The humble penny—often discarded in take-a-penny trays or accumulated in jars—typically represents the lowest denomination in American currency.
Yet certain rare pennies can be worth thousands or even millions of times their face value, making them some of the most valuable coins in numismatic circles.
This article explores five extraordinarily valuable pennies that continue to captivate collectors and could potentially be hiding in your spare change, old collections, or family heirlooms.
1. The 1943 Copper Penny: A Wartime Mistake Worth a Fortune
During World War II, copper was designated a strategic metal needed for the war effort, primarily for shell casings and telephone wire. In response, the U.S. Mint began producing pennies from zinc-coated steel in 1943.
However, a small number of copper planchets (coin blanks) from 1942 apparently remained in the presses at the Philadelphia, Denver, and San Francisco Mints, resulting in the accidental production of a handful of 1943 pennies in the traditional copper alloy rather than the wartime steel.
These 1943 copper pennies represent one of the most famous errors in American coinage. With only about 20-30 believed to exist across all three mints, they rank among the most valuable pennies ever produced.
In 2019, one such penny sold for $1.7 million at auction, while even specimens in relatively poor condition regularly command $100,000 or more.
The extreme value has, unfortunately, created a robust market for counterfeits. Fraudsters often plate steel 1943 pennies with copper or alter the dates on 1948 copper pennies.
Collectors can conduct a simple preliminary test using a magnet—genuine 1943 copper pennies will not be attracted to a magnet, while the common steel versions will.
“The 1943 copper penny represents the perfect storm of numismatic value,” explains Dr. Michael Harrington, professor of economic history at Cornell University.
“It combines genuine rarity, an interesting historical context during wartime production, and a mistake that anyone can understand and appreciate, even without specialized knowledge.”
2. The 1944 Steel Penny: The Reverse Error
In what amounts to the inverse of the 1943 error, a small number of 1944 pennies were mistakenly struck on leftover zinc-coated steel planchets instead of the copper alloy that had been reintroduced that year.
With fewer than 35 examples known across all mint locations, authentic 1944 steel pennies typically sell for $75,000-$125,000 depending on condition and mint mark.
The story behind these errors reveals the practical challenges of wartime mint operations. As the Mint transitioned back to copper alloy in 1944, a few steel planchets apparently remained in the production line.
Like their 1943 copper counterparts, these coins represent fascinating snapshots of American industrial history during a period of material shortages and rapid production changes.
While less famous than the 1943 copper penny, the 1944 steel cent is actually rarer in terms of total known examples. The simple magnet test works in reverse here—unlike normal 1944 copper pennies, the steel versions will be attracted to a magnet.
Thomas DeLorey, former authenticator for the American Numismatic Association, notes: “What makes these transition errors so fascinating is that they occurred during a unique period in American history. They’re not just valuable coins; they’re tangible artifacts of the home front during World War II.”
3. The 1909-S VDB Penny: The Collector’s Classic
While not as valuable as the wartime errors, the 1909-S VDB Lincoln cent represents perhaps the most famous key date in American numismatics.
This coin marked the first year of the Lincoln cent design, replacing the Indian Head penny that had been produced since 1859. The designer, Victor David Brenner, placed his initials (VDB) prominently on the reverse.
Public objection to the prominence of these initials led the Mint to remove them shortly after production began, but not before 484,000 examples were struck at the San Francisco Mint.
This relatively small mintage, combined with the coin’s status as a first-year issue and its compelling origin story, has made it one of the most sought-after pennies among collectors.
In well-preserved condition, these pennies regularly sell for $1,500-$2,500, with pristine uncirculated examples commanding $7,500-$10,000 or more. Even in worn condition, authentic specimens typically fetch $750-1,000.
Unlike the wartime error pennies, the 1909-S VDB cent was a regular production coin—just one with a very limited mintage. Its enduring value demonstrates how historical significance and collector interest can transform an otherwise ordinary coin into a numismatic treasure.
“The 1909-S VDB penny is often the gateway rarity for serious Lincoln cent collectors,” explains Katherine Jaeger, author of several numismatic reference guides.
“Many collectors spend years searching for an affordable example to complete their collections, creating sustained demand that has supported strong prices for over a century.”
4. The 1955 Doubled Die Penny: The Error Everyone Checks For
Perhaps no rare coin has been more carefully sought in pocket change than the 1955 Doubled Die Obverse Lincoln cent. This famous error occurred when the die used to strike the coin was improperly manufactured with a noticeable doubling of the date, inscription “LIBERTY,” and motto “IN GOD WE TRUST.”
Approximately 20,000-24,000 of these error pennies entered circulation before the mistake was discovered, making them rare but not impossible to find.
The doubling is visible to the naked eye, with no magnification required, which has led generations of Americans to check their change for this valuable variety.
Depending on condition, 1955 Doubled Die pennies typically sell for $1,000-$2,000 in circulated grades, while pristine uncirculated examples can fetch $3,000-$4,000 or more.
Their relative accessibility compared to some other rare pennies has made them particularly popular with collectors of modest means who hope to discover one in circulation or affordable dealer stock.
The doubling on these pennies resulted from a misalignment during the hubbing process used to create the dies. Unlike many mint errors that involve just a few coins, this one affected an entire production run, creating thousands of identical error coins that entered circulation before being detected.
“The 1955 Doubled Die cent remains the king of doubled dies,” notes error coin specialist Fred Weinberg.
“While the Mint has produced many doubled die varieties over the years, none matches the dramatic visual impact and strong collector recognition of the 1955 cent.”
5. The 1992 Close AM Reverse Penny: The Modern Rarity
Proof that valuable pennies aren’t just relics of a distant past, the 1992 Close AM variety shows how even relatively recent coins can become significant rarities.
This variation involves the letters ‘A’ and ‘M’ in “AMERICA” on the reverse of the coin—on standard 1992 pennies, these letters are spaced slightly apart, but on the rare Close AM variety, they nearly touch.
The error occurred because the Mint used a reverse die designed for proof coins (which featured the Close AM spacing) to strike a small number of regular circulation pennies. Most examples have been found in mint sets from 1992, suggesting limited circulation of this variety.
While not as valuable as some historic rarities, these modern error coins still command impressive premiums, with prices typically ranging from $500-$1,000 for circulated examples and $2,000-$2,500 for uncirculated specimens.
The 1992 Close AM penny demonstrates how even subtle design variations can create significant value when they’re sufficiently rare.
Similar Close AM varieties exist for 1998 and 1999 pennies, though the 1992 version remains the rarest and most valuable. Identifying these requires careful examination of the reverse lettering, preferably with magnification and comparison images.
“The Close AM pennies represent some of the most significant modern Lincoln cent varieties,” explains numismatist William Fivaz, co-author of the Cherrypickers’ Guide to Rare Die Varieties.
“They’re especially interesting because they resulted from the mixing of production dies intended for different purposes—proof versus circulation strikes—rather than simple manufacturing errors.”
The Hunt: Tips for Finding Valuable Pennies
For those inspired to search for these valuable coins, several approaches can improve the odds of success:
Check old collections thoroughly. Many valuable coins have been discovered in inherited collections where the original owner had no knowledge of their significance. Pay special attention to coins from the key years mentioned above.
Examine rolls of pennies. Bank-wrapped penny rolls provide an economical way to search through larger quantities of coins, increasing the chances of finding something valuable.
Look carefully at pre-1959 pennies. The “wheat penny” design used from 1909-1958 contains many valuable dates and varieties beyond those mentioned here. Any wheat penny is worth checking carefully, particularly those from the San Francisco (S) or Denver (D) mints.
Use proper lighting and magnification. Many valuable varieties involve subtle details that are difficult to spot without good lighting and at least a 5x magnifying glass or loupe.
Learn the authentic diagnostics. For particularly valuable coins like the 1943 copper penny, know the genuine characteristics rather than relying solely on date and apparent composition, as counterfeits are common.
Authentication and Preservation
Finding a potentially valuable penny is just the first step. Proper authentication and preservation are crucial to realizing its value:
Handle coins carefully, holding them by the edges to avoid transferring oils and dirt to the surfaces. Never clean coins, as this can significantly reduce their value.
Store valuable finds in appropriate holders rather than loose in jars or drawers where they might become damaged through contact with other coins.
Consider professional authentication for any potentially significant find. Organizations like the Professional Coin Grading Service (PCGS) or Numismatic Guaranty Corporation (NGC) provide third-party verification that dramatically increases marketability and often value.
Research before selling. Understanding what you have allows you to set appropriate asking prices or minimum auction reserves. Many collectors have sold valuable coins far below their market value due to insufficient knowledge.
Rare 5 these Pennie Coins worth is $250K Million
The five rare pennies highlighted here represent just a fraction of the potentially valuable one-cent pieces that might be found in circulation or collections.
From classic key dates like the 1909-S VDB to dramatic errors like the 1955 Doubled Die, these small copper coins can carry enormous numismatic value that transcends their humble face value.
Part of the enduring appeal of coin collecting lies in the possibility of significant discoveries hiding in ordinary places—the roll of pennies from the bank, the jar of coins inherited from a grandparent, or even the handful of change received from a coffee shop.
These possibilities make numismatics one of the few hobbies where a life-changing discovery remains possible for enthusiasts at all levels of expertise and financial means.
“What makes penny collecting so democratic is that anyone can participate,” concludes Harrington. “Unlike rare paintings or vintage cars that require substantial investment, penny collecting begins with just a single cent. Yet the hunt for these rare varieties can be just as thrilling as any high-end treasure hunt.”
So the next time you receive a handful of change or stumble across an old coin collection, take a moment to examine those pennies more carefully.
You never know—that seemingly ordinary one-cent coin might be worth thousands of times more than its face value, a small copper disk transformed by rarity and collector demand into a numismatic treasure.