Among coin collectors, there are some coins that fetch a very high price because of their rarity, historical importance, and near-perfect condition. One of those coins is the 1920 Lincoln Wheat Penny, which sold for as much as $990,000 recently. If you possess this coin, your fortune may be changed!
Rarity and Auction Record of 1920 Lincoln Wheat Penny
Millions of Lincoln Wheat Penny coins were produced in 1920, but very few of them exist in great condition. Particularly coins graded in the MS-67 Red (RD) can command prices between thousands and millions of dollars.
Recently, a 1920 Lincoln Wheat Penny with an MS-67 RD grade went for sale at an auction price of $990,000. Though such prices are not standard for all 1920 pennies, they might be worth higher if a coin is in the best grade.
How Are Coins Valued?
Coins are graded on the Sheldon Scale, ranging from 1 to 70. On the scale:
- Coins with a grade of 65 and higher are referred to as “Gem Uncirculated” and can be worth thousands of dollars.
- A 70 graded coin is perfect and sells for the highest price.
If you believe that you possess a valuable coin, it’s wise to get it graded by PCGS (Professional Coin Grading Service) or NGC (Numismatic Guaranty Company).
How to Identify if Your Coin is Valuable
If you own a 1920 Lincoln Wheat Penny, look for the following:
- Inspect the Mint Mark:
- Pennies with a “D” (Denver) or “S” (San Francisco) mint mark can be more valuable.
- Pennies with no mint mark (Philadelphia Mint)** can be worth a bit less, but still command a premium in the high grade.
- Observe the surface condition:
- Scratch-free, blemish-free and wear-free coins are more valuable.
- Collector-preferred coins are those in good condition.
- Role of Color:
- Red (RD) colored coins, which are not dull, are more costly.
- Brown (BN) coins are less valuable than the red ones.
- Seek an Expert:
- Get the coin graded by a certified grading service to determine its true value.
Reasons for the High Price of This Coin
The following are some of the main reasons that drive the price of the 1920 Lincoln Wheat Penny:
- Preservation:
- The less worn the coin is, the more it will be worth.
- Original Red Color:
- Coins that retain their original red luster are considered more rare and sell for a higher price.
- Historical Significance:
- This is more than 100 years old, and an essential piece of American history.
Potential Value of the 1920 Lincoln Wheat Penny
| Features | Philadelphia (no mint mark) | Denver Mint (D) | San Francisco Mint (S) | Top Auction Price |
|---|---|---|---|---|
| Estimated Minting | 31 Crore | 4.9 Crore | 4.6 Crore | $990,000 (MS-67 RD) |
| Circulated Normal Value | $0.20 – $1.00 | $0.50 – $2.00 | $1.00 – $5.00 | |
| Uncirculated BN Value | $10 – $30 | $15 – $60 | $25 – $100 | |
| High Grade RD Value | $2,000+ | $5,000+ | $9,000+ |
Do you have this rare coin?
If you possess a 1920 Lincoln Wheat Penny, inspect it closely. If it is in mint condition and has an “S” or “D” mint mark, it may transform your life. Numerous collectors are searching for such coins and the proper coin can fetch lakhs in the proper auction.
So don’t just sell an old coin if you happen to come across one. Have it assessed first – who knows, it might be the one that turns your luck around!
FAQs
Q1. Why is the 1920 Lincoln Wheat Penny valuable?
The coin’s value depends on its rarity, condition, and original red luster. High-grade examples, especially those graded MS-67 RD, can fetch thousands to even $990,000.
Q2. How can I check if my 1920 penny is valuable?
Look for the mint mark (“D” for Denver or “S” for San Francisco), check its condition (no wear or scratches), and see if it retains its original red color (RD).
Q3. Where can I get my 1920 Wheat Penny graded?
Professional grading services like PCGS (Professional Coin Grading Service) or NGC (Numismatic Guaranty Company) can authenticate and certify your coin.
Q4. Are all 1920 Lincoln Wheat Pennies worth a lot?
No, most circulated coins are worth under a dollar, but rare, well-preserved ones in high grades can be extremely valuable.
Q5. Can I sell my 1920 penny if it’s valuable?
Yes! You can sell it through coin dealers, online marketplaces, or at auctions specializing in rare coins.