Most of us barely notice pennies. They sit in our wallets, pile up in jars, or get tossed into tip trays. But what if one of those pennies was worth nearly $1 million?
That’s the case with a rare Lincoln Wheat Penny, which has been valued at $980,000. Even more surprising? Some of these pennies might still be in circulation—meaning someone, somewhere, could unknowingly spend a small fortune without even realizing it.
So, what makes this penny so valuable, and how can you tell if you have one? Let’s break it down.
The History of the Lincoln Wheat Penny
The Lincoln Wheat Penny was first minted in 1909 to honor the 100th birthday of President Abraham Lincoln. Designed by Victor David Brenner, it was the first U.S. coin to feature a real person, replacing the Indian Head Cent.
- Front (Obverse): Features Lincoln’s profile, which is still on pennies today.
- Back (Reverse): Displays two wheat stalks, symbolizing prosperity and strength—which is why it’s called the “Wheat Penny.”
This design was produced until 1958, when it was replaced by the Lincoln Memorial Penny. While most Wheat Pennies are worth just one cent, certain rare editions can be worth hundreds of thousands—or even millions—of dollars.
Why Is This Penny Worth $980,000?
While most Lincoln Wheat Pennies are just old coins, some versions have skyrocketed in value due to minting errors, rarity, and collector demand.
Some of the most valuable Lincoln Wheat Pennies include:
1. The 1943 Copper Penny
- During World War II, the U.S. Mint switched from copper to steel pennies to conserve metal for the war effort.
- However, a few copper pennies were accidentally struck in 1943.
- These rare error coins are worth hundreds of thousands of dollars, with some selling for over $1 million.
2. The 1955 Doubled Die Penny
- A minting error caused the date and lettering to appear doubled, making this one of the most famous error coins in history.
- Collectors are willing to pay thousands—even hundreds of thousands—of dollars for one in top condition.
3. The 1909-S VDB Penny
- This was the first-ever Lincoln Wheat Penny, with Victor David Brenner’s initials (VDB) on the back.
- The San Francisco Mint (S) produced only a small number, making them extremely rare and valuable.
Could This Rare Penny Still Be in Circulation?
Surprisingly, yes!
Many valuable coins go unnoticed because people don’t realize their worth. Over the years, rare pennies have:
- Been unknowingly spent as regular pocket change
- Ended up in piggy banks, cash registers, or coin jars
- Gone overlooked in old collections
That means there’s still a chance that a rare Lincoln Wheat Penny could show up in everyday transactions.
How to Identify a Rare Lincoln Wheat Penny
If you want to check your pennies for hidden treasures, here’s what to look for:
1. Check the Year
- The most valuable Lincoln Wheat Pennies include:
- 1909-S VDB Penny – The first Lincoln Penny, featuring the designer’s initials (VDB).
- 1914-D Penny – A low-mintage penny from the Denver Mint, making it highly valuable.
- 1943 Copper Penny – The holy grail of Wheat Pennies, mistakenly struck in copper instead of steel.
- 1955 Doubled Die Penny – One of the most famous error coins in U.S. history.
2. Look at the Material
- Most 1943 pennies were made of steel, so they will stick to a magnet.
- If your 1943 penny does NOT stick, it could be one of the rare copper versions worth nearly $1 million.
3. Check for a Mint Mark
- Some pennies have a small letter under the year, indicating where they were minted:
- “D” for Denver
- “S” for San Francisco
- No letter means it was minted in Philadelphia
4. Look for Minting Errors
- Doubled lettering, missing marks, or off-center printing can significantly increase a coin’s value.
What to Do If You Think You Found a Rare Penny
If you suspect you have a valuable Lincoln Wheat Penny, follow these steps:
- Don’t Clean It! – Cleaning a rare coin can lower its value significantly.
- Use a Magnet Test – If your 1943 penny does not stick, it could be a rare copper version.
- Weigh the Coin –
- A normal steel 1943 penny weighs 2.7 grams.
- A copper 1943 penny weighs 3.11 grams.
- Get It Verified – Take your coin to a professional numismatist, coin dealer, or a grading service like PCGS or NGC to confirm its authenticity.
- Sell It at an Auction – If your penny is genuine and rare, you could auction it for hundreds of thousands of dollars.
Final Thoughts
The Lincoln Wheat Penny remains one of the most fascinating coins in U.S. history, and some versions are worth a fortune.
So, before you dismiss your spare change, take a closer look—you just might be holding one of the rarest and most valuable pennies ever made.
Disclaimer: The prices mentioned for rare coins, including the Lincoln Wheat Penny, are not guaranteed and may not be entirely accurate due to market fluctuations and varying appraisals.
