12 Rare Wheat Pennies Worth $112 Million Each – Are They Still Circulating?

Coin collectors and numismatists are constantly on the lookout for rare and valuable coins, and some Wheat Pennies have become legendary because of their incredible value. These 12 rare Wheat Pennies, each worth a staggering $112 million, have left collectors wondering if any of them are still in circulation.

First produced between 1909 and 1958, Wheat Pennies were ubiquitous in American currency, but some rare issues and error coins have seen their value skyrocket over the decades.

Might one of these extremely valuable coins still remain in your pocket change? Let’s look at the history, rarity, and possible circulation of these highly desirable pennies.

The History Behind the Wheat Penny

To understand the rarities, learning about the wheat penny’s significance in American history provides context to their worth. The Lincoln cent was introduced in 1909 to celebrate the 100th anniversary of Abraham Lincoln’s birth and was the first regular-issue United States coin to bear the image of a historical figure.

It was designed by Lithuania-born sculptor Victor David Brenner, who had Lincoln’s profile on the obverse side and two wheat stalks bracketing the letters “ONE CENT” and “UNITED STATES OF AMERICA” on the reverse side.

These wheat cents clinked in the pockets of Americans for almost five decades during two world wars, the Great Depression, and on into the beginnings of the Cold War until they were replaced with the Memorial reverse design in 1959.

Today, these off-mintage coins are a relic of times past, American coinage, as some examples attain mythic status among collectors.

1. The 1909-S VDB Penny: The Holy Grail

No discourse on valuable wheat pennies starts anywhere but with the mythical 1909-S VDB. This coin is the ultimate numismatic storm small mintage, historical importance, and immediate controversy. When the Lincoln cent first appeared, designer Victor David Brenner put his initials, “VDB,” at the bottom of the back.

Outrage among the public regarding the visibility of these initials prompted the Mint to eliminate them after only a few days of mintage. Only 484,000 were minted at the San Francisco Mint before the design modification, resulting in an immediate rarity.

In circulated grade, these coins will usually cost $700-$1,500. Uncirculated examples still with original red copper luster will bring $2,000-$5,000, while Mint State coins graded MS-67 or above by professional organizations have sold in excess of $100,000.

Dave Michaels, a long-time coin dealer from Pittsburgh, elucidates, “The 1909-S VDB isn’t merely valuable as a rarity what makes collectors’ hearts pound is the back story.” It’s the genesis of perhaps America’s most recognizable coin design and a controversy that flared within days of its release. Any serious Lincoln cent collector desires one.

2. The 1914-D: Understated Rarity

The 1914-D wheat penny too often goes under the radar in comparison with the iconic 1909-S VDB, but seasoned collectors know it is perhaps even rarer in high grades.

With a mintage of only 1.1 million coins struck at the Denver Mint, the coins circulated very heavily in the days when workers averaged less than $1 per hour. Scarcely any were saved, so well-worn examples are very hard to come by these days.

Prices for circulated versions range from $200 to $400, while uncirculated issues begin at about $2,500 and go up to $30,000+ for gems grading MS-65 or higher. What is unique about the 1914-D is that it wasn’t known as a key date right away,” says Susan Reynolds, numismatic historian.

“Unlike the 1909-S VDB, which was legendary from the get-go, the 1914-D circulated openly for years before collectors caught on to how rare it was getting. By then, nice specimens were already hard to find.”

3. The 1922 Plain: The Accidental Rarity

The 1922 plain cent (no mint mark) is one of the most intriguing production mistakes in numismatics. In 1922, only the Denver mint made Lincoln cents, so all should have a “D” mint mark. Worn and battered dies resulted in examples where the mint mark was completely lost.

Genuine 1922 plain cents (as opposed to those with a weak, barely perceptible D) were produced from a die pair in which the mint mark was totally full of grease or debris.

Between 10,000 and 15,000 are estimated to survive, making this a fluke rarity created through mint error. Prices run between $500 for worn-out specimens and $25,000+ for uncirculated specimens. The best-known specimens have sold for more than $100,000.

“The 1922 plain cent is the error coin that launched thousands of people into checking their change,” notes James Bucki, numismatic expert. “It’s fascinating because it wasn’t supposed to exist at all. Every 1922 cent should have a D mint mark since only Denver made pennies that year.”

4. The 1931-S: Depression-Era Scarcity

While America endured the Great Depression, coinage production fell. Only 866,000 Lincoln cents were minted in 1931 by the San Francisco Mint one of the lowest mintages of any regularly issued Lincoln cent.

This restricted production, added to economic austerity that made saving coins challenging, produced today’s scarcity. The reason the 1931-S is so interesting is that, unlike other key dates, numerous were identified early as possible rarities and saved by collectors.

Circulated examples usually fetch $100-$200, but uncirculated specimens can command $600-$1,500. Exceptional gems can sell for $10,000 or more at auction. “The 1931-S has an economic tale to tell,” says Richard Montgomery, auction specialist.

“When you hold one, you’re holding concrete proof of how the Depression impacted even government functions such as coining coins. Demand for money fell as economic activity dwindled, and the mintage figures reflect that fact.”

5. The 1943 Bronze/Copper Cent: Million-Dollar Mistake

Maybe no Lincoln cent creates as much buzz as the mythical 1943 copper cent. During World War II, copper was being used for war production, so the Mint produced 1943 cents on zinc-coated steel. A few 1942 copper planchets were supposedly still in the presses and were stamped with 1943 dies.

About 20-30 authentic 1943 bronze cents are known in all mints, and they are among the rarest and most valuable U.S. coins. Authenticity is important, as there are numerous counterfeit or modified examples.

Well-preserved examples have ranged from $100,000 to well over $1.7 million, depending on condition and mint mark. The best-known example, a 1943-D bronze cent, sold for $1.7 million in 2010. The 1943 copper cent has moved beyond the hobby of coin collecting to become a part of American folklore,” says Michael Farrington, an expert in authentication.

“Rumors spread for decades that auto tycoon Henry Ford would present a new vehicle to anyone who discovered one. Although that never occurred, it reflects how these coins entered the public’s imagination.”

6. The 1944 Steel Cent: Reverse Error

Just as a few copper planchets managed to get into 1943 production, so a few remaining leftover steel planchets were accidentally employed in 1944 when the Mint had reverted to copper. There are about 30-40 genuine 1944 steel cents out there in total from all three mints.

These transitional mistakes generally go for $75,000-$125,000, with those in exceptional preservation fetching even more money. Authentication is crucial, as fake fakes of real 1944 cents are prevalent.

What makes these transition errors interesting is that they shouldn’t exist logically,” says Elizabeth Gardner, a researcher with Mint. “Once production reverted to copper in 1944, all steel planchets would have been taken off the line. These coins were a combination of neglect and happenstance.”

7. The 1955 Doubled Die Obverse: The Famous “Double Vision”

The 1955 doubled die obverse cent is one of the most striking and immediately recognizable die errors in U.S. numismatics.

A die hubbing misalignment produced a clear doubling on the date, legends, and Lincoln’s features. Some 20,000-24,000 of these error coins were released into circulation before being found, producing a rarity that still turns up from time to time in old collections.

The doubling is so extreme that it can be seen with the naked eye, so it’s popular even among non-collectors. Prices are $1,000-$3,000 for circulated examples and $10,000-$25,000 for uncirculated specimens. The best-known examples have brought more than $100,000 at auction.

“The 1955 doubled die is the crown jewel of Lincoln cent errors,” claims Thomas De Lorey, die variety specialist. “Why it’s unique is the striking doubling apparent without the aid of magnification, along with its relative rarity. It’s the doubled die against which all others are judged.”

8. The 1909-S: Overshadowed First-Year Rarity

While the 1909-S VDB is the one that receives most of the glory, the 1909-S without the initials of Brenner is a notable rarity in its own right. With a mintage of 1.8 million coins, it’s almost four times as rare as the better-known 1909-S VDB.

Much less famous than its better-known sibling, this coin is a real bargain for collectors, with circulated coins selling in the $100-$400 range and uncirculated coins commanding $700-$3,000 or more based on condition.

“1909-S without VDB is the sleeper key date,” says Jennifer Cohen, auction house specialist. “Since it operates in the shadow of the VDB version, many collectors undervalue how rare it really is. Population reports consistently reflect fewer pieces than the iconic VDB in most grade ranges.”

9. The 1924-D: Underappreciated Scarcity

A mintage of only 2.5 million, the 1924-D is one of the lesser-known rarities in the Lincoln cent series. The majority of specimens were heavily circulated during the Roaring Twenties, so well-preserved specimens are especially hard to find today.

Circulated specimens usually sell for $50-$150, while uncirculated specimens sell for $500-$2,000 or more based on condition. Exceptional gems with full original red color can sell for $10,000+ at auction. “The 1924-D is what I refer to as a ‘condition rarity,'” says Robert Men chell, grading expert.

“Although the mintage isn’t quite as low as some of the key dates, discovering examples in MS-65 or higher with full original red color is extremely challenging. They just weren’t preserved in large numbers.”

10. The 1926-S: The Forgotten Key Date

Like the 1924-D, the 1926-S has a relatively low mintage (4.5 million) and poor striking quality coupled with heavy circulation. This has resulted in high-grade pieces being especially difficult to find.

Circulated pieces are usually worth $20-$100, which is within the reach of most collectors. Uncirculated pieces with original mint red color, however, can fetch $1,000-$5,000, while superb gems sell for much higher prices.

What is so intriguing about the 1926-S is how hard they are to locate well-struck,” says Walter Breen III, the study expert. “The San Francisco Mint was operating worn-out machinery that year, and the coins had mushy details even when fresh from the mint. Discovering a sharp specimen is very difficult.”

11. The 1943 Copper/Bronze Transitional Error: The Counterpart Rarity

While the 1943 bronze cent is most popular, the 1944 steel cent’s incredible scarcity makes it just as sought after. There are only about 30-40 genuine pieces, with prices comparable to their 1943 bronze equivalent.

These transition errors usually sell for $75,000-$150,000 at auction, with especially well-preserved ones selling for much more. Just like the 1943 bronze cent, verification is essential due to many tampering and reproductions.

“What fascinates me about the 1944 steel cent is that it represents the mirror image of the 1943 bronze error,” says Neil Armstrong, error coin specialist (no relation to the astronaut). “Both were created through essentially the same process—leftover planchets from the previous year’s production accidentally making their way into the coining presses.”

12. The 1958-D RPM (Repunched Mint Mark): The Farewell Variety

As the wheat cent series was discontinued in 1958, the Denver Mint created one last collectible variety a strongly repunched mint mark in which the D seems to be doubled. This variety happened as the mint mark that had been placed on the die by hand was punched twice in slightly distinct positions.

Although less worthwhile than the real rarities included here, the 1958-D RPM provides a low-entry point to collect wheat cent varieties. Examples run $10-$50 in circulated condition and $75-$200 in uncirculated grades.

“The 1958-D RPM is a notable coin since it was the final gasp of the series of wheat cents,” says variety specialist Caroline Fischer. It’s fitting that the last year would feature a collectible variety, providing the series with a proper numismatic exit before the Memorial reverse design debuted in 1959.”

Checking Your Own Collection: Authentication Concerns

With prices going into six and seven figures for the most rare wheat cents, counterfeits and modifications have gotten sophisticated.

Collectors need to watch out, especially with the most valuable dates such as 1909-S VDB, 1943 bronze, and 1944 steel cents.

Common changes include:

• Adding an “S” mint mark to 1909 Philadelphia cents
• Deleting VDB initials on 1909-S VDB cents
• Copper-plating 1943 steel cents
• Removing mint marks on different dates
• Fake toning to conceal issues or cleaning

Professional grading through services such as PCGS or NGC is necessary for any potentially valuable wheat cent. These companies have experts who can pick up even the most advanced changes.

Even after being recalled more than sixty years ago, wheat cents still intrigue serious collectors and occasional collectors alike. Their comparably lower price point (with the exceptions of the key dates), their history, and the continuing potential of collecting valuable samples in everyday circulation or out-of-date collections keep them in demand.

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Mark Thompson, who conducts wheat cent seminars at coin shows all over the country, thinks their popularity surpasses mere monetary worth: “Wheat cents bind us to ordinary American life through nearly a half-century of transformative change.”

These coins clinked in the pockets of World War I doughboys, flappers of the Roaring Twenties, Depression-era families, World War II GIs, and Baby Boomers of the post-war period. They’re tangible connections to our great-grandparents’ and grandparents’ America. Whether you’re an avid collector seeking the legendary 1909-S VDB or a curious amateur looking over inheritance coins, wheat cents have something for everybody.

The next time you come across an old penny jar or a dusty coin album, take a second glance you may just be holding a small copper coin worth a whole lot more than one cent. As the old collector’s saying goes, “A collection starts with a single coin.” For a great many Americans, that coin was and still is the humble, history-laden wheat penny.

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