How the ‘edge’ on your penny could net you huge profit worth $72,000 – check your change now

CONTROVERSIAL old “Indian head” pennies could be worth tens of thousands of dollars.

But coin experts recommend you look for two important features of this 1888/7 penny before trying to cash in.

Back in 2019, Heritage Auctions sold one such 1888/7 penny for $72,000.

Next to the Lincoln Penny, the Indian head penny is one of the most popular small cents that people collect, according to the United States Gold Bureau.

"These coins are almost as old as the U.S. itself," it added.

"It’s a seriously rare coin, and it’s something I’d urge you to look for," recommended TreasureTown on TikTok.

DOWN TO THE DETAILS

A clip featuring the unique penny zoomed in on a couple of features which set this coin apart.

It was originally minted in 1887, but the final digit was later altered to show the number eight - highlighting its rarity and what makes it a collectible.

"Basically it’s an 1888 over 1887... there’s an overdate on the [last number] eight," said TreasureTown.

It described the tweaked coin as "one of the kings of the Indian head pennies" which is "worth thousands."

"If you look really closely, you can see a little bit of protrusion in the top left, but especially in the bottom left of that date, and [final] digit," explained Treasuretown.

"They would have punched each of these individually.

"Sometimes you’ll see some 'eights' punched all the way to the edge of the [coin]. Sometimes this is pretty worn down."

When it comes to 19th Century US bronze cent coins, the 1888/7 Indian head cent overdate is by far the most valuable, said World of Coins.

The forum explained that sale values can be 250 to 1,300 times the face value of the actual coin itself.

"One reason the 1888/7 has such a high market price, is because presently no other Indian head cent has the highly sought-after overdate designation," the website added.

What makes a coin worth more?

If you're lucky, you could discover a coin worth hundreds of thousands of dollars.

The rarity, condition, collectibility and metal content can increase the value of a coin - no matter what its age.

"If a coin is relatively easy to acquire, its worth is usually less," said Warwick & Warwick Auctioneers.

The most valuable coins are usually those with a low mintage or an accidental error.

Rarity can be created by mistakes, for example errors made during the minting process, or when coins have been issued by mistake.

And, the better the condition of a coin, the more it will usually be worth.

Some specific designs and features of relatively common coins can be worth thousands.

Plus, the push for rare and valuable coins is based on supply and demand, said Nasdaq.

"Some historic 2,000-year-old Roman bronze coins are so common and easily available that they can be purchased for as little as $25 or $50 each," said Donn Pearlman, spokesman for the Professional Numismatists Guild.

A coin's mintage is key to its attractiveness to collectors.

Each coin has a minting number that indicates how many were made.

The lower the mintage, the higher the value of the coin - as there are less of them available.

Its bullion content is also of interest - those made from copper aren't nearly as valuable as a coin produced from gold, silver, platinum or palladium.

"Many coin enthusiasts think the master hub for the 1887 cent was used in the production of the 1888 issue," said the US Gold Bureau.

But, although it's regarded as iconic, the small cent's design is contentious.

One side features the goddess Liberty - wearing an Indian headdress, with the words "United States of America" circling her portrait.

The mint year can be seen beneath it.

However, people have criticized the coin for showing a historical inaccuracy.

Also, at the time the pennies were issued, "Native Americans were being forced to leave the land of their ancestors," said the bureau.

The Indian head pennies don't contain precious metals such as silver or gold - the US only accepted both as legal tender between 1792 and 1862.

The new Coinage Act in 1864 authorized the production of pennies made from bronze alloy - consisting of 95% copper, 5% zinc, and tin.

The pennies were made at the Philadelphia and San Francisco Mint branches.

Americans should check their change to see if they have any historical currency - because they could be worth hundreds of dollars.

One limited-edition coin featuring the car of an important Chinese figure has been valued at over $100,000.