Did you ever think you could have some of the pennies in your loose change that are worth more than face value? While most of the coins in your pocket are exactly what they seem, some of the scarce Lincoln Wheat Pennies have fueled speculation that their worth is about $170 million.
Are such tales true, however? Does there exist a penny that could be worth millions of dollars floating around in circulation as part of routine transactions, waiting for an unsuspecting person to come across it?
The world of numismatics is replete with amazing tales of ordinary people finding great gems of their secondaries.
The Lincoln Wheat Penny, produced between 1909 and 1958, has turned out to be one of America’s most popular coins.
The majority of them are not more than a few pennies above face, but the exceptional ones have fetched scandalous amounts when auctioned. It is like finding a diamond in the rough—tough going, but it can be accomplished!
The Reality of Million-Dollar Lincoln Wheat Pennies
Let us end the elephant in the room. Is there indeed a $170 million Lincoln Wheat Penny out there?
It cites the search results as revealing numerous instances of Lincoln Wheat Pennies that fetch astronomical prices, ranging from $95 million, $115 million, $121 million, and $170 million.
Times Now News does claim, however, that “there is no evidence to substantiate such allegations.” Such figures seem to be very improbable.
The auction record Lincoln Wheat Penny buy price was upgraded to 1943-D Bronze Wheat Penny, which sold for more than $840,000, with its estimated value placed as high as $2.3 million in near-mint condition.
They are quite high figures, yes, but nothing to the $170 million or billion-dollar amounts that have been bandied about on various websites.
Believe these wild stories as fish stories which become more outlandish with each telling; the underlying facts are exaggerated until they hardly ring true.
This does not rule out the possibility that occasionally one will receive really valuable pennies in their change.
Why Some Lincoln Wheat Pennies Are Really Valuable
There are several reasons why some Lincoln Wheat Pennies are extremely valuable:
- Minting Mistakes: Mistakes made at the mint produced rarities such as the 1943 Copper Penny (although the overwhelming majority were steel) and the 1955 Doubled Die Penny.
- Low Mintage Series: Some pennies, such as the 1909-S VDB, had a low mintage series, and therefore are extremely rare.
- Historical value: The Lincoln Wheat Penny series includes coins from critical times in US history, such as both World Wars.
Mint, uncirculated pennies are much scarcer and more costly than worn-out coins.
The costliest coin in the set is the 1943 Copper Wheat Penny. America Mint replaced copper pennies with zinc-coated steel as a means to conserve copper for the war effort during World War II.
But some 1942 copper planchets had been left behind in the presses. When dies of 1943 struck those copper blanks, they produced pennies that didn’t belong there.
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These copper 1943 pennies are among the most valuable error coins in US numismatics. From our web search results, the 1943-D (Denver mint) bronze penny is the rarest with only a single known piece.
This single coin went on to sell for $840,000 at auction, but in mint uncirculated condition, it can be valued at as much as $2.3 million.
All the Most Valuable Lincoln Wheat Pennies to Find
While the $170 million tag is certainly an exaggeration, there are several Lincoln Wheat Pennies that are actually worth money and even might be circulating in your pocket right now. These are the best candidates:
| Coin | Estimated Value | Key Identifying Features |
|---|---|---|
| 1943-D Bronze Wheat Penny | $840,000 – $2.3 million | Copper color (not steel), won’t stick to a magnet |
| 1944-S Steel Wheat Penny | Up to $1.1 million | Steel color (not copper), sticks to a magnet |
| 1909-S VDB Wheat Penny | Up to $168,000 | Look for “VDB” initials on reverse and “S” mint mark |
| 1955 Doubled Die Penny | Up to $20,000 | Visible doubling on date and lettering |
| 1914-D Lincoln Penny | Up to $180,000 | Look for “D” mint mark, rare in any condition |
| 1922 No D Wheat Penny | Up to $75,000 | 1922 penny with no visible “D” mint mark |
| 1926-S Lincoln Penny | Up to $149,500 | Look for “S” mint mark, low mintage year |
- The 1943 bronze penny is particularly noted. Based on our research, professionals estimate the maximum of between 20 and 40 1943 copper pennies.
- They are highly sought out by collectors simply because they’re completely unavailable and have a war history behind them.
How to Identify Valuable Lincoln Wheat Pennies
You know what pennies to find, now let’s learn how to identify them:
- Check Date and Mint Mark: Compare the dates noted above carefully. Below the date on the obverse (front) face is the mint mark (D for Denver, S for San Francisco). Without a mint mark, it was made in Philadelphia.
- Test the Material. Attempt to put 1943 pennies to retrieve them using the help of a magnet. The actual copper penny will not adhere to the magnet, even though the standard steel equivalent will. For the steel penny 1944 coins: those stick to a magnet while copper ones don’t.
- Check for Doubling: Examine the writing or date under a magnifying glass for doubling, especially on the 1955 penny. On true doubled dice errors, the doubling needs to be visible by the naked eye.
- Grade Condition: Although worn-out scarce pennies can be sold for cash, those in mint condition are quite expensive. Mint condition coins are the most valuable and still have their original sheen.
It’s like being a detective; you need to know precisely what to look for in terms of clues so you can find these numismatic gems.
Where to find rare Lincoln wheat pennies
It’s not going to happen, but it’s also not out of the question to find an incredibly rare Lincoln Wheat Penny circulating today. Here are some places to check:
- Coin Jars & Piggy Banks: Begin with coins found in your home. All households have jars or piggy banks filled with coins saved over generations.
- Inherited Collections: Wheat pennies surface in family collections inherited by families, and often these items are quality coins that hadn’t been collected by the first collector.
- Bank Rolls: Obtain bank rolls of pennies at banks. They will usually be fresh Lincoln Memorial cents, but sometimes you can strike it lucky and some wheat pennies in there too.
- Estate Sales and Flea Markets: Other people are selling old coins for face value because they have no concept of what collector value is.
Remember that searching for rare coins is like panning for gold in that you may find yourself digging through a lot of common material before you strike something valuable.
But the adventure and possibility of finding something are worth it to many collectors.
What To Do If You Find a Potentially Valuable Penny
If you think you own a valuable Lincoln Wheat Penny, do this:
- Handle with Care: Handle the coin using cotton gloves or flip it so that oils from your fingers do not ruin the surface.
- Don’t Clean It: never clean a valuable coin! Cleaning will significantly reduce the value.
- Store it properly: Store the coin in an out-back holder or flip it so damage doesn’t happen.
- Get Professional Authentication: Professional authentication is needed for unquestionably beloved coins, like a 1943 copper penny. PCGS (Professional Coin Grading Service) and NGC (Numismatic Guaranty Corporation) also authenticate and grade coins.
- Consider insurance: If your coin has been proven to be an actual rare, you will want to consider insuring it.
Conclusion
Though stories about a $170 million Lincoln Wheat Penny are overstated greatly, real rare ones might exist.
The 1943-D Bronze cent, the most expensive authenticated Lincoln Wheat Penny, was sold for $840,000 and is worth up to $2.3 million in mint state.
The other scarcities like the 1909-S VDB, 1955 Doubled Die, and 1922 No D can fetch prices of thousands to hundred-thousands of dollars.
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The excitement of coin collecting is the remote possibility of finding a fortune in plain sight. So next time you receive change back or uncover an old jar of pennies, have a close inspection; you never know what numismatic treasures lie among those common cents.
While finding a million-dollar cent is as possible as winning the lottery, the act itself, let alone the history behind it, makes Lincoln Wheat Pennies collecting a entertaining hobby regardless of profit.
FAQ’s
Q. Is there actually a Lincoln Wheat Penny that is $170 million worth?
A. There isn’t an authenticated Lincoln Wheat Penny that is worth $170 million. The record price is approximately $840,000, and estimates of $2.3 million for ultra-rare dates.
Q. Why are certain Lincoln Wheat Pennies valuable?
A. Rarity, mint error, low mintage, historic importance, and mint condition increase the value of some Lincoln Wheat Pennies well beyond their face value.
Q. Which Lincoln Wheat Penny is most valuable?
A. Most valuable is the 1943-D Bronze Wheat Penny that sold for $840,000. It would be worth up to $2.3 million if it were found in mint, uncirculated condition.