Depending on who you talk to, you might get their two cents about 1974 pennies worth money. If you have a 1974 penny, it might be valued anywhere between two cents and an estimated figure with way more zeros behind the 2. How about $2,000,000? If that value for a penny blows your mind, you’ll want to read on to find out more about the 1974 pennies worth money.
What Are 1974 Pennies Worth?
The date is just one of many factors that can give a one-cent coin its value. The type of penny, how many were minted and its condition or grade can mean the difference between a penny’s face value and thousands of dollars.
The 1974 penny holds the potential for such a wide spread in valuation. Circulated 1974 pennies – those released by banks to the public for use as currency – are typically worn from use and may be valued at one or two cents. Uncirculated pennies – those sold to collectors from the U.S. Mint or struck as proof coins – may fetch $0.20 to $1.00 for copper pennies.
A one-cent piece that has fascinated the coin-collecting and investing community is the 1974 aluminum penny. In 2014, a 1974 aluminum penny turned up in the possession of the son of a former Mint employee. That penny was expected to draw more than $200,000 from an auction before it was seized by the U.S. government. You cannot legally own the coin.
However, there’s hope if you’re sitting on a stash of 1974 copper pennies. You might find the 1974 penny worth nearly $0.04. President Donald Trump ordered the Mint to stop producing the penny because it cost $0.037 to produce in 2024. If the U.S. stops using the penny as currency, you may be able to legally sell your copper pennies for melting.
History of the 1974 Penny
Among coins of value for the American numismatic community, the 1974 penny holds a particularly prominent position because of its significant history. Production of the Lincoln Memorial one-cent coin increased between 1971 and 1974 and so did the price of copper.
At the time, the Mint used 95% copper and 5% zinc to make a penny. Production of the penny rose from about 5.3 billion in 1971 to about 8.8 billion in 1974. Copper prices rose 43% from 1969 to 1970 before falling back and then rising again from 1971 to 1974 to land at $0.86 a pound.
Looking for a way to cut costs, Mint officials tested minting pennies from aluminum at the end of 1973, striking 1.5 million at the mints in Philadelphia and West Point. Another 10 to 12 were struck at the Denver Mint.
However, Congress rejected the use of the aluminum penny after lobbying from the vending machine industry. The Mint recalled the coins, including those given to Congress members, but not all the pennies were returned.
Only three are known to exist. One sits in the Smithsonian Institution’s Value of Money exhibit. A Capitol police officer surrendered one he found in 1973 to the U.S. Mint and the third is the coin uncovered in 2014 and seized by the Mint.
Types of 1974 Pennies
In your search for 1974 pennies worth money, you’ll find several types of 1974 pennies.
1974 Lincoln Memorial Penny
The U.S. Mint introduced the Lincoln Memorial penny in 1959, commemorating the 150th birthday of Abraham Lincoln. The image of the memorial, which opened in 1922, replaced the original wheat image on the reverse of the coin first released in 1909 in honor of Lincoln’s 100th birthday.
The remainder of the reverse shows “UNITED STATES OF AMERICA” stamped above “E PLURIBUS UNUM” and the memorial with “ONE CENT” underneath. The obverse features a bust of Lincoln facing right, the date in front of him and the mint mark below the date. “IN GOD WE TRUST” arches over his head and “LIBERTY” hovers behind his right shoulder.
The 1974 aluminum penny version appears almost silver, resembling a dime and is considered the “Holy Grail” for collectors of the Lincoln series. The series ended in 1982.
A penny to avoid is the “gold penny.” No such thing exists, except for those created through science. The gold penny is really brass, made by coating copper pennies with zinc dust in sodium hydroxide and fusing the metals with heat.
1974 Lincoln Memorial Penny With Errors
Errors can increase a coin’s value. Among 1974 pennies, you might find coins that were minted with several types of errors, including:
- Broadstruck: A coin struck outside the retaining collar, expanding the planchet
- Brockage: A coin stuck in the die imprints a mirror image on the next coin
- Die cap: A coin that adhered to the upper die, creating a bottle cap shape
- Die break: Part of the die breaks, causing a cud or break, on the coin
- Double die: A double image effect caused by a misaligned die
- Mint mark error: Two impressions were left after the coin was struck twice
- Off-center strike: The image appears off-center from a misaligned die
These errors, along with the condition or grade and who grades the coin (the Numismatic Guaranty Company or Professional Coin Grading Service), can increase the value of a 1974 penny. If you find a penny with an error, consider getting it graded and authenticated to get the maximum value from your find.
Factors Affecting the Value of 1974 Pennies
Collectors place a high value on the 1974 penny because of its historical value. Dealing with economic pressures, the U.S. Mint experimented with the coin’s production, making the 1974-D, no mint mark and aluminum pennies desirable to collectors.
Besides the rare 1974 aluminum penny, the pennies are pretty common but can fetch high prices when graded in mint condition.
Search Your Pennies
Whether you look in between the couch cushions or in a jar on your shelf, a search through your loose change might turn up a 1974 penny worth more than one cent now or later.
Frequently Asked Questions
Is a 1974 penny worth $2 million?
In general, the 1974 penny is worth $0.01, potentially $0.02 or maybe up to $0.25, depending on its condition. However, professional coin graders and dealers have estimated that a 1974 aluminum penny from the Denver Mint, discovered in 2014 and previously valued at $200,000 to $250,000, could command up to $2 million if it were ever legalized and hit the market.
What makes a 1974 penny rare?
The 1974 penny is relatively common, except for the 1974 aluminum penny, which is rare because not all the aluminum pennies were recovered when the U.S. Mint stopped its production and recalled the coin. The U.S. Mint tested making pennies from aluminum in 1974 because of the rising cost of copper, but it halted minting at about 1.5 million of the coins in Philadelphia and West Point and only 10 or 12 in Denver.
Where can I sell my 1974 penny?
You can sell your 1974 penny to a local coin dealer or online. A reputable local coin dealer can give you more information about your coin and immediately hand you cash or a check, but you may get more money online from eBay, Etsy, Apmex, Heritage Auctions, Coin World, Great Collections, USA Coin Book and other platforms.
