Most people don’t give pennies a second thought. They pile up in jars, roll under car seats, or get tossed into tip jars without a glance. But what if one of those pennies was worth an incredible $950,000?
Believe it or not, some rare Lincoln Wheat Pennies are still in circulation, which means you could unknowingly have a small fortune in your spare change.
Let’s dive into what makes this penny so valuable, how to spot one, and what to do if you think you’ve found it.
What is the Lincoln Wheat Penny?
The Lincoln Wheat Penny was first introduced in 1909 to celebrate the 100th birthday of Abraham Lincoln. Designed by Victor David Brenner, this penny was the first U.S. coin to feature a real person, replacing the classic Lady Liberty designs.
What Makes the Wheat Penny Unique?
- Front (Obverse): Features a portrait of Abraham Lincoln, with the words “In God We Trust,” “Liberty,” and the minting year.
- Back (Reverse): Displays two wheat stalks, giving the coin its nickname “Wheat Penny.”
The design was in use until 1958, when the U.S. Mint switched to the Lincoln Memorial Penny. While most Wheat Pennies are only worth a few cents, a rare few have become some of the most valuable coins in the world.
Why Is This Lincoln Wheat Penny Worth $950K?
Not every Lincoln Wheat Penny is valuable. However, some versions have become highly sought after by collectors due to minting errors, rarity, and historical significance.
Here’s why this penny is so valuable:
1. Rare Minting Errors
The most expensive Lincoln Wheat Pennies often contain mistakes made at the U.S. Mint. Some of these errors include:
- The 1943 Copper Penny – In 1943, pennies were supposed to be made of steel, but a few were accidentally struck on copper planchets. These are now worth up to $1.7 million.
- 1955 Double Die Penny – A printing error caused the date and lettering to appear doubled, making it one of the most famous error coins in U.S. history.
2. Low Mintage Numbers
Some years and mint locations produced fewer pennies, making them extremely rare. A lower supply means higher demand from collectors.
3. Collector Demand
Because of their rarity and unique history, collectors are willing to pay hundreds of thousands of dollars for the right Lincoln Wheat Penny.
The Most Valuable Lincoln Wheat Pennies
While the $950,000 Wheat Penny is exciting, other rare Lincoln pennies have sold for massive amounts:
1. 1943 Copper Penny – Worth up to $1.7 Million
- In 1943, most pennies were made of steel, but a few were mistakenly struck in copper.
- These rare pennies are some of the most expensive ever sold.
2. 1909-S VDB Penny – Worth up to $100,000
- The first Lincoln Wheat Penny ever made.
- Features the initials “VDB” (for Victor David Brenner) on the back.
- Only 484,000 were produced, making it highly collectible.
3. 1914-D Penny – Worth $5,000 to $30,000
- Minted in Denver (“D” mint mark).
- Less than 1.2 million were made, making it rare.
4. 1955 Doubled Die Penny – Worth $1,500 to $10,000
- A printing mistake caused the numbers and letters to appear doubled.
- One of the most well-known error coins in U.S. history.
How to Identify a Valuable Lincoln Wheat Penny
Think you might have a $950,000 penny? Here’s how to check:
1. Check the Date
- The most valuable Wheat Pennies were minted between 1909 and 1958.
- Look for rare years like 1943 (copper), 1909-S, 1914-D, or 1955 (doubled die).
2. Look for Mint Marks
- Coins with a “D” (Denver) or “S” (San Francisco) mint mark may be rarer than those without.
- The mint mark is located below the year on the front of the penny.
3. Inspect for Errors
- Doubled lettering, off-center designs, or missing details can significantly increase a penny’s value.
- Even tiny minting errors can add thousands to the price.
4. Perform the Magnet Test
- Most 1943 pennies were made of steel, meaning they will stick to a magnet.
- A rare 1943 copper penny will NOT stick to a magnet—if yours doesn’t, it could be worth a fortune.
Can You Still Find These Rare Pennies in Circulation?
Surprisingly, yes. Even though these pennies are incredibly rare, people have found valuable coins in everyday places.
1. Loose change from stores
2. Old piggy banks and coin jars
3. Rolls of pennies from banks
4. Garage sales, flea markets, and estate sales
Some people have accidentally spent rare pennies worth thousands of dollars, only to realize their mistake years later.
What to Do If You Find a Rare Penny?
If you believe you’ve found a valuable Lincoln Wheat Penny, follow these steps:
1. Do NOT Clean It
- Cleaning a rare coin can damage its surface and lower its value drastically.
- Even if it looks dirty, leave it untouched.
2. Get It Authenticated
- Take it to a professional coin dealer or numismatist for verification.
- Use a coin grading service like:
- PCGS (Professional Coin Grading Service)
- NGC (Numismatic Guaranty Corporation)
3. Sell It the Right Way
- Rare coins fetch the highest prices at auctions. Consider selling through:
- Heritage Auctions
- Stack’s Bowers
- Certified rare coin dealers
- Avoid selling to unknown buyers online—always work with reputable experts.
Final Thoughts
The Lincoln Wheat Penny valued at $950,000 is one of the rarest and most valuable pennies in existence. While finding one is rare, it’s not impossible.
So, next time you go through your loose change, take a closer look—you might just be holding a fortune without even realizing it.
Disclaimer: The values mentioned for rare coins, including the Lincoln Wheat Penny, may fluctuate over time. Always consult a professional numismatist before making financial decisions related to rare coins.