ARE PENNIES WORTH MONEY? THE 10 MOST VALUABLE PENNIES

How much is a penny worth? Pennies can be valuable for various reasons, including those minted in years with low mintage figures and those resulting from production errors. The pennies worth the most money have sold for upwards of a million dollars. If you think you have a valuable historical penny or are interested in acquiring one for your collection, keep reading to learn about the ten most valuable pennies. 

 

THE 1943 COPPER WHEAT PENNY 

HISTORY

In 1943, the U.S. government decided that the U.S. Mint would use steel to mint pennies instead of copper to conserve the copper supply for military purposes during World War II. The 1943 copper pennies were mistakenly minted, and it is believed that these coins were made because “some copper planchets had been left in the hoppers when the steel cents were being made.” 

These pennies are so rare that in the 1940s, there were even rumors that Henry Ford would give a brand new car to any finders of these rare copper pennies. The Ford motor company vehemently denied these rumors, however. 

HOW MANY EXIST?

Only 27 1943 Copper Wheat pennies are confirmed to exist. 

HOW MUCH IS IT WORTH?

The record price for a 1943 Copper Wheat penny is the 2010 sale of the 1943-D for $1,750,000. These coins, however, typically sell at auction in the range of $100,000 to $250,000. This auction price makes these pennies worth the most money.

 

1944 STEEL WHEAT PENNY

HISTORY

From 1864 to 1942 and from 1944 to 1982, U.S. one-cent coins (pennies) were made with 95% copper. Because copper was needed for military purposes during World War II, the government decided that the 1943 pennies wouldn’t be made of copper and would be made of zinc-coated steel instead. These 1943 steel pennies were unstable and generally disliked by the public, so steel was not planned for the 1944 pennies. 

These 1944 Steel Wheat pennies were likely made accidentally with leftover steel from the previous year.

HOW MANY EXIST?

Only about two dozen 1944 Steel Pennies were ever minted, and all were only released into the coin supply by error. Because of this, these pennies are extremely rare.

HOW MUCH IS IT WORTH?

A 1944 Steel Penny in mint state condition could be worth up to $110,000 at auction.

 

1858 FLYING EAGLE PENNY 

HISTORY

The 1858 Flying Eagle pennies were made from copper and nickel and were the second and last of this coin to be authorized by the US mint. There are two varieties of this coin: one with small letters and one with large letters. It’s relatively easy to distinguish the two varieties; the ‘A’ and ‘M’ in “AMERICA” touch the large letters version, while the letters are separated on the small letters version. 

HOW MANY EXIST?

Eighty of the high-quality large letters proof were minted, and 200 of the high-quality small letters proof were minted. 

HOW MUCH IS IT WORTH?

The large letters proof coins are worth up to $25,000, depending on the coin’s condition. The small letters proof coins are worth up to $30,000.

 

1857 FLYING EAGLE PENNY 

HISTORY

Though the Flying Eagle Penny was first made in 1856, the U.S. Mint did not authorize this coin as a monetary issue until 1857, one of the last years of large-scale cent production in the United States. Most of the large cents struck in 1857 never entered circulation and were later melted down.  

HOW MANY EXIST?

In 1857, millions of Flying Eagle coins were struck and circulated. There are only about 485 proof specimens of this coin struck in 1857.

HOW MUCH IS IT WORTH?

The most valuable of this 1857 penny are the proof specimens. These are extremely rare and are worth up to $30,000. 

 

1856 FLYING EAGLE PENNY 

HISTORY

In 1849, the US Treasury Department had concerns regarding the rising cost of copper, so in 1856, the US Mint created a mixture of 88% copper and 12% nickel for a new one-cent coin. This mixture was used to create the Flying Eagle Penny.

The Flying Eagle Penny features an eagle flying to the left on the obverse side and a wreath on the reverse side. 

HOW MANY EXIST?

This penny was only a trial for a new smaller size penny, so only about 1,000 to 2,500 of them were ever minted, making them extremely rare. 

HOW MUCH IS IT WORTH?

The 1856 issue of the Flying Eagle Penny is the rarest of the three issues, making it the most valuable. An uncirculated, mint condition 1856 Flying Eagle Penny can be worth between $19,000 and $24,000.00.

 

1922 NO-D WHEAT PENNY 

HISTORY

Every 1922 Lincoln Wheat Penny was minted at the Denver Mint. Because of this, they all should bear a “D” mintmark. However, an issue caused some of these coins to receive either a weak mintmark or no mintmark at all. The “No D” variety is the most valuable. 

HOW MANY EXIST?

The Professional Coin Grading Service estimates that only 15,000 of this “No D” variety exist. However, there are only about 100 No-D pennies in good enough condition to sell at high prices.

HOW MUCH IS IT WORTH?

The most valuable 1922 No “D” Wheat Penny that is in peak condition is worth up to $17,000.

 

1873 INDIAN HEAD PENNY

HISTORY

The 1873 Indian Head Penny is notable for its production errors. While engraving the date, the US mint accidentally used two different varieties of the “3” in 1873. The first variety has an open 3 in the date, while the second version has a closed 3. You can tell the difference by comparing the “distance between the ends of the loops in the numeral.”

The second production error resulted in a doubled die. It’s noticeable on the hairline, eye, and the word “LIBERTY” on the headband. 

HOW MANY EXIST?

These coins are significantly more common than other rare issues. They were struck in relatively large quantities, but they are still considered scarce by coin collectors due to their different varieties.

HOW MUCH IS IT WORTH?

Depending on its condition and market, an 1873 Indian Head Penny is worth between $250 and $10,000.

 

1877 INDIAN HEAD PENNY 

HISTORY

While the 1877 Indian Head Penny is not valuable due to an error or variety, this issue had a significantly low mintage. Its rarity makes it a key date and one of the pennies worth the most money in the series.

HOW MANY EXIST?

This issue had a very low mintage of only 852,500 coins. 

HOW MUCH IS IT WORTH?

The most valuable 1877 Indian Head Penny that is in excellent condition is worth up to $4,800.

 

1914 D WHEAT PENNY 

HISTORY

Three Mints produced the 1914 Lincoln Wheat Penny: San Francisco, Denver, and Philadelphia. These particular pennies have a “D” mintmark that signifies that they were minted in Denver. 

HOW MANY EXIST?

1,193,000 1914-D Pennies were minted, but experts say this issue has one of the lowest survival rates because these coins had a heavy circulation and have since been lost or damaged. As a result, only a small amount of the original mintage still exists. 

HOW MUCH IS IT WORTH?

The most valuable of these 1914-D Wheat Pennies are worth up to $3,000. This issue is considered an important date penny and is also the most valuable of the non-error Wheat Pennies. 

 

1909 S INDIAN HEAD PENNY

HISTORY

In 1909, the Lincoln penny design replaced the Indian Head cent but not before a small amount of Indian Head pennies were minted at the San Francisco Mint. This coin is the rarest Indian Head Penny issue in terms of total mintage number. 

HOW MANY EXIST?

Only 300,000 1909-S Indian Head Pennies were ever minted.

HOW MUCH IS IT WORTH?

The most valuable 1909 S Indian Head Penny that is in excellent condition is worth up to $1,000.