Coin collecting is a fun, rewarding hobby that can be done at almost any level of commitment. Whether you are starting with pocket change or purchasing whole collections, learning what to look for and how to store your coins properly will help you get the most out of this enjoyable pastime. One of the most important steps in coin collecting is determining penny values. This can be tricky because not all pennies are worth the same amount. Penny values can be affected by a number of factors, including rarity and condition. Pennies that have been well-preserved over the years tend to be valued higher than similar coins with significant wear and tear.
The first step in determining penny value is identifying the type of coin you have. This can be done by checking a reference book or online resources. After recognizing the type of penny, it is helpful to know its mint year and edition. Then, you can compare this information with a penny value chart to see what it is worth.
Often, the difference in price between two pennies can be due to the amount of wear and tear or mint errors or varieties. Mint errors, such as doubled dies or repunched mint marks, can significantly increase the value of a coin. Also, pennies minted during times of war, such as the Civil War when metal supplies were limited, can be more valuable than those that were minted in peacetime.