The Lincoln Wheat Penny Valued at $510K, Still in Circulation?

That little copper penny you threw into your change jar could be holding an enormous surprise. Most Lincoln Wheat Pennies are only worth face value, but several rare ones have commanded unbelievable sums—one sold for an amazing $510,000! These rare coins aren’t hoarded away by museums or private collectors. Some could still be waiting to be discovered amidst ordinary pocket change.

The Birth of the Lincoln Wheat Penny

The Lincoln Wheat Penny entered circulation in 1909 to celebrate the 100th anniversary of Abraham Lincoln’s birthday. The coin was revolutionary—it was the first U.S. coin to bear an actual historical figure as opposed to a symbolic representation such as Lady Liberty.

The coin, by Victor David Brenner, featured the profile of Lincoln on the obverse side with a pair of ears of wheat on the reverse, giving it the nickname of “Wheat Penny.” The classic design lasted till 1958, where the reverse was redesigned to depict the Lincoln Memorial. These coins, over the years, became one of the country’s favorite series to collect.

The Legendary $510,000 Penny

The rarest and most valuable Lincoln Wheat Penny came out amidst the turmoil of World War II. During 1943, because copper was to be preserved for the war efforts, pennies were made of zinc-coated steel by the U.S. Mint. The pennies looked like they were made of silver and weighed less than those made of copper.

A few copper blanks remaining from 1942, however, made it into the coin presses by mistake. These copper 1943 cents, though never intended to be made, are very rare. Only around 20 remain today, and one of them in mint condition has sold for up to $510,000—a staggering sum for such an infinitesimally small coin.

Some other high-grade Lincoln Wheat Pennies:

Although the 1943 copper penny dominates the bulk of the publicity, there are numerous other Wheat Pennies that are eagerly hunted by collectors:

• 1909-S VDB: The rare first-year coin bears the initials of designer Victor D. Brenner. Only 484,000 of this coin were produced before the initials were eliminated because they caused public outcry.
• 1914-D: Struck at Denver, this is a scarce coin that is valuable even when it is in good grade.
• 1922 “Plain” Penny: These pennies have no mint mark because of an issue with the dies and are very rare.
• 1955 Double Die: One of the most coveted error coins by collectors, it is characterized by the doubling of the lettering and the date.

How to Identify a Valuable Penny

Discovering a valuable penny begins with understanding what to search for:

• Verify the Year: Watch closely for 1909, 1914, 1922, 1931, 1943, and 1955 coins
• Magnet Test: The majority of 1943 pennies are made of steel and will be attracted to a magnet. If your 1943 penny is not, it could be copper—a valuable error.
• Mint Marks Make A Difference: Below the date, you’ll find letters such as “D” (Denver), “S” (San Francisco), or no mark (Philadelphia). Some combinations of year and mint mark are more rare and worth more.

Proper Handling of Rare Finds

If you suspect you have found a valuable coin, avoid the urge to clean it. Cleaning coins undermines the surface of the coin and lowers the value considerably. Put the coin into a safe holder and touch it only by the edges.

For those you suspect to be valuable, have them professionally graded by an expert coin inspection service. Experts can verify authenticity of the coin, grade the coin on the basis of appearance, and give it an official grade that can be used to establish its market worth. They’ll put it into a secure holder to protect it for the long term.

A Treasure Hunt for All

One of the best things about Lincoln Wheat Penny collecting is that it is so available. These gems aren’t only for wealthy collectors—there might be one waiting to be discovered right where you store your spare change, an old wallet, or even the fare you paid for your daily coffee.

This means that collecting coins is an enjoyable, budget-friendly activity for everybody. Every coin you find is an enigma waiting to be unraveled. Possibly you’ll find that penny that is worth thousands, maybe even hundreds of thousands of dollars.

Key Note

Although it is true that some Lincoln Wheat Pennies have brought high, record-breaking prices, the majority of those you’ll encounter are only worth a few dollars to a few cents.

The highly valuable specimens are rare exceptions. Always have your coin appraised by an expert numismatist or coin specialist before assuming it is a high-grade rarity. This article is for educational purposes only and is not getting into guarantees on specific coin values.

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