Pennies may be useless to many people, but one expert believes that one particular penny might be worth a lot. If the 1983 1-cent coins include a manufacturing fault 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 for. @wheatstoshields, a Tik Tok maker and numismatic specialist, recently received fame 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 that happened during the 1980s transition at the United States Mint. In 1983, to decrease costs, the Mint began making zinc pennies coated in copper rather than copper-cored ones.
Nonetheless, a few coins with all-copper cores were accidentally created. These rare coins can fetch exorbitant sums of money at auction; one recently sold for more than $20,000. Weighing these rare coins is the key to identifying them. The average 1983 coin weighs 2.5 to 2.7 kilograms, whereas unusual coins with copper cores weigh more than 3 grams.
The creator of the video emphasizes the importance of using the correct scale to properly measure them. Furthermore, she recommends that scales display both grams and ounces because merely showing grams may result in false readings.
According to the Professional Coin Grading Service (PCGS), discovering a 1983 coin weighing more than 3 grams on the suitable scale might result in a small fortune. In 2023, a 1983 copper coin sold at auction for $1,140, demonstrating the value of these uncommon coins.
Americans might not know about this about the US penny
Despite being one of the first coins made by the United States Mint after its inception in 1792, the coin’s origins can be traced back to ancient times. It was developed indirectly from the Roman denarius, a coin minted in 211 BC and comparable to a worker’s daily wage. The coin’s name comes from the Latin word “deni,” which meaning “containing ten.” The currency was out of use from 238 to 244 CE, during Emperor Gordian III’s reign.
In 1857, Congress lowered 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 presently the only coin in the United States that has been regularly made and used since the inception of the United States Mint.
In 2023, the US Mint sent 4.1 billion pennies for circulation, compared to 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 bill must be approved by Congress and signed by the president, as the United States Mint follows congressional orders when creating coins. There have been multiple failed legislative attempts to destroy the penny. Senators Mike Enzi (R-WY) and John McCain (R-AZ) both backed currency optimization in 2017.
Should the US penny remain in circulation?
Maintaining the US cent benefits persons with low salaries and fosters low consumer spending. Furthermore, it is inexpensive to develop and can be utilized for decades to raise donations for organizations.
On the other hand, because of its low value, others 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 customers, businesses, or nonprofit groups.