1964 Steel Penny Discovered in Tackle Box Shocks with $875,000 Value
A simple fishing trip turned into a life-changing discovery when a man stumbled upon a 1964 steel penny hidden inside an old tackle box. To his surprise, what looked like an ordinary coin was worth a jaw-dropping $875,000.
For most people, pennies are just spare change lying at the bottom of drawers or hidden in pockets. But in rare cases, like this one, a single coin can be worth more than a house. The 1964 steel penny is one of those rare coins that almost no one has — and collectors are willing to pay massive amounts to own one.
In this article, we’ll explore why the 1964 steel penny is so rare, how it ended up in a tackle box, and what you should look for in your own coin jar at home.
The Story Behind the 1964 Steel Penny
The penny in question was found by a retired man going through his father’s old fishing gear. Inside a rusty tackle box, he found several coins, including one unusual-looking penny. Unlike the usual copper color, this one was shiny, silver-gray — made of steel.
After getting it examined by a coin expert, it was confirmed to be a genuine 1964 steel penny, one of the rarest coins in U.S. history. The estimated value? Around $875,000 in the current collectors’ market.
Why Is the 1964 Steel Penny So Valuable?
To understand why this coin is so special, let’s go back in time. During World War II, copper was needed for ammunition, so in 1943, the U.S. Mint made pennies using steel coated with zinc. These were called 1943 steel cents.
After the war, the Mint returned to copper. But somehow, a few steel blanks from earlier years may have been leftover and accidentally used in later years — including 1964. Only a handful of these steel pennies are known to exist, making them extremely rare and valuable.
Overview Table: Key Facts About the 1964 Steel Penny
| Feature | Details |
|---|---|
| Year | 1964 |
| Composition | Steel (instead of copper) |
| Color | Silver-gray |
| Minting Error | Extremely rare – possibly accidental |
| Estimated Value | Up to $875,000 |
| Total Known to Exist | Fewer than 10 (unconfirmed) |
| Discovered In | Old tackle box |
| Common Mistaken Coin | 1943 steel penny |
What Makes a Coin Rare and Valuable?
Coins become valuable for many reasons. In the case of the 1964 steel penny, these are the main factors:
1. Minting Mistake
This coin wasn’t meant to be made. It was likely created by accident using leftover steel blanks from earlier years. Mistake coins are very rare and popular among collectors.
2. Limited Numbers
Only a few 1964 steel pennies are believed to exist. The fewer the coins, the higher the value.
3. Condition of the Coin
This particular penny was in good shape, having been tucked away in a dry box for decades. Better condition usually means higher value.
4. Collector Demand
Coin collectors are always on the lookout for rare finds. A coin like this can spark bidding wars at auctions, pushing the price sky-high.
How to Identify a Steel Penny
Wondering if you have a steel penny lying around? Here’s how to check:
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Color: Steel pennies look silver or gray, not copper-colored.
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Magnet Test: Steel is magnetic. Use a small magnet — if the penny sticks, it might be steel.
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Date Check: Most steel pennies are from 1943, but if you find one from 1964, that’s extremely rare.
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Weight: Steel pennies weigh slightly less than copper ones. You may need a precision scale to tell.
If your penny passes these tests, it’s worth getting it checked by a professional coin dealer or appraiser.
What To Do If You Find a Rare Coin
If you think you’ve found something rare like a 1964 steel penny, don’t clean it or tamper with it. Instead:
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Store It Safely – Keep it in a dry, protective case.
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Get a Professional Opinion – Find a trusted coin dealer or appraisal service.
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Have It Authenticated – Organizations like PCGS or NGC can confirm if your coin is genuine.
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Consider Selling – If it’s rare and real, collectors might pay hundreds of thousands, just like the lucky person who found theirs in a tackle box.
Frequently Asked Questions (FAQs)
1. How many 1964 steel pennies exist?
There’s no official number, but experts believe fewer than 10 exist. They are extremely rare, and most people have never seen one.
2. Is it legal to sell a 1964 steel penny?
Yes, it is perfectly legal to sell rare coins like this, as long as they are not stolen or fake. In fact, many are sold through auctions and private collectors.
3. What’s the difference between the 1943 and 1964 steel pennies?
1943 steel pennies were mass-produced due to copper shortages during WWII. The 1964 steel penny was likely a minting error, which is what makes it so rare.
4. Can cleaning a rare penny reduce its value?
Yes. Cleaning a coin can damage its surface and reduce its value dramatically. Collectors prefer coins in their original, untouched condition.
5. Where can I sell a rare coin like this?
You can sell it through a certified coin dealer, a reputable auction house, or an online platform for rare collectibles — but always make sure the coin is first authenticated.
Final Thoughts
The story of the 1964 steel penny found in a tackle box is both surprising and inspiring. It shows that even everyday items around us could be hiding incredible treasures. While it’s rare, finding one of these coins is not impossible — and you could be the next lucky person to make such a discovery.
So the next time you’re cleaning out an old drawer, piggy bank, or even a tackle box, keep your eyes open. That dull-looking penny just might be worth hundreds of thousands of dollars.
Happy hunting!