Most people don’t think twice about pennies. They’re small, easy to ignore, and often end up forgotten in a jar or tossed into a tip jar. But what if one of those pennies was worth a staggering $800,000? That’s exactly the case with some rare Lincoln Wheat Pennies, and believe it or not, a few of them might still be in circulation. So, how did a simple penny become so valuable, and how can you spot one? Let’s take a closer look.
What is the Lincoln Wheat Penny?
The Lincoln Wheat Penny first appeared in 1909, designed by Victor David Brenner to honor the 100th birth anniversary of President Abraham Lincoln. It was the first U.S. coin to feature a real person’s portrait. On the front, you’ll find Lincoln’s profile, while the back of the coin features two wheat stalks surrounding the words “ONE CENT.” This design remained in use until 1958, when it was replaced by the Lincoln Memorial design.
These pennies were primarily made of copper, except for a special steel edition minted in 1943 due to metal shortages during World War II. That year, the U.S. Mint switched from copper to zinc-coated steel to conserve copper for the war effort. However, something went wrong, and a few pennies were accidentally struck using leftover copper blanks from 1942. These mistake coins—known as 1943 Bronze Lincoln Pennies—are among the rarest and most valuable in the world.
Why is the Lincoln Wheat Penny Worth $800K?
While most Wheat Pennies are worth just a few cents, certain rare versions have become highly sought after by collectors. Here’s what makes some of these coins worth hundreds of thousands of dollars:
- Minting Errors – Some coins, like the 1943 Bronze Penny, were accidentally made using the wrong metal. These kinds of mistakes are incredibly rare, making them highly valuable.
- Limited Supply – Coins with low production numbers, like the 1909-S VDB Lincoln Wheat Penny, are highly sought after by collectors.
- Condition – The better the coin’s condition, the more valuable it becomes. A well-preserved penny could be worth significantly more than one that is worn out.
One 1943 Bronze Penny in pristine condition sold for $800,000 at an auction. Only 20 to 30 of these pennies are known to exist today, making them one of the rarest U.S. coins ever produced.
Could This Rare Penny Still Be in Circulation?
Believe it or not, yes. Some people don’t realize the value of old coins and may unknowingly spend them as regular pennies. This means that one of these rare Lincoln Wheat Pennies could still be out there, hiding in someone’s pocket change, a cash register, or even a coin roll from the bank.
How to Identify a Rare Lincoln Wheat Penny
If you want to check whether you’ve stumbled upon a valuable Lincoln Wheat Penny, here’s what to look for:
- Check the Date – The 1943 Bronze Penny looks like any other Wheat Penny but was made using copper instead of steel. If you have a 1943 penny that isn’t silver-colored, it could be a rare bronze version.
- Try the Magnet Test – Since steel is magnetic and copper is not, you can test your 1943 penny by holding a magnet near it. If it sticks, it’s a common steel penny. If it doesn’t stick, you might have a rare copper version.
- Weigh It – The rare bronze version weighs 3.11 grams, while the standard steel penny weighs 2.7 grams. Using a small digital scale can help confirm whether your penny is the rare one.
- Look for Other Valuable Versions – The 1909-S VDB Lincoln Wheat Penny is another rare version, marked with the initials “VDB” on the reverse side.
Other Valuable Lincoln Wheat Pennies
Aside from the 1943 Bronze Penny, there are other rare Lincoln Wheat Pennies that have sold for big money:
- 1909-S VDB Penny – This was the first year of the Lincoln Penny series, with only 484,000 coins minted. Some versions have been sold for over $100,000.
- 1944 Steel Penny – Similar to the 1943 Bronze Penny, some 1944 pennies were mistakenly struck in steel instead of copper. These are extremely rare and can be worth over $100,000.
- 1922 No D Penny – Minted in Denver, but due to a weak die, some pennies were struck without the “D” mint mark. These can be worth thousands of dollars.
- 1955 Doubled Die Penny – A rare printing error caused the text on these pennies to appear doubled. These are highly collectible and can be worth thousands of dollars.
Where to Sell a Rare Penny
If you believe you’ve found a valuable Lincoln Wheat Penny, there are several ways to sell it:
- Auction Houses – Major coin auction houses, like Heritage Auctions or Stack’s Bowers, specialize in rare coins.
- Coin Dealers – Reputable coin dealers can evaluate and buy your penny. Always check reviews before selling.
- Online Marketplaces – Websites like eBay or dedicated coin collecting forums can connect you with collectors willing to pay top dollar.
Final Thoughts
The Lincoln Wheat Penny is more than just an old coin—it’s a piece of history that could be worth a life-changing amount of money. With some versions selling for $800,000, it’s always a good idea to check your spare change. If you ever come across a 1943 Bronze Penny or a 1909-S VDB Penny, you might be holding a small fortune in your hands.
Disclaimer: The values of rare coins fluctuate based on market demand and condition. Always consult a professional numismatist for verification before making any financial decisions.
