In the world of coin collecting, certain rare coins can be worth a fortune. One such coin is the Lincoln Wheat Penny, which was once just a simple one-cent coin used by millions of Americans in everyday transactions. However, some rare versions of this penny are now worth up to $5 million. What’s more surprising is that a few of these valuable coins are still in circulation today. Let’s learn more about this amazing coin, why it’s so valuable, and how you might be lucky enough to find one.
What is the Lincoln Wheat Penny?
The Lincoln Wheat Penny is a one-cent coin that was first introduced in 1909 by the United States Mint. It features the profile of President Abraham Lincoln on the front, making it the first U.S. coin to have a real person’s face. On the back side, it has two wheat ears, which is why it’s called the “Wheat Penny.”
These pennies were minted from 1909 to 1958, after which the design was changed to the Lincoln Memorial. Even though they are old, many Wheat Pennies are still found in pocket change today—but most are only worth one cent or a little more to collectors. However, a few rare versions can be worth thousands or even millions of dollars.
Why is the $5 Million Penny So Special?
Among all Wheat Pennies, one of the rarest and most valuable is the 1943 Bronze Lincoln Wheat Penny. In 1943, during World War II, pennies were supposed to be made of steel coated with zinc to save copper for the war effort. But by mistake, a small number of bronze (copper-based) pennies were made.
Only a handful of 1943 Bronze Wheat Pennies are known to exist, and their extreme rarity has made them incredibly valuable. One of these coins was sold to a private collector for $1.7 million, and experts believe another well-preserved version could be worth as much as $5 million today.
How Did It End Up in Circulation?
Because these bronze pennies were made by mistake, they were not meant to be released. However, a few of them were accidentally mixed with regular coins and entered circulation. Over time, most of them have been collected by experts or found by lucky individuals. But it’s still possible that some of these rare pennies remain in circulation, waiting to be discovered in everyday change.
How to Identify a Rare Lincoln Wheat Penny
If you’re curious to check your pocket change, here are a few tips to identify a rare 1943 Bronze Lincoln Wheat Penny:
Check the date: Look for a penny with the year 1943 on it.
Test with a magnet: A real 1943 penny was made of steel and will stick to a magnet. A bronze version will not stick to a magnet.
Check the color: Bronze pennies have a brown or reddish tone, unlike the silver-colored steel ones.
Look for the wheat ears: The back of the coin should show two wheat stalks on the left and right.
If you think you’ve found one, it’s best to take it to a professional coin dealer or grading service to verify its authenticity.
Other Valuable Wheat Pennies
While the 1943 Bronze Wheat Penny is the most famous, there are other valuable Wheat Pennies too:
1909-S VDB: One of the first Lincoln pennies ever made, rare and valuable.
1914-D: A low-mintage coin that is highly sought after.
1922 Plain: Minted in Denver, this coin is rare because the “D” mint mark was missing on some.
These coins can also be worth hundreds or thousands of dollars depending on their condition.
Conclusion
The Lincoln Wheat Penny is more than just an old coin—it’s a piece of American history. Some versions, like the 1943 Bronze Penny, have become incredibly rare and valuable, with one estimated to be worth up to $5 million. With a little knowledge and a close eye, you might just discover one in your own pocket change. So the next time you get a penny, take a moment to look closely—it might be worth a fortune!
Disclaimer: The prices mentioned for rare coins, including the Lincoln Wheat Penny, are not guaranteed and may not be entirely accurate due to market fluctuations and varying appraisals.