When most people think of coins, they likely consider pennies to be the least valuable. However, some Lincoln Wheat Pennies could be worth millions of dollars. In fact, certain rare Lincoln Wheat Pennies have been valued at up to $11 million. So, could you be holding onto one of these rare treasures without even realizing it? Let’s explore why some of these pennies are worth so much and how you can check if you have one in your pocket change.
The History of the Lincoln Wheat Penny
The Lincoln Wheat Penny was first introduced in 1909 to honor the 100th anniversary of President Abraham Lincoln’s birth. This coin was significant for being the first U.S. coin to feature an actual person (Lincoln) on the obverse, designed by Victor David Brenner. The reverse side featured two stalks of wheat, which is why the coin became known as the “Wheat Penny.” The design remained in circulation until 1958, when it was replaced with the Lincoln Memorial design.
Despite being produced in large numbers, certain Wheat Pennies—especially those with errors or unique qualities—can fetch astronomical prices, including a rumored $11 million for some particularly rare specimens.
The $11 Million Lincoln Wheat Penny
So, why is a Lincoln Wheat Penny worth $11 million? A rare 1943 copper Wheat Penny is one of the most valuable coins in existence. Here’s how it happened:
1. 1943 Copper Wheat Penny Error
During World War II, copper was needed for the war effort, so the U.S. Mint switched to making pennies out of steel in 1943. However, a small number of copper blanks (called planchets) were accidentally left in the production line. These copper planchets were used to strike a limited number of pennies in 1943, making them incredibly rare. There are only about 20 to 40 known to exist. One of these rare pennies has sold for a jaw-dropping $11 million in a private sale.
The combination of the extreme rarity and historical significance of the 1943 copper penny has made it one of the most sought-after coins by collectors. The $11 million sale set a new benchmark for the value of these coins.
Other Valuable Lincoln Wheat Pennies
While the 1943 copper penny is by far the most valuable, other Lincoln Wheat Pennies also command significant prices, such as:
1. 1909-S VDB Penny
The 1909-S VDB penny, which features the initials of the designer Victor David Brenner on the reverse side, is another highly valuable coin. Production was halted after public outcry over the prominence of the initials. Only 484,000 of these pennies were minted, and they can be worth $100,000 or more in excellent condition.
2. 1914-D Penny
The 1914-D penny, produced at the Denver Mint, is another rare and valuable coin. Only about 1.1 million were minted, and its value can range from several thousand to tens of thousands of dollars, depending on its condition.
3. 1955 Doubled Die Penny
The 1955 Doubled Die penny is another valuable coin, featuring a minting error where the letters and numbers appear doubled. This coin can be worth tens of thousands of dollars in pristine condition.
Could You Have One?
Now, the big question: Could you have a Lincoln Wheat Penny worth $11 million in your pocket change or coin jar? While the chances of finding such a rare coin are incredibly slim, it’s still worth checking your pennies. Here’s how:
1. Check the Date
Look for key dates such as 1909, 1914, 1922, 1931-S, and, of course, 1943. The 1943 copper penny is the most famous and valuable, but other years and variations could also be worth a significant amount, especially if they have minting errors.
2. Perform the Magnet Test
To check if your 1943 penny is made of copper, use a magnet. The steel pennies minted in 1943 will stick to the magnet, but the rare copper ones will not.
3. Inspect for Errors
Minting errors, such as double strikes (where the image is stamped more than once) or off-center strikes (where the image is not aligned properly), can add significant value to a penny. Pay attention to any signs of such defects.
4. Examine the Condition
The condition of the coin also plays a critical role in its value. Coins in excellent condition with minimal wear or damage will fetch higher prices. Coins graded as MS-65 or higher (Mint State 65) are especially valuable.
5. Check for the Mint Mark
Make sure to check the mint mark below the date on the coin, which indicates where it was minted. D stands for Denver, and S indicates San Francisco. No mint mark means it was minted in Philadelphia.
What to Do If You Find a Rare Penny
If you think you’ve found a rare penny, especially one from the 1943 copper series or with other notable features, here’s what you should do:
1. Don’t Clean the Coin
Cleaning a coin can reduce its value by damaging its surface. Handle it carefully and keep it as-is.
2. Get It Professionally Graded
To determine the exact value of your coin, consider sending it to a professional grading service like PCGS or NGC. These companies will authenticate your coin and assign it a grade based on its condition, helping you understand its market value.
3. Consider Auctioning the Coin
Once you have a professional grade and authentication, you may want to sell your rare coin through a reputable auction house that specializes in rare coins. Auctions can often lead to competitive bidding, driving up the price.
Final Thoughts
While most Lincoln Wheat Pennies are worth only a few cents, there are some exceptional examples that are valued in the millions. The 1943 copper penny is by far the most famous, with one such coin selling for an astonishing $11 million. If you happen to find one of these rare pennies, you could be sitting on a fortune. So, take a moment to go through your change, you might just find a priceless treasure hidden in plain sight!