Have you been looking for where to sell wheat pennies? Do you have more than a few of them and will like to get a good price for your collection? It will interest you to know that as of the time of writing this article, there is a thriving market for wheat pennies. People are walking away with good money for pennies they once thought were worthless.
Wheat pennies are numismatic pieces that command different values. The rareness of the penny is what determines its value.
A Brief History of Wheat Pennies
The first minted wheat pennies were called Lincoln pennies, and were produced between 1909 and 1958. These pennies were minted in great numbers and widely circulated. The year 1944, at the time when the Second World War was winding to a close, saw a high rate of mintage, with close to 1.5 million wheat pennies minted and circulated.
The idea to start producing these pennies came on the eve of Abraham Lincoln’s 100th birth anniversary. The serving president of the time, Theodore Roosevelt, felt it best to unveil these coins to commemorate the life of a man many still regard as the greatest president of the United States.
There are lots of different types of wheat pennies. Their value depends on lots of factors, like their rarity. You can tell what type of wheat penny you have by looking at things like its materials, mint mark (or lack thereof), printing mistakes, and more. Here’s a guide to wheat penny types and their average values.
Where to Sell Wheat Pennies
Before we go over the list of places where you can sell your wheat pennies, you should know that most common pennies will not bring you a fortune. However, if you are lucky to have some of the rarer wheat pennies, you stand to make good money from the sale.
Here’s where to sell your wheat pennies for cash, in person or online!
1. Local coin sellers
The first place to start when you are looking to sell your wheat pennies is to visit the shop of a local coin seller. Coin sellers stock up on coins which they resell to collectors and other interest groups.
The good news is that most of these sellers will offer you a fair deal for your coins. Selling to them is relatively easy without any complications. But they don’t buy at the maximum market price, because they still want to resell them for a profit.
You can sell your wheat pennies at auctions if yours is a rare coin/collection. In fact, we recommend this option if you have rare pennies that are not in circulation, because auctions provide the perfect opportunity to sell for a very high price.
You may pick an online auction house or physical auctions. The good thing about using auction houses is that there will be dozens of collectors present to bid for the pennies. If it is a rare penny or set of pennies, a bidding war will drive the price up, and you can walk away a happy seller.
3. Online websites
There are online websites that buy and sell pennies and other rare coins. These websites either trade directly with buyers and sellers, or they create a marketplace for both parties to transact business with one another.
If it is a collector website, they will evaluate the penny and give you an offer which you are free to accept or reject.
If it is an open platform like eBay and the likes, you can set your price and have collectors bud for it. While some websites will let you list your pennies for free, others will charge you for the listing. Furthermore, you may pay a service fee after the sale is closed, which is often between 5-10% of the selling price. You will also be responsible for shipping the item to the buyer.
You can advertise your pennies on as many sites as possible to get the best possible price for them. Just make sure not to accept two offers on the same coin!
4. Coin shows
Another place where to sell wheat pennies is a place where collectors congregate. Coin shows are one of the best options, because people who visit these shows do so for one purpose alone: to buy items.
At coin shows, items like tokens, gambling chips, medals, ornaments, trophies, and of course, wheat pennies and other coins are bought and sold. At these shows, you will also find expert numismatists who can evaluate the value of your pennies, so you know for sure how much it is worth in the open market.
The good thing about selling at coin shows is that you have access to a large collection of buyers who will offer you different prices. Rather than visiting different stores and websites, you can go to a place where potential customers all converge to buy and sell these items.
If there’s one downside, it’s that you might have to wait for several weeks or months for a local show before you can sell your pennies. If you don’t have time on your hands, coin shows are not the best for you.
5. Pawn shops
Pawn shops should not be left out of your list if you want to buy and sell wheat pennies.
Pawn shops are the jack-of-all-trades in the collection business. While gemstone collectors focus on precious stones and coin collectors focus on coins only, pawnshops buy anything of value that they can sell in the future for a profit.
If you have a pawn shop near you, you should approach the store owner or attendant and see how much they will pay for your wheat pennies.
Pawnshops have their own ways of evaluating the value of an item, but they may give you a price that is far below its worth.
To be on the safe side, consider approaching different shops so you can do a price comparison if you are bent on selling to a pawn shop. This way, you will get the best price possible.
This option should be at the bottom of your list for where to sell wheat pennies, however. You can almost certainly get a higher price at one of the other four places!
Final Thoughts: Selling Wheat Pennies
Beyond the options above, there are several other places where to sell wheat pennies for cash, like iron smelters and blacksmith shops. These professionals deal in metals and may offer you a good price for your pennies.
With so many options available today, you can certainly discover where to sell wheat pennies for a good price. As long as you have the right pennies in your pocket, you might be able to turn them into hundreds or even thousands of dollars!