Whether you are cleaning out the couch cushions or rummaging through your purse, you might not give much thought to the pennies in your possession. However, these copper coins are not always worth a single cent. In some cases, they go for hundreds of thousands of dollars. Whether you are an aspiring coin collector or just curious about the contents of your wallet, use the following guide to learn what determines the value of pennies.

Factors That Influence Value 

Coin collectors and dealers throughout the world use qualitative systems to rate coins, such as the Sheldon scale, which establishes grades from 1 to 70. This scale was used as the basis for the Official ANA Grading Standards, the system used by the American Numismatic Association.

Essentially, a penny’s rating is based on cosmetic features, such as color and wear, as well as historical and statistical details, such as the date of its minting and the number of identical pennies in existence.

While a penny minted between 1909 and 1956 may only be worth four to five cents, specific editions minted between 1859 and 1879 could go for upwards of $10 each.

The High Price of Error Coins

Aside from these basic parameters, some pennies stick out as diamonds in the rough for coin collectors. In many cases, this surge in value is attributed to a production error, which makes the penny one-of-a-kind.

For example, a Lincoln penny minted in 1943 in Denver was mistakenly produced with bronze alloy. At the time, all the copper used in bronze was being eliminated from coin production and used for military needs during WWII. Therefore, the penny should have been struck in zinc-plated steel. Due to these circumstances, a mere cent sold for $1,700,000 in a private sale.

Another example of a high-priced error is a 1958 Doubled Die Obverse Lincoln Penny. A doubled die means the stamp used to create the imprint in the metal planchet was pressed down twice at slightly different positions, resulting in a doubled or shadow effect. Only three of this particular coin have been found, which is why it sold at a 2018 auction for $336,000.

If you are eager to learn more about rare coins, turn to the numismatists at Coins Plus of Cincinnati, OH. They are happy to offer coin collectors valuable insight into the industry as well as to buy and sell coins to those willing to update their collection. They have been a part of the community since 1972 and are the city’s only "National Award Winning and PNG Dealer.” To learn more about their offerings, visit the website. You can also call (513) 621-1996 to speak with a knowledgeable dealer.