Picture this: You reach into your pocket, pull out an old penny, and it’s worth about $6.8 million. Sounds like something out of a movie, but for a few lucky people, it is true. The 1943 copper Lincoln Wheat Penny is one of the most desirable and valuable coins in U.S. history. Some of these rare coins may even still be circulating, waiting to be found. So, what’s the big deal about this penny? How do you know if you have one? And why is it worth millions? Let’s dive into the amazing backstory for this legendary coin.
The History of the Lincoln Wheat Penny
The Lincoln Wheat Penny, produced between 1909 and 1958, is a significant part of American history. It became the first United States coin that depicted a real person, Lincoln, instead of the symbols traditionally used, such as Lady Liberty. President Theodore Roosevelt wanted a coin to commemorate Lincoln on the centennial of Lincoln’s birthday, thus creating the famous penny.
Sculptor Victor David Brenner designed the coin, which features Lincoln’s profile on the obverse (front) and two stalks of wheat on the reverse (back) to represent prosperity and national strength. Although there are millions of Lincoln Wheat Pennies minted through the decades, some rare variations have become true treasures worth a fortune.
The Rare 1943 Copper Penny: A Minting Mistake Worth Millions
During WWII, the government of the U.S. required copper for war materials, including ammunition and electrical wiring. To conserve copper, the U.S. Mint suspended the manufacture of brass and switched to steel pennies in 1943 which were zinc-coated to prevent corrosion. As a result, the 1943 cents appeared shiny and silver-like rather than copper-colored.
However, in a strange and rare minting blunder, a limited number of copper planchets (blanks from 1942) were oddly used in production. Thus, those 1943 copper “wheat” cents were very unusual because they were never intended to be produced and only a limited number of them escaped circulation. Some experts believe that only 20-40 of those 1943 copper pennies left the mint, making them one of the lowest mintage cents in American history.
Why Is the 1943 Copper Penny Worth $6.8 Million?
Several factors contribute to the astronomical value of this coin:
Minting Mistake: Coins with errors are often extremely desirable to collectors. Since 1943 pennies were supposed to be made of steel, the copper versions are valuable errors. Extremely Scarce: There are only a few known 1943 copper pennies, which makes them great rarities.
- Historical Significance: The coins were minted during a period of war, when many people were making sacrifices and when the country was adapting to material shortages.
- Collector Demand: Numismatists (coin collectors) are looking for unique, historic coins and will sometimes pay millions for a single 1943 copper penny.
- Consider the Grade: A single 1943 copper penny in near-mint condition can also yield millions at auction. For instance, the highest sale of a 1943 copper penny was about $6.8 million, which readily puts the penny as one of the most valuable pennies ever purchased.
How to Identify a 1943 Copper Penny
Do you have one of these rare pennies? Here’s how to check:
Check the Date: The date on your penny must read 1943—not 1942 or 1944.
Inspect the Material:
- If the penny is steel, it’s common and worth only a few cents.
- If the penny is copper, it could be incredibly valuable.
Magnet Test:
- Steel pennies stick to a magnet.
- A copper penny won’t stick—this is a key test!
Weigh the Penny:
- A genuine 1943 copper penny weighs 3.11 grams.
- A steel penny weighs only 2.7 grams.
Look for Mint Marks:
- Below the date, you may see a letter:
- “D” means it was minted in Denver.
- “S” means it was minted in San Francisco.
- No letter means it was minted in Philadelphia.
If you think you have a 1943 copper penny, don’t be too eager to sell it. Have it evaluated and graded by a reputable service such as PCGS (Professional Coin Grading Service) or NGC (Numismatic Guaranty Corporation) to verify the coin is real.
Where Could You Find a 1943 Copper Penny?
The exciting part? Some of these rare pennies are still out there! They have been found in:
- Old piggy banks and coin jars
- Inherited coin collections
- Loose change from stores
- Garage sales or flea markets
- Inside old furniture or cash registers
Some lucky individuals have discovered these rare pennies in rolls of coins from banks or in family collections that went unnoticed for decades.
How to Increase Your Chances of Finding One
If you’re serious about searching for a valuable penny, here are some practical tips:
✅ Check All Your Old Coins: Look through old coin jars, piggy banks, and even your grandparents’ collections.
✅ Buy Rolls of Pennies: Ask your local bank for penny rolls and search through them. You might find a rare coin hiding inside!
✅ Familiarize Yourself with Rare Coins: Learn the key dates and errors that make coins valuable.
✅ Use a Magnifying Glass: Small details like double dies, mint marks, and misprints can significantly impact a coin’s value.
✅ Handle Coins Carefully: If you think you’ve found a valuable coin, avoid excessive handling, as oils from your skin can affect its condition.
Final Thoughts: Could You Be Holding a Fortune?
The 1943 copper Lincoln Wheat Penny serves as a reminder that even mundane objects can be extraordinarily valuable. An item once taken for granted as just a dime has now turned into the collector’s choice, being coveted by collectors and commanding in excess of millions in auction.
The odds of finding a coin are low, but the fun of looking and searching makes looking through spare change exciting. Next time you have a penny or two from change, take a better look. It currently worth $6.8 million and can mean the difference of turning an everyday day into a spectacular one.
FAQs
1. What makes the Lincoln Wheat Penny worth $6.8 million?
The Lincoln Wheat Penny becomes extremely valuable due to minting errors, rare dates, and high demand among collectors. Factors such as misprints, special compositions, and limited mintage increase its value.
2. How can I identify a rare Lincoln Wheat Penny?
Check for specific minting years like 1909-S VDB, 1943 copper, and 1944 steel pennies. Look for mint marks, unique errors, and condition grading (MS-65 or higher) to determine value.
3. Is it still possible to find a rare Lincoln Wheat Penny in circulation?
Yes! Although rare, some valuable Lincoln Wheat Pennies still appear in pocket change, old piggy banks, and coin rolls from banks.
4. What are the most valuable Lincoln Wheat Pennies?
Some of the highest-priced Lincoln Wheat Pennies include:
1943 Copper Penny – Sold for over $1.7 million
1909-S VDB Penny – Valued up to $2.5 million
1944 Steel Penny – Can reach over $1 million
5. Where can I sell a valuable Lincoln Wheat Penny?
You can sell rare pennies through coin dealers, online marketplaces (eBay, Heritage Auctions, Stack’s Bowers), and numismatic events. Professional grading by PCGS or NGC can help verify authenticity and maximize value.