Have you ever wondered if that jar of pennies collecting dust on your shelf might contain a small fortune? While most of us see pennies as merely pocket change, certain rare Lincoln Wheat Pennies have skyrocketed in value, with some specimens reportedly worth millions.
The numismatic world has been buzzing with stories of these copper treasures, with claims of individual coins valued at astronomical figures.
But what’s the real story behind these valuable pennies, and could you actually have one hiding in your spare change?
The Lincoln Wheat Penny, minted from 1909 to 1958, has become one of the most collected coins in American numismatics.
With its iconic design featuring Abraham Lincoln on the obverse and two wheat stalks on the reverse, these pennies tell a story of American history spanning nearly five decades. While billions were produced, certain rare varieties and minting errors have transformed some into incredible treasures.
Let’s explore the five most valuable Lincoln Wheat Pennies that could potentially be worth millions and might still be circulating today.
The Holy Grail: 1943 Copper Wheat Penny
The crown jewel of Lincoln Wheat Pennies is undoubtedly the 1943 Copper Penny. During World War II, copper was needed for the war effort, so the U.S. Mint switched to zinc-coated steel for pennies in 1943.
However, a few copper planchets (coin blanks) from 1942 accidentally made their way into the production line, resulting in the extremely rare 1943 copper penny.
Only about 20-30 of these pennies are known to exist across all three mints (Philadelphia, Denver, and San Francisco). The 1943-D (Denver) copper penny is the rarest, with just one known to exist.
In 2010, one specimen sold for a staggering $1.7 million, and today, experts value it at approximately $2.3 million in mint condition.
What makes this coin so extraordinarily valuable is its perfect storm of rarity, historical significance, and the fascinating story behind its creation.
It’s like finding a unicorn in a field of horses – a copper penny in a year when they should all have been steel.
To identify a genuine 1943 copper penny:
- It should have the date 1943
- It should NOT stick to a magnet (unlike the steel pennies)
- It should weigh approximately 3.11 grams
- It should have a distinctive copper color rather than the silvery appearance of steel cents
Rare Minting Errors and Key Dates Worth Millions
Beyond the famous 1943 copper penny, several other Lincoln Wheat Pennies command extraordinary prices due to their rarity and unique characteristics.
1. The 1944 Steel Wheat Penny: The Reverse Error
In a fascinating reversal of the previous year’s mistake, a few 1944 pennies were accidentally struck on leftover steel planchets from 1943.
With fewer than 30 known examples, finding a 1944 steel cent could bring a windfall of up to $1.1 million, depending on condition and mint mark.
One high-grade 1944-S steel cent sold for $408,000 at auction in 2021. Unlike the copper 1944 pennies, these will stick to a magnet and have a silvery appearance.
It’s like finding a wolf in sheep’s clothing – a steel penny disguised as a copper one.
2. The 1955 Doubled Die Obverse: The Famous Error
This famous error occurred when the die used to strike the coins was improperly made, causing a noticeable doubling effect on the obverse (front) side.
The doubling is most visible in the date, the word “LIBERTY,” and the motto “IN GOD WE TRUST.”
Approximately 20,000-24,000 of these error coins entered circulation before the mistake was discovered, making them rare but not impossible to find.
Values range from $1,000 for worn examples to around $114,000 for pristine specimens.
A 1955 Doubled Die penny in mint condition sold for over $114,000 in 2018. This doubling effect is visible to the naked eye, making it one of the easier valuable varieties to spot if you know what you’re looking for.
3. The 1909-S VDB: The Classic Rarity
The 1909-S VDB penny is one of the most famous and sought-after coins in American numismatics.
The “VDB” refers to the initials of the coin’s designer, Victor David Brenner, which appear on the reverse. The “S” indicates it was minted in San Francisco.
Only 484,000 were produced before public controversy over the prominence of the designer’s initials led to their removal, creating an instant rarity.
Even in worn condition, these pennies command prices of $700 or more, while pristine examples have sold for over $117,500.
4. The 1914-D: The Key Date
Unlike the previous entries, the 1914-D penny isn’t valuable due to an error but rather its low mintage.
The Denver Mint produced only 1.1 million of these pennies – a tiny number compared to the tens of millions typically minted in other years.
In 2018, a pristine 1914-D penny graded MS66+ Red sold for $158,625, proving its enduring value to collectors. Finding one of these is like discovering a rare vintage of wine – not a mistake, but a treasure due to its scarcity.
| Rank | Penny | Key Features | Estimated Value Range |
|---|---|---|---|
| 1 | 1943 Copper | Copper instead of steel, doesn’t stick to magnet | $250,000 – $2.3 million |
| 2 | 1944 Steel | Steel instead of copper, sticks to magnet | $100,000 – $1.1 million |
| 3 | 1955 Doubled Die | Visible doubling on date and lettering | $1,000 – $114,000 |
| 4 | 1909-S VDB | Designer’s initials on reverse, San Francisco mint | $700 – $117,500 |
| 5 | 1914-D | Low mintage, Denver mint | $200 – $158,625 |
Separating Fact from Fiction: The $39 Million Question
While the combined value of these five rare pennies could indeed approach or exceed $3.9 million in top condition, claims of individual Lincoln Wheat Pennies worth $39 million appear to be exaggerated.
According to numismatic experts and auction records, no single Lincoln Wheat Penny has ever sold for anywhere near that amount.
The most expensive Lincoln Wheat Penny ever sold at auction was the 1943-D Bronze Penny that fetched approximately $1.7 million in 2010.
While values have increased since then, the jump to $39 million would be unprecedented and unsupported by market evidence.
These exaggerated valuations often spread through social media and clickbait articles, creating unrealistic expectations.
It’s like the childhood game of telephone – as information passes from person to person, the numbers get increasingly inflated.
That said, the genuine values of these rare pennies are still incredibly impressive, with top specimens worth hundreds of thousands or even millions of dollars.
The combined value of all known 1943 copper pennies across all three mints could potentially approach $40 million, which might be the source of some confusion.
How to Check If You Have a Valuable Lincoln Wheat Penny
Now that you know what to look for, here’s how to determine if you might have struck numismatic gold:
- Check the date and mint mark: Focus first on key dates like 1909-S, 1914-D, 1922 (no D), 1931-S, and of course, 1943 (copper) and 1955 (doubled die).
- Examine for errors and varieties: Use a magnifying glass to look for doubling, off-center strikes, or other unusual features.
- Test with a magnet: This is particularly important for 1943 pennies (genuine copper ones won’t stick) and 1944 pennies (steel ones will stick).
- Assess the condition: Coin condition dramatically affects value. Even common wheat pennies in pristine condition can be worth more than their face value.
If you think you’ve found something valuable, consider having it authenticated by a professional coin grading service like PCGS or NGC. These services can verify authenticity and assign a grade that helps determine the coin’s value.
Conclusion
While claims of Lincoln Wheat Pennies worth $39 million individually appear to be exaggerated, the reality is still fascinating and potentially lucrative.
The five rare pennies we’ve discussed – the 1943 Copper, 1944 Steel, 1955 Doubled Die, 1909-S VDB, and 1914-D – are genuinely valuable treasures that could be worth anywhere from thousands to over two million dollars in top condition.
The beauty of coin collecting is that these treasures could be hiding anywhere – in your pocket change, a grandparent’s old collection, or a roll of pennies from the bank.
By familiarizing yourself with the key dates, mint marks, and errors to look for, you increase your chances of making that lucky find.
So the next time you receive change or come across old pennies, take a moment to examine them closely. You never know – that humble one-cent piece might just be worth a small fortune!
FAQs About Valuable Lincoln Wheat Pennies
1. How can I tell if my 1943 penny is the valuable copper version? A genuine 1943 copper penny will not stick to a magnet (unlike the common steel version), will weigh approximately 3.11 grams, and will have a distinctive copper color. Be cautious of counterfeits, as some people copper-plate steel pennies or alter the dates on 1948 pennies to try to pass them off as the rare 1943 copper variety.
2. Are all wheat pennies valuable? No, most wheat pennies are worth only a few cents above face value. However, certain dates, mint marks, and error varieties can be worth substantially more. Even common wheat pennies in uncirculated condition can command a premium over face value.
3. Should I clean my old pennies to make them look better? Absolutely not! Cleaning coins can significantly reduce their value to collectors. Professional numismatists prefer coins with original surfaces, even if they show some toning or wear. If you believe you have a valuable coin, consult with a professional before doing anything that might damage it.
4. What’s the most recently discovered valuable wheat penny? While most of the major rarities have been known for decades, new examples of known rarities are still occasionally discovered. In recent years, several 1943 copper pennies have been found in old collections, estate sales, and even in circulation, proving that these treasures are still out there waiting to be discovered.
5. Is it legal to own rare error coins like the 1943 copper penny? Yes, it’s completely legal to own error coins, including the 1943 copper penny. While some experimental patterns and trial pieces may be claimed by the government, error coins that were legitimately released into circulation are legal to own and trade.