The 1 cent coin worth more than $1,000: check if you have one

It is possible to build a small fortune if you pay close attention, and have quite a bit of luck. Every day, millions of coins circulate in the United States, most exchanged for their face value. However, thanks to numismatics, some coins can significantly increase in value.

This is the case with Lincoln cents, which have become one of collectors’ favourite items. Depending on their rarity, these coins can be worth anywhere from thousands to millions of dollars. In 2018, a man from Massachusetts sold a bronze Lincoln cent for $1.7 million, though most typically sell for around $1,000.

The famous Lincoln Wheat Penny, first minted in 1931, is a prime example. These coins were produced between 1909 and 1958 in Philadelphia, Denver, and San Francisco. The 1931 edition is particularly special because the US Mint did not release images before their launch, and upon their release, the Mint realised they had not minted enough to meet the high demand.

What to look for in my Lincoln 1 cent?

The Lincoln 1-cent coins issued in 1931 are notable for featuring the profile of President Abraham Lincoln, based on a photograph taken on February 9, 1864. The coin also displays the inscriptions “IN GOD WE TRUST,” “LIBERTY,” and the mint year “1931.”

On the reverse side, there are wheat stalks on either side of the words “E PLURIBUS UNUM,” “ONE CENT,” and “UNITED STATES OF AMERICA.” To ensure that your coin is worth more than $1,000, you’ll need to look for the “S” mint mark, which indicates that the coin was minted in San Francisco and is part of a limited batch of only 866,000 units.

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The value of a 1931 Lincoln cent will depend on its condition or grading. Here is the estimated price for 1931 Lincoln pennies based on their classification, according to the Professional Coin Grading Service (PCGS). Some may be worth around $100, while others can exceed $1,000:

The gradings of coins are based on the following:

Good (G): These coins may show considerable wear but are still identifiable. They tend to be on the lower end of the price range, around $100.

Very Fine (VF): Coins in this condition have moderate wear, but most details remain visible. These may be worth more than $200.

Extremely Fine (EF): Coins with light wear and more visible details, often valued in the higher hundreds.

Uncirculated (MS): In mint condition, with no visible wear and fully preserved details, these coins can fetch prices upwards of $1,000 or more.

For a more precise valuation, the grade and specific market demand at the time are key factors in determining the exact price of a coin.