A penny is not worth very much in terms of purchasing power. In fact, there are very few things you can buy with a single penny. Even chewing gum costs more than a penny these days. So if a single penny isn’t worth very much, how can a million of them be worth anything at all?
Well, the answer might surprise you. A million pennies actually have a lot of value. Want to learn more? Keep on reading.
How Much Is a Million Pennies?
Million pennies are worth $10,000. Namely, there are 100 pennies in a dollar, and 100 pennies are worth $1. Therefore, to get the exact number, we need to divide one million by 100. This gives us the answer of $10,000.
By the same equation, we can determine that two million pennies are worth $20,000, 7 million pennies are worth $70,000, and so on.
How much is a billion pennies? To determine, you need to divide 1,000,000,000 by 100, which equals $10 million.
6 Interesting Facts You Didn’t Know About Pennies
Now that we know how much a million pennies are worth, let’s take a look at some interesting facts about pennies that you probably didn’t know.
1. If you have one million pennies, you can buy a sports car.
(Hotcars)
One million pennies equals $10,000, and plenty of sports cars on the market cost less than that. Unfortunately, Lamborghini is not one of those. However, there are other options.
For example, the Dodge Neon SRT-4 starts at around $6,000, while Subaru WRX is worth $7,000. You can also find a 1997 Porsche Boxster (986) for $9,000.
2. The most valuable penny is the 1943-D Lincoln bronze coin, which was sold for $1.7 million.
(WorkAndMoney)
You could get a whopping $1.7 million for only one penny, if you happen to have the right one. The worth of one million pennies is nothing compared to the price of one 1943-D Lincoln bronze coin, the most valuable penny.
This penny is unique because it is the only one known to have been minted in Denver, and it was made of bronze instead of zinc-plated steel.
This coin was sold for $1.7 million at a private auction in 2010. For comparison, that’s how much Jeff Bezos makes per year.
3. At one point, pennies were the size of a half-dollar coin.
(Jm Bullion)
Pennies were once called large cents. The large cent was a copper coin, about the size of a half dollar. It was produced by the U.S. Mint until 1857. Collectors find large cents very valuable, even if they are in bad condition.
For example, 1 million pennies equals the worth of only one 1811 classic head large cent in uncirculated condition, i.e., $10,000.
4. If you cashed in 100 million pennies, you would end up with one million dollars.
(Tech Hangouts) (Measuring Stuff)
This also means you would have to drag a really big and heavy bag to the bank since one penny weighs 2.5 grams. In fact, it would be quite impossible — one million dollars in pennies weigh 550,000 pounds, which equals the weight of about seventeen heavy trucks.
5. 10 million pennies equals two median US salaries.
How much is 10 million pennies in dollars? The answer is $100,000. This means that if you had 10 million pennies, you would earn a minimum six-figure salary.
6. Melting nickels and pennies for profit is illegal in the US.
(The Funtimes Guide) (KTLA)
It is a federal crime in the United States to melt pennies for profit. The consequences could be as heavy as five years imprisonment and fines up to $10,000.
On the other hand, melting pennies is allowed if you plan to destroy them, use them for making art, or for other non-economic reasons.
Conclusion
If you convert 1 million pennies to dollars, you’ll end up with $10,000. This is a lot of money, but it’s still not as much as you would get if you cashed in 100 million pennies or sold a 1943-D Lincoln bronze coin.
Furthermore, if you want to melt your pennies for profit, you should know that it’s illegal in the United States. The only exceptions are if you’re doing it for artistic purposes or if you want to destroy them.
FAQs
How long would it take to count 1 million dollars in pennies?
It would take you almost 12 days to count one million dollars in pennies, assuming you can count at the speed of one penny per second and take no breaks.
To get this number, you need to determine how many seconds are in a day—86,400 (60x60x24), which means one day is a 1/86,400 of a second. Therefore, you need to multiply 1,000,000 by 1/86,400. This equals 11.57 days or exactly 277.68 hours, 40 minutes, and 48 seconds.
How many dollars is 5 million pennies?
If you have five million pennies, you have $50,000. To get this amount, you need to take 5,000,000 and divide it by 100 since 100 pennies are worth $1.
How many dollars is 1 million pennies worth?
One million pennies is equal to $10,000.
Namely, a penny is worth one cent; therefore, one million pennies would be the same as one million cents. As you know, one dollar is made up of 100 cents, which means that you’d have to divide 1,000,000 by 100 to answer “how much is a million pennies?”
