Pennies that can be worth up to $7,500: How to know if I have one

Coins and bills can sell for a fortune to collectors, as in the case of certain one cent coins that can be worth up to $7,500.

Coin collectors are familiar with the well-known “Wheat Pennies,” an American one-cent coin issued between 1909 and 1958 that features an image of Abraham Lincoln on the obverse and two wheat stalks on the reverse.

Some variations of this coin could be worth up to $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.

You can tell the difference in this one cent coin because both duplicate images are raised. According to Spruce Crafts, if it were a double minted coin, one image would be raised and the other it would be flat.

The doubling is found on the obverse of the coin in the word “trust” in the phrase “In God We Trust”. There is also a doubling on the date (1917). The Spruce Crafts recommends the use of a magnifying glass, as the doubling is extremely close. According to the portal, this is the value of the coin:

How is the value of a bill or coin determined?

According to US First Exchange, there are four types of value: list value, purchase price, retail or retail value, and wholesale value.

The list value is the average price that most dealers would sell a coin or note 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 merchants use when they trade with each other.

The value of a coin or note is essentially determining the value of the catalog based on three main factors: rarity, condition/grade of the coin or note and market conditions, i.e. that is, demand. The combination of these three factors gives the value of a coin or bill.