Top 10 most valuable pennies including Lincoln coins worth up to $2.6million – do you have one in your collection?
WHEN people are given change, most of the time people just put it back in the tip jar.
However, next time you receive change, you shouldn't be so quick to give it up because there could be a coin worth thousands, or even millions.
Before we discuss the coins that can put the most cash in your pocket, it is important that you understand how the value of a coin is determined.
Experts determine a coin's worth by a variety of factors, and they include mintage, number of errors, demand, age, design and condition.
Pennies can also be especially valuable because of their rich history.
Coins are also graded, and there are five main components to the grading scale: strike, surface preservation, luster, coloration and eye appeal.
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Coins are assigned a whole number between 1 and 70, with 70 being a flawless coin.
Yet, grading can be subjective and even experts disagree about the grade of a given coin.
Now that you know how coins are valued, below are 10 coins that can put millions in your pocket.
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1. 1792 Birch Cent - $2.6million
One of the most cherished pennies is the 1792 Birch cent, which is considered to be a prototype penny.
The United States didn't officially start minting pennies until 1793, but in 1792, it made prototype pennies and 10, possibly 12, are known to exist.
Birch cent pennies stand out from traditional pennies that people are familiar with today for two reasons — the size and design.
The Birch cent is a "large cent," and it is about the size of a quarter.
The design has been traditionally ascribed to British artist William "Bob" Russell Birch and depicts a flowing-haired Liberty.
One of the coins sold at auction in 2015 for $2.6million.
When asked why the owner had paid so much for a cent, he told the Coins and History foundation: “The history is important. This is our earliest depiction of what we thought of ourselves as a nation.”
2. 1943 Bronze Lincoln Penny - $1.7million
The next valuable type of penny you can find is the 1943 Bronze Lincoln Penny, of which 40 of them are error coins.
Error coins are valuable because they entered circulation that way and are relatively few in number.
The error happened in 1943 when the US Mint switched from making pennies out of copper to steel to save copper for the WWII effort.
When they made this switch, some of the copper was accidentally left in the hoppers.
Copper and steel are mixed together will give you a bronze metal.
This resulted in the steel mixing with the copper for the first few pennies produced that year.
The only known 1943-dated Lincoln cent mistakenly struck at the Denver Mint on a bronze planchet sold for a record $1.7million in 2010.
3. 1793 Strawberry Leaf Cent - $863,000
If you can't find a 1943 Bronze Lincoln Penny in your pocketbook, you can try looking for a 1793 Strawberry Leaf Cent.
However, this type of penny will be even more difficult to find as there are only four known to exist.
It is highly cherished by many coin collectors because it is one of the first coins that were minted when the U.S. Mint officially became operational in 1793.
The name given to the coin is actually a bit misleading because there is no evidence that the leaves on the cents are supposed to be strawberry leaves, according to USRareCoin.
One 1793 strawberry leaf cent sold for almost $863,000 in 2019.
4. 1793 Liberty Cap Wreath Cent - $391,000
This was another type of penny that was issued when the U.S. Mint officially became operational, and it is known that 11,065 of these pennies exist.
This type of penny holds a high value mostly because of the year it was minted.
The Liberty Cap Wreath design was used for more than one year.
Therefore, it tends to hold a lower value than the other coins that were minted in 1793.
In 2004, a coin sold for about $391,000.
5. 1944 Steel Lincoln Penny - $375,000
Another type of penny that can put a significant amount of cash in your wallet is the 1944 Steel Lincoln Penny.
It is highly valued because just like the Bronze Lincoln Penny, it is also an error coin.
As WWII started to wind down, the US Mint switched back to using copper for pennies.
But, a mix-up in the San Francisco mint resulted in about 30 pennies being made from steel left over from the 1943 pennies.
These coins look like an ordinary penny despite the fact the color is not copper and is much closer to the coloring of a dime.
These rare examples can fetch up to $375,000 in excellent condition, according to Coin Trackers.
6. 1958 Double Die Lincoln Penny - $336,000
Due to an error involving a double stamping that affected the lettering on the front of the penny, this rare coin is highly coveted by collectors.
Only three examples are known to exist.
One in great condition sold at auction in 2018 for about $336,000.
7. 1909 VDB Proof Lincoln Penny - $269,000
In 1909, the US Mint created a matte proof penny not intended for circulation.
The initials of the designer of the coin, Victor David Brenner, are engraved on the back of the coin.
Only about 200 examples are known to exist, though more were minted and likely destroyed, according to PCGS.
The existing coins were mostly stored, so they are in pristine condition.
One sold at auction in 2014 for almost $269,000.
8. 1856 Flying Eagle Cent - $173,000
The Flying Eagle Cent holds a high value because limited editions of just 4,000 coins were produced.
They were disbursed to Congress and other influential people.
Not only is a Flying Eagle Cent hard to come by, but this type of penny also has a different design, composition and weight.
In 2004, one in excellent condition sold at auction for almost $173,000.
9. 1864 Indian Head Penny With L - $161,000
In 1864, the United States was embroiled in the Civil War.
Metal supplies were difficult to obtain, so the mint began to strike pennies in bronze half-way through 1864.
At this time, US Mint also modified the design slightly to include an "L" on the ribbon of Lady Liberty's war bonnet.
Although around five million pennies were struck that year, only a handful have the "L" in the ribbon and have survived in an uncirculated condition.
One sold at auction for almost $161,000.
10. 1914-D Lincoln Penny - $159,000
Finally, the last type of penny that could be worth cash is the 1914-D Penny.
The penny features 16th US President Abraham Lincoln, and it was designed by sculptor Victor David Brenner.
Bu the design is not what makes it cherished among coin collectors, it is the location of where the coin was minted.
In 1914, Denver only produced 1,193,000 of these coins making them hard to find.
To compare, in 2021 alone, 2,830,250,000 dimes were produced.
An uncirculated one sold by Legend Auctions fetched almost $159,000 in 2018.
Where you can find rare coins
You might be surprised, but rare coins can be found in common everyday places.
This includes even in your home.
In particular, rare coins can be found in couches, pockets of clothes, and draws.
You can also visit auction houses, antique stores, pawnshops, and coin collecting clubs.
Finally, you can get your hands on some valuable coins by purchasing them online through USA Coin Book or eBay.
However, before you put in your card details on these sites, you will want to do your research and make sure the listing is from a credible seller.
Read More on The US Sun
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