The Lincoln Wheat penny is a familiar sight to many collectors and numismatists. Struck from 1909 to 1958, it was the primary copper penny design in the United States until the Lincoln Memorial design was introduced in 1959. While most Wheat pennies are only worth their face value, some rare editions can fetch a fortune at auctions and among collectors. In fact, some Wheat pennies are worth tens of thousands of dollars, and knowing which ones are valuable could make all the difference if you happen to have one in your pocket.
What Makes a Lincoln Wheat Penny Valuable?
Not all Lincoln Wheat pennies are created equal. Most of them, especially those from the 1920s and 1930s, are worth only a few cents. However, there are some key factors that can significantly increase the value of a Wheat penny, such as:
- Rarity: Some years and mint marks produced fewer pennies than others, making those coins rarer and more valuable. For example, the 1909-S VDB and 1914-D Wheat pennies are considered rare due to their limited mintage.
- Condition: The condition of the penny plays a huge role in its worth. A penny in mint or near-mint condition, with little wear and visible detail, will be worth more than one that is heavily worn. Coins graded MS-65 or higher by professional grading services can fetch premium prices.
- Errors: Pennies with printing mistakes or unique features are often worth much more. Misprints or “double die” errors, where the design appears twice, are some of the most sought-after varieties among collectors. Other errors include off-center strikes, repunched mint marks, and die cracks.
- Demand: The market for certain coins can fluctuate based on collector demand. Rare coins from specific years or mint marks may see their values rise when collectors focus on those specific pieces. Coins with historical significance or unique stories also tend to attract higher interest.
The $60,000 Lincoln Wheat Penny
So, what is the Wheat penny that can sell for over $60,000? The coin in question is the 1943 copper penny—a rare mistake in the U.S. Mint’s production process.
In 1943, the United States was in the middle of World War II, and copper was in short supply. The U.S. Mint decided to switch from using copper to zinc-coated steel to make pennies for that year. However, due to a mistake, a few copper planchets were mistakenly used to strike pennies, resulting in a tiny number of 1943 copper pennies being produced.
These copper 1943 pennies are incredibly rare, and only a handful of them are known to exist. As of recent sales, these pennies have sold for over $60,000 each, depending on their condition. One particular 1943 copper penny was sold for a record $1.7 million at an auction in 2019, highlighting the immense value that rare error coins can achieve.
How to Spot Valuable Lincoln Wheat Pennies
If you’re looking through your coin collection or searching through spare change, here are a few tips to help you spot valuable Lincoln Wheat pennies:
- Check the Year: The most valuable Wheat pennies come from specific years, particularly the 1943 copper penny. Other rare years include 1909-S VDB, 1914-D, and 1922 No D.
- Look for Errors: Be on the lookout for errors, such as double dies, off-center strikes, or misprints. These can dramatically increase the value of your penny.
- Inspect the Condition: A penny in good or near-mint condition is worth more than one that has been heavily worn down over time. Look for coins with sharp details, minimal wear, and no significant damage.
- Mint Mark Location: Mint marks (such as “D” for Denver, “S” for San Francisco) appear near the bottom right of the obverse side of the coin. Some mint marks, like the “D” and “S” on certain years, can make a penny more valuable.
How to Sell or Auction Your Valuable Wheat Penny
If you think you’ve found a rare or valuable Lincoln Wheat penny, you may want to have it professionally appraised before selling or auctioning it. Several options are available to sell rare coins:
- Online Auction Sites: Websites like eBay often feature coin auctions where collectors search for specific pennies. However, you’ll need to provide clear images and descriptions to attract the right buyers.
- Numismatic Dealers: Professional coin dealers can appraise your coin and potentially offer you a fair price. Make sure to check their reputation before engaging in any transaction.
- Coin Auctions: For rare and valuable coins, attending a specialized coin auction may result in a higher sale price, especially if there are collectors bidding for specific pieces.
- Certified Coin Grading Services: Having your penny graded by a reputable organization, such as the Numismatic Guaranty Corporation (NGC) or Professional Coin Grading Service (PCGS), can help establish its value and improve its marketability. Certified coins often sell for higher prices due to the assurance of their authenticity and condition.
Conclusion
While the vast majority of Lincoln Wheat pennies are worth only their face value or a few cents, a select few are worth a small fortune. If you’re lucky enough to have one of these rarer coins, such as the 1943 copper penny, you could find yourself holding a piece of history that could fetch thousands, or even millions, of dollars at auction. If you think you’ve discovered a valuable Wheat penny, take the time to verify its authenticity and condition before seeking out buyers. Whether you’re a seasoned collector or just looking to see if you’ve stumbled upon a rare find, knowing the value of your coins can be rewarding.
