Picture this: you take a cursory glance at the change resting in the pocket of your jeans and there is a 1958 penny that looks just like any other penny you have seen before. You clean it up and next thing you know, you find out it is worth $8.4 million dollars.
Obviously, this is too many millions to comprehend. As hard as it seems to believe, there are rare pennies, and many of these coins are out there, waiting to be found. There have been Coin collectors and treasure hunters for decades looking for this treasure trove of hidden wealth, hoping to find one rare the coins in American history.
So what makes this coin valuable? Why is this one of the most coveted coins and rarest in the world? Let’s examine the backstory of this semi-legendary penny, the rarity of the coin, and how to find out if you have the one in your pocket change.
A Brief History of the Lincoln Wheat Penny
The Lincoln Wheat Penny was initially issued in 1909 to celebrate the 100th anniversary of President Abraham Lincoln’s birth. It was designed by artist Victor David Brenner and was the first U.S. coin with a real person on it, breaking the tradition of using symbols like Lady Liberty.
The reverse side of the penny featured two wheat stalks, representing prosperity and strength, and this design lasted until 1958 when they were replaced with the Lincoln Memorial Penny. While the vast majority of these pennies were minted in very high quantities and are therefore quite common,
some of them have rare variations that include minting errors, or were struck from the wrong metal (even copper) making them worth small fortunes. The most notable and valuable of all the pennies is the Lincoln Wheat Penny for $8.4 million.
Why Is This Penny Worth $8.4 Million?
Several key factors contribute to the extreme rarity and value of this Lincoln Wheat Penny.
1. A Rare Minting Error
Some of the most significant coins in the history of money are coins with errors and this Lincoln Wheat Penny fits the bill. A few pennies were accidentally struck with the wrong material, which is an error that makes these coins extremely valuable and rare today.
One of the most significant struck errors in minting history occurred in 1943, when the United States Mint melted their copper coins down and struck pennies out of steel for the economic and wartime effort. Subsequently, a handful of 1943 pennies were struck out of copper and those copper pennies gain significant value today among collectors. If you have a 1943 penny and it is not magnetic, it might just be a copper penny, which have sold, in some instances, for millions of dollars at auction!
2. Extremely Limited Quantity
There are only a few of these rare pennies known to exist, and many have already been found and sold to collectors. Still, it’s generally believed at least one or two remain in circulation with ordinary pocket change, creating an intriguing treasure hunt for those who handle pennies.
3. Historical and Collector’s Value
This penny is not only rare but also carries a great deal of historical value. It was struck during a pivotal moment in American history, so the coin is desired by not only coin collectors, but also by historians and numismatists.
Coins from the early 20th century, particularly those featuring President Lincoln, are among the most collected coins in the world. A mistakenly minted 1943 copper penny is considered the holy grail of Lincoln Wheat Pennies, making it worth millions of dollars.
How to Identify the $8.4 Million Lincoln Wheat Penny
Think you might have one of these rare pennies in your collection? Here’s how to check:
Step 1: Look at the Date
Certain years, such as 1943 or 1955, are known for rare variations. If you have a 1943 penny, there’s a chance it could be one of the rare copper versions.
Step 2: Use a Magnet
Most 1943 pennies were made of steel, which is magnetic.
If your 1943 penny does NOT stick to a magnet, it could be one of the rare copper versions.
Step 3: Weigh the Penny
- A 1943 steel penny weighs 2.7 grams.
- A rare copper 1943 penny weighs 3.11 grams.
- Use a precision scale to check the weight of your penny.
Step 4: Check for Double Stamps or Misprints
Some valuable Lincoln Wheat Pennies also have double-die errors, where the date or design appears doubled. A 1955 Double Die Penny, for example, can be worth tens of thousands of dollars.
Other Valuable Pennies to Look For
While the $8.4 million Lincoln Wheat Penny is the most famous, other rare pennies are also worth a fortune. Here are a few notable examples:
Where to Sell a Rare Penny
If you’re lucky enough to find a valuable Lincoln Wheat Penny, here’s where you can sell it:
🔹 Professional Coin Dealers – Experts who buy and sell rare coins.
🔹 Online Auctions – Websites like eBay or Heritage Auctions attract collectors worldwide.
🔹 Coin Shows & Conventions – Events where collectors and buyers gather.
🔹 Numismatic Societies – Organizations dedicated to coin collecting.
Before selling, always have your coin authenticated by a professional numismatist to ensure its legitimacy.
Final Thoughts: Could You Be Holding a Fortune?
Finding a Lincoln Wheat Penny worth $8.4 million is like winning the lottery, but the possibility still exists. Since millions of pennies are still in circulation, the next time you receive change, take a moment to inspect each coin carefully.
FAQs
1. What makes the Lincoln Wheat Penny worth $8.4 million?
The value of this rare Lincoln Wheat Penny is due to unique errors, historical significance, and extremely limited availability. Coins with minting mistakes, special compositions, or proof editions are highly sought after by collectors.
2. How can I tell if I have a valuable Lincoln Wheat Penny?
Check for key features such as rare mint marks (e.g., 1909-S VDB, 1943 copper, or 1955 doubled die), errors, or unusual metal compositions. Consulting a coin grading expert can help confirm authenticity and value.
3. Where can I get my Lincoln Wheat Penny appraised?
You can visit professional numismatic organizations like the Professional Coin Grading Service (PCGS) or Numismatic Guaranty Corporation (NGC). Local coin dealers and auctions also provide appraisals.
4. What are some other rare Lincoln Wheat Pennies worth money?
Some valuable Lincoln Wheat Pennies include the 1943 Bronze Cent, 1955 Doubled Die Penny, 1909-S VDB Penny, and 1922 No D Penny, each worth thousands to millions of dollars.
5. Where can I sell my rare Lincoln Wheat Penny?
You can sell rare coins through auction houses, online marketplaces (eBay, Heritage Auctions), coin dealers, or numismatic conventions for the best price.