Save your pennies: How small change can mean big money - East Idaho News
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Save your pennies: How small change can mean big money

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“See a penny, pick it up. All day long you’ll have good luck.”

That old adage may be truer than you think.

Coin collectors — also known as numismatists — say one lucky penny could be worth much more than a cent.

Back in 2010, a rare 1943 bronze Lincoln penny sold at auction for a cool $1.7 million dollars.

And certain types of pennies with wheat emblems on the back can sell for anywhere from two cents to $185,000.

While the majority of pennies you come in contact with are only worth face value, some of the pennies most sought after were forged in the 20th century. That means many of them could still be in circulation today.

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More coins to look out for are dimes and quarters forged before 1965. Because they were made with 90 percent silver, they are worth much more than face value. The value fluctuates depending on silver prices according to coinflation.com, but expect to get at least 12 times what they are worth generally.

Though these coins are among us, collectors, banks, and the government keeps them for themselves, taking them out of circulation. Your best bet is to rifle through piles of old change or get a metal detector out and search around.

So, if you are lucky enough to find one of these “lucky” coins, what should you do?

Here are three tips from the U.S. Mint for keeping your coins as profitable as possible:

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1. Don’t clean it!

Although coins in uncirculated condition command a premium, most collectors want them in their unaltered state. It may seem counterintuitive to keep something valuable looking dingy, but most collectors value a coin for its natural color.

Note: If the coin is turning green, a professional cleaning may be best, as it may be undergoing a chemical reaction to plastic (polyvinyl chloride), which can cause permanent damage.

2. Know the value

There are several factors in finding the value of a coin including mint marks, dates and the condition of the coin itself. Visit a local dealer and compare prices on similar items. A better understanding of what your mint is worth can mean more moolah when you make a sale.

3. Have your coin graded

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If you want to attract more serious buyers, get serious when selling. Have a professional grade your coin. Grading gives buyers a guarantee of a coins condition and authenticity and gives you a chance to secure a higher price. Serious collectors are generally willing to pay more for an item when they know exactly what they are getting.

Next time you see a penny, don’t just pass it by. Picking it up may just bring you the luck you are looking for.

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