If you’ve ever thought pennies are just small change, think again. Some of them could be worth a fortune—like a rare Lincoln Wheat Penny that has been valued at a staggering $701,000. The most exciting part? It might still be out there, hiding in circulation. That means checking your pocket change or old coin jars could lead to an incredible discovery.
What is the Lincoln Wheat Penny?
The Lincoln Wheat Penny, also called the Wheat Cent, was first introduced in 1909 by the United States Mint to commemorate the 100th birth anniversary of President Abraham Lincoln. Designed by Victor D. Brenner, it became the first U.S. coin to feature a real person’s portrait.
The front of the coin (obverse) features Lincoln’s profile, while the back (reverse) has two wheat stalks, symbolizing prosperity. These pennies were minted until 1958, after which the design changed to the Lincoln Memorial Penny. Most of them were made of copper, but during World War II, a special steel version was minted in 1943 due to a shortage of copper.
Why is This Wheat Penny Worth $701,000?
Not all Lincoln Wheat Pennies are valuable, but some rare editions or error coins can sell for huge amounts at auctions. The most famous and valuable of them all is the 1943 Bronze Wheat Penny.
In 1943, to save copper for military use during World War II, the U.S. Mint started producing pennies using zinc-coated steel. However, a few pennies were mistakenly struck on leftover copper planchets from 1942. These error coins are extremely rare, and collectors are willing to pay a fortune for them.
One of these rare 1943 Bronze Pennies was sold for an incredible $701,000 at an auction, making it one of the most valuable pennies in existence.
How to Identify the $701,000 Lincoln Wheat Penny
If you think you might have a 1943 Wheat Penny, here’s how to check if it’s the rare and valuable bronze version:
- Look at the Date: The coin should have “1943” stamped on it.
- Check the Material: The rare version is made of bronze (copper) instead of steel. To test this, try using a magnet—if the penny sticks, it’s steel and not valuable. If it doesn’t stick, you might have something special.
- Weigh It: A normal steel penny weighs 2.7 grams, while the rare bronze one weighs 3.11 grams. Using a small digital scale can help confirm the difference.
- Look for a Mint Mark: The 1943 pennies were minted in three locations—Philadelphia (no mint mark), Denver (D), and San Francisco (S). Any of these could be valuable if they are made of bronze instead of steel.
Other Valuable Lincoln Wheat Pennies
While the 1943 Bronze Penny is the most famous, there are other Lincoln Wheat Pennies that are worth thousands of dollars. Here are a few:
- 1909-S VDB Penny – This was the first year of the Lincoln Penny series, and only 484,000 were minted. Some versions have sold for over $100,000.
- 1944 Steel Penny – A rare mistake similar to the 1943 Bronze Penny. In 1944, pennies were supposed to be made from copper again, but a few were mistakenly struck in steel. These can also be worth over $100,000.
- 1922 No D Penny – This penny was minted in Denver, but due to a weak die, some coins were struck without the “D” mint mark. These are rare and can be valued at thousands of dollars.
- 1955 Doubled Die Penny – A famous printing error caused the text on this penny to appear doubled. Collectors love these error coins, and they can be worth thousands.
Could This Rare Penny Still Be in Circulation?
It’s possible. Many people don’t pay attention to old pennies and spend them without checking. Since pennies are often overlooked, some rare Wheat Pennies could still be sitting in coin jars, cash registers, or pocket change. Finding one isn’t easy, but it’s not impossible.
How to Look for a Rare Lincoln Wheat Penny
If you’re interested in checking for valuable pennies, follow these simple steps:
- Examine Old Pennies: Look for any coins dated before 1958, as they might be Wheat Pennies.
- Use a Magnet: If you find a 1943 penny, test it with a magnet. If it sticks, it’s steel and not valuable. If it doesn’t, you could have something rare.
- Weigh the Penny: Use a digital scale to check the weight—3.11 grams indicates a possible 1943 Bronze Penny.
- Check Coin Rolls: Buying rolls of pennies from banks and sorting through them can increase your chances of finding valuable coins.
- Consult an Expert: If you think you have a rare penny, take it to a trusted coin dealer or numismatics expert for verification.
Final Thoughts
The Lincoln Wheat Penny is more than just an old coin—it’s a piece of history, and for some lucky collectors, it’s a ticket to a small fortune. With a rare 1943 Bronze Penny selling for $701,000, it’s worth taking a closer look at your spare change. You never know—you might be holding a hidden treasure right in your pocket.
Disclaimer: The prices mentioned for rare coins, including the Lincoln Wheat Penny, are based on past sales and market trends. Actual value may vary. Always verify with professional numismatic experts before making any financial decisions.
