These are the one cents worth up to $60,000: it could be your National Lucky Penny Day

There are examples of coins and bills that circulate and can be sold for a fortune to collectors, as in the case of certain one-cent coins that can be worth up to $60,000. Find out how to know if you have one.

Pennies worth thousands of dollars

Lincoln copper single cent coins are popular with coin collectors. The coin was originally issued in 1909 to celebrate what would have been the 100th birthday of the 16th president of the United States.

As for pennies that can be worth thousands of dollars, a rare Lincoln penny, with special features, sold for $60,000 this year, according to Heritage Auctions.

Originating from the year 1909, the first year of the Lincoln cent, the coin is especially valuable due to its red color. It was designed by Victor David Brenner and features the initials VDB on the coin.

These initials are often the hallmark of a valuable coin. While typical Lincoln pennies from this era are red and brown, or sometimes completely brown, this coin worth $60,000 is completely red, one of the hardest to find.

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This is how the value of a bill or coin is determined

According to US First Exchange, there are four types of value: list value, purchase price, retail or retail value, and wholesale value.

The list value is the average price that most dealers would sell a coin or note for. The purchase price is what a merchant would be willing to pay. Retail value is the price for which a specific dealer would be willing to sell you a coin or note. The wholesale value is the price that merchants use when they trade with each other.

The value of a coin or note is essentially determined by the catalog value based on three main factors: the rarity, the condition/grade of the coin or note and the market conditions, i.e. the demand. The combination of these three factors gives the value of a coin or bill.

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