I lost a roll of 51 1976D BU pennies in a fire and wondering how much of a 'loss' I can claim on them.

Answer 1

The roll of BU 1976-D cents has a value of $1.25 . That is about what a dealer would pay. As for high mint state examples, they can't be worth to much, for that date is not even listed in dealer price guides. In MS-67 Red, it lists in a retail guide for $60 and the guide is usually high. Sorry but the roll is not a very scarce item.

Answer 2

According to the price guide, if they were graded, a MS-67 1976-D Penny would be worth $800. That is for one. This makes a complete roll worth $40000. Of course they would have had to be graded to be worth that. Now for the bad news. You would have to itmeize your taxes filling out schedule A. You can claim a loss of whatever you actually paid for the roll, so if you bought the roll at a bank in the 70's you are not going to get much of a write off. So lets say that you actually paid $10000 for the roll, your basis. You would first subract $100 and then reduce the amount by 10% of your adjustable gross income. 10000-100=9900. If your adjustable gross income was $50000 then you would subract an additional $5000. 9900-5000=4900 would be the actual amount you could claim as a loss on your schedule A. This amount will reduce your taxable income dollar for dollar. Also, you would need to reduce the $10000 by any amount you were reimbursed by your insurance company prior to reducing it by 10% of your adjusted gross income. Bottom line, your going to get hosed, you will get a little reduction to your taxes, if you have enough deductions to file the long form. If you fill out the short form, you get no write off.

TAIPING, check out the link below for PGCS grading services which lists a 1976-D penny MS-67 at $800, I Realize this is for a graded one, and there has to be a market.

Answer 3

It depends on your insurance company. My company doesn't insure any collectables for more than thier original cost. If you have a receipt for what you paid for them, you can at least get the amount of the receipt. If you have a rider on your insurance policy, they will pay you the amount that you put on the rider. Otherwise, you're looking at about 51 cents.

Answer 4

$ 0.51