Beginner’s Guide to Lincoln Cents: Should You Save Them for Collecting or Melting?

Got a jar full of pennies? Here’s what you need to know as a new collector

If you’ve just started exploring coin collecting, you might be wondering: should I save all those Lincoln pennies now that they’re being phased out? Let’s explore whether these coins are hidden treasures or just spare change cluttering your drawers.

The Pocket Change That Made History

Lincoln Cents first appeared in 1909, making them America’s longest-running coin design. The early versions were mostly copper – about 95%! But when copper prices jumped in 1982, the mint switched to zinc coins with just a copper coating. Now that production’s slowing, beginner collectors need to separate fact from hype.

Collecting Lincoln Cents: Worth Your Time?

Not All Pennies Are Created Equal

Many new collectors think discontinued coins automatically become valuable. With Lincoln pennies, it’s not that simple. Those zinc-based coins made after 1982? They were churned out by the billions. Unless you’ve found something truly special, they’re probably worth… exactly one cent.

• Myth: “No more pennies = instant collector goldmine”
• Reality: Common dates won’t pay your rent anytime soon

When Pennies Might Actually Pay Off

Pre-1982 copper pennies get collectors excited because of their metal content. But here’s the catch – you’d need hundreds just to make a few dollars. The real treasures? Look for rare errors, pristine uncirculated rolls, or key dates like the 1909-S VDB. These require some detective work, but that’s part of the fun!

Melting Pennies: Legal Loopholes or Lost Cause?

Why Breaking the Law Doesn’t Pay

Before you fire up the smelter, know this: melting U.S. coins remains illegal. Even if regulations change someday, turning pennies into profit isn’t easy:

• Copper Content: Pre-1982 pennies have more metal, but processing fees can wipe out any profit
• Volume Problem: You’d need about $16.50 in old pennies to get one pound of copper
• Better Options: That coffee can full of pennies? You’d earn more returning it as change

Crunching the Numbers

165 pre-1982 pennies ≈ 1 pound of copper

Current copper price ≈ $4 per pound

After fuel, time, and effort? You might lose money

Penny Myths That Waste Your Time

Myth Buster: “These will be rare soon!”

There are over 100 billion Lincoln pennies in existence. Even with production slowing, you’ll still find them in circulation for decades.

Myth Buster: “The melt ban will lift any day now!”

Congress shows zero interest in changing coin melting laws. Even if they did, you’d need industrial-scale operations to profit.

Myth Buster: “Banks will pay premiums for rolls!”

Most banks still exchange pennies at face value. Some might limit how many you can get, but there’s no secret vault paying extra.

Smart Starter Strategies

• Skip the zincolns: Post-1982 pennies belong in parking meters, not your collection
• Hunt for errors: Doubled dies, off-center strikes, or unique varieties can be valuable
• Try roll searching: Buy $5 penny rolls from your bank to hunt for older coins
• Set realistic goals: Enjoy the history without expecting retirement money

The Bottom Line for New Collectors

Don’t get swept up in the penny-saving hype. While finding a rare Lincoln cent can be thrilling, most are worth exactly their face value. If you enjoy the hunt, focus on error coins or vintage rolls. Otherwise? Those pennies still make perfect sense… for actually buying things!

Related Resources

You might also find these related articles helpful:

• Lincoln Cents After 2023: A Data-Driven Analysis of Melt Value vs. Collector Potential – The Hidden Economics of Discontinued Lincoln Cents Let’s cut through the hype about Lincoln cents disappearing aft…
• Lincoln Cents: Should You Hoard, Melt, or Spend Them? (My Step-by-Step Analysis) – My Penny Predicament: What I Learned Last month, while organizing my garage, I stumbled upon jars of Lincoln Cents clutt…
• How Legacy Code Quality Audits Make or Break M&A Tech Deals – When Hidden Tech Debts Tank M&A Deals Nobody warns you about the legacy code skeletons lurking in acquisition targe…