Five Pennies You Should Hold Onto

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If you're like most people, you barely glance at pennies that you've received as change for consumer purchases before tossing them into a penny jar. When it's time to place the pennies in rolls and redeem them at the bank for paper money, you probably don't spend much time looking at them during the process. However, there may be hidden treasures in your penny jar. Following are five pennies you should be on the lookout for.

Indian Head Pennies

The U.S. Mint began issuing Indian Head pennies in 1869 and continued until 1909. Contrary to popular belief and what its name implies, these coins do not contain depictions of actual Native Americans. The image on the coins is that of Lady Liberty wearing an traditional chieftain's headdress. Depending on their condition and the year that they were issued, these coins are worth anywhere from two dollars to several thousand dollars.

Flying Eagle Pennies

Because the Flying Eagle one-cent piece was only minted from the year 1856 through 1858, the coin is relatively rare. Flying Eagle coins minted in 1856 that are in good condition are worth about $4,000, while uncirculated coins in mint condition are worth upwards of $10,000. Flying Eagle pennies have a superior aesthetic appeal that makes them extremely attractive to collectors. At the very minimum, a Flying Eagle penny will have a value of $22. Flying Eagle pennies minted in 1856 have the highest value because only a couple of thousand of them were produced. Because they were gifted to high level collectors, congressmen, and other prominent people, they were often kept as collectors' items and were consequently well-cared for, and many remain in excellent condition today.

1943 Pennies

War efforts required significant supplies of copper, resulting in the government passing a law that temporarily restricted the use of copper in coins so that ti could be used in war materials. 1943 pennies were crafted from steel. It is not uncommon for these pennies to be black or dark gray in color. Because millions of them were minted, there are still many if them in circulation. Average prices range from 20 cents to $20. However, if you are lucky enough to run across a rare 1943 copper penny, it may be worth substantially more. These were minted by accident, and there are only 15 of them that are known to be in existence. Because many false representations of this coin are in existence, make sure that you consult with a professional coin dealer before you make a financial commitment to purchasing one of these.

Wheat Pennies

Wheat pennies were minted from 1909 to 1956. All wheat pennies are worth more than their face value, but prices vary widely according to a large variety of conditions. These are excellent choices for those just beginning their coin collections because they are still frequently found in circulation. Worn wheat pennies are only worth about three or four cents each with prices of uncirculated coins in mint condition ranging in up to $12,000 for extremely rare coins.

Copper Lincoln Memorial Pennies

Because the price of copper has significantly increased in recent years, copper coins  are a good investment. Copper Lincoln Memorial pennies often hold only face value, but it's possible to find some that are uncirculated that have added value. All pennies minted during the year 1981 and before are made out of copper, while those made in 1982 and after are fashioned primarily out of zinc. It's worth keeping a lookout for Lincoln pennies that contain double lettering, however -- these can be worth upwards of $50,000.

Attending estate sales and keeping an eye out for coin jars and old rolls of coins is an excellent way to find old pennies. You can also go to your bank and purchase rolls of circulated pennies that may contain some concealed gems or look for coin dealers online.

29 December 2015