It's jammed and leaking water but not sure from what spot. I THINK there may be a penny stuck in there somewhere, but I cannot see one. I have NO CLUE where to start. Any help would be appreciated!

If you put water in the disposal it can leak 3 places -connection at sink drain, side arm discharge or through the motor seal. If it is jammed, use the tool to unjamb.

If a piece of metal is in it you will have to remove it to get the metal out.