Finally, demand is the factor that drives value the most. Almost every collector of United States coins began collecting the Lincoln penny. Most of them pulled the coins out of circulation. As a collector, you eventually reach the point where you need to purchase your coins from a coin dealer or at auction to achieve the quality you want. Since pennies hold a special place in almost every coin collector’s heart, demand for high-quality coins can drive the value through the roof.
Rare Pennies
Read on to find out what makes these 16 coins the most valuable U.S. pennies, based on over 250,000 public records and auction sales figures.
1914-S Lincoln Penny1944-D Lincoln Penny (Zinc-coated steel)1909-S VDB Lincoln Penny1872 Indian Head Penny1969-S Lincoln Penny-Doubled Die Obverse1926-S Lincoln Penny1877 Indian Head Penny1914-D Lincoln Penny1864 Indian Head Penny-“L” on Ribbon1943 Lincoln Penny (Bronze Alloy)1856 Flying Eagle Cent1909 Lincoln Penny (VDB Matte Proof )1943-S Lincoln Penny (Bronze)1958 Lincoln Penny (Double Die Obverse)1944-S Lincoln Penny (Steel)1943-D Lincoln Penny (Bronze)
For a coin like this to survive so long in pristine condition, it is evident that a collector in San Francisco back in 1914 must-have set it aside before it could become tattered and worn in circulation. The collector also ensured that the coin was correctly stored to preserve its color. Coins in this condition are few and far between and are truly treasures to behold. Grade: NGC MS-63 Sold: August 2007; Heritage Auctions, Milwaukee, WI, ANA Signature Coin Auction A 1944 Lincoln penny struck at the Denver, Colorado mint facility is nothing special. The United States mint struck over 430 million of them. What makes this coin extremely valuable is the fact that it was struck on a zinc-coated steel planchet. These steel planchets were used primarily in 1943. However, after many complaints, the United States Mint changed back to the regular copper planchets beginning in 1944. However, a steel planchet left over from 1943 must have found its way into the coining press. This stray planchet created a great rarity treasured by coin collectors, and they are willing to pay handsomely to add this coin to their collection. Grade: PCGS MS-67 Red Sold: March 2014; Heritage Auctions, Atlanta, GA, ANA National Money Show US Coins Signature Auction In 1909, The United States Mint replaced the Indian Head penny with the Lincoln cent. Victor David Brenner created the design under the auspices of President Theodore Roosevelt. Brenner added his initials V.D.B. to the coin’s reverse, at the bottom between the two stalks of wheat. Up to this point, coin designers used only the first initial of their last name. To have all three initials on a coin’s design was unheard of. Slightly less than a half-million of these pennies were minted before the Treasury Department demanded that the initials be removed. This created an overnight sensation among coin collectors, and this penny has become known as the “Holy Grail” for collectors of Lincoln pennies. Grade: PCGS MS-67 Red Sold: August 2007; Heritage Auctions, Milwaukee, WI, ANA Signature Coin Auction An 1872 Indian Head penny is a scarce coin but can readily be found at any coin show or coin dealer in circulated grades. Slightly more than 4 million of them were minted. However, the financial hardship of the time (including the economic downturn following the “Panic of 1873”) meant that few people were able to save coins for their collections. As a result, most of these pennies went into circulation. What makes this coin extremely rare is its exceptional condition that combines a nearly flawless coin with a sharp strike from a fresh set of coin dies. Additionally, it has been sufficiently well preserved to retain its original bright red-copper color. Grade: PCGS MS-64 Red Sold: January 2008; Heritage Auctions, Orlando, FL, FUN Signature Coin Auction This coin was first discovered in 1970 and was reported by Coin World on the front page in its July 8, 1970 edition. Initially, the government believed that these were counterfeit coins and began confiscating them. Five coins were confiscated and destroyed before they were acknowledged as being genuine. This penny exhibits doubling on the date and lettering on the obverse. Although the doubling is not as dramatic as the 1955 doubled die obverse, it is evident with low-level magnification. These coins in circulated condition are also valuable, but uncirculated coins are extremely rare. Grade: PCGS MS-65 Red Sold: January 2006; Heritage Auctions, Orlando, FL, FUN Signature Auction On the surface, there is nothing visually spectacular about this coin. While it is uncirculated and retains its original copper-red color from the day it was minted, the date and mintmark combination sets this coin apart from all others. One factor contributing to this coin’s significant value is its low mintage. Only nine other Lincoln wheat pennies have a lower mintage. Also, in the 1930s and 40s, most coin collectors acquired their coins from circulation, so it is not hard to find a circulated example of a 1926-S Lincoln penny. But it is scarce to find an uncirculated 1926-S Lincoln penny with its original copper-red color. Grade: PCGS MS-66 Red Sold: August 2007; Heritage Auctions, Milwaukee, WI, ANA Signature Coin Auction This penny is the rarest date of all the Indian Head pennies ever minted. In 1877, the economic slump that began in 1873 continued with full force. As a result, demand for United States coinage was at an all-time low, and families struggled to make ends meet. As a result, saving even a penny for a coin collection was not an option for most Americans. Although the 1909-S Indian Head Penny has a smaller mintage, more of them were saved in uncirculated condition. To hold an 1877 Indian Head Penny in uncirculated condition is an extreme rarity given the poor economic conditions of that year. Having one in its original copper-red color makes it much more extraordinary. Grade: PCGS MS-66+ Red Sold: August 2017; Heritage Auctions, Denver, CO, ANA U.S. Coins Signature Auction This coin was heavily circulated and was commonly subjected to the widespread use of “penny boards” in the 1930s and 40s, which people use to collect coins from circulation. As a result, a majority of the 1941-D Lincoln pennies are in circulated condition. An uncirculated example in its original mint state red color is extremely rare and valuable. Grade: PCGS PR-65 Red & Brown Sold: October 2011; Heritage Auctions, Pittsburgh, PA, Signature Auction In 1864, the Civil War was dragging on, and the United States economy was extremely fragile. Many citizens hoarded gold, silver, and copper coins as a store of wealth. This made is difficult for the federal government to obtain the metal needed for minting coins. The Indian Head penny was designed by mint engraver James B. Longacre and was first issued in 1859. Beginning approximately halfway through the mintage of 1864 pennies, an “L” was added to the tail of the ribbon in the war bonnet on Lady Liberty’s head. It is estimated that only 5 million of these coins were made, and very few of them were saved in uncirculated condition. Grade: PCGS MS-63 Red Sold: January 2013; Stack’s Bowers Galleries, Americana Auction This 1943 Lincoln penny should have been struck on a zinc-plated steel planchet but was in fact made with a bronze alloy planchet. Although there is some argument that mint workers actually struck these coins on bronze alloy planchets on purpose, it is more probable that a few bronze planchets left over from the previous year got stuck on a conveyor belt or tote and was incorporated into the regular striking process. Since most people do not look at the date on every coin that they receive in change, some of these 1943 bronze alloy pennies circulated for a while before being snatched up by an alert coin collector intent on cherry-picking the valuable Lincoln penny out of circulation. The high value of this coin is due to its uncirculated condition and its original copper-red color. Grade: PCGS MS-66 Sold: January 2004; Heritage Auctions, Orlando, FL, FUN Signature Auction In 1856, the price of copper rose to the point that it took more than a penny’s worth of copper to make a penny. Prior to this date, pennies were large and bulky and were almost the size of a half-dollar. To lower costs, the United States Mint sought to reduce the size of the penny (to its current diameter). But the move needed Congressional approval, so the mint produced a batch of about 800 of the new pennies and presented them to the lawmakers. Any one of these coins in circulated or uncirculated condition is extremely rare. When an example as fine as this one crosses the auction block, it is certain to set record prices. Grade: PCGS PR-67 Red & Brown Sold: August 2014; Heritage Auctions, Chicago, IL, ANA US Coins Signature Auction As with the 1909-S VDB Lincoln Penny, this highly valued penny proof bears all three of the coin designer’s initials: “VDB.” Only 1,194 of these proof coins were struck at the Philadelphia mint before the Treasury Department dictated that the designer’s initials be removed from the coin. The low mintage alone makes this coin extremely rare, but the brilliant colors that resulted from a coin being stored for 100 years makes this coin extremely attractive to collectors. Grade: PCGS AU-58 Sold: February 2016; Heritage Auctions, Long Beach, CA, US Coins Signature Auction This coin is the second example of a 1943 Lincoln cent that should have been struck on a zinc-plated steel planchet but was instead coined on a bronze planchet. There are six known examples of this error being produced at the San Francisco mint in 1943. This is the second-lowest number of 1943 Lincoln pennies on bronze planchets produced at any of the United States Mint locations. Since this coin exhibits evidence of circulation and must have exited the mint via regular distribution channels. Coins that are in higher grades, come under suspicion that they may have been helped by a mint employee. Grade: PCGS MS-64 RD Sold: March 2018; Stacks Bowers; Baltimore - Session 3 - Rarities Night Including the ESM Collection This is one of the most exceedingly rare and intriguing Lincoln cents. Not because of its date of minting, but because of its die variety. As opposed to the 1955 Doubled Die Lincoln Cent, where thousands of them are known, there are only three 1958 Doubled Die Lincoln pennies known to exist. It is unknown how only three examples got to leave the United States Mint facility in Philadelphia, but because all of them are in Mint State Red condition, it is speculation that they may have been smuggled out of the mint by an unscrupulous mint employee. Regardless of how they got out of the mint, these exceedingly rare die variety Lincoln cents would be prized by any collector. Grade: NGC MS-66 Sold: August 2008; Heritage Auctions, Baltimore, MD, ANA US Coin Signature Auction In 1944, Lincoln pennies were reverted to the original bronze alloy made of 95 percent copper and 5 percent tin. But two zinc-plated steel planchets somehow ended up in the coining press in the San Francisco mint. One example circulated for a while before being picked up by a collector. This example is not only uncirculated, but it is extremely well preserved and shows a minimal amount of bag marks from the minting process. Additionally, it was extremely well-struck, as evidenced by the minutest details present on the coin. All of these factors together make this the second most valuable penny in the world. Grade: PCGS MS-64BN Sold: September 2010; Legend Numismatics, Private Sale Accidents can produce the rarest coins. When the U.S. switched from bronze alloy to zinc-plated steel pennies in 1943, only a relative handful of bronze pennies slipped through. It is estimated that fewer than 20 were released by each of the Philadelphia and San Francisco mints. Many of these coins exhibit wear from circulation. This is an indication that they were not “helped” by some unscrupulous mint employee. But the rarest of all is this single known pristine example from the Denver mint. It is the most valuable Lincoln penny in the world.
