How do you know if you have a special penny?

A coin with a letter “P” indicates it was made in Philadelphia, according to the United States Mint. Next, you'll want to check the bottom of the coin's other side to see if the “one cent” wording has a “doubling effect,” Alma says. Coin collecting experts call this a “doubled die reverse” coin.

cnbc.com - Penny worth $7,000 could be hiding in your pocket—how to identify it

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You may want to think twice before tossing out your loose change — one of your pennies could be worth $7,000. That's if you have a 1983 Lincoln penny, says Blake Alma, whose "CoinHub" TikTok account has over 850,000 followers. In 2017, the rare penny was auctioned for $7,050, according to Professional Coin Grading Service, one of the most popular third-party coin grading and authentication companies. Here's how to tell if you have one.

What to look for

This special penny lacks a mint mark, according to Alma's video. A mint mark is the marking on the face side of a coin that indicates where it was created. A coin with a letter "P" indicates it was made in Philadelphia, according to the United States Mint. Next, you'll want to check the bottom of the coin's other side to see if the "one cent" wording has a "doubling effect," Alma says. Coin collecting experts call this a "doubled die reverse" coin. This typically happens when the stamping machine used to imprint images onto a coin accidentally strikes the coin in a slightly different spot, resulting in a doubled image, according to the American Numismatic Association. Here's what the 1983 Doubled Die Reverse penny looks like. Stack's Bowers sold this 1983 Doubled Die Reverse penny for $2,640 in March 2018. Stack's Bowers Galleries Stack's Bowers sold this 1983 Doubled Die Reverse penny for $2,640 in March 2018. Stack's Bowers Galleries The U.S. made about 7.7 billion pennies in 1983, but only about 5,000 of them are known to have been made with this doubling error, James McCartney, director of numismatics at Stack's Bowers Galleries, tells CNBC Make It. The rarity of these misprinted pennies are what make them more valuable than ordinary pennies.

How to cash in on your rare coin

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How much is a pound of copper pennies worth?

95% Copper pennies (Price Per Pound) Quantity Price Each Total Price Each 34 - 3366 $4.89 $4.89 3400+ Call for discount

moneymetals.com - 95% Copper pennies (Price Per Pound) - Money Metals Exchange

Buy Pre-1983 U.S. Minted Copper pennies

Money Metals Exchange is pleased to offer copper U.S. pennies minted prior to 1983 at prices very close to melt value. These copper pennies are universally recognized and accepted, making them ideal for barter and trade. The very low premium to melt value makes them an excellent investment vehicle for copper. You can compare these coins to their silver equivalence, quarters or dimes before 1965, otherwise known as "junk" silver. Copper for sale on Money Metals is a great value and collectors piece. Check out real copper pennies!

ABOUT THE DESIGN

The US Mint produced Lincoln style pennies in 95% pure copper from 1909 - 1982 (Note: some 1982 pennies are not 95% copper as the Mint changed the metal content halfway through the year. However, Money Metals ensures that any 1982 dated pennies that may be included in our bags are in fact the 95% copper version - which weigh heavier than the non-copper ones). Lincoln pennies come in two designs on the Reverse. "Wheat" pennies featuring wheat ears were minted from 1909 - 1958 and were replaced by the Lincoln Memorial. Each dollar face value (100 coins) contains approximately 0.65 lbs of copper content... (Copper Penny) Check out all our copper for sale today! If you're interested in afforable silver coins, check out "Junk" silver Dimes or Quarters on Money Metals. We also offer junk silver in Silver Half Dollars . All silver coins struck in 1964 or earlier were minted with 90% silver and 10% copper.

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