The average penny might have a meager face value of $0.01, but that’s not the case for every penny. In fact, coin collectors know better than most that highly valuable pennies can charge thousands of dollars at the right auctions, plus act as proverbial feathers in the caps of collectors around the world. But what exactly is the most valuable penny, and what is that penny worth?
Read on to reveal which pennies worth money you should be looking out for.
The Most Valuable Penny
While the most valuable penny to you as a coin collector could be completely different, most collectors and coin trackers have already settled on the “most valuable” penny overall: the 1944 Steel Wheat Penny.
1944 Steel Wheat Penny
The 1944 Steel Wheat Penny is arguably the single most valuable penny currently collectible, as it has the potential to be worth up to $408,000 if found in mint condition. In average condition, it’s still worth about $10,000!
If you aren’t sure whether you have a 1944 Steel Wheat Penny, there’s a simple test you can perform. For example, you can see if it sticks to a magnet; if it is made of authentic steel, it will stick. This is a good test performed because coin counterfeiters may try to create fake 1944 Steel Wheat Pennies in an attempt to commit fraud. Of course, one of the other best ways to avoid fraud is to trust reputable grading services like the PCGS.
Why Is the 1944 Steel Wheat Penny So Expensive?
There are several reasons why the 1944 Steel Wheat Penny is so expensive and seen as so valuable by collectors.
For starters, any of the 1944 Steel Wheat Pennies would only have been released into the coin supply by error. That’s because these pennies were supposed to be made out of copper, but they were accidentally made out of steel when minted. In other words, the error associated with their creation makes them valuable.
The other penny value-increasing factor is the rarity. There were only a few thousand of these pennies minted overall, so each time one is lost or destroyed, the overall supply goes down. If you do end up finding one of the 1944 Steel Wheat Pennies, keep it in your possession; it’s a very valuable find, indeed.
The majority of valuable coins sought after by coin collectors are valuable because there was an error, because the coins were only minted in very low quantities, or for reasons of subjective aesthetic beauty or value. Generally, highly preserved coins like pennies will charge higher prices and be more valuable than those with plenty of marks or other visual factors.
Other Valuable Pennies
While the 1944 Steel Wheat Penny might be the most valuable penny overall, there are other rare pennies that might be worth a search or a purchase at an auction.
Let’s take a closer look at some of the other rarest finds.
1914-S Lincoln Penny
The 1914-S Lincoln Penny is currently valued at over $100,000. That's partially because it's normally found in pristine condition despite its age, and there's no big bag mark on the surface of the coin. Thus, it still looks fantastic when held in your hand, retaining a bright red-orange copper color.
In the past, some collectors may have set these one-cent coins aside and preserved them in excellent condition. These coins are notable both for their visual beauty and for their overall rarity, as only a relative few were made at the San Francisco Mint, like many silver dollars and gold coins.
1943 Copper Wheat Penny
The 1943 Copper Wheat Penny is the most famous off-metal error coin overall. This idealized and sought-after American coin is valuable because the majority of circulating pennies at the time were struck with zinc-coated steel. Copper and nickel were needed for the Allied war effort during World War II.
At the time of this writing, only around 40 or so 1943 copper-alloy pennies of this type are likely to still be in existence. These D wheat pennies may have been struck by accident when the copper-alloy one-cent blanks stayed in the coin-pressing hopper when production started on fresh steel pennies.
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1943 Copper Wheat Pennies now run for nearly $100,000 at certain auctions. For example, the highest amount paid for one of these pennies was $82,500 in 1996. Note that it is also a highly counterfeited coin due to its rarity and perceived value.
1944-D Lincoln Penny on a Zinc-Coated Steel Planchet
You can’t forget the 1944-D Lincoln Penny on a zinc-coated steel planchet. Currently, this coin is valued at $115,000, and it was originally struck at the Denver Mint facility.
It’s extremely valuable, thanks to the fact that it was struck on a zinc-coated steel planchet. Such plants were mostly used in 1943 but were retired in 1944. Somehow, a steel planchet with the zinc coating must’ve still been used for the coin press in 1944, resulting in these unique Lincoln pennies.
The 1909-S VDBLincoln Penny was minted at the San Francisco facility and is now valued at $117,500 on average. It's important because, starting in 1909, the United States Mint replaced the standard Indian Head penny with the Lincoln cent penny. The designer of the new penny, Victor David Brenner, put his initials on the coin’s reverse side between two stalks of wheat.
The 1909-S VDBLincoln Penny is the most sought-after coin of this series because it includes all three of the designer’s initials on the reverse side, not just two initials (like most artists, such as Adolph Weinman, imprinted). Fewer than half a million of these pennies were minted before the initials were forcibly removed by the Treasury Department.
Given this development, the pennies quickly became major collectors’ items. These days, if you find one in your possession, you may not want to sell it since it’ll be more valuable in your collection.
1872 Indian Head Penny
The 1872 Indian Head Penny is valued at $126,500. Why is it so special?
Put simply, in 1873, a redemption law inspired owners of these pennies to return them to the US Mint. There was a major need for pennies to re-enter circulation under the control of the government,
Slightly more than four million of these pennies were minted, but only a few people were able to save the coins for future collections. The majority of the pennies went into circulation and were damaged or lost over time.
Given the coin’s modern-day rarity, it can charge quite a high price at auctions. More importantly, surviving pennies are usually found in good condition. They feature sharp designs and impressions; well-preserved coins will also retain the original bright red copper color.
Beyond these, there are other rare coins that numismatics fans seek out for coin collecting instead of pocket change. For example, the 1969-S Lincoln Doubled Die Obverse penny and the Flying Eagle Cent are solid examples. These show how coin values are always evolving through mint mark research (or mintage origin), coin dealers, and much more.
Find the Most Valuable Coins With Bullion Shark
The 1944 Steel Wheat Penny might be fairly rare and quite expensive, but that’s not the only valuable coinage you can add to your collection.
With Bullion Shark, you can find valuable coins that are perfect for your interests and current collection quickly and easily, like bronze pennies, Lincoln wheat pennies, and more. Plus, you can get your trending coins shipped to your door in no time. Check out our selection today!
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