What if the penny in your pocket isn’t just worth one cent but over a million dollars? Lincoln Wheat Pennies, produced between 1909 and 1958, are often overlooked, but some rare versions have sold for as much as $1.2 million. This article explains how to identify these valuable pennies, why they’re so precious, and what you should do if you find one.
What Is a Lincoln Wheat Penny?
The Lincoln Wheat Penny is a one-cent coin made by the United States from 1909 to 1958. It’s named after the two wheat stalks on the back of the coin. The front side shows a portrait of Abraham Lincoln, the 16th president of the U.S.
- Made mostly of copper
- Smaller than a quarter but larger than a dime
- Replaced in 1959 by the Lincoln Memorial penny
Most of these pennies are common, but a few rare ones can be worth thousands or even millions.
Why Are Some Lincoln Wheat Pennies So Valuable?
Certain factors make some wheat pennies rare and valuable:
- Minting errors: Mistakes during production creating unique coins
- Low production: Pennies minted in smaller numbers
- Historical importance: Pennies from significant years or places
- Condition: Coins that are almost new or uncirculated are worth more
The $1.2 Million Lincoln Wheat Penny: What Makes It Special?
One Lincoln Wheat Penny recently sold for $1.2 million because it was a rare 1943 copper penny. Most 1943 pennies were made from steel because copper was needed for World War II. However, a few were mistakenly made with copper, making them extremely rare.
- Only around 40 to 50 of these pennies exist
- Copper pennies from 1943 look different from the usual steel ones
- They can fetch prices over one million dollars at auctions
Other Valuable Lincoln Wheat Pennies
| Year | Reason for Value | Estimated Value |
|---|---|---|
| 1909-S VDB | First year of issue; initials visible | $1,000 – $50,000 |
| 1914-D | Low production year; Denver mint | $1,000 – $20,000 |
| 1922 No D | Missing mint mark error | $15,000 – $100,000 |
| 1943 Copper | Copper error during steel penny year | $1 million – $2.1 million |
| 1955 Double Die | Double image error | $10,000 – $50,000 |
How to Identify a Valuable Lincoln Wheat Penny
Here are steps to spot if your penny might be worth something:
- Check the year and mint mark: Look for special years like 1909, 1914, or 1943 and mint marks like “S” or “D”
- Look for errors: Missing letters, double images, or unusual colors
- Examine the metal: A 1943 penny should be steel (silver-colored); a copper color may indicate a rare penny
- Condition matters: Coins in better condition have higher value
- Get professional grading: Certified coins are easier to sell and often worth more
Why Condition Is Important
Coins in “mint condition” look almost new and have fewer scratches or marks. These coins can be worth much more than worn or damaged coins. Having your coin professionally graded ensures you know its condition and value.
Protecting and Selling Your Penny
If you find a rare penny:
- Do not clean it, as this can lower its value
- Store it in a safe coin holder or case
- Get it authenticated by experts like PCGS or NGC
- Research recent auction sales to know its worth
- Sell through trusted dealers or auction houses
Frequently Asked Questions (FAQ)
Q1: How can I tell if my 1943 penny is copper or steel?
A: Copper pennies have a reddish-brown color. Steel pennies are silver-gray and attracted to magnets.
Q2: What is a mint mark?
A: A small letter on the coin showing the mint location, like “S” for San Francisco or “D” for Denver.
Q3: Why is the 1909-S VDB penny valuable?
A: It was the first year the Lincoln penny was made, and the designer’s initials (VDB) appear on the back, making it rare.
Q4: Can I find valuable pennies in my change?
A: It’s rare but possible. Check old coins carefully, especially those from before 1959.
Q5: Should I clean old pennies?
A: No, cleaning damages the coin’s surface and lowers its value.
Conclusion
Lincoln Wheat Pennies may seem ordinary, but some are priceless treasures. The 1943 copper penny is the most famous example, selling for over $1.2 million. Other rare years and errors can also be worth thousands. Take a careful look at your pennies—you might be holding a small fortune without knowing it.