Americans use the term Penny for the one-cent coin, inspired by the British Penny. It was the first currency authorized in the Mint Act of 1792. The US Mint has produced over 300 billion pennies since 1787, with 11 different designs. Let’s discover average penny values.
Penny Value
1. Fugio copper cent
Fugio cent (Franklin cent, Mind your business, Sun Dial, Ring) was the first copper coin produced in the US in a private mint. It was also the first American official one-cent coin. Minting started in 1787 and lasted until the mid-1800s, and all 400,000 minted coins contained 100% copper.
Nowadays, you can recognize 55 Fugio cent varieties, including a few scarce. Probably the most collectible New Haven Restrike has two varieties, silver and copper. Only a couple dozen silver pieces still exist. The auction record for this coin goes to the F15 United States 4 Cinq. variety paid $109,250.
2. Flowing hair cent
In 1793, the US Mint started full-time coin production, and Flowing hair cent was the first variety the Federal Government struck. You can recognize two reverse types, including:
- Chain reverse
- Wreath reverse
Henry Voigt designed both coins made of 100% copper. These hand-engraved pieces had 1 inch (26.5 mm) in diameter and weighed 0.45 troy ounces (13.48 g).
Flowing hair cent |
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| Coin | About circulated | MS 60 | MS 65 |
| Chain reverse (36,103 minted) | |||
| AMERICA without periods | $106,842 | $253,536 | $1,530,471 |
| AMERICA with periods | $118,743 | $278,376 | / |
| AMERI in legend | $214,019 | $537,546 | / |
| Wreath reverse (63,353 minted) | |||
| Vines and bars edge | 39,198 | $77,378 | / |
| Lettered edge | 41,692 | $82,428 | $321,531 |
Chain cents were unpopular because this design reminded Americans of the slavery chains. As a result, only 36,103 pieces were minted, making them the rarest and highly collectible items in the US.
3. Liberty cap cent
A talented engraver Joseph Wright designed this early copper penny minted from 1793 to 1796. It had 1.14 inches (29 mm) in diameter and weighed 0.45 troy ounces (13.48 g).
Robert Scot revised the design in 1794 by turning Liberty’s face from the left to right side. The large cent Liberty cap cent was actual from 1793 to 1796 and had several revisions. Additionally, its legal weight and thickness were reduced in 1795.
Liberty cap cent |
|
| Year | Mintage |
| 1793 | 11,056 |
| 1794 | 918,521 |
| 1795 Jefferson Head | 3 |
| 1795 Reeded edge | 9 |
| 1795 Lettered edge | 37,000 |
| 1795 Plain edge | 501,500 |
| 1796 | 109,825 |
The most expensive MS 65 Liberty cap cents are:
- 1794 with head of 1793 is worth $973,438
- 1794 with head of 1795 is worth $321,533
- 1796 $646,053
4. Draped bust cent
Robert Scot designed this cent version with Liberty wearing a tied bow in her hair. The US Mint produced this coin weighing 0.35 troy ounces (10.89 g) with 1.14 inches (29 mm) in diameter from 1796 to 1807. Nowadays, you can recognize three reverse varieties containing wreaths with different leaves and berries.
Draped bust cent |
|
| Year | Mintage |
| 1796 | 363,375 |
| 1797 | 897,510 |
| 1798 | 1,841,745 |
| 1799 | 42,540 |
| 1800 | 2,822,175 |
| 1801 | 1,362,837 |
| 1802 | 3,435,100 |
| 1803 | 3,131,691 |
| 1804 | 96,500 |
| 1805 | 941,116 |
| 1806 | 348,000 |
| 1807 | 829,221 |
The average price varies from approximately $200 to $1,000 for most coins in fine condition. A few rare pieces are pretty expensive, including:
- 1796 LIHERTY error costs $13,237
- 1804 coin costs $17,167
- Small 1807 7 Over 6 (Blunt 1) costs $48,371
- 1799 coin costs $77,381
- 1799 9 over 8 costs $87,636
- 1803 large date (small fraction) costs $87,638
5. Classic head cent
John Reich introduced the Classic head design in 1808 and made some improvements in die steel. Unfortunately, the quality of the entire series is not high because of the soft copper used in minting.
Because of the copper planchets shortage in 1815, the US Mint stopped the minting process, making this year the only one missing from US cent coinage.
Classic head cent |
|
| Year | Mintage |
| 1808 | 1,007,000 |
| 1809 | 222,867 |
| 1810 | 1,458,500 |
| 1811 | 218,025 |
| 1812 | 1,075,500 |
| 1813 | 418,000 |
| 1814 | 357,830 |
The most expensive pieces are coins in extra fine condition from:
- 1809 coin with a price of 4,154
- 1811 Last 1 Over 0 with a price of 5,698
6. Coronet head cent
The Coronet cents with the modern Robert Scot’s design were minted from 1816 to 1839. This coin made of 100% copper had a high mintage and is now one of the less expensive in the set.
Coronet head cent |
|
| Year | Mintage |
| 1816 | 2,820,982 |
| 1817 | 3,948,400 |
| 1818 | 3,167,000 |
| 1819 | 2,671,000 |
| 1820 | 4,407,550 |
| 1821 | 389,000 |
| 1822 | 2,072,339 |
| 1823 | N/A |
| 1824 | 1,262,000 |
| 1825 | 1,461,100 |
| 1826 | 1,517,425 |
| 1827 | 2,357,732 |
| 1828 | 2,260,624 |
| 1829 | 1,414,500 |
| 1830 | 1,711,500 |
| 1831 | 3,359,260 |
| 1832 | 2,362,000 |
| 1833 | 2,739,000 |
| 1834 | 1,855,100 |
| 1835 | 3,878,400 |
| 1836 | 2,111,000 |
| 1837 | 5,558,300 |
| 1838 | 6,370,200 |
| 1839 | 3,128,661 |
A list of the most valuable Coronet head cents in MS 63 grade include:
- 1824 with 4 over 2 is worth $10,813
- 1829 with medium letters is worth $11,556
- 1821 coin is worth $12,231
- 1834 with medium letters and large 8 and stars is worth $12,232
- 1830 with medium letters is worth $27,511
- 1839 with 9 over 6 (plain cords) is worth $97,465
7. Braided hair cent
Braided Hair Cent made of 100% copper was minted from 1839 to 1857. With 1.1 inches (28.5 mm) in diameter, it was known as the last Large Cent. Christian Gobrecht did a great job with this design, and almost 71 million of these coins were produced for nearly two decades.
Braided hair cent |
|
| Year | Mintage |
| 1839 | N/A |
| 1840 | 2,462,700 |
| 1841 | 1,597,367 |
| 1842 | 2,383,390 |
| 1843 | 2,425,342 |
| 1844 | 2,398,752 |
| 1845 | 3,894,804 |
| 1846 | 4,120,800 |
| 1847 | 6,183,669 |
| 1848 | 6,415,799 |
| 1849 | 4,178,500 |
| 1850 | 4,426,844 |
| 1851 | 9,889,707 |
| 1852 | 5,063,094 |
| 1853 | 6,641,131 |
| 1854 | 4,236,156 |
| 1855 | 1,574,829 |
| 1856 | 2,690,463 |
| 1857 | 333,456 |
A list of the pricey Braided hair cent includes coins from:
- 1843 mature with large letters that costs $1,002
- 1846 with a tall date that costs $1,003
- 1841 small date that costs $1,056
- 1851 with 51 over 81 that costs $1,106
- 1847 with 7 over small 7 that costs $1,423
- 1843 petite with large letters that costs $1,671
- 1844 with 44 over 81 that costs $2,890
8. Flying Eagle cent
Engraver James B. Longacre designed the new lighter coin type made of 88% copper and 12% nickel that weighed only 0.01 pounds (4.67 g). These cents looked brighter and got the name Nicks or White cents.
Flying Eagle Cent |
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| Year | Mintage | MS 63 | PR 63 |
| 1856 | 2,000 | $24,037 | $19,472 |
| 1857 | 17,450,000 | $1,003 | $9,435 |
| 1858 large letters | 24,600,000 | $1,003 | $9,435 |
| 1858 small letters | $1,003 | $9,435 | |
| 1858 with 8 over 7 | $10,815 | / | |
Flying Eagle cents minted in 1856 are extremely rare, with numerous altered coins and counterfeits, so you should be careful. You can also look for collectible rarities like:
- 1858 large letters
- 1858 small letters
- 1858 double die obverse
9. Indian head cent
After introducing the Indian cent in 1859, the US Mint produced tens of million pieces until 1909. James B. Longacre designed this uncomplicated coin that satisfied Americans. It contained 88% copper and 12% nickel by 1864 when the metal composition was changed. New pieces were made of 95% copper and 5% zinc.
Indian head cent key dates |
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| Year | Mintage | MS 63 | PR 63 |
Copper-nickel laurel wreath without shield |
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| 1859 | 36,400,000 | $640 | $1,790 |
Copper-nickel oak wreath with shield |
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| 1860 | 20,566,000 | $278 | $1,100 |
| 1861 | 10,100,000 | $362 | $1,671 |
| 1862 | 28,075,000 | $222 | $1,000 |
| 1863 | 49,840,000 | $222 | $1,000 |
| 1864 | 13,740,000 | $334 | $1,000 |
Bronze composite penny |
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| 1864 with L | N/A | $640 | $9,865 |
| 1873 double Liberty | N/A | $14,750 | / |
| 1877 | 852,500 | $5,000 | $2,890 |
| 1888 last 8 over 7 | N/A | $38,120 | / |
Since this cent doesn’t contain precious metals, its value comes only from coin collectors’ demands. Besides these few rarities that cost more, typical coins are pretty inexpensive.
10. Lincoln wheat cent
Bronze composite Lincoln wheat penny appeared in 1909, commemorating Abraham Lincoln’s 100th birthday. Victor D. Brenner was the first engraver to add a historical figure on one US coin.
Lincoln wheat cent |
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| Year | Mintage | MS 60 | MS 63 |
Bronze composite penny (1909 to 1958) |
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| 1909 S VDB | 484,000 | $1,845 | $2,220 |
| 1914 D | 1,193,000 | $2,220 | $3,675 |
| 1917 doubled die obverse | N/A | $3,050 | $6,350 |
| 1922 D without D mint mark | N/A | $12,240 | $29,980 |
| 1936 doubled die obverse | N/A | $540 | $2,465 |
| 1955 doubled die obverse | N/A | $4,158 | $16,644 |
| 1958 doubled die obverse | 3 | $131,237 | $214,211 |
| Year | Mintage | MS 60 | MS 65 |
Bronze/copper penny (1943) |
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| 1943 P | 20 | $389,968 | / |
| 1943 S | 5 | $565,610 | / |
| 1943 D | 1 | $864,689 | $2,196,797 |
| Year | Mintage | MS 60 | MS 63 |
Steel penny |
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| 1944 P | 30 | $55,728 | / |
| 1944 S | 2 | $723,649 | $1,084,051 |
| 1944 D | 7 | $59,073 | / |
A few Lincoln wheat cents worth considerable more in any condition, including:
- 1909 S VDB
- 1909 S with a re-punched mint mark
- 1917 doubled die obverse
- 1922 without a D mint mark
- 1944 D with D over S
- 1955/55 doubled die obverse
As a result of the urgent need for copper during World War II, the US Mint started producing zinc-coated Lincoln steel cent in 1943. These coins are rare because copper was returned to use as early as 1944.
11. Lincoln memorial cent
In 1959, started Lincoln memorial cent production in honor of the 150th Abraham Lincoln’s birth anniversary. This coin consisted of 95% copper and 5% zinc and tin until 1982. From 1983 to 2008, the new penny contained a thin plating of copper over a zinc core.
Summary
A few crucial factors determine the penny value, and you can quickly distinguish it by checking coin type, mint mark, date, and condition. Learn how to recognize large and small cents and key dates and always have them checked before deciding to trade.
