A penny might not buy much today, but some rare ones could be worth thousands—or even close to a million. The Lincoln Wheat Penny, a copper coin minted from 1909 to 1958, is gaining attention once again. One specific example, recently valued at an astonishing $9.99 million, has sparked excitement among collectors and everyday Americans alike. Even more surprising? Some of these rare coins are still in everyday circulation, hiding in plain sight.
What Is the Lincoln Wheat Penny?
The Lincoln Wheat Penny was introduced in 1909 to honor Abraham Lincoln’s 100th birthday. It was the first U.S. coin to feature a real person, and its reverse side displayed two wheat stalks framing the words “ONE CENT.” These pennies were minted until 1958, when the design changed to the Lincoln Memorial.
While most Wheat Pennies are worth only face value, certain rare versions can command significant prices at auctions and among collectors.
Why Are Some Wheat Pennies Worth Millions?
Not every Lincoln Wheat Penny is a treasure, but several versions are extremely rare due to low mintage or production mistakes. The most notable is the 1943 copper penny. That year, due to a wartime copper shortage, most pennies were made of steel. However, a few copper planchets accidentally made their way into production. These error coins are now worth thousands—sometimes millions—of dollars.
Here are some other key examples:
| Coin Variant | Description | Estimated Value (Up to) |
|---|---|---|
| 1909-S VDB | First year of issue, low San Francisco mintage with designer’s initials | $5,000 – $100,000+ |
| 1914-D | Rare Denver-minted penny | $2,000 – $60,000 |
| 1922 (No D) | Missing mint mark due to filled die error | $1,000 – $30,000 |
| 1943 Copper | Mint error, copper instead of steel | $100,000 – $1,000,000+ |
How to Identify a Rare Lincoln Wheat Penny
You don’t need special equipment to start checking your coins—just some basic knowledge and a keen eye.
1. Look at the Date and Mint Mark
Check the year. Wheat Pennies were minted from 1909 to 1958, but not all are rare. Focus on the key years listed above. Look beneath the year for a small letter—D (Denver), S (San Francisco), or no letter (Philadelphia).
2. Check the Metal
If you come across a 1943 penny that looks copper (reddish-brown), it’s worth inspecting. Nearly all pennies that year were made from zinc-coated steel, so a copper one could be a jackpot.
3. Spot Minting Errors
Double dates, missing mint marks, or off-center stamps can increase a coin’s value substantially.
How Are Rare Pennies Still in Circulation?
It might seem unlikely, but it happens. Many people don’t recognize these old pennies for what they are. Some were forgotten in jars, inherited from family members, or simply handed out in change. Over decades, they’ve quietly passed through hands unnoticed.
Millions of Wheat Pennies were minted, and while most are common, a few rare ones still circulate. This is why collectors and everyday folks alike still check their loose change, hoping for that once-in-a-lifetime find.
How to Check a Coin’s Value
If you think you have a valuable Wheat Penny, here are your next steps:
- Compare online: Search completed listings on eBay.
- Consult a professional: Visit a local coin dealer or use services like PCGS or NGC for grading.
- Use a scale: A 1943 copper penny should weigh about 3.11 grams. A steel one weighs about 2.7 grams.
Should You Clean Your Coins?
Avoid harsh cleaning methods. Polishing or scrubbing a rare coin can reduce its value significantly. If you must clean it, use gentle techniques or consult a professional.
Rare Lincoln Wheat Pennies are a perfect example of how something small and ordinary can hold surprising value. Whether it’s the copper 1943 penny or another rare variant, these coins are part of American history—and could be part of your financial future. So before you toss that old penny aside, take a closer look. You just might be holding a fortune in your hand.
FAQs
What is the most valuable Lincoln Wheat Penny?
The 1943 copper penny is considered one of the most valuable, with some selling for over $1 million.
How can I tell if my 1943 penny is copper or steel?
Try using a magnet—steel pennies will stick, but copper won’t. You can also weigh the coin or have it professionally appraised.
Where can I sell a valuable coin?
You can sell through reputable coin dealers, auction houses, or online marketplaces like eBay, but professional grading is recommended first.
Are Wheat Pennies still legal tender?
Yes, but their collectible value far exceeds their face value in rare cases.
How can I start collecting coins?
Begin by examining your spare change, learning about key dates, and joining local or online coin-collecting communities.
