Most people don’t think twice about pennies. They get tossed into coin jars, used in vending machines, or lost in couch cushions. But what if one of those pennies was worth $24 million? Believe it or not, a rare Lincoln Wheat Penny is still out there, possibly sitting unnoticed in circulation. Let’s dive into the story behind this legendary coin and how you can spot one.
What Is the Lincoln Wheat Penny?
The Lincoln Wheat Penny was first minted in 1909 to celebrate the 100th anniversary of President Abraham Lincoln’s birth. It was the first U.S. coin to feature a real person, replacing the Indian Head Cent. Designed by Victor David Brenner, the front of the coin features Lincoln’s profile, while the back has two wheat stalks, symbolizing prosperity and unity.
This iconic penny was produced until 1958, when it was replaced by the Lincoln Memorial Penny. While most Wheat Pennies are only worth their face value, a few rare variations have become extremely valuable, with some selling for millions of dollars.
The $24 Million Lincoln Wheat Penny
Not every Lincoln Wheat Penny is valuable, but one specific version has been sold for an unbelievable $24 million. So, what makes this penny so special?
1. The 1943 Copper Penny Mistake
During World War II, copper was in high demand for making military supplies. To conserve resources, the U.S. Mint switched from copper to steel pennies in 1943. However, a few pennies were accidentally struck on leftover copper planchets, creating one of the most famous error coins in history.
While millions of steel pennies were made in 1943, only a handful of genuine 1943 copper pennies exist, making them one of the rarest and most valuable U.S. coins ever produced.
2. Extremely Limited Number
The 1943 copper penny was never meant to be released, and experts estimate that only a few dozen exist today. Because of this, each one is incredibly valuable—especially if it’s in mint condition.
3. Collector Demand and Auction Records
Over the years, the 1943 copper Lincoln Wheat Penny has set auction records. While most of these pennies sell for hundreds of thousands or even millions, one of the best-preserved examples was sold for $24 million, making it one of the most expensive coins ever auctioned.
How to Identify a Rare Lincoln Wheat Penny
If you want to check if you have a rare Wheat Penny worth millions, here’s what to look for:
1. Check the Date
The 1943 copper penny is one of the rarest, but other valuable Lincoln Wheat Pennies include:
- 1909-S VDB Penny – One of the first Lincoln pennies, with only 484,000 ever minted.
- 1914-D Penny – A rare early Wheat Penny with a low production count.
- 1922 No D Penny – A minting mistake caused no mint mark to appear on some Denver-minted pennies.
- 1955 Double Die Penny – A famous error coin with doubled text and numbers.
2. Test the Metal
Since almost all 1943 pennies were made of steel, you can quickly check if yours is copper by using a magnet.
- Steel pennies stick to a magnet
- Copper pennies do not
If your 1943 penny does NOT stick to a magnet, you could be holding one of the rarest coins in the world.
3. Look for Minting Errors
Many valuable Lincoln Wheat Pennies have production mistakes that increase their value. Some common errors include:
- Double-struck numbers or letters
- Off-center minting
- Unusual colors or metal tones
Where Have These Rare Pennies Been Found?
You might think all valuable coins have been locked away in private collections, but that’s not the case. Many rare and expensive Wheat Pennies have been discovered in ordinary places, such as:
- Loose change from stores
- Coin rolls from banks
- Old family collections
- Estate sales, flea markets, and garage sales
Some of the most valuable pennies ever found were discovered by people who weren’t even looking for them. That means there could still be rare Wheat Pennies in circulation, just waiting to be recognized.
Can You Still Find This Penny in Circulation?
Yes! While rare, valuable Lincoln Wheat Pennies are still occasionally discovered. Many people don’t check their change, so some of these pennies continue moving through the economy unnoticed.
To increase your chances of finding one, try:
- Checking your loose change – Always examine pennies before spending them.
- Searching coin rolls from banks – Some collectors look through bank-wrapped penny rolls for rare coins.
- Looking through old coin collections – If you inherit a box of old coins, you might find a hidden treasure.
- Exploring flea markets and estate sales – Sometimes, valuable coins get sold cheaply by people who don’t realize their worth.
What to Do If You Find a Rare Penny
If you think you’ve found a valuable Lincoln Wheat Penny, don’t spend it! Instead, follow these steps:
Get It Authenticated – Have your coin verified by a professional grading service, such as PCGS (Professional Coin Grading Service) or NGC (Numismatic Guaranty Corporation).
Research Its Value – Check recent auction sales for similar pennies to estimate its worth.
Sell It Through Trusted Sources – If you decide to sell, use:
- Auction houses (Heritage Auctions, Stack’s Bowers)
- Online marketplaces (eBay, Coin World Marketplace)
- Reputable coin dealers and collectors
Final Thoughts
The idea that a simple penny could be worth $24 million is almost unbelievable. But history has proven that hidden treasures still exist—sometimes right in our pockets.
While the chances of finding one are slim, all it takes is one lucky discovery to change everything.
So next time you check your spare change, take a closer look. You never know—you might be holding a fortune in your hands.
Disclaimer – The values mentioned in this article are based on market trends, collector interest, and historical auction prices. These values are not guaranteed and may change over time. Always consult a professional numismatist or coin grading service before making any financial decisions regarding rare coins.