Most of us hardly notice the pennies in our pockets — but for coin collectors, some of these tiny copper coins are worth small fortunes.

Most of us hardly notice the pennies in our pockets — but for coin collectors, some of these tiny copper coins are worth small fortunes. Earlier this year, a humble-looking penny made headlines when it was observed among the belongings of a Massachusetts man named Don Lutes.

Most of us hardly notice the pennies in our pockets — but for coin collectors, some of these tiny copper coins are worth small fortunes. Earlier this year, a humble-looking penny made headlines when it was observed among the belongings of a Massachusetts man named Don Lutes.

The coin turned out to be a 1943 bronze Lincoln Wheat cent, one of the rarest and most valuable error coins in U.S. history. This find once again stirred excitement among collectors, proving that sometimes fortune really can be found in your change jar.

Don Lutes’ Legendary Penny

Back in 1947, 16-year-old Don Lutes received what looked like an ordinary copper penny in change at his high school cafeteria. Unbeknownst to him, it was one of only a handful of 1943 bronze Lincoln cents mistakenly struck when the U.S. Mint switched from bronze to zinc-coated steel to preserve copper for World War II.

The metal switch was announced in March 1943, and the government urged the public to cooperate. However, due to an error at the beginning of the transition, a small batch of 1943 Lincoln cents was made with the old bronze planchets.

After the mistake was discovered, production quickly shifted to steel. As a result, only a few bronze 1943 Lincoln cents are estimated to exist today.

Lutes kept the coin with him until his passing in 2018 at the age of 87. In failing health, he consigned it to Heritage Auctions, which sold it for an impressive $204,000 in January. The proceeds were donated to the Berkshire Athenaeum, Lutes’ hometown library in Pittsfield, Massachusetts.

Why Rare Pennies Matter

According to David Stone, a coin cataloger at Heritage Auctions, “one-cent coins have been around since the beginning of the U.S. monetary system.” The finest known 1792 Birch cent sold for $2.6 million in 2015, proving that even pennies can command millionaire status.

A penny’s value depends on several factors, including rarity, minting errors, and condition. While most pennies are only worth their face value, a few rare examples can be worth tens of thousands — or more.

In 1943, the U.S. also began making paper War Bonds to help fund the war effort. A pair of these rare bonds sold for $1.44 million earlier this year.

Valuable Pennies to Look For

If you’re curious about what might be hiding in your coin jar or couch cushions, here’s a breakdown of some of the most valuable Lincoln pennies collectors are chasing.

(Photo credit: Wikimedia Commons)

What Makes These Pennies Valuable

The 1943 bronze penny is considered the most famous error coin in American numismatics. Due to the metal switch for the war effort, any bronze 1943 penny is an accidental rarity.

The 1969-S Doubled Die Obverse penny is another collector favorite. Minting mistakes caused a doubled image, especially noticeable in the words “LIBERTY” and “IN GOD WE TRUST.” Fewer than 1,000 are estimated to have been made before the error was caught.

The 1992 Close AM Reverse penny happened when a proof die — usually reserved for special collector coins — was mistakenly used on a circulation penny. It’s much easier to find than other errors, but still worth a small fortune.

Lastly, the 1972 Doubled Die Obverse penny features doubling in the same areas as the 1969 version. At least 250,000 are believed to have entered circulation, making it a popular target for modern collectors.

Final Thoughts

While the odds of finding a fortune in your spare change are slim, it’s not impossible. Stories like Don Lutes’ show that these valuable coins are still out there — and you might be carrying one without even knowing it. So next time someone says “keep the change,” maybe take a closer look.

While the odds of finding a fortune in your spare change are slim, it’s not impossible. Stories like Don Lutes’ show that these valuable coins are still out there — and you might be carrying one without even knowing it. So next time someone says “keep the change,” maybe take a closer look.