During the years Welch has attended several coin-collecting conventions where microscopes and magnifying glasses are just part of the process, he says.
“It’s like a science. It’s really complex,” Welch says. “People get really weird about them.”
Although they only represent one one-hundredth of a dollar, some pennies, depending on the year they were made and condition, can be worth thousands of dollars.
“A worn-out slug from 1793 would be $2,000,” he says. In fact, a pure copper penny is worth three cents. But in 1982 the U.S. started copper-plating zinc pennies, so pennies today are worth less.
Ironically, some pennies are valuable because of their defects. Welch says some pennies from 1955 and 1972 are unique and worth more due to a mint malfunction where the penny blanks were struck twice creating a double image.
But as they say, one man’s trash is another man’s treasure.
Did You Know?
At one time, Tim Welch had a collection of pennies that included one from every year but two between 1793 and 1975. Although Welch never owned one himself, some unique pennies have run for about $300,000 at auctions.
Bloomington’s very own penny pincher
We talked to coin connoisseur, Ted Welch, at The Coin Shop on South Walnut Street about what it takes to become a penny collector.
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