BELIEVE it or not, some pennies could be quite valuable if you come across the right one.
Although fewer Americans are using minted change for purchases, rare coins are selling online for thousands.
1
Many of those coins include pennies featuring 16th president Abraham Lincoln on the front side, which isn’t anything unusual to most Americans.
However, there are unique elements to some of them including errors and low mintages they make them worth a ton of cash.
If you do happen to find what you believe to be a rare coin – make sure you research it and determine what the value might be.
We explain some ways you can find rare coins.
Search your home or wherever you store change
While this one might sound obvious – you would probably be surprised how many pennies you might have in possession somewhere.
Check your piggy bank, pockets, under your sofa, or anywhere you might store money.
This way will not cost you anything, aside from getting a little bit of dirt or dust on your fingers.
Bank
Banks are often used for depositing or withdrawing cash – but did you know that they give coins as well?
What you need to do I ask your teller for a wrapper of pennies in exchange for an equal amount of cash.
“This method was rather popular in the 1970s and 1980s because old silver coins could often be found mixed into the bank rolls,” Joseph Yaffe, co-owner of precious metals dealer of Gainesville Coins, told The Sun.
“Today you can still come across an occasional error coin by searching coin rolls.”
If you fail to find anything rare, you can always deposit the coins back into your account – so there’s not really much downside to it financially.
Metal detector
Using a metal detector in specific areas is another way you can find coins.
However, keep in mind before you buy a metal detector that they are banned in all national parks.
Also, you’ll want to know the laws in the region before you start metal detecting.
Chad Eicher, owner of Metal Pursuits, recommends using four features of a metal detector to your advantage so you aren’t scrambling for hours trying to find coins.
That includes:
- Target identification
- Depth indicator
- Discrimination function
- Ground balance
But location is going to be important regardless.
“You’re much better off searching places that are known for buried treasure, such [as] the beaches of Florida’s east coast or historic areas of the United Kingdom,” said Mr Yaffe.
However, you’ll want to keep one thing in mind when using a metal detector – and that’s the condition of the coin once you dig it up.
“Silver, copper, and bronze coins usually don’t do well when buried for decades or centuries, so their values may not be as high as similar coins in better condition,” Mr Eicher said.
Auctions and specialists
This next way might help you find exactly what you’re looking for – but it will cost you some money.
There are a few ways you can approach specialists and auctions, which include in-person and online.
You could choose to visit pawn shops, auction houses, antique stores, or other places that may be trying to sell a rare coin.
The other option is online, which includes browsing through eBay or USA Coin Book.
But before you buy, make sure you carefully research the coin and know how much it’s going for so you don’t overpay.
However, you’ll want to humble your expectations when it comes to making a fortune.
“If your plan is to buy a rare coin only to immediately turn around and flip it for a profit, the chances are fairly high you will be disappointed,” Mr Yaffe said.
Yaffe recommends holding onto the coins you buy for at least 10 years.
Some rare Lincoln coins that have sold recently include one from 1914 for about $919 and a coin from 1992 for more than $25,000.
Plus, a 1909 VDB coin recently sold for almost $1,500.
Other rare coins that have sold online include a buffalo coin with three legs for $1,400 along with a flying eagle cent sold, which sold for $11,128.
Check your pocket change as a rare Lincoln penny error coin could earn you money
We pay for your stories!
Do you have a story for The US Sun team?
