Imagine finding a penny in an old tackle box that’s worth nearly a million bucks! That’s exactly what happened when a rare 1964 steel penny was discovered, stunning coin collectors with its estimated value of $875,000. The Lincoln penny, usually made of copper, is a common sight, but a few steel versions from 1964 are so rare they’re like finding a needle in a haystack. Some of these coins might still be out there, hiding in old boxes or loose change. Let’s dive into this incredible find and how to spot one yourself.
The Tale of the Tackle Box Penny
The story began when a fisherman in Pennsylvania was cleaning out his old tackle box and found a small stash of coins tucked in a corner. Among them was a shiny 1964 penny that didn’t look like the usual copper kind—it was silver-colored, like the steel pennies from 1943. Experts confirmed it was a 1964 steel penny, likely made by mistake at the mint. Only a handful of these exist, making them a holy grail for collectors. This one, in great condition, could fetch up to $875,000 at auction.
Why Is This Penny So Valuable?
Most 1964 pennies are copper, but during World War II, the U.S. Mint made pennies from steel to save copper for the war effort. By 1964, the mint had switched back to copper, so a steel penny from that year is a rare error. These mistakes happen when leftover steel blanks from earlier years are accidentally used. With only a few known examples, collectors go wild for them, driving prices sky-high. The tackle box penny’s near-perfect condition makes it even more valuable.
How to Spot a 1964 Steel Penny
Want to check if you’ve got a treasure? Look for a 1964 penny that’s silver-gray, not copper-red. It should feel slightly different—steel pennies are magnetic, unlike copper ones, so a quick test with a magnet can help. Check the mint mark, too: a “D” means Denver, while no mark means Philadelphia. The coin should have the classic Lincoln head on one side and wheat stalks on the back. If you find one, don’t clean it—dirt or wear can affect its value.
| Feature | What to Look For |
|---|---|
| Date | 1964 |
| Material | Steel (silver-gray, magnetic) |
| Mint Mark | “D” (Denver) or none (Philadelphia) |
| Design | Lincoln head, wheat stalks |
Other Big Penny Finds
This isn’t the first time a rare penny has made headlines. A 1943 bronze penny, another minting error, sold for $1.7 million in 2010. In 2018, a 1969-S double-die penny fetched $90,000 because the date looked doubled. These stories keep collectors hopeful, knowing that a life-changing coin could be hiding anywhere maybe even in a dusty tackle box or a forgotten jar of change.
What to Do If You Find One
If you think you’ve found a 1964 steel penny, handle it carefully cleaning or scratching it can lower its value. Take it to a professional coin grader like PCGS or NGC to get it checked. They’ll confirm if it’s real and give it a grade based on condition, which decides its worth. Even if it’s not worth $875,000, it could still be valuable. So, next time you’re sorting through old coins or cleaning out a garage, keep an eye out you might just find a penny that changes your life!
