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Coin and Paper Money Collecting/wheat penny
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Question
Hello,
I found a 1934 wheat penny. I have heard that some of those are very valuable. I am thinking it is the copper penny but have no idea how to tell if it is copper or not. I have put it to a magnet and it does not stick but am not sure what that means. Without carrying it to someone is there any other way I can tell if it might be one with some value to it? Thanks for any information you might give me.
Cheryl
Cheryl,
Unfortunately, I think you have mistaken the year involved. It was 1943 that had the valuable copper pennies, because the regular pennies for 1943 were made out of steel (to save the copper for the war effort). All pennies for 1934 are copper.
If you had a 1943 copper, you have done the main check with the magnet -- this will eliminate 90% of the fakes, which are copper-coated steel pennies (which would still stick to a magnet). The next step would be to examine the date under strong magnification, looking for altered digits -- you need some expertise to determine this, so you should probably have an expert look at it.
If you had found a genuine 1943 copper, it could easily be worth $50,000
Dan
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| Comment | Thank you so much for your fast reply. And you are so correct...I did have the date wrong. I have ask questions before on this and you are by far the best. Thanks again. Cheryl | ||
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Answers by Expert:
Dan Moore
Expertise
My strong familiarity with all U.S. Mint coins, extensive reference library, and close relationships with many other dealers allows me to identify just about any coin made in the USA. I receive regular updates to all the current price guides -- both wholesale & retail -- to provide accurate values. So, with a good description or pictures, I should be able to identify and value any U.S. coin you have.
Experience
I've been a coin dealer since the 1980's and a coin collector since the 1960's. I specialize in U.S. Silver Coins and have an active online website -- The Working Man's Rare Coins -- http://www.workingmancoins.com -- offering information and inventory in U.S. coins.
Organizations I belong to :
American Numismatic Association Member #187770
Michigan State Numismatic Society Member #8255
Florida United Numismatics Member #19710
Monroe Coin Club Treasurer
Lincoln Coin Club Board Member
WINS Member #14
CoinMasters Member #1814
Frequently Asked Questions :
I have created a Frequently Asked Questions page on my website, where you may be able to get an immediate answer to your question. You can find the page here :
http://www.workingmancoins.com/FAQ/index.htm
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