Top 10 Most Expensive Pennies

For many, pennies are nearly worthless, but the avid collector knows the true value of these copper-colored coins. In fact, some of the rarest ones are worth well over $100,000. Continue reading to learn more about the Top 10 Most Expensive Pennies.

Pennies are an incredibly popular collectible, and many coin collections start with an assortment of them. Most of these circulated coins are worth face value.

Contrary to popular belief, a modern penny, or a Lincoln cent, consists mostly of zinc. Less than one percent of a penny's mass is copper.

So, why are these coins worth so much to collectors, and which penny is the most valuable? You just might have a few stashed away in an old jar.

To determine how expensive a penny is, this list considers the price paid for the penny at auction.

10. 1877 Indian Head Penny

Before Lincoln lent his image to the penny in 1909, a number of images appeared on the obverse side of the one-cent coin.

This penny from 1877 depicts a Native American princess donning a headdress. It is the rarest of all Indian Head pennies, which were only minted from 1859-1909.

This particular coin sold for $149,500 at the Heritage Auction in Milwaukee, Wisconsin in 2007. The fact that the coin was of near-perfect uncirculated quality led to its high selling price.

It received a PCGS grade of MS-66, meaning it was in mint-state condition and had less than three noticeable marks. The quality of its striking was above average and it retained much of its original luster.

Only 852,000 of these coins were produced, so finding one in the wild is a rare occurrence. In contrast, mints struck almost 8 million Indian Head pennies in 1876 and a little under 6 million in 1878.

Rarity is the only thing driving the value of these pennies. Aside from that, there isn't anything particularly special about them.

Collectors who come across one and want to add it to their collection need to act quickly when they see one, as they seldom come up for auction.

The average 1877 Indian Head Penny is worth around $500, while more pristine examples can go for close to $3,000.

9. 1914-D Lincoln Penny

There are very few of these rare coins in uncirculated condition, so it's no surprise that one sold for $152,750 at a Denver auction in 2017.

This coin's PCGS grade of MS-66 meant it held on to its red luster from its original mintage and it bore few noticeable markings.

This penny features a distinctive red hue that hints at its status as an uncirculated coin. Even though over a million of these pennies saw minting, most found homes in penny boards or saw significant circulation.

That high level of circulation drops the average price of these coins to around $300 while those closer to mint state are regularly sold for near $5,000. Of course, finding such a well-preserved example of these coins is close to impossible.

When penny collecting gained mainstream popularity in the 1950s, these coins were a few of the most sought after. As a result, a large number of counterfeits entered circulation.

In fact, some collectors believe that there may be more counterfeit versions of this penny than legitimate coins.

8. 1864 Indian Head Penny

This Indian Head Penny is exceedingly rare to find in uncirculated condition. It was minted during the height of the Civil War at a time when Americans were hoarding gold, silver, and other precious metals. As a result, the United States Mint struggled to find the materials to craft coins.

Another caveat giving this coin its exceptionally high value is the inclusion of a small L on the Native American woman's bonnet. The mint added this little feature about halfway through the minting run.

Of course, collectors need to have a magnifying glass to spot this tiny addition. It's incredibly difficult to spot with the naked eye.

On average, the L increases the value of a coin by around 400%.

An uncirculated 1864 Indian Head Penny sold for $161,000 at an auction in Pittsburgh in 2011. Of course, this penny bears the famous L marking.

The PCGS bestowed a rating of PR-65 on this penny, meaning it was a proof of above-average quality. It bore only a few light markings but was otherwise a beautiful, well-struck example of an 1864 Indian Head Penny.

Mints struck almost 40 million of these coins were in 1864, making it a fairly common coin for its time period. Most of them have a value of around $10 due to their lack of rarity and heavy circulation.

7. 1943 Bronze Alloy Lincoln Cent

Intrigue surrounds this 1943 Lincoln cent. As penny mintage moved toward zinc-plated planchet, this penny was struck with a bronze alloy planchet. To this day, there is still debate as to whether this was an honest mistake at the mint or if mint workers intentionally used bronze alloy.

Many of these coins saw regular circulation, so finding an uncirculated one is a rare occurrence. This rarity significantly increased the penny's worth.

An uncirculated 1943 Bronze Alloy Lincoln Cent sold for $164,500 at auction in 2013. Like the 1914-D Lincoln Penny, it still features the distinctive red hue of an uncirculated penny.

It received a PCGS rating of MS-63, meaning it had lost some of its original luster and had few noticeable markings. Overall, it remained an attractive coin.

6. 1856 Flying Eagle Cent

1856 was a landmark year for United States penny production. Until that time, pennies consisted of copper, but copper prices rose until it was no longer economically feasible to mint them.

In an effort to win congressional approval of a new, smaller penny design, the U.S. Mint produced these coins to showcase their ideas. All in all, less than 1000 of them saw production, which makes them a windfall find for a collector.

However, collectors need to be careful when looking to add this coin to their vast collections. Unscrupulous individuals produced a high number of forgeries over the years, so this is a coin that needs expert authentication.

One high-quality 1856 Flying Eagle Cent sold for $172,500 at a 2004 auction. The PCGS assigned a rating of MS-66 to this coin, as it bore a few small marks.

5. 1909 VDB Lincoln Penny

100 years after Lincoln's birth, his image appeared on the penny. Victor David Brenner was the lead designer of this penny and he sought to include his initials in his original design.

However, after the mintage, the U.S. Mint determined that his included initials were too large, so they ordered them removed after just a few days of production.

Its rarity and the story associated with the penny drives its valuation. An exceptionally colorful VDB Penny sold for $258,500 at an auction in 2014.

Its PCGS rating of PR-67 meant its luster was fully on display and it bore a few small markings that did not detract from the attractiveness of the coin.

U.S. mints produced over 27 million of these pennies in 1909, but an incredibly small amount of them bear the VDB initials. Only around 1,000 1909 VDB Lincoln pennies exist today.

To illustrate the value the initials add to the coin, the majority of these pennies are worth less than $40, no matter how well-preserved the coin is.

4. 1943-S Bronze Lincoln Cent

This is another example of a mix-up at the mint leading to a valuable collector's coin. As penny production transitioned to zinc planchet, a few coins were still minted with bronze.

Many of these pennies saw heavy circulation, but they're still valued for their dubious origins. One 1943-S Bronze Lincoln Cent in good condition sold for $282,000 at auction in Long Beach, California in 2016.

Of all the most expensive pennies, this one received the worst grade from PCGS. It's the only coin here to not receive a mint-state grade, though it was very close.

This particular Lincoln cent received a grade of AU-58, meaning it had some slight wear on the raised portions of the coin but was otherwise lustrous and attractive.

Pennies produced during WWII were supposed to be made of steel due to copper's role in wartime manufacturing processes. How a few of these bronze pennies made it out of the mint is anyone's guess, but they're now a small piece of American history.

3. 1958 Double Die Obverse Cent

This is one of the rarest pennies ever minted. While the U.S. produced plenty of double died coins over the years, only three of these 1958 double died coins made it out of the mint.

How they made it into the hands of collectors is a bit of a mystery, but many assume some foul play by mint employees took place. Despite this, one of these coins sold for $336,000 at a 2018 Baltimore auction.

Its PCGS grade of MS-64 indicates its average strike and luster. It also bore a few noticeable contact markings that could be seen by a collector's naked eye. However, it is still an attractive coin.

These coins can be easily identified by the double printing of both "In God We Trust" at the top of the coin and the word "Liberty."

2. 1944-S Lincoln Steel Penny

Another mint mistake led to the creation of the second most valuable penny. Instead of the bronze alloy planchet used in 1944 penny mintage, two zinc-plated steel planchets made it through the San Francisco Mint's quality control.

When an uncirculated 1944-S Lincoln Steel Penny went up for auction in 2008, collectors were salivating. These pennies are exceedingly rare and the opportunity to add an uncirculated coin of this rarity to a collection seldom comes along.

It ended up selling for $373,750.

The NGC, rather than the PCGS, graded this coin. It obtained an MS-66 rating. Its striking and surface quality were both above average and it bore a few negligible surface markings.

Interestingly, this penny has only gone up in value since it was purchased at auction. Today, collectors value this coin at just over $1 million.

Fortunately for collectors, some speculate that there are still a few of these pennies floating around in the wild. It's only a matter of time before another comes up for auction.

1. 1943-D Lincoln Bronze Penny

Due to changes in the minting process, this is one of the few bronze pennies to make it out of U.S. mints in 1943.

In 1943, the mint decided to switch up the materials with which pennies are composed. The transition from bronze to zinc alloy was relatively smooth and only a few bronze pennies were accidentally produced.

This 1943 coin was one such penny.

While the majority of these bronze coins saw regular circulation, this penny remains in immaculate condition. A private seller made $1.7 million off the sale of this penny in 2010.

The PCGS gave it a rating of MS-63. It was an overall attractive coin with average luster and strike. It only bore a few noticeable markings and the bronze had slightly dulled over the years.

Today, collectors place its value at around $2.2 million.

It receives such a high valuation because it's the only coin of its kind ever struck by the Denver mint.

Because of this coin's rarity, it's a common target of counterfeiters. Some will plate a 1943 steel penny in copper while others will alter the date stamped on a 1948 penny.

Coin Rating Explained

In the world of collector coin grading, the expertise of two companies is trusted above all else. They are the Professional Coin Grading Service (PCGS) and the Numismatics Guaranty Company (NGC).

Of the two coin grading services, PCGS is slightly more esteemed. It was founded in 1985 with the sole intention of providing a unified grading scale that coin collectors could trust.

Over the years, collectors have come to appreciate the work of companies like PCGS and NGC. Graded coins sell for significantly more money than ungraded coins.

Getting a coin graded is a simple process for a collector. They must pay a small fee, which varies based on the value of the coin, and mail them to either PCGS or NGC. Their coins will then be graded and returned with a certificate from the coin grading service.

The ANA Grading System

Both companies use the American Numismatics Association's (ANA) grading system when it comes to classifying collector's coins.

The ANA grading scale covers both circulated and uncirculated coins. Coins receive a letter grade to inform collectors of the coin's circulated status and a number grade from 0 to 70 based on its attractiveness.

The grades that a circulated coin could receive range from "Bad" to "Very Choice About Uncirculated." The grades are always conveyed with an abbreviated short-hand. For instance, a Bad grade is simply denoted by a "B" and an About Uncirculated coin receives an "AU" grade.

The ANA uses the term "mint-state" to denote an uncirculated coin and assigns them an "MS" grade.

Circulated coins receive a number grade from 0-59, while 60-70 is reserved for uncirculated coins. This is due to the fact that circulated coins experience significant wear and tear over the course of their lives and the grading system needs to be flexible enough to express that.

Almost every penny that sold for a high price at auction was in uncirculated condition. The 1943-S Bronze Lincoln Cent was circulated, and even that was judged to be of About Uncirculated quality.

What Makes a Penny Valuable?

Pennies, as with all collectibles, are only worth what someone is willing to pay for them. Collectors need to have a keen eye and plenty of experience with different currencies to place a true value on a coin. They look for a few key elements when assessing value.

Rarity is the first factor driving a coin's worth. The more scarce a coin is, the higher its value is. Some rare coins are ones that weren't mass-produced, while others are simply found in extremely limited numbers.

The condition of the coin also plays a big role in its value. Uncirculated coins, those that have not been used as currency, are worth the most.

Collectors look for quality striking, damage, and the overall aesthetic beauty of the coin when determining its condition.

The metal the coin is made of also plays a role in its value. For instance, some older pennies are worth more than face value due to the amount of copper with which they were minted. Rarer metals, like gold, can cause the prices of other coins to balloon.

Finally, demand is an incredibly important factor in forming a coin's value. It can be difficult to predict and is constantly revolving as collectors' interests change with the times.

History of Penny Mintage

In Colonial America, the colonists used a wide variety of money. British pounds were the most popular, but many people preferred the Spanish dollar due to its high silver content.

Once the colonists secured victory in the Revolutionary War, individual states were free to create their own currency. However, that only created more problems for the newly-minted Americans.

With other countries' money in circulation and states now minting their own, disagreements over the proper valuation of certain coins were incredibly common in the United States.

So, in 1787, the Continental Congress authorized the production of the Fugio cent. These coins would become the precursor for the modern penny.

The Coinage Act

In 1792, after the ratification of the Constitution, the new federal government sought to establish a national mint to bring an end to monetary disagreements among the citizens. The Mint was built in Philadelphia and would go on to become the National Mint.

On March 1st, 1793, the Mint was proud to unveil over $1000 worth of copper cents, the first-ever American currency for circulation. Due to their significant size, they were dubbed the "large cent."

Unfortunately, the new cents weren't terribly well-received. Some citizens disliked the bulky size of the cent, some took issue with the depiction of Lady Liberty on the obverse side, and some felt the chains on the reverse side represented slavery rather than the intended meaning of unity.

The Mint heeded these calls for change and quickly revised the coins, swapping the chains for a wreath and updating the Liberty portrait.

1857 to 1909

From 1792 to 1857, the penny remained mostly unchanged after its initial round of revisions. However, 1857 was a landmark year for American penny mintage.

This year saw a departure from the pure copper composition of the original penny to one of 88% copper and 12% nickel. The mint also saw fit to change the design of the penny and replaced Liberty's image with that of an eagle.

A few years later, in 1859, Indian Head Pennies entered circulation. The Indian Head penny value can range depending on condition and date, but the 1944 Wheat Penny tends to get the most attention.

1909 to Present Day

In order to celebrate Abraham Lincoln's 100th birthday, his profile was added to the obverse side of the penny in 1909. That image is still used on the penny today.

Over the years, the reverse side of the penny received some significant changes. The original wheat penny design is famous, but was replaced by an image of the Lincoln Memorial in 1959.

Today, the reverse side of the penny features an image of a shield. This represents Lincoln's ability to preserve the Union during the Civil War.

A Penny-wise Coin Dealer

The penny is the smallest denomination of all American coins, but that doesn't stop collectors from shelling out hundreds of thousands of dollars for the rarest specimens.

The 1943-D Lincoln Bronze Penny is the most expensive penny in the world, having sold for close to $2 million at auction. Being the only Lincoln cent of its kind struck by the Denver mint, its beauty and the intrigue surrounding its mintage led to its high selling point.

FAQ

How do collectors authenticate rare pennies, such as the 1856 Flying Eagle Cent or the 1943 Bronze Alloy Lincoln Cent, to ensure they are not counterfeit?

Collectors authenticate rare pennies through a combination of factors. They carefully examine the coin's condition, looking for signs of wear and damage that could indicate it is not a genuine uncirculated coin. They also consider the coin's weight and dimensions, as counterfeits may not match these specifications exactly. Additionally, they may use specialized tools such as magnifying glasses and scales to inspect the coin's surface and composition, looking for any inconsistencies that could indicate it is a fake.

What factors, aside from rarity, contribute to the value of a penny, such as the 1944-S Lincoln Steel Penny or the 1943-D Lincoln Bronze Penny?

Several factors contribute to the value of a penny beyond its rarity. The coin's condition is critical, with uncirculated coins typically commanding higher prices due to their pristine state. The coin's design and historical significance also play a role, as coins with unique or historically important designs are often more valuable to collectors. Additionally, the metal composition of the coin can affect its value, with coins made from rarer metals like copper or bronze often being more valuable than those made from more common metals.

Are there any notable instances where pennies, like the 1958 Double Die Obverse Cent, were mistakenly released from the mint, leading to their rarity and high value?

Yes, there are several notable instances where pennies were mistakenly released from the mint, leading to their rarity and high value. One example is the 1958 Double Die Obverse Cent, of which only three coins are known to exist. These coins were the result of a minting error where the coin's design was struck twice, creating a distinct doubling effect on the coin's lettering. Another example is the 1944-S Lincoln Steel Penny, which was mistakenly minted on zinc-plated steel planchets instead of the intended bronze planchets. Only a few of these coins were produced, making them extremely rare and valuable to collectors.

What is the most expensive penny ever sold?

The most expensive penny ever sold is the 1943-D Lincoln Bronze Penny, which fetched close to $2 million at auction. This particular penny is unique as it is the only Lincoln cent struck by the Denver mint in bronze, as opposed to the steel composition used for most 1943 pennies due to wartime metal shortages.

What makes certain pennies valuable?

Several factors contribute to the value of a penny, including its rarity, condition, historical significance, and metal composition. Pennies that are rare, in excellent condition, have unique designs, or are made from valuable metals like copper can be more valuable to collectors.

Why are some pennies worth more than others?

Some pennies are worth more than others due to their rarity, condition, and historical significance. For example, pennies with minting errors or unique designs are often more valuable, as are those made from valuable metals like copper.

How can I determine if my penny is valuable?

To determine if your penny is valuable, you can have it appraised by a professional coin dealer or use online resources and guides to assess its rarity, condition, and historical significance. Look for any minting errors, unique features, or signs of wear that could affect its value.

Are all old pennies valuable?

Not all old pennies are valuable. While age can be a factor in determining a penny's value, other factors such as rarity, condition, and metal composition are more important. Many old pennies are worth only face value or slightly more to collectors.

What are some of the rarest pennies?

Some of the rarest pennies include the 1943-D Lincoln Bronze Penny, the 1944-S Lincoln Steel Penny, and the 1958 Double Die Obverse Cent. These pennies are rare due to minting errors, unique designs, or limited production numbers.

How can I sell a valuable penny?

You can sell a valuable penny through online auction sites, coin dealers, or coin collecting forums. It's important to have your penny authenticated and graded by a professional grading service before selling to ensure you get the best price.

What should I do if I think I have a valuable penny?

If you think you have a valuable penny, you should have it authenticated and graded by a professional grading service. This will help determine its true value and ensure you get the best price if you decide to sell it.

Are there any valuable pennies still in circulation?

While it's rare to find valuable pennies in circulation, it is possible. Some valuable pennies, such as the 1943 Bronze Alloy Lincoln Cent or the 1955 Double Die Obverse Cent, have been found in circulation, though they are extremely rare.

What are some tips for collecting valuable pennies?

Some tips for collecting valuable pennies include researching rare and valuable coins, buying from reputable dealers, and keeping your collection in good condition. It's also important to be patient and persistent, as finding valuable coins can take time and effort.