Most of us aren't lucky enough to make money from home just by rifling through couch cushions for spare change, but more than one American has made thousands of dollars (or more!) just by finding the right penny. The United States started producing pennies in 1856, and in the 150+ years since then, more than a few coins have sold for thousands of times their face value.
Keep reading to learn about some of the rarest, most valuable pennies from the 19th century ever sold. Once you're done reading, you'll have the know-how to search through your piggy bank and identify any winners.
Editor's note: All estimated prices come from USA Coin Book and refer to coins in "very good" or "average" condition.
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1856 Flying Eagle Penny
Estimated market value: $10,604
The Flying Eagle Penny was the first one-cent coin authorized by the House and Senate. The U.S. Mint printed an initial test run of 2,000 in 1856, but pennies didn't enter circulation until 1857. The uncirculated 1856 coins have an eagle in flight on one side and the words "one cent" on the other, surrounded by a laurel wreath.
It's highly unlikely that you'll just stumble across one of these 2,000 uncirculated coins, but if you do, you could sell them for a pretty penny. USA Coin Book values an 1856 coin in average condition at $10,604, but mint condition coins could go for as much as $30,623.
1888 Indian Head Cent Last 8 Over 7 Variety
Estimated market value: $2,768
The U.S. Mint first created so-called "Indian Head" pennies in 1859. One side features the face of Lady Liberty wearing a headdress while the other side has the words "one cent" encircled by a laurel wreath.
Because of their age, Indian Head pennies from any year are worth more than face value in any condition, but coins with certain marks or mistakes are more valuable than others. For instance, the date of some Indian Head coins produced in 1888 was punched on top of an already-printed 1887 date. Uncirculated pennies with the final numeral 8 printed on top of the numeral 7 could sell for as much as $79,458 in perfect condition.
1873 Indian Head Cent Double Liberty Variety
Estimated market value: $498
In 1873, several Indian Head cents were made with the word "liberty" (seen on the headband of Lady Liberty's headdress) seemingly double-stamped. Coins with these doubled die errors could sell for $498 in average condition, but if you find an uncirculated version in absolutely perfect condition, it could net as much as $15,249.
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1877 Indian Head Cent
Estimated market value: $790
Due to an economic downturn that started in 1873, most pennies printed that year ended up in circulation rather than saved. As a result, uncirculated 1877 cents could sell for massive amounts: in 2007, one went for $149,500. Since the 1877 printing was rather small (just 852,500 coins), even average-condition coins could sell for several hundred dollars. Those in extremely good condition could sell for upwards of $2,000.
1894 Indian Head Cent Double Date Variety
Estimated market value: $123
Some pennies printed in 1894 were misprinted with the "94" stamped twice, one on top of the other. Doubled printings like this could be hard to spot, so you need to look very closely at the 9 and 4 to identify the slight shadow on the right sides of each numeral. An uncirculated coin could sell for more than $1,500, but you're more likely to find one in a condition that merits between $90 and $130.
1858 Flying Eagle Cent Large Letters Variety
Estimated market value: $81
The "large letters" descriptor is a bit misleading: after all, any letter printed on a penny looks tiny. But one variety of 1858 Flying Eagle coins printed "United States of America" in slightly larger letters than the other. The easiest way to identify the larger letter variety is by looking closely at the gap between the A and M in "America." If there isn't a noticeable gap between the serifs at the base of the letters, you probably have the more valuable large letters variety. A proof could sell for over $10,000 while a mint-condition version is valued at $1,295.
1864 Indian Head Cent L Ribbon Variety
Estimated market value: $103
This variety of coin was printed halfway through one of the last years of the Civil War. The letter "L" was stamped on the very end of the ribbon that you could see peeking out just beneath the bottom feather on the headdress. A well-worn version of this coin sells for around $73, but a good-quality circulated coin is valued near $500.
Bottom line
While finding a valuable penny could lower your financial stress, don't count your chickens before they hatch, or, in this case, your coins before their valuation. If you think you've found a rare 19th-century penny, visit a professional who understands the American Numismatic Association's grading standards and could accurately assess the coin using the Sheldon coin grading scale. From there, you could find a collector or other buyer and, hopefully, turn a tidy profit on your penny.
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