What Makes a Penny Worth Up to $7,500
Specimens of coins and bills that circulate can sell for a fortune to collectors. One example is certain one-cent coins that can be worth up to $7,500. But how do you know if you have one?
Coin collectors are familiar with the “wheat pennies,” which are US one-cent coins that were issued between 1909 and 1958. They feature an image of Abraham Lincoln on the obverse and two stalks of wheat on the reverse. Variations of this coin, such as the 1917 coin, can be worth as much as $7,500.
Distinguishing a Valuable Penny from the Rest
If you want to know whether you have a valuable penny or not, look for a doubling of the image on the coin. 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).
To spot this doubling, use a magnifying glass as the doubling is extremely close. If it were a double-minted coin, one image would rise and the other would remain flat. But in this case, both duplicate images are raised.
The Value of a 1917 Penny
According to The Spruce Crafts portal, the value of the coin varies depending on its condition and circulation. The estimated value of a 1917 penny in circulation is around $160, and without circulation, it is about $5,400. However, the average estimated price of a 1917 penny in circulation is $240, and the value without circulation is around $7,500.
Understanding the Value of Coins and Bills
According to the US First Exchange site, there are four types of values for coins and bills: list value, purchase price, retail value, and wholesale value. The list value is the average price that most merchants would sell a coin or bill, and the purchase price is what a merchant would be willing to pay for it. The retail value is the price for which a specific dealer would sell you a coin or note, and the wholesale value is the price that dealers use when trading with each other.
The value of a coin or bill depends on three main factors: its rarity, its condition/grade, and the market conditions or demand for it. The combination of these factors gives a coin or bill its value.
With these tips in mind, you can determine whether your penny is valuable or not. So, start checking your piggy banks and coin collections for that hidden gem that could be worth a fortune!
