The Lincoln Wheat Penny has intrigued both collectors and history buffs for more than a century. First issued in 1909, this beloved coin has an interesting story, distinctive design, and in some rare instances, extraordinary market value. Recently, a funny rumor popped up that some Lincoln Wheat Pennies are worth an astronomical $85 billion.
While certainly an inflated story, the claim that some indeed can sell for hundreds of thousands of dollars is accurate. Let’s take a step back to understand the Lincoln Wheat Penny’s history and determine how value is determined, as well as to disprove the billion-dollar story.
The Origins of the Lincoln Wheat Penny
The Lincoln Wheat Penny, or Wheat Cent, was minted for the first time in 1909 in honor of the 100-year anniversary of Abraham Lincoln’s birth. The penny was designed by Victor D. Brenner and was significant for its time because it was the first U.S. coin to depict a person from American history on the coin.
The obverse side of the penny displays a right-facing portrait of Lincoln, while the reverse side includes the words “One Cent,” framed by two wheat stalks. The wheat stalks represent prosperity and progress in U.S. agriculture.
The penny was initially minted from copper, containing 95% copper and 5% tin and zinc. However, shortage of copper in World War II caused the U.S. Mint to substitute steel in 1943 for a single year. This substitution created a valuable error in numismatic history, the 1943 Bronze Penny.
Factors That Affect the Value of Lincoln Wheat Pennies
Several factors determine the worth of a Lincoln Wheat Penny, and while no single penny is worth $85 billion, some rare examples do command impressive prices.
1. Rare Minting Errors
Minting errors can significantly increase a coin’s value. Some of the most well-known Lincoln Wheat Penny errors include:
1955 Double Die Penny – The doubling effect on the date and lettering makes this coin one of the most famous and valuable errors, with prices ranging from $1,500 to over $125,000.
1922 No D Penny – Produced in Denver but missing the “D” mint mark due to a striking error, these pennies are worth between $5,000 and $100,000.
1943 Bronze Penny – Instead of steel, a few pennies were mistakenly struck in bronze. One of these rare coins sold for $1.7 million.
2. Limited Mintage
Some Lincoln Wheat Pennies had very low production numbers, making them rarer and more valuable today. For instance:
1909-S VDB Penny – Only 484,000 were minted, making this one of the most sought-after pennies. Values range from $1,000 to over $100,000 depending on condition.
1914-D Penny – With a mintage of just over 1.1 million, this penny is another collector favorite, with values between $2,000 and $100,000.
3. Condition and Grading
A penny’s condition significantly affects its value. Coin grading entities like the Professional Coin Grading Service (PCGS) or the Numismatic Guaranty Corporation (NGC) evaluate a coin’s condition on a scale from Poor (P-1) to Mint State (MS-70). The better the condition, the more valuable the coin will be.
4. Historical Value
Collectors often gravitate towards coins that stem from periods that are significant in history such as, for instance, the early 1900s, World War II, etc. The Lincoln Wheat Penny is the first coin in U.S. history that has a president on the obverse. That is generally considered an exceptional quality of that coin.
Debunking the $85 Billion Lincoln Wheat Penny Myth
The assertion that a Lincoln Wheat Penny is worth $85 billion is entirely inaccurate. To date, there has been no coin, let alone a penny, that has been valued at that kind of money. The record for the highest price paid for a coin is for the 1933 Saint-Gaudens Double Eagle which sold for $18.9 million at auction in 2021. The most that one could hope to receive for the highest grade and most rare of the Lincoln Wheat Pennies is probably around $1.7 million, in the case of the famous 1943 Bronze
Realistic Values of the Most Valuable Lincoln Wheat Pennies
Here’s a breakdown of some of the highest-valued Lincoln Wheat Pennies:
| Coin Type | Estimated Value |
|---|---|
| 1909-S VDB | $1,000 – $100,000+ |
| 1914-D | $2,000 – $100,000+ |
| 1922 No D Error | $5,000 – $100,000+ |
| 1943 Bronze Penny | $100,000 – $1.7 million |
| 1955 Double Die | $1,500 – $125,000+ |
As impressive as these values are, they are nowhere near the billion-dollar mark.
Can You Still Find a Lincoln Wheat Penny in Circulation?
Yup! Even though Lincoln Wheat Pennies haven’t been made since 1958, you will still occasionally come across some in your pocket change, old jars, and coin rolls. When you do find one, here’s what you should do: Check the Date and Mint Mark – To see if you’re in possession of rarer years or errors in minting. Inspect the Condition of the Coin – The better condition the coin is in, the higher the price it may sell for. Get It Authenticated/Graded – Getting the coin graded will determine its authenticity and value level.
Conclusion
The Lincoln Wheat Penny is a well-known part of American numismatic history, but the concept that it is worth $85 billion is fiction. There are, however, rare pennies and pennies with errors that are rare and have significant value to collectors. You may not be a billionaire if you locate such a rare penny, but you may be pleasantly surprised. So keep an eye on your pocket change—who knows what you might be able to find when you least expect it!
FAQs
1. What is the Lincoln Wheat Penny?
The Lincoln Wheat Penny is a U.S. one-cent coin minted from 1909 to 1958, featuring Abraham Lincoln on the front and two wheat stalks on the back.
2. Why is the Lincoln Wheat Penny valuable?
Some rare variations of the Wheat Penny, such as mint errors, low mintage years, and special editions, can be worth thousands or even millions of dollars.
3. How can I tell if I have a rare Lincoln Wheat Penny?
Look for key date pennies like 1909-S VDB, 1914-D, 1922 No D, and 1955 Double Die, which are among the most valuable. Check for errors, mint marks, and overall condition.
4. What makes the 1909-S VDB Wheat Penny so special?
This penny was part of the first Lincoln Wheat Penny series but was produced in limited quantities due to controversy over designer Victor D. Brenner’s initials (VDB) being too prominent.
5. Are Lincoln Wheat Pennies still in circulation?
Yes! While rare, some Lincoln Wheat Pennies still appear in pocket change or old coin collections, making it possible to find one.