For the majority of us, pennies are simply penny change – tossed aside in our pockets, jars or on the ground. Yet some extremely rare pennies are worth millions of dollars. In fact one of the rarest pennies, the Lincoln Wheat penny has been estimated as high as $7.1 million! You might be surprised to learn that some of these extremely rare coins are still found in circulation today. So, why is this penny so important? Let’s examine the history behind the coin and shed light on its distinctiveness. Finally, we will explore what causes this coin to be valued so highly.
The History of the Lincoln Wheat Penny
The Lincoln Wheat Penny, or Lincoln Cent, was issued in 1909 in honor of the 100th anniversary of the birth of President Abraham Lincoln. This coin, which was designed by Victor David Brenner, was the first coin in the United States to feature a portrait of an actual person. Coins in the United States typically showed symbolism of liberty or allegories instead.
Design Features
Obverse (Front): Features a portrait of Abraham Lincoln, designed to honor his legacy.
Reverse (Back): Showcases two wheat stalks, symbolizing prosperity and national strength.
The Wheat Penny continued to be used until 1958, after which it was replaced by the Lincoln Memorial design. Even with millions upon millions of Wheat Pennies produced through the years, a rare mistake in 1943 created the most valuable coin in American history.
Why Is the 1943 Lincoln Wheat Penny So Rare?
The War Effort and the Switch to Steel
During World War II, there was great demand for copper for making ammunition, electrical wiring, and other supplies for the military. To conserve resources, the U.S. Mint moved to steel for the production of 1943 pennies, plating the coins with zinc to prevent them from rusting.
But, an error in the minting process occurred, and some 1942 copper blanks remained in the presses accidentally that were used mistakenly to strike some copper 1943 pennies instead of steel.
What Makes the 1943 Copper Penny Valuable?
Several key factors contribute to the incredible value of the 1943 copper penny:
- Material: Unlike the standard 1943 pennies, which were made of steel, these rare versions were mistakenly struck in copper.
- Extremely Limited Quantity: Only a handful of these pennies exist today, making them some of the rarest coins in U.S. history.
- Historical Significance: The wartime error adds to its uniqueness and desirability.
- Condition: Coins in mint or near-mint condition fetch the highest prices in auctions.
The highest price recorded for a 1943 copper penny was an astonishing $7.1 million, setting a new standard for coin collectors.
How to Identify a 1943 Copper Penny
Many collectors dream of finding a rare 1943 copper penny, but how can you tell if you have one? Follow these simple tests to determine if your penny is valuable:
1. Check the Date
Look for 1943 on the front of the coin. If your penny is from that year, proceed with further testing.
2. Magnet Test
- Since most 1943 pennies were made of steel, they will stick to a magnet.
- If your 1943 penny sticks to the magnet, it is a steel penny (common and not valuable).
- If it doesn’t stick to the magnet, it could be a rare copper version, worth millions.
3. Check the Mint Mark
The mint mark appears below the date:
- “D” for Denver
- “S” for San Francisco
- No mark means it was minted in Philadelphia
- Any of these mint marks could be valuable if the coin is a copper version.
4. Weigh the Coin
- A copper penny weighs 3.11 grams.
- A steel penny weighs 2.7 grams.
If your 1943 penny weighs 3.11 grams, you could have a valuable copper error coin!
5. Professional Authentication
If your penny passes the magnet test and weighs 3.11 grams, it’s time to get it authenticated by a professional coin dealer or a grading service like PCGS or NGC.
Can You Still Find a 1943 Copper Penny in Circulation?
One of the biggest mysteries surrounding the $7.1 million Lincoln Wheat Penny is why some of these rare coins are still believed to be in circulation.
Many people have no idea that these pennies are worth a fortune, so they often go unnoticed and continue to be used like regular pennies.
These valuable coins could be hiding in:
- Old piggy banks and coin jars
- Inherited coin collections
- Flea markets, garage sales, or antique stores
- Bank rolls containing older coins
How to Increase Your Chances of Finding One
If you’re eager to hunt for a rare 1943 copper penny, follow these tips:
✅ Inspect Your Pennies: Check jars, wallets, and collections for old coins.
✅ Do the Magnet Test: Any 1943 penny that doesn’t stick to a magnet is worth further examination.
✅ Buy Coin Rolls: Ask your local bank for rolls of pennies and carefully inspect each one.
✅ Get Professional Help: If you suspect you have a valuable penny, get it appraised immediately.
The Thrill of Coin Collecting
The Lincoln Wheat Penny valued at $7.1 million is more than just an old coin—it’s a piece of American history. Its rarity, historical significance, and value make it one of the most sought-after coins in the world.
Finding one might feel like searching for a needle in a haystack, but the possibility still exists.
So, the next time you come across an old penny, take a closer look. It could turn out to be a life-changing discovery!
FAQs
1. What makes the Lincoln Wheat Penny worth $7.1 million?
The value of this rare penny comes from its minting errors, limited availability, historical significance, and collector demand. Specific years, mint marks, or misprints can significantly increase its value.
2. How can I identify if I have a valuable Lincoln Wheat Penny?
Look for specific dates, mint marks (such as 1909-S VDB, 1914-D, and 1943 copper), and unique errors like doubled dies or off-center strikes. A professional coin grading service can verify authenticity.
3. Where can I sell a rare Lincoln Wheat Penny?
You can sell it through auction houses, online coin marketplaces, coin dealers, or numismatic trade shows to ensure you receive a fair market price.
4. What are the rarest Lincoln Wheat Pennies?
Some of the most sought-after Lincoln Wheat Pennies include the 1909-S VDB, 1914-D, 1922 No D, 1943 Copper, and 1955 Doubled Die.
5. How do I protect and store my valuable coins?
Use coin holders, airtight containers, or professional coin albums to prevent oxidation and damage. Store them in a cool, dry place away from direct sunlight.