The Three Multi-Values of Pennies
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Intrinsic Value
Currency Value
Numismatic (Collector) Value
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Intrinsic Value
All forms of currencies have intrinsic value. This means the actual physical monetary value of the item itself. A penny is made of metal. Therefore, it has metal value based on the metal content. For example, a copper penny is made of 95% copper 5% zinc and weighs approximately 3.11 grams.
This means a copper penny holds 2.9545 grams of copper and 0.1555 grams of zinc. Of course, wear and tear as well as various anomalies can change this figure. But the point to make is that this is a physical tangible value associated with the penny.
Currency Value
A penny also holds a currency value. This value is one-cent or 0.01 of a dollar. The purpose of this value is its trade value and use in a marketplace as a medium of exchange in place of a barter economy. A currency value is very subjective in a global marketplace when incorporating exchange rates and other factors.
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It is good to note that currencies like the dollar are heavily devalued due to mass printings of more money into the money system. This means the intrinsic value bolsters compared to the currency value from the impact of inflation.
Numismatic (Collector) Value
Finally, a penny holds coin collector numismatic value. This often has to do with rarities of coins, makes, quantity of units produced, models, years, various errors, and other factors.
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Penny Value Conclusions
What’s the point? Simple. You can convert these three value terms into three different values:
Intrinsic = Investment Value
Currency = Back up Value
Numismatic (Collector) = Supply & Demand Value
Metals are useful to society, and have a historic proof of keeping up with inflation at a minimum, often outpacing inflation. What does this mean? Your pennies are devaluing from inflation because of their face value but increasing in value because their metal value is not decreasing with inflation. While everyone else keeps their money in the digital world of banking, you are holding physical value that is increasing at a faster pace than money sitting in a zero percent-to-low-percent interest bank account.
Worst case scenario, you still have currency value to fall back on as a back up plan. If the metal value breaks historical statistics and turns the other way around, you still have a currency value, proving that unlike a bet in the stock market, your pennies won’t reach a value of zero.
Finally, pennies will be eliminated from circulation at some point. Every country has done it but the United States. Therefore, once it happens, the total quantity of pennies in circulation will drastically be reduced. Demand, however, for coin collectors will almost certainly stay the same. As a result: Supply drops. Demand holds steady. Value goes up.
That sums up the three multi-values of the pennies. Thoughts? Feel welcome to leave a comment below.
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1943 Penny
This is the 1943 penny you will see. The steel penny of 1943 is made primarily out of steel with a zinc coating. But why was steel used this year? The answer is unfortunate: War.
During World War II, copper was in such demand for tank shells and ammunition that pennies were made of steel this year. But this is not why most people search for information on the 1943 penny. The real find is actually copper 1943 pennies.
According to the ANA (American Numismatic Association), there are 40 known 1943 copper alloy pennies in existence. Speculation is these exist due to left over copper blanks still in the minting machinery.
Copper pennies are worth more in metal value than their face value and are worth collecting in large amounts for investing in copper pennies. See what people are paying for copper pennies.
But this particular penny is so elusive it trades much higher in value due to its coin collector value. Think you have a 1943 copper penny? The best first test is with a magnet. If it sticks to the magnet, it’s probably a counterfeit as it is most likely made of steel. Be careful not to risk causing damage to your coin if you think it is a legit copy. Even the slightest “ding” can reduce value.
Another very highly sought after penny is known as the “1909 VDB” penny which, if it came from the San Francisco mint, is even more of a treasured prize.
Read more: 1909 VDB Lincoln Cent Wheat Penny
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Rarest Penny Sells over $1 Million at Auction
The elusive extremely rare U.S. one cent coin minted in 1792 has officially sold for just over $1 million. There are only 14 known survivors in existence. The coin is known to be a prototype, being one of the first pennies ever minted.
The penny was auctioned off at the Renaissance Schaumburg Convention Center, however, bidding also was permitted via the internet.
Want to search through unsearched pennies to see if you can find your own rare penny? Buy copper pennies today directly from us.
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1909 VDB Lincoln Wheat Penny
So after a good days work sorting pennies, pennies always end up on the floor everywhere. It’s a natural hazard of the business.
Normally, picking them up one by one would be mind boggling painful so usually we use a broom to sweep them up. After a long day of sorting today, we swept up this little treasure:
a 1909 VDB Lincoln wheat cent just laying there on the ground in fairly good condition. This is a great example of how easy it is to overlook and miss such a great coin without always keeping a trained eye out for value.
So next time you see a penny just laying on the ground, pick it up. You never know what you may just find!
Why is this coin special?
The 1909 VDB Penny is a rather unique find which honors Victor David Brenner. This is what the VDB stands for. He was the designer of the wheat cent at the request of President Roosevelt. You’ll see this imprint of the letters VDB stamped along the lower edge of the reverse side of the penny. These initials will only be found on 1909 wheat cents. Though complaints occurred on the existence of these initials, so they were removed from future production.
A 1909 VDB S mark penny simply means that not only does it meet the criteria above, but it was minted at the San Francisco Mint. This makes it a more rare find as the San Francisco Mint was not a very large coin producing mint, making for coins coming from this location harder to find.
Think you have one? Handle with great care! Even the slightest “ding” can reduce value.
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