Imagine casually checking your change and spotting a penny that could change your life. That’s exactly what happened to a few lucky individuals who stumbled across an ultra-rare Lincoln Wheat Penny—one that fetched a staggering $2.2 million at auction. While it might sound like a coin collector’s fairy tale, these extraordinary finds are rooted in history, mystery, and a bit of luck. Here’s everything you need to know about the legendary Lincoln Wheat Penny—and how to check if you’ve got a rare one in your pocket.
The Story Behind the Lincoln Wheat Penny
Introduced in 1909, the Lincoln Wheat Penny was a groundbreaking design—it was the first U.S. coin to feature a real person, none other than President Abraham Lincoln. The obverse (front) shows Lincoln’s profile, while the reverse features two stylized wheat ears bracketing the words “ONE CENT” and “UNITED STATES OF AMERICA,” symbolizing America’s agricultural strength.
Minted until 1958, the Wheat Penny is a favorite among collectors due to its historic value and elegant design. It was replaced in 1959 by the Lincoln Memorial reverse, but not before leaving behind some rare and valuable variations.
Why One Penny Sold for $2.2 Million
The coin that broke records was a 1943 Lincoln Wheat Penny—but with a twist. In 1943, the U.S. Mint switched from copper to zinc-coated steel for pennies to conserve copper for wartime use. However, due to a rare minting error, a few copper planchets (blanks) left over from 1942 were accidentally struck with the 1943 die.
These 1943 copper pennies are now among the rarest coins in the world—fewer than 20 are known to exist. One such specimen, in pristine condition, underwent extensive testing to verify its authenticity and sold for $2.2 million due to its rarity, historical context, and near-perfect preservation.
Other Valuable Lincoln Pennies to Watch For
While the 1943 copper penny is the ultimate prize, several other Lincoln Wheat Pennies are worth serious money:
-
1909-S VDB – The first year of issue, with designer Victor David Brenner’s initials. Fewer than 500,000 were minted.
-
1914-D – Hard to find, especially in good condition.
-
1931-S – Only 866,000 produced, making it a top target for collectors.
-
1955 Doubled Die – A famous error where the lettering appears doubled.
-
1922 “No D” – A Denver-minted coin missing the mint mark due to a worn die.
How to Tell If You’ve Got a Rare Lincoln Wheat Penny
Here’s how to spot a potential goldmine in your change:
-
Check the date: 1943 is key—but only the copper version is rare. Most 1943 pennies are steel and worth just a few cents.
-
Do the magnet test: Steel pennies stick to a magnet; copper ones do not.
-
Weigh the coin: A copper penny weighs 3.11 grams; steel pennies weigh about 2.7 grams.
-
Look for mint marks: “S” (San Francisco) and “D” (Denver) mint marks under the date can mean rarer coins.
-
Search for errors: Double strikes, misalignments, and die cracks can add value.
Where Rare Pennies Are Found
You don’t need to be a collector to find a rare coin. Some have turned up in:
-
Old coin jars or grandparents’ piggy banks
-
Estate sales or flea markets
-
Bank rolls from change machines
-
Garage sales, sometimes unknowingly sold for face value
Even today, it’s possible for one of these treasures to surface from obscurity.
Tips for Beginners: Start Your Coin Treasure Hunt
Thinking about diving into the world of coin collecting? Here’s how to start:
-
Inspect older pennies (especially pre-1959).
-
Use a coin loupe or magnifier to see details and mint marks.
-
Keep coins in protective sleeves or folders.
-
Don’t clean rare coins—this can damage them and reduce value.
-
Join online forums or local coin clubs to learn from experienced collectors.
-
Use trusted resources like PCGS or NGC for authentication and grading.
Fun Fact: One Penny Turned Into a Scholarship Fund
One collector who discovered a valuable penny chose to auction it and use the proceeds to establish a scholarship fund for underserved students. This just goes to show that sometimes a lucky find can lead to a legacy.
Frequently Asked Questions (FAQs)
Q: How many 1943 copper Lincoln pennies exist?
A: Fewer than 20 verified examples are known, making them exceptionally rare.
Q: What if I have a 1943 penny—how do I know if it’s copper?
A: Do a magnet test. Steel pennies stick; copper ones don’t. Also, weigh it—copper weighs more.
Q: Is it worth checking every old penny?
A: If you have pennies from before 1959, especially ones with an “S” or “D” mint mark, it’s absolutely worth a look.
Q: Can modern pennies be valuable too?
A: Yes! Some newer pennies have errors or low mintages that make them valuable to collectors.
Q: Where can I sell a valuable penny?
A: Reputable coin dealers, major auction houses, or online platforms like Heritage Auctions or Stack’s Bowers are good options.
Conclusion: A Penny for Your Thoughts – or Maybe Millions
The Lincoln Wheat Penny is more than just a relic of the past. For a lucky few, it has proven to be a literal jackpot. Whether you’re a seasoned collector or just curious about what’s jingling in your pocket, it pays to pay attention. Who knows? The next time you receive change at the store, you might be handed a piece of history—worth far more than a cent.