There are many beloved coins in America; the most loved is probably the Lincoln Wheat Penny. This penny creates all sorts of dreams for collectors and treasure hunters alike. Most pennies you have in your pocket will be worth one cent, but some rare Lincoln Wheat Pennies have the potential of being worth an incredible fortune—one can even reach the staggering auction price of up to $9.5 million.
Still, even more amazing, some of these valuable coins may be found in everyday transactions, just waiting to be found.
The Enormous History of the Lincoln Wheat Penny
The first Wheat Penny was minted in 1909 to please Abraham Lincoln on his 100th birth anniversary and to honor the great president in history. Designed by Victor David Brenner, the charismatic coin admired Lincoln’s profile on the obverse (front) with two wheat stalks on the rear, thus giving it the popular term “wheat penny.”
These pennies were manufactured until 1958, when they were superseded by the Lincoln Memorial designs on the reverse. During their nearly 50-year run, billions of Lincoln Wheat Pennies have been made by the U.S. Mint, most of which now exist in collections or are still circulating today.
Collectors often seek out these pennies not only for their historical significance but also for their varying conditions and mint marks, which can greatly influence their value. Some rare editions, particularly those from the early years of production, can fetch impressive prices at auctions, making them highly sought after by numismatists.
As a result, enthusiasts frequently engage in extensive research to identify key dates and varieties that may enhance their collections. Additionally, the growing interest in coin collecting has led to a resurgence in the popularity of these iconic pennies, driving prices higher in the marketplace.
Why Do Some Lincoln Wheat Pennies Sell For Millions?
Not all Lincoln Wheat Pennies are equal. Factors affecting its worth are:
- Rarity: Coins with low production numbers or errors in production simply become rare
- Condition: Uncirculated or mint-condition pennies command higher prices
- Historical Significance: Certain dates or mint marks hold more importance to a collector
- Errors and Varieties: An error in minting can sometimes create a peculiar anomaly with extreme value.
The Most Valuable Lincoln Wheat Pennies
| Year | Variety/Error | Estimated Value | Rarity |
|---|---|---|---|
| 1943 | Copper | $1,000,000+ | Extremely Rare |
| 1944 | Steel | $500,000+ | Extremely Rare |
| 1909 | VDB-S | $50,000+ | Very Rare |
| 1955 | Double Die | $25,000+ | Rare |
| 1914 | D Mint | $10,000+ | Rare |
| 1922 | No D | $5,000+ | Rare |
| 1931 | S Mint | $1,000+ | Uncommon |
The copper penny of 1943
The 1943 copper penny is undoubtedly one of the most expensive and most sought-after of the Lincoln Wheat pennies. During World War II, minting pennies in zinc-coated steel instead of copper, being an asset in greater demand, was practiced, but some copper planchets of 1942 found their way into the 1943 production, resulting in very few copper pennies being minted that year.
These extremely rare specimens of the 1943 copper penny are now among the most sought-after in American numismatics. A specimen sold for $1.7 million in 2010, while experts say a flawless specimen could sell for as much as $9.5 million now.
How to Identify Highly regarded Lincoln Wheat Pennies
If you want to find a valuable Lincoln Wheat Penny in your spare change or coin collection, here are a few important traits to look for:
Check the date and mint mark.
The date is located on the obverse (front) of the coin, beneath Lincoln’s bust. The mint mark, if present, appears beneath the date.
Mint Marks
Check below the date for mint marks:
- No mark: Philadelphia
- D: Denver
- S: San Francisco
Condition Factors
Higher grades command significantly better prices. Look for:
- Sharp, clear wheat stalks
- Distinct rim definition
- Lincoln’s portrait details (especially hair and beard)
- Minimal wear on high points
Coins were manufactured at four mints:
- No mint mark
- Philadelphia
- Denver, San Francisco
- West Point (rare
Inspect the Material
The composition of most Lincoln Wheat Pennies is as follows:
- 1909-1942: 95% copper, 5% tin, and zinc
- 1943: Zinc-coated steel (with rare copper errors)
- 1944-1958: 95% copper, 5% tin, and zinc
Using a magnet on the 1943 penny is always a good idea: If it sticks, it’s the common steel type. If it doesn’t, you might just have something valuable on your hands: A copper one.
Errors and variations that are of common interest include:
- Double dies: Shows doubling in the lettering or date
- Off-center strikes: The design is not centered on the coin
- Repunched Mint Marks: The mint mark appears to have been stamped multiple times
Recent Lincoln Wheat penny discoveries
A Massachusetts family discovered a 1943 copper penny in their father’s collection in 2019, which went on to sell for over $200,000 at auction. More recently, in January of 2024, a coin collector in Ohio found a 1955 Double Die penny worth approximately $15,000 among pennies he purchased from the bank.
Such stories highlight one of many reasons numismatists believe there are still many valuable Lincoln Wheat Pennies in circulation as everyday change. The American Numismatic Association states that about 20 billion wheat pennies were minted and that many are still unaccounted for into collections or circulation.
Preserving your Lincoln Wheat Penny collection:
If you think you might have a valuable Lincoln Wheat Penny, preservation is essential.
- Do not clean your coins. Cleaning reduces their value greatly.
- Handle the coins by their edges to eliminate surface damage from oils in your fingers.
- Store them in holders specifically designed for circulating coins.
- Keep them in temperature-controlled environments and far from humidity.
You may want to consider the services of professional graders like PCGS or NGC for the authentication and grading of any potentially valuable specimens.
Investment Capability of Lincoln Wheat Pennies
Lincoln Wheat Pennies probably won’t make you a millionaire, but all at least all common dates have risen somewhat in value. Well-worn complete Lincoln Wheat Penny collections, according to the statistics from the Professional Numismatists Guild, have increased in worth approximately 5-8% annually for the decade.
Building Your Collection:
For the beginning collector, Lincoln Wheat Pennies make low-cost entry into numismatics:
- Begin with common dates that trade for a slight premium over face value
- Become aware of key dates and mintages
- Join online communities like the Wheat Cents Collectors Forum to share knowledge
- Consider investing in a good coin reference guide.
The Enduring Legacy of the Lincoln Wheat Penny
More than six decades after the last Lincoln Wheat Penny was produced, these coins have a special place in American numismatics. Their accessibility, historical significance, and prospective worth make them popular with both serious collectors and casual enthusiasts.
Take a look at any pennies you find the next time you get change or go through an old coin jar. That copper-colored coin could be worth much more than its face value—perhaps even millions.
FAQS:
What dates are considered key dates for Lincoln Memorial cents?
Key dates of the Lincoln cent series include the 1909-S V.D.B., 1909-S, 1914-D, and 1931-S. Semi-key dates are in great demand but are not all that scarce, including the 1910-15 “S” mintmark Lincolns, the 1924-D, and the 1926-S cents.
What is the value of a wheat penny?
Most Lincoln Wheat Pennies will be valued at a few cents. When in good condition, most of them are worth between $20 and $30. However, Lincoln Pennies with low mintage dates or mistakes can be rather valuable.
Do I need to clean the wheat pennies?
As far as old coins are concerned, before even thinking of cleaning, one ought to know that the appraisers and coin experts advise against the cleaning of collectible coins by any means, as doing so might destroy their worth. Chemical cleaners, bleach, or any scrubbing action might leave scratches and marks visible to a qualified coin appraiser.