The pennies worth more than $100,000: know what to look for

Most cash in circulation is only good for its face value: a one-cent coin is typically just worth one cent, and so on and so forth. However, there are certain coins and bills for which collectors are willing to pay sums that far outstrip the money’s intended value. Notably, decades-old specimens that display errors in the minting or printing process are even selling for upwards of $100,000.

According to US First Exchange, the value of such a coin or bill is determined by three main factors: its rarity; its condition or grade; and its degree of demand among collectors. The interplay of these factors decides the final actual value of a rare coin or bill.

What’s the best known one-cent coin worth over $100,000?

A prominent example of a one-cent coin that has acquired significant value as a result of a production flaw is the 1943 bronze Lincoln cent. Indeed, it has been dubbed by Heritage Auctions, a major American numismatic auctioneer, as the US’s “most famous error coin”.

Speaking to CNBC, Heritage’s David Stone reveals that one 1943 bronze Lincoln cent sold privately for $1.7 million in 2010. Normally, however, such a penny would be expected to go for “around $150,000 to $200,000”, Stone explains. In 2019, Heritage oversaw the auction of a 1943 bronze Lincoln whose condition was described as “lightly circulated” for $204,000. “Heritage auctioned a similar one - in slightly lower grade - for $186,000,” Stone adds.

What was the error in the 1943 bronze Lincoln cent?

According to the United States Mint, almost all pennies produced at the time were struck in zinc-coated steel, as copper was needed for the Allies’ Second World War effort. However, a small number of pennies were inadvertently minted in copper alloy. “Coin experts have speculated that they were struck by accident when copper–alloy 1–cent blanks remained in the press hopper when production began on the new steel pennies,” the US Mint says.

How to tell if you have a 1943 bronze Lincoln cent

PCGS, a group of experts that provides coin grading and authentication, says that thousands of regular 1943 Lincoln cents have been re-plated to look like the error coin, while con artists have also altered the appearance of other cents from the 1940s.

If you are in possession of a copper-colored 1943 Lincoln cent, says the US Mint, you can find out whether it might be the genuine article by testing it on a magnet: “If it does not stick, the coin might be of copper and should be authenticated by an expert.”

How many 1943 bronze Lincoln cents are there?

Your chances of finding an actual 1943 bronze Lincoln cent are astronomically small - a state of affairs which, as explained above, plays a major role in their considerable value. PCGS estimates that there are no more than 20 surviving specimens in existence.