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With the penny being phased out, many people are dumping jars of change into coin machines without a second thought. That could be a mistake.

While most pennies are still worth just one cent, a handful of rare errors and unusual varieties have sold for thousands, even hundreds of thousands of dollars. Before you spend or cash in your stash, it’s worth taking a closer look.

1024px Pennies Barclays Bank Town Beamish Museum 25 January 2014 — Image Credit: Cory Doctorow from London, UK, CC BY-SA 2.0, via Wikimedia Commons

Start With Copper Pennies (Pre-1982)

Pennies made before 1982 are 95% copper. That alone gives them a metal value higher than one cent, usually around 3 to 5 cents each, depending on copper prices.

You can’t legally melt them down in the United States, so don’t get any ideas there. But coin dealers and collectors will often buy copper pennies in bulk. At the very least, they’re worth setting aside.

After 1982, most pennies were switched to zinc with a thin copper coating. These “Zincolns” are generally worth face value unless they have a rare error.

And that’s where things get interesting.

What Makes a Penny Valuable?

The big money comes from two categories:

Major mint errors (mistakes during production)
Rare die varieties (differences in the coin design caused by the dies used to strike them)

Not every odd-looking coin is valuable. Scratches, dents, discoloration, and damage after leaving the mint are usually just damage, not true mint errors. The difference matters.

The Pennies Worth the Most Money

Here are some of the most valuable and well-known Lincoln penny rarities to look for:

1943 Copper Penny – Over $100,000
In 1943, pennies were supposed to be made of steel due to wartime copper shortages. A few were accidentally struck in copper. These are among the most famous and valuable coins in U.S. history.
1944 Steel Penny – $85,000+
The opposite mistake happened the following year, when a few steel blanks were used instead of copper.
1955 Doubled Die Penny – $1,100+
This coin shows a dramatic doubling in the date and lettering on the front. It’s one of the most recognizable error coins.
1958 Doubled Die Penny – $100,000+
Extremely rare and highly valuable.
1969 Doubled Die Penny – $25,000+
1972 Doubled Die Penny – $250+
1982-D Small Date Copper Penny – $10,000+
1982 was a transition year between copper and zinc pennies. A rare combination — Denver mint, small date, copper composition — is highly valuable.
1983-D Copper Penny – $15,000+
Most 1983 pennies are zinc. A copper version from Denver is extremely rare.
1992 Close AM Penny (and 1992-D) – $2,000+
Look at the letters “A” and “M” in “AMERICA” on the reverse. If they are unusually close together, you may have a valuable variety.
1999 Wide AM Penny – $150+
1990 No-S Proof Penny – $3,000+
Proof pennies from San Francisco should have an “S” mint mark. A missing mint mark makes this one valuable.

penny pennies coins — Image Credit: cweyant from Syracuse, United States, CC0, via Wikimedia Commons

Valuable Zinc Pennies to Watch For

Even modern zinc pennies can be worth good money if they show the right errors:

1983 Doubled Die – $200+
1984 Doubled Ear – $150+
1995 Doubled Die – $25+
1998 Wide AM – $10+
1999 Wide AM – $100+
2000 Wide AM – $10+

While many of these won’t fund your retirement, they’re worth far more than one cent.

A Simple Checklist Before You Cash Them In

Before pouring your pennies into a machine:

Separate all pre-1982 copper pennies.
Pull out 1943 and 1944 pennies to test with a magnet.
Look closely at the 1955, 1969, 1972, 1983, 1984, 1992, and 1999 dates.
Check the spacing in AMERICA on 1992–2000 coins.
Set aside anything with dramatic doubling on the date or lettering.

If you think you may have something significant, show it to a reputable coin dealer. Don’t clean it. Cleaning a coin can drastically reduce its value.