One expert believes that there is a unique penny that could be worth a fortune, despite its low value for most people. If the 1983 1-cent coins contain a manufacturing error and weigh more than 3 grams, they can be worth up to $20,000.
Collectors are willing to pay hundreds of dollars for rare coins, with 1982 and 1983 coins particularly sought after. @wheatstoshields, a TikTok creator and numismatic specialist, recently gained recognition for displaying a 1983 coin that sold for more than $20,000 at auction.
Check your pockets and this penny could be worth a fortune
The value of these coins stems from a manufacturing error made during the 1980s transition at the US Mint. In 1983, to cut costs, the Mint began producing zinc pennies coated in copper rather than copper-cored ones.
Nonetheless, a few coins with all-copper centers were accidentally created. Rare coins can fetch high prices at auction, with one recently selling for more than $20,000. Weighing these precious coins is the key to identifying them. The average 1983 coin weighs 2.5 to 2.7 kilograms, while uncommon coins with copper cores weigh more than 3 grams.
The author of the video emphasizes the importance of using the correct scale to precisely measure them. Furthermore, she recommends that scales display both grams and ounces because only showing grams may result in inaccurate readings.
A 1983 coin weighing more than 3 grams on the appropriate scale can be worth a small fortune, according to the Professional Coin Grading Service (PCGS). In 2023, a 1983 copper coin sold at auction for $1,140, demonstrating the value of these rare coins.
Americans might not know about this about the US penny
Despite being one of the first coins struck by the United States Mint after its inception in 1792, the coin’s origins can be traced back to ancient times.
It was derived indirectly from the Roman denarius coin, which was issued in 211 BC and was equivalent to a worker’s daily wage. The coin’s name comes from the Latin word “deni,” which means “containing ten.” The currency was out of circulation from 238 to 244 CE, during Emperor Gordian III’s reign.
In 1857, Congress reduced the size of the penny and stopped minting the half-cent due to rising copper costs, which was unpopular with Americans.
Due to the discontinuation of the half-cent, the penny is now the only coin in the United States that has been consistently produced and used since the establishment of the United States Mint.
In 2023, the US Mint shipped 4.1 billion pennies for circulation, up from 8.4 billion in 2017 and 5.4 billion in 2022. Currently, pennies outnumber nickels (1.4 billion), dimes (2.7 billion), quarters (2.3 billion), and half dollars, which can reach 18 million.
To remove pennies from circulation, a law must be approved by Congress and signed by the president. The U.S. Mint follows congressional directives when producing coins.
There have been several failed legislative attempts to destroy the penny. Senators Mike Enzi (R-WY) and John McCain (R-AZ) both supported currency optimization in 2017.
Should the US penny remain in circulation?
Maintaining the US penny benefits those with low incomes and encourages low consumer spending. Furthermore, it is inexpensive to develop and can be used for decades to raise funds for organizations.
On the other hand, because of its low value, some argue that the penny, like other coins in US history, should be removed from circulation because the manufacturing process is costly, both financially and environmentally. Reducing pennies would speed up checkout without negatively impacting consumers, businesses, or nonprofit organizations.