Though it seems too good to be true, two simple-looking wheat pennies that could bring a whopping $78 million each are creating a stir in the numismatic world. Left behind in old wallets, drawers, and jars, these pennies are presumed to be hidden treasures until found. So, what makes them that special?
And how would you know if you are one of the lucky few to own one?
This study will focus on the fascinating history of the 1943 bronze wheat penny and the 1944 steel wheat penny, with a description of how to identify them and an explanation of why collectors are willing to pay millions.
Commonplace coins that make dramatic stories for many collectors are probably some of the most thrilling in the wide expanse of the story of coin collecting.
There are only two coins that have been produced by the Lincoln Wheat cent, made between 1909 and 1958, which were common during American history.
Each of them is worth around $78 million and are priceless examples of the finest rarity and the most valued in numismatics.
These two pennies, as the ultimate numismatic lottery tickets, might have been buried in a jar of change that has been passed down through the generations or they could occasionally appear among coins in circulation, found by everyday people in normal circumstances.
Also called the Lincoln Wheat Cent, the penny “Wheat” was first introduced into circulation in 1909 as a tribute to the one-hundredth birthday anniversary of Abraham Lincoln.
Minting of these pennies ceased in 1958, and this is how one can easily recognize these coins-to-have two stalks of wheat engraved on their reverse side.
Probably, nearly all are very common but there are some rare types that have developed owing to some very few production errors during World War II; hence, these rare errors have changed simple coins to multimillion-dollar collectibles.
1943 Bronze Wheat Penny – Error That Will Make You Millions
In 1943, intending to conserve supply of copper for the war effort, the U.S. Mint changed the usual metal into zinc-coated steel. However, because of some mistake with bronze (copper) planchets, the mythical edition of the 1943 Bronze Wheat Penny was born.
Reasons for its Price:
- Only between ’15’ and ’20’ are known.
- This is the true mint error from a time of paramount importance in American history.
- Purchasing this item comes highly rated by rich collectors, raising the price.
Price:
In 2010, a very good specimen of this coin sold for auction for $1.7 million. As speculations in coins are increasing, experts state that examples in perfect condition could go as much as $ 78 million during private sales or in super sales.
1944 Steel wheat penny – The accidental survivor
After the one-year experiment with steel pennies was done in 1943, the Mint returned to copper pennies in 1944. However, it was an accident that a few steel blanks from 1943 made it into the presses, and thus the rare 1944 Steel penny was born.
Reasons for Rarity:
Around 30-40 specimens are known to exist.
Most were struck in Philadelphia, while a few are known to have been struck in Denver (D) and San Francisco (S).
Considered a brother coin to the 1943 bronze error.
Value Estimate:
Sales value for these coins has been between $100,000 and $400,000. However, it is believed by collectors that in top condition, a 1944 steel cent could even exceed $78 million due to increased interest from investors in purchasing tangible historical assets.
Identifying the Million-Dollar Pennies
If you have some old pennies for your own collection or coinage you have inherited from someone else, now is the time to have a close look at them. It pays to know how to best identify these treasures:
Making Identification of the 1943 Bronze Penny:
- Check the date: It must say “1943.”
- Look at the color: Should appear copper/brown and not silver.
- Apply magnet: Bronzes do not stick to magnets, but steels do.
- Weigh the penny: The bronze penny has a weight of about 3.11 grams.
For the 1944 Steel Penny:
Date must be 1944
Color must be gray/silver like a dime.
The steel coin must stick to a magnet.
Weight will be around ~2.7 grams, lighter than that of the copper penny
What Makes These Coins So Expensive?
These pennies not only happen to be rare, but they are also:
- Historical remnants of World War II
- Documented minting errors,
- An emblem of U.S. coin innovation
- Collectibles for the rich and crazy.
And of course, their mystique- very few people know that they exist- and that’s how you get the magic formula for multimillion-dollar interest.
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Where Can You Sell or Appraise Your Rare Penny?
If you think you own a valuable wheat penny, do not just throw it on eBay. Go to one of these professional services:
- PCGS (Professional Coin Grading Service)
- NGC (Numismatic Guaranty Corporation)
- ANACS (American Numismatic Association Certification Service)
Those are the institutions that will authenticate and grade your coin as the major prerequisite before any considerable sale. Then send it to the leading auction houses, Heritage Auctions and Stack’s Bowers, which usually broker million-dollar coin sales.
Coin Collecting: Making a Recovery for Physical Investments
While digital assets and fickle markets flow through people’s thoughts, they invest in tangible assets, like rare coins and stamps or in art. Coins like the 1943 bronze or 1944 steel penny accumulate the expected weight of history to attract even long-term investors.
Even if you don’t own that $78 million piece, most ordinary wheat pennies will sell for $10 to $100 or more depending on condition and mint mark.
Last Few Words: Your Cent May Be a Treasure Trove
True, most pennies are worth nothing much except a penny more than their face value. In some cases – like the 1943 bronze and 1944 steel wheat pennies – pennies are genuine gold mines in disguise. Because each can be worth as much as $78 million, such coins represent the triple whammy of rarity, error, or historical significance, making them appealing in all the wrong ways.
So before tossing that spare change into a Coin star machine, take those pennies and look again. That old and dusty penny might still be your ticket to becoming a millionaire.
FAQS:
How many of these rare pennies do scholars believe exist?
They believe only about 15–20 of the 1943 Bronze Pennies and 30-40 of the 1944 Steel Pennies to exist. They are thereby extremely rare.
What is the best option to get my penny authenticated?
This penny would then be submitted to a reputable grading service, such as PCGS, NGC, or ANACS, for authentication and grading and, if possible, for determining market value.
What does it mean when my 1943 penny sticks to a magnet?
Sticking to a magnet indicates that your 1943 penny is steel. That was what was put out for that year. It is not, therefore, one of the rare copper ones, so it isn’t worth millions.