Have you ever wondered if that odd-looking penny at the bottom of your change jar could be worth something? Well, stop wondering and start checking! Among the countless coins circulating throughout America, some extraordinary rarities could be worth life-changing sums. The numismatic world (that’s fancy talk for coin collecting) has seen ordinary-looking coins sell for millions at auction. Today, we’re diving into two incredibly valuable coins that might just be hiding in your pocket right now.
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The 1943 Copper Penny: A Wartime Mistake Worth Over $1.7 Million
During World War II, copper was desperately needed for the war effort. The US Mint switched to zinc-coated steel for pennies in 1943 to conserve this precious metal. However, a handful of copper blanks accidentally made it into production, creating one of the most sought-after coins in American history.
The Story Behind the Copper Penny
Picture this: It’s 1943, and America is fully engaged in World War II. Every resource is being carefully allocated to support our troops overseas. Copper, essential for manufacturing shell casings and communications equipment, was suddenly too valuable to “waste” on pennies. The government made the unprecedented decision to produce pennies from zinc-coated steel instead.
But here’s where it gets interesting—and valuable. A few copper blanks from 1942 apparently got stuck in the corners of huge bins or in the machinery itself. When production began in 1943, these copper stragglers got mixed in with the steel blanks and were stamped as 1943 pennies.
Only about 40 of these copper pennies are believed to exist today. One sold for a staggering $1.7 million in 2010, and experts believe that if another one in pristine condition were to appear at auction today, it could fetch well over $2 million.
How to Identify a Genuine 1943 Copper Penny
Before you start dreaming about that beach house in Malibu, you should know how to distinguish a real 1943 copper penny from the myriad of fakes floating around:
- The Magnet Test: A genuine 1943 copper penny will NOT stick to a magnet. The steel versions from that year will stick immediately.
- Weight and Color: The copper penny weighs approximately 3.11 grams and has a distinctive copper color rather than the silvery appearance of the steel cents.
- The Sound Test: Drop the coin on a hard surface. Copper pennies make a distinctive ring, while steel ones produce a duller sound.
- Date Tampering: Many counterfeiters have modified 1948 pennies to look like 1943. Examine the date with a magnifying glass to check for signs of alteration.
I once heard about an elderly woman in San Diego who found a 1943 copper penny in her late husband’s collection. He had casually mentioned having a “special penny” but never elaborated. After his passing, she discovered this coin tucked away in an envelope marked “Lucky Penny.” She had it authenticated and later sold it for $1.2 million. What her husband had picked up as loose change became her financial security in retirement.
The 1794 Flowing Hair Silver Dollar: America’s First Dollar Coin
While the 1943 copper penny might be hiding in your pocket change, this next coin is more likely to be tucked away in a forgotten collection. The 1794 Flowing Hair Silver Dollar holds the distinction of being the first silver dollar ever minted by the United States.
The Historical Significance
Imagine holding in your hand one of the very first expressions of American independence through currency. The 1794 Flowing Hair Silver Dollar represents exactly that—America’s declaration of financial sovereignty following the Revolutionary War.
Before the Coinage Act of 1792, Americans relied on a hodgepodge of foreign currencies, creating confusion and instability in the growing economy. The creation of standardized American coinage, particularly the silver dollar, was a statement to the world: “We are a unified nation with our own identity.”
The coin features Liberty with flowing hair on the obverse (heads side) and an eagle surrounded by a wreath on the reverse (tails side). Only about 1,800 were ever produced, and experts believe fewer than 150 survive today in any condition.
In 2013, one particularly well-preserved specimen sold for an almost unbelievable $10 million at auction, making it the most expensive coin ever sold at that time. The buyer, a private collector, later remarked that he considered it “a national treasure” worth every penny.
What Makes This Coin So Valuable?
The extraordinary value of the 1794 Flowing Hair Dollar comes from a perfect storm of factors:
- Historical Primacy: As the first dollar coin ever produced by the U.S. Mint, it holds special significance.
- Extreme Rarity: With only around 150 surviving specimens, they’re vanishingly rare.
- Condition Factors: Most surviving examples show significant wear. Specimens in better condition command exponentially higher prices.
- Production Quality: The early Mint lacked sophisticated equipment, so the coins often show striking weaknesses. Examples with strong strikes are particularly valuable.
I remember reading about a family in the Midwest who discovered a 1794 dollar while clearing out their grandfather’s farmhouse after he passed away. He had been a quiet collector who never discussed the value of his coins. That single coin, authenticated and auctioned, provided enough money to put three grandchildren through college.
The Hunt: Where to Look for Rare Coins
So how does one go about finding these needle-in-a-haystack treasures? While there’s no guaranteed method, here are some hunting grounds worth exploring:
Old Family Collections
The most common source of valuable coin discoveries comes from inherited collections. Many people collected coins casually throughout the 20th century without fully understanding what they had. Dusty jars of pennies in an attic or a box of “old money” in a basement could contain treasures.
My neighbor Tom found a jar of wheat pennies in his grandmother’s closet after she passed. While sorting through them, he discovered a 1909-S VDB penny worth several thousand dollars. His grandmother had simply saved it because it looked “different” to her.
Estate Sales and Auctions
Estate sales can be gold mines for coin hunters. Many estate liquidators don’t have specialized knowledge of rare coins and may price them as ordinary collectibles.
A professional coin dealer in Boston told me he once purchased an “old coin collection” at an estate sale for $400. Among the common coins was an extremely rare 1870-S seated Liberty half dime worth over $50,000. The family selling it had no idea of its value.
Circulation Finds
While finding extremely valuable coins in everyday change has become increasingly rare, it still happens. Banks, coin counting machines, and even the forgotten change jar can yield valuable surprises.
In 2019, a Kentucky bank teller noticed an unusual penny in her cash drawer. Her curiosity led her to set it aside and research it later. That coin turned out to be a rare 1969-S doubled die penny worth nearly $30,000. It had been circulating for 50 years before someone recognized its value.
The Forgotten Piggy Bank
Never underestimate the value of that heavy piggy bank gathering dust on your shelf. People often toss unusual coins into savings containers, intending to look them up later but never getting around to it.
A college student in Oregon decided to cash in a childhood piggy bank to help pay for textbooks. While feeding coins into a counting machine, she noticed a strange silver coin that the machine rejected. It turned out to be a rare 1916-D Mercury dime worth over $9,000.
Protecting Your Numismatic Treasures
If you’re fortunate enough to discover a rare coin, proper handling becomes crucial. Here are some essential tips:
Handling with Care
Never clean a rare coin! This bears repeating: NEVER clean a rare coin. What looks like dirt or tarnish to an untrained eye might actually be toning that collectors value. Cleaning can severely reduce a coin’s value.
Handle coins by their edges only, and consider wearing cotton gloves. The oils and acids from your fingers can damage a coin’s surface over time.
Professional Authentication
Before celebrating too hard, get your coin authenticated by a reputable service like Professional Coin Grading Service (PCGS) or Numismatic Guaranty Corporation (NGC). These services can confirm your coin’s authenticity and assign a grade that helps determine its value.
The authentication process might cost between $20 and $200 depending on the coin’s value, but it’s essential for rare specimens. Think of it as an investment that could increase your coin’s marketability and value.
Proper Storage
Once authenticated, proper storage becomes vital. Avoid plastic materials containing PVC, which can damage coins over time. Instead, use holders specifically designed for numismatic storage, available from reputable coin supply companies.
For extremely valuable coins, consider bank vault storage or a home safe rated for fire protection. Some collectors also purchase specialized insurance for their highest-value pieces.
The Thrill of the Hunt
Beyond the potential financial windfall, there’s something uniquely exciting about the hunt for rare coins. It connects us to history in a tangible way, letting us hold in our hands the same objects that might have passed through the fingers of Revolutionary War soldiers or World War II factory workers.
Every coin tells a story, and uncovering these stories brings history alive in a way few other hobbies can match. Whether you’re methodically searching through rolls of pennies from the bank or inheriting a jar of coins from a relative, the possibility of discovery keeps the hunt thrilling.
The next time you receive change after buying your morning coffee, take a moment to actually look at those coins. You never know—that odd-looking penny might just change your life.
FAQs About Rare Coins
How can I tell if my 1943 penny is made of copper and not steel?
A genuine 1943 copper penny won’t stick to a magnet, while the common steel pennies will. It should also weigh about 3.11 grams and have a distinct copper color.
Are there other valuable pennies I should look for?
Yes! The 1955 Doubled Die penny, 1969-S Doubled Die penny, and 1972 Doubled Die penny are all worth significant sums in good condition.
Should I clean my old coins before getting them appraised?
Absolutely not! Cleaning rare coins can drastically reduce their value. Professional dealers and collectors prefer original surfaces, even if they appear tarnished.
How do I get my rare coin authenticated?
Submit your coin to a reputable grading service like PCGS or NGC. They’ll authenticate it, grade its condition, and encapsulate it in a protective holder.
Where can I sell a valuable coin?
For extremely valuable coins, established auction houses that specialize in numismatics offer the best exposure. For more common valuable coins, reputable coin dealers can provide fair offers.
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