(NEXSTAR) — The The U.S. might consider getting rid of the penny. But that doesn't mean you should begin discarding your pennies — particularly if they have a specific design element on them.
The penny has seen numerous design modifications over its extensive history, which dates back to 1793. They were first produced The obverse features an image of Lady Liberty, while the reverse initially had a chain encircling the wording "ONE CENT." This design element was later changed to include a wreath instead.
In the early 1900s, President Abraham Lincoln updated the penny by replacing Liberty with a new reverse design featuring wheat stalks. These wheat designs might be your key to acquiring some green from coin enthusiasts.
The pennies minted between 1909 and 1958 displayed two bundles of wheat stalks on their reverse side. (Afterward, they would) swapped out For an image of the Lincoln Memorial in celebration of Lincoln’s 150th anniversary. )
During that time, several varieties were also created. Early on, the initials of sculptor-engraver Victor David Brenner appeared on the reverse of the penny. Controversy caused his initials to be removed but they returned in 1918 just below Lincoln’s shoulder, where it can still be seen today. In the early 1940s, the U.S. used zinc-coated steel instead of copper to make pennies because the latter was needed for World War II.
Today, wheat pennies are considered the most commonly collected U.S. coins, which makes them worth at least a few cents to a dealer. Certain factors can make them worth thousands of times more than one cent though, Dave Sorrick, coin expert and collector at In God We Trust, LLC , previously told Nexstar’s KSNF/KODE .
The rarest, according to Sorrick, would be a penny from 1909, which could be “worth anywhere from $700 to $1,500 depending on the coin’s grade.” An uncirculated wheat penny from 1909 that has been graded could be worth $2,000 to $3,000.
In January, a highly-graded wheat penny from the 1909 series sold for $99,000 at auction .
Some wheat pennies have gone for far more.
First, struck in Denver in 1943, was listed as selling for $840,000 in 2021 by Heritage Auctions Why, then, would this particular penny fetch such an extraordinary sum? Primarily due to its composition being bronze instead of the zinc-plated steel that was utilized by the U.S. during the ongoing wartime production.
A similarly "flawless" 1943 penny sold for $264,000 at auction earlier this year, Heritage Auctions previously announced. Another wheat penny from 1944 — made entirely of steel, giving it a silver appearance instead of copper or bronze — sold at auction for $168,000 in January .
Does that mean your stash of wheat pennies is about to make you rather wealthy? Not exactly.
While online guides can give you insight into how valuable your wheat penny is or isn’t, it is generally recommended that you speak with an expert before listing your coin on eBay. That goes for any old coins or cash you’ve been holding onto, Dustin Johnson, vice president of numismatics at Heritage Auctions, previously told Nexstar.
“He cautioned that unusual objects are often kept separately, but this does not render them scarce or highly precious.”
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