birthday and the president’s 150th birthday on its reverse. Thus, it placed a new image of the Lincoln Memorial on the back of the coin, a sigil that would become extremely well-known to the American public.
Most of these pennies are quite affordable to investors. The valuable specimens, instead, are mostly uncirculated versions in pristine condition. However, there are a few extremely valuable Lincoln Memorials due to double die errors.
Due to the language of a 2005 law, the Mint was compelled to complete another Lincoln-related special release in 2009. The President’s 200th birthday was commemorated on the reverse of the 2009 penny in four different designs.
All four were representations of the times of his life – Birth & Childhood, Formative Years, Professional Life, and Presidency. Of the four, the most striking image is the Presidency penny, which features an image of an unfinished US Capitol as it appeared during Lincoln’s lifetime.
The Presidential $1 Coin Act of 2005 also directed the Mint to establish a new reverse to the penny in 2010. The new image featured the Union Shield, a symbol of Lincoln’s successful effort to keep the country united.
The Lincoln Shield remains the penny of the United States at present. However, a new design will – at least temporarily – replace the Lincoln Shield in 2026, the 250th birthday of the United States.
Most pennies are worth exactly one cent. Identifying which among them are worth more can be a challenge. However, there are a few things to check on your pennies that might be a clue to a value beyond 1/100th of a dollar.
The first thing to check is the year on the penny. In general, the older the penny, the more likely it is to be valuable. However, any large cent pennies from before 1858 are going to be valuable based upon their historical significance. As we talked about, you should also take note of any 1943 pennies you encounter – PARTICULARLY if they are bronze and not steel.
Another thing to check on your pennies, regardless of their year, is their mint mark. The majority of pennies have been minted at either the Philadelphia or Denver locations, so pennies minted elsewhere have a better chance of containing value. This aspect is no slam dunk – plenty of pennies have come from the mints at San Francisco and West Point, for instance. However, mintage numbers are not necessarily consistent, and finding pennies in certain years from certain mints can produce some valuable and rare pieces.
It cannot be overlooked that the condition of your penny is essential to its value. Very few pennies are valuable regardless of how they look, and even the rarest pennies are worth more if they are in better condition. In particular, if you can find pennies that were never distributed to the general public, they have a much better chance of being in mint condition and of value to collectors.
Finally, as with all coins, mistakes have happened with the minting of pennies over the years. Worn or broken dies, double-stamped planchets, or off-center presses have created many pennies with something out of place. Depending on the year and condition of an error penny, it might be quite valuable.
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If you believe that you have a valuable penny or pennies in your possession, there are many options if you want to sell them. The first thing to do is get an appraisal on it, either via an online appraiser or an in-person expert. If possible, get multiple estimates to avoid any kind of appraisal outliers.
Once you have a range of appraisals in hand, you can pursue selling your piece to an online precious metals dealer, a numismatic broker, an in-person coin shop, or to a private collector. However, in any scenario, be sure to avoid undervaluing your items – trust in the appraisal, and don’t be fooled if someone tries to tell you otherwise.
Finally, if you get an appraisal but decide not to sell, you should take steps to safeguard your finds. Home safes are certainly the most convenient, but there is often wisdom in paying for professional secure storage, either through a dedicated private vault or a safe deposit box at a bank.
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