Discover the value of your penny: Could it be worth $7,500?: how do I know if I have one?
There are one-cent coins that can be worth up to $7,500, even lesser quality examples can be quite valuable. We explain how to know if you have one.
There are specimens of coins and bills that circulate and can sell for a fortune to collectors, such as certain one-cent coins that can be worth up to $7,500. We explain how to know if you have one.
These are pennies that can be worth up to $7,500: how do I know if I have one?
Coin collectors are familiar with the well-known “Wheat Pennies,” a US one-cent coin issued between 1909 and 1958 that features an image of Abraham Lincoln on the obverse and two stalks of wheat on the reverse.
Some variations of this coin could be worth as much as $7,500, such as a 1917 coin, which was the result of an error in the manufacturing process with two impressions slightly offset from each other.
The difference in this penny is noticeable because both duplicate images are raised. According to The Spruce Crafts, if it were a double mintage, one image would be raised and the other it would lie flat.
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The duplication is found on the obverse of the coin in the word “trust” of the phrase “In God We Trust”. There is also a doubling in the date (1917). The Spruce Crafts recommends the use of a magnifying glass, as the doubling is extremely close. According to the portal, these are the values of the coin:
- Estimated average value circulated: $160 dollars
- Estimated Average Uncirculated Value: $5,400
- Average estimated price circulated: $240
- Estimated Average Uncirculated Value: $7,500
This is how the value of a bill or coin is determined
According to the US First Exchange site, there are four types of value: list value, purchase price, retail or retail value, and wholesale value.
List value is the average price most dealers would sell a coin or bill for. The purchase price is what a merchant would be willing to pay. Retail value is the price for which a specific dealer would be willing to sell you a coin or note. The wholesale value is the price that traders use when trading with each other.
The value of a coin or bill is essentially determining the catalog value based on three main factors: rarity, the condition/grade of the coin or bill, and market conditions, i.e. that is, the demand. The combination of these three factors set the value of a coin or bill.