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Why is a 2017 Penny Worth Money?

Published in Coin Errors 3 mins read

A 2017 penny can be worth significantly more than its face value, primarily due to specific minting errors that occur during production. Unlike typical circulating coinage, these flawed coins are highly sought after by collectors.

The Value of Minting Errors

When a coin is produced, various anomalies can occur, leading to unique and valuable pieces. These errors make the coin rare and appealing to numismatists (coin collectors).

  • Struck-Through Errors: One notable type of error that can increase a penny's value is a "struck-through error." This happens when a piece of foreign material, such as grease, cloth, or metal shavings, gets caught between the coin die and the blank coin planchet during the striking process. The foreign material leaves an impression or indentation on the coin's surface. The size, prominence, and uniqueness of this error greatly influence its worth.

    For example, a 2017-P Lincoln penny (the "P" indicates it was minted in Philadelphia, as 2017 was the first year the Philadelphia Mint used a "P" mint mark on pennies), graded MS60 (Mint State 60, indicating it is an uncirculated coin with some visible flaws), featuring a distinctive struck-through error on its obverse (the front side), was auctioned in 2018 for $210. This demonstrates how a seemingly small defect can elevate a penny's value considerably.

  • Other Significant Errors: While struck-through errors are a prime example, other anomalies can also make a 2017 penny valuable. These include:

    • Multiple Strikes: When a coin is struck more than once by the dies.
    • Off-Center Strikes: When the coin blank is not perfectly centered when struck.
    • Die Breaks or Cracks: Imperfections on the dies that transfer to the coin.
    • Doubled Dies: When the die itself has a duplicated image.

Factors Influencing a Penny's Value

The ultimate value of an error penny is determined by several key factors:

  • Rarity of the Error: How many coins exist with that specific type of error?
  • Prominence and Uniqueness of the Error: Is the error significant and easily visible? Is it an unusual type of error?
  • Coin's Condition (Grade): The better the coin's condition (its grade, like MS60), the more valuable it will generally be. Uncirculated coins with errors tend to fetch higher prices.
  • Demand from Collectors: The current market demand for specific error types or coin series.

Example of a Valuable 2017 Penny

To illustrate, here's a summary of the valuable error penny mentioned:

Coin Type Mint Mark Grade Error Type Key Characteristic Auction Value (2018)
2017 Lincoln Penny P MS60 Struck-Through Error Unique impression on the obverse due to foreign material $210

In summary, while most 2017 pennies are worth face value, those with distinct and significant minting errors, particularly struck-through errors, can command a substantial premium among collectors.