What to Do with Old Pennies: My Numismatic Journey

I recently found a stash of old pennies—about $30 worth from 1940 to 1975—and it got me thinking: what should I do with all these? I’ve been holding onto wheat pennies since I was a kid, so I pulled out my trusty Whitman folders and had a great time sorting through them with my children. But once we filled the slots, I still had a pile of pennies from 1959 to 1975. They felt too special to just spend or take to the bank. Here’s how I handled it, and some practical tips that might help you if you’re in the same boat.

Sorting and Keeping the Wheaties

First things first: I pulled out all the wheat pennies. You know, those pre-1959 gems that just feel special. I got out a Whitman folder and turned it into a family project. The kids had a blast hunting for dates and filling in the slots. It’s a wonderful way to share the hobby with the next generation and keep history alive. After that, I set aside any coins that might be varieties or errors. But most of the rest were common dates that I needed to find a new home for.

Practical Options for Leftover Pennies

So what about those ordinary Lincoln Memorial Cents (we call them LMCs) that were left? I looked into a few options and here’s what I found:

• Donate to Youth Groups: Local Scout troops—Boy Scouts or Girl Scouts—often need coins for their Coin Collecting Merit Badges. Donating to them or to coin clubs at library events is a great way to get kids interested. Trust me, it feels great to see their eyes light up!
• Sell for Copper Value: Because pennies made before 1982 are mostly copper, they’re actually worth more melted down than their face value. I checked with my local coin shop, and they pay about 3 cents per wheat cent and 2 cents for copper LMCs (1959-1981). You might even make a little profit selling them online.
• Search for Varieties First: Before you let go of any, take a moment to look for rare dates or errors like doubled dies. It only takes a minute and you might find a hidden gem—I’d hate for you to miss out!
• Bank Deposit or Exchange: If you’re not attached to them, banks will take them. It’s easy, but for me, the sentimental value made this option a last resort.

Market Insights and Collecting Tips

As I looked into this, I found that a lot of collectors are hoarding pre-1982 pennies because of their copper content—it’s seen as a kind of inflation hedge. Prices do go up and down, but right now, the copper in these pennies can add 50% to 100% over face value. When you’re checking your pennies, take a close look at their condition. Even common dates can be worth more if they’re in good shape. And here’s a fun idea: groups like the Elongated Cents club use these coins to make souvenir smashed pennies at coin shows. It’s a cool way to give them a new life!

Wrapping It Up

From my experience, the best ways to handle those extra pennies are either donating to youth groups or selling for their copper value. It keeps the coins in the hobby and might put a few extra dollars in your pocket. Whether you’ve been collecting for years or just starting out, I hope you’ll sort through them, check for treasures, and pass some along. After all, that’s what makes coin collecting such an adventure!