The Lincoln Wheat Penny holds a special place in American coin collecting. First created in 1909 to celebrate 100 years since Abraham Lincoln’s birth, these small copper coins have become one of the most collected items in the United States. While most of these pennies are worth just one cent today, some rare versions can be worth a fortune – with one particular kind potentially valued at an astounding $510,000.
These iconic coins feature Lincoln’s profile on the front and two stalks of wheat on the back, giving them their popular nickname. For nearly 50 years, until 1958, the U.S. Mint produced these pennies, creating billions that circulated through American pockets and cash registers.
The Wartime Mystery
During World War II, something unusual happened that created one of the most valuable coins in American history. In 1943, the government needed copper for war materials, so they switched to making pennies out of steel instead. However, a few copper blanks accidentally made it into the production line, creating the extremely rare 1943 copper penny.
These mistake coins are so valuable because they were never supposed to exist. Only about 20 are known to collectors today, making them incredibly rare finds. If you discover a genuine 1943 copper penny, you might be holding a coin worth hundreds of thousands of dollars.
The Designer’s Mark
Another highly prized variety is the 1909-S VDB penny. When Victor David Brenner designed the Lincoln penny, he placed his initials (VDB) on the reverse side. After public criticism about the prominence of these initials, the Mint quickly removed them, but not before a small number were produced at the San Francisco Mint (indicated by the “S” mint mark).
With only 484,000 ever made, these pennies became instant collector’s items. Today, even in moderately worn condition, a 1909-S VDB penny can sell for thousands of dollars, while perfect examples might fetch tens of thousands.
How to Spot a Valuable Penny
Finding a valuable wheat penny requires knowing what to look for. The first thing to check is the date and mint mark. The most valuable years include 1909 (especially with the S mint mark and VDB initials), 1914-D, 1922 (with no mint mark), 1931-S, and of course, the legendary 1943 copper penny.
For the 1943 penny specifically, a simple test can help determine if it’s the valuable copper version or the common steel one: magnets will attract steel pennies but not copper ones. However, be careful – some counterfeiters copper-plate steel pennies or alter dates on copper pennies from other years.
The condition of the coin also greatly affects its value. Collectors use a grading scale from Poor (barely identifiable) to Mint State (perfect, as if just made). The better the condition, the higher the value, with uncirculated coins commanding the highest prices.
Preserving Your Discovery
If you believe you’ve found a valuable wheat penny, proper handling becomes crucial. Never clean old coins, as this can significantly reduce their value. The natural aging process creates a patina that collectors appreciate, and removing this can damage the coin’s surface.
Store potentially valuable coins in protective holders made specifically for coins, avoiding materials that might contain harmful chemicals. Handle coins only by their edges to prevent oils from your fingers from damaging the surfaces.
The Market for Rare Pennies
The market for rare Lincoln Wheat Pennies remains strong, with serious collectors always looking to add these historic pieces to their collections. Specialized coin auctions often provide the best venue for selling valuable specimens, with professional dealers helping to authenticate and properly value these coins.
The most valuable wheat penny ever sold was a perfect 1943-D copper penny (from the Denver mint) that reportedly changed hands for over $1.7 million in a private sale. While such extreme values are exceedingly rare, many wheat pennies still sell for hundreds or even thousands of dollars.
The Everyday Treasure Hunt
What makes coin collecting so appealing is that anyone might discover something valuable in their everyday change. People continue to find valuable wheat pennies in circulation, in old collections passed down through families, and even in rolls of pennies from banks.
This ongoing treasure hunt encourages people of all ages to look more carefully at the coins that pass through their hands. The possibility, however small, of finding a $510,000 penny makes checking your change both exciting and potentially rewarding.
Disclaimer
This article provides general information about Lincoln Wheat Pennies and their potential values. All monetary values mentioned are subject to market fluctuations and may vary significantly based on condition, authenticity, and collector demand. Readers should consult professional numismatists for accurate appraisals and authentication of any potentially valuable coins. The author and publisher are not responsible for any financial decisions made based on this information.