Why is the 1930 penny so valuable

Decimal currency changeover posed an imminent and very real danger to coin collectors - the melting down of undiscovered rare pieces. Collectors keen to complete sets of all coins minted in Australia rushed to acquire the elusive pieces at rapidly escalating prices. We are well into the decimal era now, so no one checks for pennies in schoolyards anymore. But, the backs of old couches and the deep recesses of old furniture are still to this day routinely checked.

Just in case. Struck in , during the Great Depression and with unemployment tipping 30 per cent, the notion that coins could be saved or kept as a collectible was nonsensical. Any coin that came into a family's hands was used. The point at which the Penny became a collectible, and was taken out of circulation, determines the extent of wear the coin sustained. And hence its price. Set your budget. As with all purchase decisions, the first step is to set your budget for Pennies are available across a broad range of prices.

Understanding the value of the Penny. Circulated - but nice to the eye. A hint of the central diamond, or one side of the central diamond, also is visible. The 'Diamond' Penny was taken out of circulation and became a collectible earlier in its life than the 'Classic'. Evenly toned and again aesthetically pleasing. A Penny that has undergone minimal circulation and became a collectible very early on in its life will be graded a minimum of 'Good Very Fine' and up to the finest known at 'About Uncirculated'.

The 'Diamond and Pearl' Penny is extremely rare, perhaps forty to fifty would be available. The coin will have a complete and strong central diamond that almost leaps right out of the coin. This is an elite coin that became a collectible very early in its life and is of the highest rarity. Waiting lists are the norm for a Penny of this calibre. Verify the Quality. Irrespective of the quality level and the dollar level, if you are a potential buyer of a Penny then the best advice we can offer you is to only consider a coin that is visually very attractive and that has no obvious defects from its time in circulation.

The simple point - of acquiring a Penny that looks 'good' - really counts when, further down the track, it comes time for you to sell and realise on your investment. The Penny was not discovered until the s, allowing at least a decade of circulation before collectors even knew of their existence. Regardless of why the Penny was struck, the key issue is, of course, that so few were struck.

The known existence of some 1, examples, combined with the unique Great Depression heritage, has given this coin a status unrivalled in Australian numismatics. It is now considered as much prime investment material as the ultimate collector acquisition. Struck in base metal, and a low denomination that could have been found in anybody's pocket, the Penny has risen from humble beginnings to be the King of Australian Coins - and a rarity of world standing.

Posted in General , Coins and Rarities. The store will not work correctly in the case when cookies are disabled. From the worst days of the Great Depression No need for more coins We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits.

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These cookies ensure basic functionalities and security features of the website, anonymously. The cookie is used to store the user consent for the cookies in the category "Analytics". The cookies is used to store the user consent for the cookies in the category "Necessary". Most pennies are worth 1 cent, but to coin collectors, some are worth more than their weight in gold.

Earlier this year, an ordinary looking penny made headlines when it was found among the possessions of a man named Don Lutes. Lutes owned the coin until his death in In failing health, he consigned it to Heritage.

Proceeds of the sale went to the Berkshire Athenaeum in his hometown of Pittsfield, Massachusetts, according to the Dallas-based auction house. A penny's worth depends on its quality and rarity. While most pennies are only worth a few bucks, highly coveted ones might be sitting in your pocket or stuck somewhere in your couch cushions. The odds are long, but they're still well worth searching for.

So before you say, "Keep the change," check to see if you have any of these valuable pennies:. Image: Heritage Auctions, HA. Only a handful of these bronze pennies have been discovered, including the one found by Lutes.

In order to preserve copper for the war effort, the U.