In the realm of rare coins, the Lincoln Wheat Penny is a highly sought-after name. From 1909 to 1958, the coin was minted and now can be seen in numerous collections. But did we mention that the value of this seemingly unassuming coin reaches as high as 890 million dollars? Sounds like a tale of a treasure hunt, doesn’t it? But believe it or not, it is the truth.
In this article, we’ll learn why the Lincoln Wheat Penny is so precious, what special editions are worth crores, and how do you ensure that you do not have any such rare coin? If you have an old coin collection, then this article can turn your fortune!
What is Lincoln Wheat Penny?
The Lincoln Wheat Penny, also known as the “Wheat Cent”, has been an important coin in the US currency. It was first issued in 1909 to commemorate the 100th birth anniversary of Abraham Lincoln. The coin features a portrait of Lincoln on the front and two wheat ears on the back.
The coin was made by Victor David Brenner and went on to become the most popular coins of US history. Although the coin was overtaken by the Lincoln Memorial Cent in 1959, it remained a much used coin for transactions. It gradually gained such cultural importance as well as its collectors’ fascination and is worth tens of millions today.
$890 million Lincoln Wheat Penny – The ‘Holy Grail’ of the coin world
The question now is, how does a humble one-cent coin become $890 million? The reason can be found in a unique and rare type – the 1943 Copper Lincoln Wheat Penny.
Why is this coin so valuable?
In 1943, there was a metal shortage in America because of the World War II. Then steel was used for making coins rather than copper. However, the mint produced a few coins made of copper in error, resulting in a really rare find.
The worth of the 1943 Copper Lincoln Wheat Penny is so great because very few such coins are known to exist. In 2010, one of these coins was sold at an auction for $1.7 million, and some people think that its worth can be as much as $890 million if the coin is in mint condition.
How to identify if you have a rare Lincoln Wheat Penny?
If you too wish to inspect your old coins, then read the following carefully:
1. Discover the 1943 Copper Penny
This one is the rarest and the most costly. To find out:
- Inspect the year: If the coin says 1943 on it, then go ahead and verify.
- Weigh the weight: The copper wheat penny weighs 3.11 grams, whereas the steel penny weighs 2.7 grams. If your coin is copper and weighs 3.11 grams, it could be a rare coin.
- Inspect the color: Most 1943 coins are light silvery in color due to the steel, but if your coin is copper brown in color, it might be worth something.
- Check the condition: The less worn or like-new condition of a coin makes it more valuable.
If you do possess such a coin, then find a coin expert to authenticate it.
2. Be on the lookout for other unusual years as well
The most costly is the 1943 Copper Penny, but certain special Wheat Pennies from other dates can be valuable as well:
- 1909-S VDB Penny: This coin features designer Brenner’s initials “VDB” embossed on it. Only 484,000 of these were produced, which makes it scarce.
- 1922 “No D” Penny: A few coins minted in the Denver Mint lacked the “D” stamp, which made this coin rare.
- 1931-S Penny: This coin also costs a lot because of its low production.
- 1914-D Penny: This year’s coins were low in number, so this is also considered a valuable coin.
3. Evaluate the coin’s condition
The value of a coin depends on its rarity and condition. Coins are graded from “Poor” to “Mint State.” Coins in good condition are more valuable.
How much is your Lincoln Wheat Penny worth?
The value of any coin depends on the following factors:
- Rarity: Coins that are rare are more valuable.
- Condition: Coins in brand-new condition are more valuable.
- Demand: The price of the coin will be high if the coin is also very popular among collectors.
If you have a 1943 copper penny, it may be worth millions or billions. However, even if this coin isn’t, there are other rare Lincoln Wheat pennies that can fetch thousands of dollars.
How to Sell Rare Lincoln Wheat Penny?
If you believe you possess a rare coin, have it graded by a coin specialist prior to sale. You may sell it using the following media:
- Coin Dealers: Reputable dealers can assess your coin.
- Auction House: This is the ideal platform for auctioning a rare coin.
- Online Platform: Sell the coin on platforms such as eBay.
Conclusion
The Lincoln Wheat Penny can be a thrilling find for coin enthusiasts. The 1943 Copper Penny is the most valuable and rare coin, but Wheat Pennies of other scarce years will also command good prices.
FAQs
Q1. How can I tell if I have a rare 1943 Copper Lincoln Wheat Penny?
Check the date (1943), the weight (3.11 grams), and the color (reddish-brown instead of silvery steel). If your penny meets these criteria, it could be valuable.
Q2. What is the most valuable Lincoln Wheat Penny ever sold?
The rare 1943 Copper Lincoln Wheat Penny is one of the most valuable, with some versions selling for millions. One of the highest recorded sales was $1.7 million in 2010.
Q3. Are all Lincoln Wheat Pennies valuable?
No, most Lincoln Wheat Pennies are common and worth only a few cents. However, certain rare years like the 1909-S VDB, 1922 No D, and 1943 Copper can be worth thousands or even millions.
Q4. Where can I sell my rare Lincoln Wheat Penny?
You can sell it through reputable coin dealers, auction houses, or online marketplaces like eBay. It’s best to have the coin authenticated by a professional before selling.
Q5. How can I protect my valuable coins?
Store them in protective coin holders, avoid excessive handling, and keep them in a dry, temperature-controlled environment to prevent damage.