You might not think it, but you might have a lot of money on your coin purse! We want you to look at your coins because certain ones have a market value of hundreds of thousands of dollars… maybe even millions! Yes, we know that it sounds crazy, but it is true. Who would have thought that there was so much money in pennies? Anyone who gets lucky will probably feel like they just hit the lottery jackpot. Well, this was the reality for Don Lutes Jr. He had been 16 years old when he stumbled into one of the rarest coins in the history of the United States.
Young Boy Found A Very Unusual Coin, But The Truth About It Only Came Out 70 Years Later
Many Passionate Collectors Out There
It might not be your thing, but there are people who are very passionate about old coins. They are always on a quest to look for rare and important ones. Some of them even devote their whole lives to this endeavor! But try as they might, it is usually a matter of luck. Many people who end up owning these things have no idea just how much they are worth.
Many Passionate Collectors Out There
His Luck Came From Spare Change
The story starts when Don Lutes Jr. was 16 years old. At the time, he received the coin in this photo when he paid for his food at the local cafeteria. The incident took place in 1947! Even though he was young, he could tell that this was a special coin from the very beginning. But what exactly made him think that?
His Luck Came From Spare Change
Not Your Usual Coin
He might have been a teenager at the time, but he was already a budding coin collector. This was how he figured out that this was not a regular coin. He knew right away that there was something special about the one in his possession. In the meantime, he decided to give it a spot in his collection.
Not Your Usual Coin
He Had No Idea
It is a good thing that his hunch turned out to be correct! True enough, he really did have something very valuable in his hands. However, he was still clueless about how big of a find it really was. Despite this, we are glad to hear that he did not simply give it away. In fact, he was able to keep it safe for a very long time.
He Had No Idea
A Brief History Lesson
Before we dive into what happened to him upon finding out its rule worth, let us first give you a quick history lesson. The first coin in the United States popped up in 1797. It was actually designed by a very important person in the history of the nation! Benjamin Franklin came up with its design himself.
A Brief History Lesson
The Very First American Coin
This is one of the most valuable coins in history. It is now called the “Fugio Coin.” Aside from its amazing place in history, it also came with a number of interesting phrases on its surface. Some of them said, “Mind your business.” There are others that also said, “Time is passing; get on with your work!”
The Very First American Coin
Once Made Up Of Copper
The first few coins that entered the circulation had been made entirely out of copper. This is no longer the case. Nowadays, most of the new coins are only made using simple metal. But why did they stop using this material in the first place? The United States Mint actually has a good reason for this…
Once Made Up Of Copper
The Size Has Also Changed
Aside from the material used, the size of these coins has also changed! In the beginning, those coins had a diameter of 1 and 1/8 inches. This is considerably bigger than the size of the ones that we now use. The coins of today only have a diameter of ¾ inch!
The Size Has Also Changed
Introducing The Flying Eagle Cent
After some time, the government came to the realization that the coins were far too big. This was the reason they then worked on the creation of the Flying Eagle Cent. It was introduced in 1857. The new coin was made no longer purely copper. No, it was now made up of 12 percent nickel.
Introducing The Flying Eagle Cent
A Super Rare Coin
Don Lutes Jr. owned a coin like the one in the photo below. What sets it apart from the rest is that it was made with 95 percent copper and only five percent zinc. It is actually very rare since a limited number entered the circulation. This is the reason it was so valuable!
A Super Rare Coin
Production Was Still Going On
The Second World War had already ended by the time he found the rare coin. Despite this, the United States was still occupying the losers of the war: Japan and Germany. It meant that the country remained in a state of war. That was why the government had been working on making more ammunition.
Production Was Still Going On
The Country Needed Copper
When Japan attacked Pearl Harbor, the United States was not willing to take chances. The country wanted to make war supplies right away. However, this meant that it needed a lot of copper. After all, this material was very important when it comes to the production of bullets, weapons, and the like.
The Country Needed Copper
No Copper For Civilian Use
It did not help that copper was growing scarce at the time. This was the reason the United States government decided to ban the use of it for civilian use. Aside from that, it also began to produce coins using other materials. As you can see, the government went to great lengths to manufacture more arms.
No Copper For Civilian Use
It Was Even Rarer
Since copper coins were already banned by then, the one in his possession only got even rarer. Even though this was the case, Don Lutes Jr. had been oblivious to the fact that he had something amazing in his hands! Whew, what a relief to hear that he held onto it for a very long time.
It Was Even Rarer
Looking For More Information
He might have found it when he was 16 years old, but it took him a few years before he realized its true value. Mind you, he had to put in some effort to learn more about it. He first wrote the Treasury Department to ask for more information about the coin. We wonder what they told him!
Looking For More Information
A Disappointing Response
Sadly, he did not learn anything from the Treasury Department. He only got a stock letter, which was the typical answer to inquiries about the 1943 penny. “In regard to your recent inquiry, please be informed that copper pennies were not struck in 1943,” read the letter. It went on, “All pennies struck in 1943 were zinc coated steel.”
A Disappointing Response
Until The End
Don Lutes Jr. did not get the confirmation that he was looking for, but he could not shake the fact that it was a rare coin. Sadly, he did not learn more about it before he passed away at the age of 87. This meant that he did not get the opportunity to learn exactly how much his treasure was worth.
Until The End
People Could Not Believe It
After some time, however, the coin made its way to an auction. People were shocked when they saw it. Who would have thought that one of these coins had been out there? They could not believe that the owner did not try to sell it even once in the past. But here it was now at long last.
People Could Not Believe It
Would Have Been A Millionaire
If Don Lutes Jr. tried to sell it in the past, he would have become a millionaire! Whoa. The Daily Mail reported that a similar coin went for an unbelievable $1.65 million when it was put on auction. Even though he did not live to hear its real value, he was aware that it was not your ordinary coin from the very first day.
Would Have Been A Millionaire
The Lessons From This Story
There are so many things that you can learn from this unbelievable story! First of all, you might want to check the coins that you have. After all, you might actually be sitting on millions of dollars! Second, you should never judge a book by its cover. And lastly, you should always trust your gut no matter what.
The Lessons From This Story