Pennies can be worth much more than their face value of one cent if you know what basic characteristics are desirable to collectors.
A coin expert has revealed the exact history and details to look for in your Lincoln penny to make it worth $240,000.
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A seemingly ordinary penny sold for 24 million times its original value thanks to two important features.
An avid coin collector (@huntcoinswithme) shared details of the amazing rare coin in a TikTok video on Tuesday.
“Guys, check your pocket money,” he said.
The TikToker encouraged his followers to keep their eyes out of Lincoln's 1943 wheat penny.
Wheat pennies are one-cent coins minted in the United States from 1909 to 1958, engraved with an image of Abraham Lincoln on the obverse and stalks of wheat on the reverse.
The collector showed off an example of a 1943 penny, which sold for $240,000 in January 2023 through Heritage Auctions.
He gave two reasons for the high value of the penny – the fact that it was minted on a bronze slab and graded AU50.
Big bucks
The first reason the 1943 wheat penny auctioned off in 1943 is so rare is that it was accidentally struck on a piece of bronze.
The US Mint had used traditional bronze plates for pennies since 1864 but switched to zinc-plated steel plates for pennies to conserve copper for the war effort in 1943.
However, a few of the bronze plaques were accidentally struck – an error that led to the extremely rare and valuable bronze pennies being acquired in 1943.
Although the exact number of these highly desirable coins is unknown, it is estimated to be approximately 20 coins from the Philadelphia Mint and six or seven from the San Francisco Mint.
“The coins remain extremely rare today and any 1943 bronze cent is a significant find, with examples regularly fetching six-figure prices at auction,” Heritage Auctions said.
Pennies are among the “most popular rare coins in American coinage” and always fetch “astronomical prices” when they come up for auction.
The TikToker gave his viewers a simple way to verify the materials of a 1943 Lincoln cent.
He said in the comments: “In this case, the coin is struck on a bronze plate.” “If it sticks to the magnet, it's wrong.”
The collector also pointed to the second reason the 1943 Lincoln wheat penny sold for $240,000 at auction: its high grade.
How are currencies classified?
Coins are graded on a scale of one to 70, with 1 being the poorest grade, and 70 being the purest example.
Numbers 60 through 70 are generally the most sought after by collectors and are known as Mint State coins.
Pieces that fetch thousands at auction are usually found in MS67, MS68 and MS69 conditions.
It is almost impossible to find MS-70 among old coins.
The penny is graded at AU50, or about 50 uncirculated, on the Sheldon coin grading scale.
This means that it is very close to not spreading but shows slight signs of wear on the highest points of the design.
“This AU model features a robust design with sharp hair and beard detail on the face, and full wheat ears on the reverse. Some minor handling marks have been noted on each side, but are not cause for concern,” the Heritage Auctions description reads. From a penny.
“Surfaces are smooth with a mixture of gold and light brown. An impressive example of the famous mint error.”
Check out your pocket change for these other rare coins.
Read about the three rare quarters in your spare change to keep this year — worth up to $74,400.
Plus, the dime is still in circulation and could be worth up to $45,600 at auction – check your pockets now.
