Have you thought that a small penny in your pocket could be worth millions of dollars? Yes, it’s true! Some rare pennies have given out an astonishingly high value of millions of dollars in our time. One such penny is the Lincoln Wheat Penny, currently valued at $700,000 (around Rs 5.8 crore). The trapped penny in circulation is even more surprising; this means that any penny you have in your pocket may also be so well cherished!
What is the Lincoln Wheat Penny?
The Lincoln Wheat Penny was first minted in 1909 and its production continued until 1958. It was the first coin in US coins to feature Abraham Lincoln’s picture, which replaced the design of Lady Liberty. There are two wheat ears on the reverse side of this coin, so it is called “Wheat Penny.”.
Why is this penny so valuable?
Most Lincoln Wheat pennies are worth mere cents to several dollars, but some special issues can be valued in the thousands. These include misprinted coins, the early variants, and coins made from rare metals.
Among collectors, the rarest and most desired coin is the 1943 Bronze Lincoln Wheat Penny. During World War II, to save copper for the war effort, steel pennies made of copper were minted. However, some brown 1943 pennies were made when the minting went on a wild mistake of using bronze planchets (coin blanks). This mistake was made on one of the rarest and one of the most valuable of all U.S. coins.
A well-preserved 1943 Bronze Lincoln Wheat Penny can be auctioned for as much as $700,000.
How to Identify a Valuable Lincoln Wheat Penny?
When you have a Lincoln Wheat Penny on your hands, you can ascertain its value if it meets certain requirements listed below:
- Date and Material
- If you have a 1943 penny and it’s bronze (copper-colored) rather than steel (silver-colored), it may be a rare and valuable coin. Use a magnet to check it—a steel penny will stick to it and, thus, be worthless.
- Mint mark
- Some rare versions, such as the 1943-S and 1943-D bronze pennies, were minted in San Francisco (S) and Denver (D). These are even more valuable.
- Coin condition
- If the coin is in good condition (low wear and clear details), it will be worth more than a coin in poor condition.
- Mistakes and Variations
- Some pennies have double die errors or other printing mistakes, which can make them valuable.
Are these rare pennies still in circulation?
Yes! Although most of these valuable pennies are now in private collections, some may still be in circulation. This means that a dime in your pocket, piggy bank or even a jar of old coins could be the source of a great find! Many people unknowingly spend rare Lincoln Wheat pennies without realizing their true value.
What to do if you find such a coin?
If you think you have a rare Lincoln Wheat penny, follow these steps:
- Confirm the Coin
- Use a magnet to check if it is bronze or steel. Compare it to pictures of other rare pennies.
- Get Expert Advice
- Take the coin to a professional coin dealer or numismatist (coin expert) to confirm it.
- Get it graded.
- Have the coin checked for authenticity and quality by a coin grading service like PCGS or NGC.
- Sell it at auction.
- If it’s a rare coin, you can sell it for a high price to a major auction house or serious collectors.
Conclusion
Finding a Lincoln Wheat Penny worth $700,000 may seem like a dream, but these rare coins may still be in circulation. By carefully examining your coins and understanding their history, you may discover a hidden treasure. So, the next time you get change from a store, take a close look at it—who knows, you might have a fortune in your hands!
FAQs
Q. What is a Lincoln Wheat Penny?
A. The Lincoln Wheat Penny is a U.S. coin minted from 1909 to 1958, featuring Abraham Lincoln’s portrait on the front and two wheat stalks on the back.
Q. Why is the 1943 Bronze Lincoln Wheat Penny so valuable?
A. During World War II, pennies were made of steel, but a few 1943 pennies were accidentally struck in bronze, making them extremely rare and worth up to $700,000.
Q. How can I identify a valuable Lincoln Wheat Penny?
A. Check the date (e.g., 1943), material (bronze instead of steel), mint mark (like “S” or “D”), and condition. Use a magnet to test if it’s steel or bronze.
Q. Are rare Lincoln Wheat Pennies still in circulation?
A. Yes, some rare pennies may still be in circulation, so checking your pocket change or old coin collections could lead to a valuable discovery.
Q. What should I do if I find a rare Lincoln Wheat Penny?
A. Verify the coin using a magnet, consult a coin expert, get it professionally graded, and consider selling it at an auction or to a collector.