Expert: PAPAJACK - 6/23/2008

Question
I have a 2001 gold penny that is also magnetic.  Is it worth anything?

Answer
Hello Lisa,                            

The US Mint did not produce any coins like this. For other plating to adhere better the coin is first plated with nickel. This metal is attracted to magnets.

Since this is a modified coin, the value is questionable. It will still be worth a cent.
The amount of collect-ability for any altered or plated coin is negotiable only to a buyer looking for it.
Most coin collectors are purists and will only pay more than face value for the common copper-nickel version with no wear or scratches. I have seen non-numismatists buy them and other people pick them up for the novelty of them.  

Recently I have seen Gold Plated 1999 S. B. Anthony dollars at a coin show packaged with a Sacagawea Gold Colored Dollar coin. No true Coin collectors were buying them though.

These colored, Hallmarked, re-stamped or (like yours) plated coins are a gimmick. And therefore have no added value.

For error coins in general:
As long as it happened after it left the minting process, even if it is gold plated, enameled, painted or two-tone the value and collectability is very limited. A collector of numismatic material wants the coins EXACTLY as issued.

I am not saying not to collect these items. Enjoy them for what they are. But time has proven they will not usually sell for the price people pay for them on the secondary market. As with any Collectable it may become popular with Non-Coin-Collectors one day and sell for more.

Please remember to rate this answer.

Good Luck