There are no references to such a coin anywhere. There were a number of test cents struck in aluminum in 1974 but none have surfaced on the market or in private hands. I can think of at least three possibilities: 1. The coin was plated by someone after it entered circulation. This is most likely. Compare its weight to another cent from the same time period. If it weighs about the same then it's almost certainly plated, since aluminum is much lighter than copper. 2. The coin is an off-metal strike. This happens when a planchet (blank) for a different coin (a foreign coin, another denomination, etc.) is accidentally mixed in with the intended planchets. You'd have to take the coin to a dealer or other expert for evaluation. 3. It's a privately-made copy. Unlikely, but not impossible. Again, it would have to be examined in person.
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In circulated condition, it has about 2 cents worth of copper in it. A nice uncirculated one is worth about 5 cents.
The value of a 1975 Lincoln penny depends on its condition and any unique characteristics it may have. In general, a 1975 Lincoln penny in average circulated condition is worth about 2 cents, while one in uncirculated condition could be worth around 10-20 cents. However, if the penny has any rare or valuable errors, it could be worth significantly more to collectors. It's best to consult a reputable coin dealer or collector to get an accurate assessment of its worth.
The coin is still in circulation today and is only face value
It's worth about 2 cents for the copper.
No, though the mint did experiment with aluminum pennies in 1974, though all were either destroyed, donated to the Smithsonian, or stolen.