5 copper coins that are worth a lot of money

The combination of “copper” and “penny” may not seem like the best formula for valuable coins, considering that higher denominations in gold and silver also exist. But if you find the right copper coin, you could become a millionaire.

Attention: 8 rare coins worth millions that are highly sought after by coin collectors

Try this: 7 reasons why you should consider a financial advisor – even if you are not wealthy

With few exceptions, copper coins in the United States are one-cent pennies—usually those featuring Abraham Lincoln. The most valuable Lincoln penny is worth $2 million on the collectors’ market, and many others are worth five or six figures.

The value of copper coins, like all coins, depends on rarity and condition. Rare coins with minting errors or other unique features tend to fetch high prices, as do coins in mint or near-mint condition.

As The Spruce Crafts noted, many collectors of American coins started with the Lincoln penny and took most of them out of circulation. With so many of them out of circulation, you’ll likely have to go to a dealer or auction to get examples of the highest quality and rarity. This scenario led to high demand – and high prices.

Here’s a look at five copper coins that are worth a lot of money.

Wealthy people know the best money secrets. Learn how to copy them.

1943 Wheat Penny (Bronze Cent Coin)

The CoinValue website calls this the “rarest and most valuable single-flaw wheat penny.” It holds the record for the most expensive sale among wheat pennies at $1.7 million, although it is worth $2.3 million in uncirculated, mint condition. Most can be bought and sold for between $14,000 and $300,000.

Trending now: I am a collector of rare coins: How to recognize valuable coins

1982-D Lincoln Penny (copper, small date)

This is a rare coin for several reasons. First, it contains numeral errors. Second, it wasn’t supposed to be struck in copper in 1982, but there were “leftover copper blanks” that the U.S. Mint struck with zinc to create the error, according to CoinValue. Prices range from $10,000 to $30,000 and more.

1909-S VDB Lincoln Penny

According to The Spruce Crafts, the U.S. Mint replaced the Indian Head Penny with the Lincoln Cent in 1909. Nearly 500,000 of these pennies were struck before the Treasury Department “required the removal of the initials” – the initials of designer Victor David Brenner (VDB) between the two stalks of wheat – which sparked a great demand among collectors. This penny is currently valued at over $117,000 in mint condition.

1872 Indian Head Penny

Just over 4 million were minted, and most of them entered circulation. What makes certain coins of this date so rare is their “exceptional condition,” according to The Spruce Crafts. Some of the more valuable examples are so well preserved that you can still see the original bright red-copper color. These coins are valued at $126,500 and are in particularly fine condition (the price listed is for an MS-67 or high mint condition, for example).

The story goes on

1969-S Lincoln Penny – Double Obverse

Here’s another coin worth $126,500 (at least in MS-64 condition) — and most of that value is due to the doubling of the date and lettering on the obverse. The errors were first discovered in 1970. The U.S. government initially believed these were counterfeit coins and began confiscating them, as The Spruce Crafts noted. Five coins were confiscated and destroyed before they were recognized as genuine.

(This article has been updated to clarify that the 1982 penny is a Lincoln penny, not a Wheat penny.)

More from GOBankingRates

This article originally appeared on GOBankingRates.com: 5 Copper Coins That Are Worth a Lot of Money