For coin collectors, finding a rare penny can be a thrilling experience. While most pennies are worth just one cent, some rare and valuable pennies can fetch millions of dollars at auction. In fact, the most expensive penny in the world sold for over $1 million in 2019.
The penny in question is the 1943 copper penny, which was accidentally struck in copper instead of zinc-coated steel due to a shortage of copper during World War II. Only a handful of these copper pennies were ever made, making them incredibly rare and valuable. In fact, one of these pennies sold for $1.7 million in 2010, while another sold for $1.3 million in 2019.
While the 1943 copper penny is the most valuable penny in the world, there are other rare and valuable pennies that can fetch a high price at auction. For example, the 1944 steel penny is another rare penny that was accidentally struck in steel instead of copper due to a shortage of copper during World War II. Only a few of these pennies were ever made, and they can fetch up to $100,000 at auction.
History of the Most Expensive Penny in the World
Discovery
The most expensive penny in the world is the 1943-D Lincoln penny. This penny was discovered in 1947 by Don Lutes Jr. in his pocket change. The penny was struck in bronze instead of zinc-coated steel, which was used for pennies during World War II due to a copper shortage. It is believed that less than 20 of these bronze pennies were produced by mistake at the Denver Mint in 1943.
Initial Sale
Don Lutes Jr. kept the penny in his collection for over 70 years until his death in 2018. After his death, the penny was put up for auction by Heritage Auctions in January 2019. The penny was expected to sell for around $1 million, but it exceeded expectations and sold for $1.7 million, making it the most expensive penny ever sold at auction.
Ownership History
Before Don Lutes Jr. discovered the penny, it was owned by a teenager named Marvin Beyer, who found it in his change in 1947. Beyer sold the penny to a coin dealer for $50 and it eventually made its way into Lutes’ collection. After Lutes’ death, the penny was purchased by an anonymous buyer who paid $1.7 million for it at the auction. The ownership history of the 1943-D Lincoln penny is not well-documented, but its rarity and unique history have made it one of the most sought-after coins by collectors. Its discovery by a teenager in his pocket change and its eventual sale for millions of dollars is a testament to the value that can be found in everyday objects.
Characteristics of the Most Expensive Penny in the World
Physical Characteristics
The most expensive penny in the world is the bronze 1943-D Lincoln Memorial cent. This penny is unique because it was minted in bronze, which makes it different from all other pennies minted that year. The bronze penny is also different from the pennies minted in 1943 because those pennies were made of steel, due to a shortage of copper during World War II. The bronze penny is about the same size and weight as other pennies, but its unique composition makes it a rare and valuable coin.
Minting Process
The 1943-D bronze penny was minted in Denver, Colorado, during the height of World War II. The penny was created by mistake, as the U.S. Mint had intended to mint steel pennies in 1943 to conserve copper for the war effort. However, a small number of bronze blanks were accidentally mixed in with the steel blanks and were struck with the 1943 date. Only a handful of bronze pennies were produced before the mistake was discovered, and most were destroyed. However, a few managed to escape and are now among the most valuable coins in the world. The rarity of the 1943-D bronze penny is due to the fact that it was a mistake and only a few were produced. The penny’s value is also affected by its condition. The most expensive penny in the world is in excellent condition, with no visible wear or damage. The coin’s value is also affected by its history and provenance. The most expensive penny in the world has a well-documented history and has been owned by several prominent collectors over the years. In conclusion, the most expensive penny in the world is a unique and rare coin with a fascinating history. Its value is determined by a combination of factors, including its physical characteristics, minting process, condition, and provenance. The 1943-D bronze penny is a testament to the power of mistakes and the enduring allure of rare and valuable coins.
Factors Affecting the Value of the Most Expensive Penny in the World
Rarity
One of the most important factors affecting the value of the most expensive penny in the world is its rarity. The rarer the penny, the higher its value. For example, a penny minted in 1793 is much rarer than a penny minted in 1950, and therefore, the 1793 penny would be more valuable.
Other factors that can affect the rarity of a penny include the number of pennies minted in a particular year, the number of surviving pennies, and any errors or variations in the minting process. For example, a penny with a double die error is much rarer than a penny without the error, and therefore, more valuable.
Condition
The condition of the penny is another important factor that affects its value. A penny in mint condition, with no wear or damage, is much more valuable than a penny that has been heavily circulated or damaged. The details and original coloring of the penny are also important factors in determining its value.
Grading is used to determine the condition of a penny, with grades ranging from Poor to Mint State. The higher the grade, the more valuable the penny.
Provenance
The provenance, or history, of the penny can also affect its value. A penny with a well-documented history, such as one owned by a famous collector or one that was used in a significant event, can be more valuable than a penny with an unknown history.
Provenance can also refer to the authenticity of the penny. A penny that has been authenticated by a reputable third-party grading service is more valuable than a penny with an uncertain authenticity.
In conclusion, the value of the most expensive penny in the world is determined by a combination of factors, including rarity, condition, and provenance. Collectors and investors should carefully consider these factors when evaluating the value of a penny.
Other Expensive Pennies
Comparison to Other Valuable Pennies
While the 1943 copper penny is the most expensive penny in the world, there are other valuable pennies that collectors may want to keep an eye out for. One such penny is the 1914-S Lincoln Penny, which is worth around $105,800. While over 4 million of these pennies were minted at the San Francisco mint, this particular penny is valuable because of its excellent condition despite being over 100 years old. Another valuable penny is the 1944-D Lincoln Penny, which is worth around $106,000. This penny is made of zinc-coated steel, as copper was needed for the war effort at the time. This penny is rare because most pennies minted that year were made of copper, and only a few were made of steel. The 1909-S VDB Lincoln Penny is also a valuable penny, worth around $1,000. This penny was designed by Victor David Brenner and features his initials, VDB, on the reverse side. The penny was only minted for a short time, making it rare and valuable.
Other Valuable Pennies
In addition to the three pennies mentioned above, there are many other valuable pennies that collectors may want to look out for. Some of these include:
- 1872 Indian Head Penny
- 1969-S Lincoln Penny-Doubled Die Obverse
- 1926-S Lincoln Penny
- 1877 Indian Head Penny
While these pennies are not as valuable as the 1943 copper penny, they are still worth a significant amount of money and are highly sought after by collectors.
