A simple penny might seem insignificant, but certain Lincoln Wheat Pennies are among the most coveted coins in the world, with some fetching prices up to $500,000 or more. These rare finds have become the Holy Grail for collectors and coin enthusiasts alike.
If you have a jar of old coins or a collection passed down through generations, it’s time to take a closer look—you might be holding a small fortune.
History of the Lincoln Wheat Penny
The Lincoln Wheat Penny, or Wheat Cent, was first minted in 1909 to commemorate the 100th anniversary of President Abraham Lincoln’s birth.
Designed by Victor David Brenner, it was the first U.S. coin to feature a real person, replacing the traditional image of Lady Liberty.
The reverse side showcases two wheat stalks, symbolizing prosperity and unity. This design remained in circulation until 1958, when it was replaced by the Lincoln Memorial design.
Identifying Valuable Lincoln Wheat Pennies
Not all Lincoln Wheat Pennies are valuable. However, certain years and mintmarks have become legendary among collectors due to their rarity and unique characteristics. Here’s how to identify some of the most valuable ones:
1. 1943 Copper Penny
- Minting Error: Due to a copper shortage during World War II, most pennies in 1943 were made from zinc-coated steel. However, a few were mistakenly struck on leftover copper planchets.
- Value: These copper pennies are extremely rare, with only about 30 known to exist. One sold for $1.7 million in 2010.
- Identification Tips:
- Use a magnet: Steel pennies are magnetic; copper ones are not.
- Weigh the coin: Copper pennies weigh approximately 3.11 grams, while steel ones weigh about 2.7 grams.
- Examine the color: Copper pennies have a reddish-brown hue, whereas steel pennies are grayish.
2. 1909-S VDB Penny
- Minting Details: Minted in San Francisco, this penny features the initials “VDB” (Victor David Brenner) on the reverse.
- Value: With only 484,000 minted, it’s one of the rarest Lincoln Wheat Pennies. Well-preserved specimens have sold for over $500,000.
- Identification Tips:
- Look for the “VDB” initials on the reverse side at the bottom near the rim.
- Check the mintmark: An “S” indicates it was minted in San Francisco.
3. 1955 Double Die Obverse Penny
- Minting Error: This penny exhibits a noticeable doubling of the date and inscriptions due to a misalignment during the minting process.
- Value: Approximately 20,000 to 24,000 were released into circulation, making them highly sought after. Well-preserved examples can fetch tens of thousands of dollars.
- Identification Tips:
- Examine the date and the motto “IN GOD WE TRUST” for visible doubling.
- Look for a slight shift in the lettering, indicating the misalignment.
4. 1943-S Bronze Penny
- Minting Error: Similar to the 1943 copper penny, a small number were mistakenly struck on bronze planchets at the San Francisco Mint.
- Value: These are exceptionally rare, with only a few known examples. One sold for $500,000 at auction.
- Identification Tips:
- Conduct the magnet test: Steel pennies are magnetic; bronze ones are not.
- Weigh the coin: Bronze pennies weigh around 3.11 grams.
- Check the mintmark: An “S” indicates it was minted in San Francisco.
Estimated Values of Rare Lincoln Wheat Pennies
| Coin Type | Estimated Value Range |
|---|---|
| 1943 Copper Penny | Up to $1.7 million |
| 1909-S VDB Penny | Up to $500,000 |
| 1955 Double Die Penny | Up to $50,000 |
| 1943-S Bronze Penny | Up to $500,000 |
Tips for Identifying Rare Pennies
- Examine the Date and Mintmark: Look for specific years and mintmarks that are known to be rare.
- Check for Minting Errors: Look for doubling, misalignments, or other anomalies that indicate a minting error.
- Assess the Condition: Coins in mint or near-mint condition are more valuable.
- Consult a Professional: If you believe you have a valuable penny, consider having it appraised by a certified numismatist.
A rare Lincoln Wheat Penny could be hiding in your pocket or jar, waiting to be discovered. By understanding what makes certain pennies valuable and knowing how to identify them, you can turn a simple coin into a significant asset.
Whether you’re a seasoned collector or just starting, keeping an eye out for these rare finds can be both exciting and rewarding.
FAQs
How can I tell if my Lincoln Wheat Penny is valuable?
Look for specific years and mintmarks known for their rarity, such as the 1909-S VDB or 1943 copper pennies. Also, check for minting errors like doubling or misalignments.
Are there any other rare Lincoln Wheat Pennies?
Yes, other notable rare pennies include the 1914-D and 1944-S steel pennies, which are highly sought after by collectors.
Where can I sell my valuable Lincoln Wheat Penny?
You can sell your coin through reputable auction houses, coin dealers, or online platforms specializing in numismatics. Ensure you get it appraised before selling.