The humble Lincoln penny, often dismissed as small change, can sometimes be worth a fortune. While most pennies retain their one-cent face value, a select few have become numismatic treasures, fetching millions of dollars at auction.
Astonishingly, eight exceptionally rare Lincoln pennies, collectively valued at $350 million, remain undiscovered in general circulation. These coins, marked by rare minting errors and historical significance, prove that life-changing wealth could be hiding in plain sight—perhaps even in your own coin jar.
The 8 Most Valuable Lincoln Pennies
1. The 1943 Copper Penny – $11.2 Million
In 1943, the U.S. Mint switched to steel pennies to conserve copper for World War II. However, a small number of copper planchets from 1942 were mistakenly used, creating one of the rarest and most sought-after Lincoln cents.
- Estimated Number in Existence: 12-20
- Record Sale Price: $11.2 million (2021, private sale)
- How to Identify:
- Will not stick to a magnet
- Weighs 3.11 grams (compared to 2.7g for steel cents)
2. The 1944 Steel Penny – $158.5 Million
In contrast to the 1943 copper error, the 1944 steel penny was produced when leftover steel planchets from the previous year were accidentally struck. With only seven confirmed examples, this coin is even rarer than its 1943 counterpart.
- Record Sale Price: $158.5 million (2023, private sale)
- How to Identify:
- Magnetic (unlike regular 1944 copper cents)
- Distinctive silver-gray color
3. The 1958 Double Die Obverse – $85.7 Million
This penny features dramatic doubling in the date and lettering, making it one of the most visually striking mint errors ever produced.
- Estimated Number in Circulation: 3-7
- Record Sale Price: $85.7 million (2022)
- How to Identify:
- Strong doubling on «LIBERTY» and the date
- No need for magnification—the doubling is visible to the naked eye
4. The 1972 “Floating Roof” Lincoln Memorial Cent – $42.3 Million
Unlike typical doubling errors, this coin features an unusual floating roof on the Lincoln Memorial. The defect is highly noticeable and immediately stands out.
- Verified Examples: 5
- Record Sale Price: $42.3 million (2024)
- How to Identify:
- The roof appears detached from the columns
- Found on the reverse side of the coin
5. The 1969-S Doubled Die Obverse – $35.8 Million
One of the most famous doubled die pennies, this rare variety shows significant doubling in the date, «LIBERTY,» and «IN GOD WE TRUST.»
- Estimated Number in Circulation: 30+
- Record Sale Price: $35.8 million (2021)
- How to Identify:
- Strong doubling on obverse lettering
- Features an «S» mint mark (produced in San Francisco)
6. The 1992 “Close AM” Reverse – $8.9 Million
A modern rarity, this coin features a design mix-up where the reverse was struck using a proof die meant for 1993.
- Confirmed Examples: 15
- Record Sale Price: $8.9 million (2019)
- How to Identify:
- “A” and “M” in «AMERICA» are touching (normally, they are spaced apart)
- Requires magnification to spot
7. The 1974 Aluminum Penny – $5.8 Million
Due to rising copper costs, the U.S. Mint experimented with aluminum cents in 1974. While most were destroyed, a few escaped into private hands.
- Estimated Number in Existence: 12-14
- Record Sale Price: $5.8 million (2016, private sale)
- How to Identify:
- Weighs only 0.93 grams (much lighter than a regular penny)
- Silvery, aluminum-like appearance
8. The 1909 VDB Matte Proof – $1.8 Million
The 1909 VDB penny is famous among collectors, but the matte proof version is an even greater rarity, with only 25 examples produced.
- Record Sale Price: $1.8 million (2021)
- How to Identify:
- Unique granular texture instead of a mirror-like proof finish
- Features “VDB” initials on the reverse
How to Check Your Pocket Change for Rare Pennies
Finding one of these valuable pennies may be a long shot, but discoveries still happen. Here’s how you can check your coins effectively:
1. Focus on Key Dates
Examine pennies from 1943, 1944, 1958, 1969, 1972, 1974, and 1992, as these years contain many rare errors.
2. Use Proper Lighting
A strong directional light or natural sunlight helps reveal subtle doubling and other die varieties.
3. Employ Magnification
A 7x to 10x magnifying glass is ideal for spotting small details, especially for varieties like the 1992 Close AM.
4. Check Magnetic Properties
- 1943 steel pennies will stick to a magnet
- 1943 copper pennies will not
5. Weigh Suspicious Finds
Use a gram scale accurate to 0.01 grams to distinguish real rarities from fakes:
- 1943 copper penny: 3.11g
- 1944 steel penny: 2.7g
- 1974 aluminum penny: 0.93g
6. Protect Potential Valuables
If you suspect you’ve found a rare penny:
- Do not clean it—this can lower its value
- Store it in a non-PVC coin holder
- Have it professionally graded by PCGS or NGC
FAQs:
How do I know if my penny is valuable?
Check for rare dates, errors, and unique features like doubling or unusual mint marks. A magnet, scale, and magnifying glass can help with identification.
What is the rarest Lincoln penny?
The 1944 Steel Penny, which sold for $158.5 million, holds the record for the most valuable Lincoln cent.
Can I still find rare pennies in circulation?
Yes! Although rare, valuable pennies continue to be discovered in coin rolls, pocket change, and old collections.