Rather than a simple penny for your thoughts, how about millions of dollars?
A few years ago, an incredibly rare penny from a private collection sold at auction for the jaw-dropping figure of $1.7 million. The penny was from 1943, when that denomination was supposed to be minted from zinc-coated steel due to the need to reserve strategic copper for the World War II effort.
It’s estimated that as few as 17 to 22 non-steel coins were released at that time. Apparently, some bronze planchets (the plain metal disk that is stamped as a coin) were caught in the trap doors of the tote bins used to feed the Mint’s coin presses. The error was not realized until after the coins were circulated, making it the rarest U.S. error coin in existence.
The coin’s owner, Don Lutes Jr., of Pittsfield, Mass., found the penny in 1947, at the age of 16. The penny was in the change given to him when he paid for his high school cafeteria lunch. Being a budding coin collector, he quickly realized he had obtained something unique.
Despite denials from the U.S. Mint that any 1943 bronze pennies existed, there was a rumor that Henry Ford had made an offer to exchange a new car for a bronze penny if anyone found one. That rumor turned out to be false, so Don kept the penny locked up until last year when his health declined.
Don wanted to sell the coin and donate the proceeds to the local public library where he volunteered his time. Sadly, Don passed away last September, at the age of 87. He would have loved seeing the impact that chance event in 1947 had on the world of coin collecting.
So what’s in your pocket? An old penny, perhaps?
Coin images can be viewed at pcgs.com/news/Pcgs-certified-1943-d-Bronze-Cent-Sold-For-17-Million.
Jon Englund has more than 30 years of experience in appraising and liquidating personal property, jewelry, art, collectibles, antiques, furniture, printed items and more, as well as more than 15 years of experience in real estate. A Midwest transplant, Jon trained at New York University in appraisal studies.
Donna Luger has assisted during that time, and is a veteran Associate Broker and Realtor with HomeSmart Realty—Elite Group.
For more information, call (480) 699-1567. You also can send an email to Jon@KnowBeforeYouThrow.INFO.