What to Do with Old Pennies: My Practical Guide for Collectors

I recently stumbled upon a treasure trove of old pennies—about $30 face value, all dated between 1940 and 1975. As a lifelong coin enthusiast, I’ve always cherished wheat pennies from my childhood, so I immediately set those aside for my collection. But what about the rest? I had a pile of Lincoln Memorial Cents (LMCs) from 1959 to 1975 that felt too special to just spend or deposit. This got me exploring the best ways to handle them, and I uncovered some fantastic insights I’m excited to share.

Sorting and Enjoying the Find

First, I grabbed a Whitman’s folder and spent a fun afternoon sorting pennies with my kids. Filling those slots brought back memories and sparked their interest in numismatics. We focused on the wheaties, but the leftovers—those common LMCs—left me pondering their fate. They might not be rare, but they represent history, and I couldn’t bear to treat them as ordinary change.

Practical Options for Leftover Pennies

After digging into this, I found several smart paths for coins like these:

• Deposit at your bank: While banks do accept them, it’s often a hassle for bulk amounts, and you might miss out on hidden value or sentimental opportunities.
• Sell to a local coin shop (LCS): Many shops buy wheat cents for around 3 cents each and LMC copper cents (1959–1981) for about 2 cents each. This can turn a small profit, especially since pre-1982 pennies have copper content worth more than face value—currently 2–3 times melt value!
• Donate to youth programs: Organizations like Boy Scouts or Girl Scouts use coins for Coin Collecting merit badges. I checked with a local library’s coin club, and they love donations for kid-friendly tables at shows.
• Contribute to specialized groups: Clubs like the Elongated Cents crew use pre-1982 cents to create smashed coins for young collectors at major events, which is a blast for fostering new interests.

Market Insights and Collecting Tips

Before letting any coins go, I learned to hunt for varieties. Dates like the 1960-D Small Date or 1972 Doubled Die can be surprisingly valuable, so I spent time examining each one under good light. Market-wise, copper hoarding is real—pre-1982 LMCs are often bought in bulk for their metal content, and LCS prices reflect that demand. For common dates, selling in larger quantities nets better returns than spending them.

Giving Back to Build Future Collectors

Donating to Scouts or coin clubs has been the most rewarding part for me. It helps kids earn merit badges to advance ranks and introduces them to our hobby. I’ve seen firsthand how a simple donation can ignite a passion at coin shows, where young numismatists flock to explore and learn.

Wrapping It Up

In my case, I opted to donate most of my leftovers to a Scout troop, and it felt amazing knowing these pennies could inspire the next generation. Whether you sell, donate, or keep them, old pennies aren’t just metal—they’re stories waiting to be told. Happy collecting!