Whether you want to believe it or not, the right penny can be quite valuable.
Even though fewer Americans are using freshly minted change to make purchases, rare coins can fetch thousands of dollars online.
If you ever come across a coin that you think might be rare, make sure to research it to find out what it might be worth.
We outline a few methods for locating rare coins.
Search your house or any other place you keep change.
Look for money in your pockets, piggy bank, piggy bank, under the couch, or anywhere else. Aside from getting some dirt or dust on your fingers, there is no cost to using this method.
Banks are frequently used for cash deposits and withdrawals, but did you know that they also distribute coins?
Request a penny wrapper from your teller in exchange for an equal amount of cash. Due to the ease with which old silver coins could be incorporated into bank rolls, this method gained popularity in the 1970s and 1980s.
Even in modern times, searching coin rolls may turn up an error coin. You can always deposit the coins back into your account if you don't find anything rare.
Another way to locate coins is by using a metal detector in particular locations. However, bear in mind that all national parks prohibit the use of metal detectors before you purchase one.
Searching in locations known for hidden treasure is much better. The condition of the coin once you dig it up is something you'll need to consider when using a metal detector.
The values of silver, copper, and bronze coins may not be as high as those of comparable coins in better condition because these coins typically don't fare well when buried for decades or centuries, according to Mr. Eicher.
You can approach experts and auctions in a few different ways, including face-to-face and online.
Auctions and specialists
You might decide to go to places like pawn shops, estate sales, antique shops, or other potential sellers of rare coins.
But be sure to thoroughly research the coin and understand how much it is selling for before you buy.