In the world of coin collecting, a small piece of copper can be worth a priceless fortune. Such is the case with the Lincoln Wheat Penny, a coin which has cast a long shadow in stamp and coin collecting with its historical worth and heady monetary value. An image of yet-another penny that might reside within the recesses of your change chum, but some Lincoln Wheat Pennies have sold for upwards of $120,000, and one of those could very well be hiding in your pocket right now.
If you’ve ever looked at your loose change and thought of it as being insignificant, this article may change your mind. So let’s delve into what makes certain Lincoln Wheat Pennies so valuable and how to identify one, as right now is the best time to check your spare change!
What exactly is a Lincoln Wheat penny?
Also known as the “Wheat cent,” the Lincoln Wheat penny was minted in the United States from 1909 to 1958, featuring the profile of President Abraham Lincoln on one side and two wheat stalks flanking the words “ONE CENT” on the reverse. These coins are well known, and at one time they were very common; a few rare types are now highly coveted by collectors.
Why The $120,000 Tag?
Some specific Lincoln Wheat Pennies with minting errors, small mintages, or special metal compositions are exceptions. The one that could easily sell for over $120,000 will probably belong to the series of 1943, when for the first and only time, the Mint then began producing steel pennies for the preservation of copper for the War.
However, a few copper blanks slipped into production in 1943-the 1943 copper pennies have since become some of the rarest and most valuable coins ever minted. One sold recently at auction for $204,000, while others continue to sell for anywhere from $80,000 to $150,000, depending on condition.
Important Years to Check
These are a few important years of Lincoln Wheat pennies that would most possibly be worth some big bucks:
- 1943 Copper Penny – Worth between $100,000 and $250,000
- 1944 Steel Penny – Upwards of $75,000
- 1909-S VDB – Ranging in value from $750 to $15,000
- 1914-D – $200-$5,000
- 1922 No D – $500-$3,000
Just a couple examples, though, as many others can be in worth from hundreds to thousands depending on rarity and condition.
Steps to Identify a Valuable Lincoln Wheat Penny
To determine the value of your penny, check for these features:
- Date and Mint Mark
Check the date inscribed under Lincoln’s image. Particularly check if the date falls in the range of 1909 to 1958 with particular emphasis on 1943 or 1944. The mint mark, either D, S, or none, rests just below the date and can vastly prove an effect on the price. - Metal Composition
Test your 1943 penny for steel (magnetic) or copper (non-magnetic) by using a magnet. If the 1943 penny does not adhere to a magnet, it may be the all-rare copper type. - Condition (Grading)
The grading scale defines every coin’s condition from 1 to 70. Higher value is obtained for coins that are uncirculated or in mint condition, whereas lesser value is for those that are mostly worn and torn. You can either consult a professional coin grader or inspect your penny using a loupe for scratches, wear, and strike quality. - Errors
Coins affected by errors during minting-die-duplication, off-center strikes, incorrect planchets-usually fetch a premium. The doubly-die error of 1955 Lincoln Wheat Penny, for instance, may be worth thousands of dollars.
Apps and tools to help identify rare pennies-
- A magnifying glass or jeweler’s loupe
- A digital scale for weighing the coin (real 1943 copper pennies weigh about 3.11 grams).
- A magnet to differentiate between steel and copper.
- Online coin value databases or mobile weight coin value applications.
- An expert coin appraiser in a professional setting.
Coin hunters need to be aware
- Make sure to check all of your coinage in change, especially older ones.
- Ask family for any old jars of pennies or collections of coins.
- Hit yard sales, estate sales, and flea markets; some people unknowingly sell some truly valuable coins.
- Stay abreast of auction results so that you will know what is hot in the coin market.
- Leave the cleaning of coins alone; this can depreciate the value significantly.
What Makes Value Increase?
- The increasing price of coins results from:
- Heightened collector demand
- A few surviving specimens of certain varieties
- Increasing precious metals prices
- Viral coin find exposure on social media
So, the numismatic market remains alive, and as people learn more about the benefit of that pocket change, demand will increase, pushing values even higher.
Does it come to be possible for one to be found in circulation?
Indeed, rare and valuable Lincoln Wheat Pennies still occasionally show up in circulation, though their chances are growing slimmer. Most people have no clue that the old coin they just used could be worth a pretty penny and might have just unknowingly given it away. Some of these coins lie still in jars, drawers, or old bank rolls.
Where to Sell a Rare Wheat Penny
If you think you have a valuable coin:
- Have it authenticated by a professional grading service such as PCGS or NGC.
- Consult with coin dealers or go to a coin show.
- List it on auction sites such as Heritage Auctions or eBay.
- Don’t consider your local pawn shop unless it specializes in rare coins.
Conclusion:
Although most pennies are worth just one cent, a few can indeed change your financial fortune. A Lincoln Wheat Penny worth $120,000 is a collector’s dream and, with some effort, could very well become a reality for someone. So be sure to examine your coins; who knows what treasure might be hiding in plain view?
FAQS:
What is a Lincoln Wheat Penny?
A Lincoln Wheat Penny is a 1-cent coin of the United States, minted from 1909 until 1958. It shows Abraham Lincoln on the obverse and two ears of wheat on the reverse.
Why does some Lincoln Wheat Penny cost so much?
Some of the Wheat Pennies are very rare because they were either not produced in enough numbers during the year they were minted or because of an error in the metal used to make them or some historical significance, as with the 1943 copper penny, which can fetch more than $100,000.
How can I tell if my penny from 1943 is copper or steel?
A magnet is the answer. Steel pennies are magnetic; copper ones are not. If your 1943 penny won’t stay on a magnet, it could potentially be worth a fortune.
