COLLECTIBLES
The 1 cent coin that is worth up to $13,000
Finding that innocent looking treasure in your home is the dream that most of us will never have, but it’s interesting to know just in case.
Although the vast majority of circulating coins are worth only their face value, some specimens can be sold for thousands of dollars to collectors. This is the case for certain one-cent coins, which, due to specific characteristics, could be worth up to $13,000.
According to the US First Exchange website, the value of a coin is determined by three main factors: rarity, condition, and demand. If a coin is “rare” - meaning it has unique details that most others do not - it will be worth more money. Additionally, if a coin is in good, or ideally “mint”, condition, its value increases. Furthermore, if there are few examples available, meaning low supply, a coin can sell for much more.
Abraham Lincoln 1994 and the $13,000 errors
The one-cent coin featuring the design of President Abraham Lincoln is widely known. However, some examples have certain “errors” that make them worth far more than their nominal value, such as the 1994 penny, which can be worth up to $13,000.
In terms of its characteristics, the obverse of the coin displays an image of Lincoln along with the word “LIBERTY,” the phrase “IN GOD WE TRUST,” and the year 1994. On the reverse, it features an image of the Lincoln Memorial, along with the phrases “UNITED STATES OF AMERICA,” “E PLURIBUS UNUM,” and “ONE CENT.”
The detail that makes this 1994 penny potentially worth thousands of dollars lies in the absence of a mint mark. Since it lacks the letter “S” or “D,” it is known that this coin was minted at the Philadelphia Mint.
The Professional Coin Grading Service (PCGS) provides an estimate for the value of this coin with the “error.” A well-preserved example could be worth as much as $13,000.
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Where can you sell a valuable coin?
If you believe you have these or other coins that meet the criteria of rarity, good condition, and low supply, you can take them to a pawn shop where you might receive something in return.
To check an approximate value, you can search for the coin on the Professional Coin Grading Service (PCGS) website. You can also sell them in specialized Facebook groups or on eBay.