The tale of one particular Lincoln Wheat Penny that has attracted the interest of treasure hunters and coin collectors all over the world. The highly unusual coin, valued at an astonishing $224,000, could very well still be in circulation today.
Here, we delve into all you want to know about a supposedly rare elusive penny, why it is so expensive, and how you can tell if you’re holding a strange treasure in your hand.
What Is the Lincoln Wheat Penny?
The Lincoln Wheat Penny, a penny coin produced by the US Mint from circulation years 1909 to 1958, now features the then well-known portrait of President Abraham Lincoln on the obverse and two sprigs of wheat on the reverse.
Commissioned by Victor David Brenner, it was the first United States coin to feature the face of a human rather than symbolic depiction such as Liberty. There were millions of pennies made over the years. But they weren’t identical and some of them are worth a whole lot more than their face value.
Why Is This Penny Worth $224,000?
The most valuable of the Lincoln Wheat Pennies will possess rare characteristics including:
- Mistakes during minting
- Low mintage at the mint
- Unique metal content
A copper-struck 1943 Lincoln Wheat Penny instead of the normal steel-used one would be totally one of the best coins ever made. The U.S. Mint had substituted the copper penny with the steel penny during World War II to save the copper for war purposes.
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They resemble, though, copper planchets were inadvertently left in the mint machinery to be mixed with the steel ones wherein copper pennies replaced astronomical quantities of the highly rare 1943 copper cent. Fewer than a few hundred of the 1943 copper Wheat Pennies exist, and after being verified as authentic, they have been sold up to $224,000 or more at auction.
Other Lincoln Wheat Pennies that are Worthwhile to Search For
While the most famous is the 1943 copper cent, other Lincoln Wheat Cents can be worth thousands of dollars, such as
- 1909-S VDB—Initial year of issue, with designer’s initials. Value: up to $60,000
- 1914-D—Low production. Value: up to $15,000
- 1922 “No” D”—Mint error with no discernible mint mark. Value: up to $10,000
- 1955 Double Die—Double lettering. Value: up to $2,500
They also appear in circulation, estate sales, and inherited lots from time to time.
Why Are These Coins Still Around?
You would be surprised that something so valuable would still be in loose change and pockets of individuals. It is due to ignorance and error. The majority of Americans do not even realize that there is a difference between a rare coin and a penny, and the valuable coins are lost as regular change or stuck in jars for years.
As coin collecting as a hobby in general has grown increasingly popular over the past few years, many people are only now cracking open the contents of antique coin collections or family hoards and discovering that they may actually have something valuable.
Where Do You Sell a Rare Lincoln Wheat Penny?
If you think you’ve discovered one of these treasure pennies, here are some places to start:
- Auction Houses: Heritage Auctions and Stack’s Bowers tend to hold the premium sales of coins.
- Certified Coin Dealers: Use a well-established dealer to help authenticate and sell.
- Online Marketplaces: eBay and Etsy sell specialty coins, but always be wary.
- Coin shows: Good for networking and discovering direct-paying customers.
Always verify the credentials of the buyer prior to selling, and have appraisals completed in multiple places so that you can receive a good price.
Tips to Future Coin Collectors
If this account has piqued your interest in coin collecting, try these tips for beginners:
- Begin with small collections of coins from home or banks.
- Employ a magnifying glass and coin guidebooks to look for information and mint marks.
- Purchase a coin album to display and store your collection.
- Become a member of Internet forums or clubs such as the American Numismatic Association (ANA).
- Coin collecting is a great sport and even money-making ventures, if one knows what they are looking for.
Final Thoughts
That $224,000 coin sitting contentedly in your piggy bank. But with the Lincoln Wheat Penny, that does not happen by chance. You must either be a die-hard coin collector or think perhaps what might be residing in your piggy bank. Listen closely this humble penny might change your life.
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Next time you receive a penny in change, don’t let it out of your eye. Look; you might have a piece of American history that’s worth thousands.
FAQ’s
Q. What is a Lincoln Wheat Penny?
A. A Lincoln Wheat Penny is a one-cent coin that was minted in the United States between 1909 and 1958. It had a reverse design featuring wheat stalks.
Q. Why are 1943 copper pennies special?
A. It is special because the majority of pennies minted that year were steel ones, and very few were error pennies made of copper; hence they are extremely rare today.
Q. How to sell a rare wheat penny?
A. Coins can be sold through auctions, specialty sites, or via a listing on eBay.