Imagine that you found a penny in your change that could change your life in the blink of an eye. While that sounds farfetched, thousands of collectors like you book a flight and visit either the auction itself or the auction preview day at home. The 1943 Lincoln Wheat Penny is one of the rarest U.S.
coins ever made, with a mind-blowing value of $6.5 million. What makes this penny so special? And is it possible you have one yourself, without knowing it? Let’s take a closer look at the history of this famous, or infamous coin, how to read to tell if you have one and more importantly, it is viewed as one of the best collectibles out there in numismatic history.
A Historical Accident: The Birth of the 1943 Copper Penny
The Lincoln Wheat Penny was first introduced in 1909 to commemorate the 100th birth anniversary of Abraham Lincoln. It was groundbreaking at the time because it was the first U.S. coin to feature the image of a president. Designed by Victor David Brenner, the obverse (front) of the coin is a profile of Lincoln while the reverse (back) shows two stalks of wheat representing prosperity and unity.
The Lincoln Wheat Penny was 95% copper for most of its time. However, during WWII, copper was crucial to military supplies like ammunition and communication cables. As a part of the effort to preserve copper for the war effort, the U.S. Mint made a big decision. Beginning in 1943, pennies would be manufactured from zinc-coated steel and not use copper. The resulting pennies made of steel appear silver colored and weigh much less than the copper pennies that preceded them.
However, an unforeseen occurrence took place. A small number of 1943 pennies were inadvertently struck using leftover copper blanks (also called planchets) from 1942. This rare blunder resulted in creating the ultra-precious 1943 copper Lincoln Wheat Penny – a numismatic legend.
Why Is the 1943 Copper Penny Worth $6.5 Million?
The 1943 copper penny is not just rare—it’s one of the most valuable coins in American history. Here’s why:
Minting Error: The coin was never meant to exist. It was a mistake caused by the accidental use of old copper planchets.
Extremely Limited Supply: Only about 20 copper pennies from 1943 are known to exist today, making them incredibly rare.
Collector Demand: Coin collectors (numismatists) are always searching for rare errors, and the 1943 copper penny is one of the most coveted.
Historical Significance: These coins were minted during WWII, a time of economic hardship and material rationing. They represent a unique moment in history.
Million-Dollar Auctions: Some of these pennies have sold for massive sums at auctions, with the highest sale reaching $6.5 million in recent years.
How to Identify a 1943 Copper Penny
Since steel pennies were the standard in 1943, most pennies from that year are made of steel and not worth much. However, if you think you might have a rare copper version, here’s how to check:
- Check the Date: The date on the penny must clearly read 1943 (not 1942 or 1944).
- Perform the Magnet Test: A 1943 steel penny will stick to a magnet, but a 1943 copper penny will not (since copper is not magnetic). If your penny doesn’t stick, you could have something special.
Examine the Color:
- Steel pennies have a grayish, silvery appearance.
- Copper pennies have a reddish-brown or dark brown color.
Look for Fake Coins: Many counterfeit 1943 copper pennies exist. Some are regular 1948 pennies that have been altered to look like 1943 pennies. (In 1948, the number “8” can sometimes be reshaped to look like a “3.”)
Seek Professional Authentication: If your penny passes these tests, have it evaluated by a professional coin grading service like PCGS (Professional Coin Grading Service) or NGC (Numismatic Guaranty Corporation) to confirm its authenticity.
Where Have These Pennies Been Found?
The most exciting part? Some of these rare pennies are still out there! Over the years, people have discovered 1943 copper pennies in:
- Old piggy banks
- Inherited coin collections
- Loose change from stores
- Garage sales and flea markets
- Hidden inside old furniture
One of the most famous discoveries occurred when a teenage boy found a 1943 copper penny in his school cafeteria change in the 1950s. He held onto it for years and later sold it for six figures.
The Legacy of the 1943 Copper Penny
For coin collectors, the 1943 copper penny is more than just money—it’s a piece of American history. These coins represent a time of war, resource conservation, and the unexpected errors that sometimes slip through the cracks of even the most secure systems.
Even if you don’t have a 1943 copper penny, the lesson here is simple: always check your coins! Rare and valuable pennies—whether from errors, misprints, or special editions—are still being found today.
Final Thoughts: Could You Be Holding a Fortune?
The idea that an ordinary-looking penny could be worth $6.5 million is mind-blowing. But for those lucky enough to find one, it’s a reality. If you come across a 1943 penny that doesn’t stick to a magnet, don’t ignore it—it could be your ticket to a small fortune.
So, next time you’re sifting through your pocket change, take a closer look. That little copper coin might just turn an ordinary day into an extraordinary one. Happy hunting!
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 a portrait of Abraham Lincoln on the obverse and wheat stalks on the reverse.
2. Why is this Lincoln Wheat Penny worth $6.5 million?
Some rare Lincoln Wheat Pennies, such as the 1943 copper penny or the 1909-S VDB penny, are highly valuable due to their rarity, minting errors, and demand among collectors.
3. How can I identify a rare Lincoln Wheat Penny?
Look for key date pennies, mint marks (such as 1909-S VDB or 1943 copper), and any minting errors like doubled dies or off-center strikes.
4. Are these rare Lincoln Wheat Pennies still in circulation?
Yes, some valuable Lincoln Wheat Pennies may still be found in circulation, though they are extremely rare. Checking your loose change or coin collections might uncover one.
5. How do I verify if my penny is valuable?
You can verify your penny’s authenticity by checking coin grading websites, using a magnet (since 1943 pennies were mostly steel), or consulting a professional numismatist.