PENNIES with certain elements could be worth a ton of money, including one that has sold for a whopping $5,000.
In 1787, Congress approved the production of the penny.
While the denomination of one cent isn’t worth much today, there are various pieces in existence that are cherished by coin collectors.
In many cases, the older the date the more valuable a piece is.
But keep in mind that coins could get quite valuable if they happen to feature an error, a unique element or if the piece is a low mintage variety.
We reveal what you need to look for to spot the penny that sold for $5,000 and why it’s so valuable.
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Why it’s so valuable and what to look for
The design depicts an image of an Indian on the obverse holding a bow and arrow.
Surrounding the image is the text “Common” and “Wealth” on opposite sides.
Also, the date is 1788, which can be spotted on the bottom center of the reverse.
This piece is known as the 1788 Massachusetts cent.
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While the exact mintage is not clear, these are quite valuable due to the coin being produced more than two centuries ago.
In fact, the lowest a circulated 1788 Massachusetts cent has sold for under Professional Coin Grading Service’s price guide list was $80.
And one in “MS66BN,” which is an uncirculated grade, sold for a total of $37,600 in a January 2015 auction.
Meanwhile, the 1788 penny that sold for $5,000 after 22 bids in the recent eBay listing was certified by PCGS in a VF Detail grade.
Number grades of VF, which stands for very fine, run from 20 to 35, according to PCGS.
Other valuable pennies
If you don’t have a penny that was minted more than 200 years ago, it’s possible your Lincoln pennies may be worth some money.
One includes the 1944 no mintmark steel cent, which only has a reported mintage of 30.
It is worth $28,210 in average condition.
A couple of other valuable coins in the Lincoln series include the VDB and 1955 double die pieces.
In average condition, the VDB-S (San Fransisco) coin is worth $940 and up to $2,277 if in uncirculated grades.
The 1955 double die penny is worth $1,318 on average and up to $17,057 if in an MS63 grade.
To see if your spare change is worth anything, you can check eBay by searching the full name, selecting the "sold" listing, and then toggling the search to "highest value”.
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This will give you an idea of how much the coin might be worth, because your quarters half dollars, dimes and nickels could be valuable too.
Also, we’ve explained the 1969 Lincoln penny.
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