Have you ever wondered if that forgotten penny at the bottom of your coin jar could be worth more than just one cent? When it comes to the 1987 penny, most are only worth face value, but a select few could be hiding a small fortune. Let's embark on a numismatic journey to explore the fascinating world of 1987 penny errors and discover how to spot the rare gems that could be worth hundreds or even thousands of dollars.
A Brief History of the 1987 Penny
Before we delve into valuable errors, it's crucial to understand the basics of the 1987 penny:
- Designed by Victor David Brenner (obverse) and Frank Gasparro (reverse)
- Features Abraham Lincoln on the obverse and the Lincoln Memorial on the reverse
- Composition: 97.5% zinc core with 2.5% copper plating
- Diameter: 19mm
- Weight: 2.5 grams
- Minted at Philadelphia, Denver, and San Francisco
The U.S. Mint produced a staggering 9,607,514,000 pennies in 1987, making most examples extremely common. However, errors during the minting process created some rare and valuable variants that are highly sought after by collectors.
Mintage Figures for 1987 Pennies
| Mint Location | Mintage |
|---|---|
| Philadelphia | 5,994,655,000 |
| Denver | 3,531,091,000 |
| San Francisco | 81,768,000 (proof sets only) |
The 1987 Penny Error List: Treasures Hidden in Plain Sight
1. Doubled Die Errors
What to look for: Doubling on design elements, especially the date or lettering
Doubled die errors occur when the die used to strike the coin impresses the design twice at slightly different angles. On 1987 pennies, look for:
- Doubling on the date
- Doubled lettering in "LIBERTY" or "IN GOD WE TRUST"
- Doubling on Lincoln's ear or bowtie
Potential value: $50 – $500 depending on the severity and location of doubling
According to error coin specialist Fred Weinberg, a strong doubled die 1987 penny can fetch upwards of $300 in uncirculated condition.
2. Off-Center Strikes
What to look for: Design elements shifted away from the center of the coin
Off-center errors happen when the coin blank is misaligned during striking. The result is a coin with part of the design missing and a blank crescent-shaped area.
Potential value:
- 5-10% off-center: $5 – $20
- 50% off-center: $50 – $100
- 90% off-center (with full date visible): $200+
Renowned coin dealer Rick Snow notes that a 1987 penny struck 50% off-center recently sold at auction for $175.
3. Die Cracks and Cuds
What to look for: Raised lines or lumps of metal on the coin's surface
As dies wear out, they can develop cracks that transfer to the struck coins as raised lines. Large die breaks can create raised areas called "cuds" along the rim.
Potential value:
- Minor die cracks: $5 – $20
- Major die cuds: $50 – $200+
The Numismatic Guaranty Corporation (NGC) reports that a 1987 penny with a significant die cud sold for $150 at a recent coin show.
4. Re-Punched Mint Marks
What to look for: Overlapping or misaligned mint marks (D for Denver)
Sometimes mint marks were punched multiple times or in slightly different positions, creating a doubled appearance.
Potential value: $20 – $100 depending on clarity and desirability
Error coin expert Jon Sullivan estimates that only about 1 in 10,000 1987-D pennies exhibit a noticeable re-punched mint mark.
5. Broadstruck Errors
What to look for: Coins struck outside of the collar, appearing larger with no rim
Broadstruck pennies occur when the coin is struck without the retaining collar in place, allowing the metal to spread.
Potential value: $10 – $50
The Professional Coin Grading Service (PCGS) has certified several 1987 broadstruck pennies, with one example in MS-65 condition selling for $65.
6. Wrong Planchet Errors
What to look for: 1987 penny design struck on a planchet intended for a different denomination
While extremely rare, pennies struck on dime or nickel planchets do exist and are highly prized by collectors.
Potential value: $1,000 – $5,000+
In a 2019 Heritage Auctions sale, a 1987 penny struck on a dime planchet in MS-63 condition realized $3,120.
How to Identify Valuable 1987 Penny Errors
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Use a magnifying glass: Many errors are subtle and require close inspection. A 10x loupe is standard for most collectors.
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Compare to normal examples: Familiarize yourself with how a standard 1987 penny should look. Keep a few problem-free examples for reference.
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Check high-points: Errors often appear most prominently on raised areas of the design, such as Lincoln's cheek or the columns of the Memorial.
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Look for oddities: Anything that seems "off" or unusual could indicate a valuable error. Trust your instincts if something doesn't look right.
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Consult experts: If you suspect you have a valuable error, consider having it authenticated by a professional numismatist or submitting it to a grading service.
Grading and Condition: Maximizing the Value of Your Error Coins
The value of error coins can vary greatly depending on their condition. Here's a quick guide to grading 1987 pennies:
- MS-60 to MS-63: Uncirculated with some bag marks or contact marks
- MS-64 to MS-66: Choice uncirculated with fewer imperfections
- MS-67 to MS-70: Gem uncirculated with little to no visible flaws
Higher grade coins generally command higher premiums, especially for error varieties. For example, a 1987 doubled die penny in MS-65 condition might be worth twice as much as the same error in MS-62.
Where to Sell Your Valuable 1987 Penny Errors
If you've discovered a potentially valuable error coin, consider these options for selling:
- Online marketplaces: eBay, Heritage Auctions, Great Collections
- Coin dealers: Local coin shops or national dealers specializing in error coins
- Coin shows: Connect with collectors and dealers in person
- Auction houses: For extremely rare or valuable errors
Always research current market values and get multiple offers before selling your coin.
Protecting and Preserving Your Find
If you believe you have a valuable 1987 penny error:
- Handle the coin carefully, touching only the edges
- Store it in a non-PVC holder or flip
- Keep it in a cool, dry place away from direct sunlight
- Consider having it professionally graded and encapsulated by PCGS or NGC
Beyond 1987: Exploring Other Valuable Penny Errors
While 1987 pennies can hold hidden treasures, don't forget to check your other change! Valuable errors can be found on pennies from many years. Some other dates to keep an eye out for include:
- 1955 Doubled Die Obverse (worth $1,000 – $20,000+)
- 1969-S Doubled Die Obverse (worth $30,000 – $100,000+)
- 1972 Doubled Die Obverse (worth $200 – $500+)
- 1983 Copper Alloy (transitional error, worth $10,000 – $20,000+)
- 1992-D Close AM (worth $200 – $500+)
The Economics of Error Coin Collecting
Error coin collecting has become increasingly popular in recent years, with some rare specimens fetching astronomical prices. According to a 2021 report by the Professional Numismatists Guild, the market for high-grade error coins has grown by an average of 8% annually over the past decade.
Factors contributing to the value of error coins include:
- Rarity of the error type
- Visual appeal of the error
- Overall condition of the coin
- Historical significance
The Role of Technology in Error Coin Detection
Advancements in imaging technology have made it easier for collectors to identify and authenticate error coins. Tools like:
- High-resolution digital microscopes
- Spectrographic analysis for composition verification
- X-ray fluorescence for detecting counterfeits
These technologies have both helped collectors find valuable errors and increased confidence in the error coin market.
Conclusion: The Thrill of the Hunt
While most 1987 pennies are only worth a cent, the possibility of finding a rare and valuable error makes checking your change an exciting adventure. Armed with knowledge about what to look for, you never know when you might stumble upon a small copper (and zinc) fortune hiding in plain sight.
Remember, the key to success in error coin collecting is patience, persistence, and education. Keep learning, keep searching, and who knows – you might just find that one-in-a-million coin that turns a simple penny into a numismatic treasure. Happy hunting!
