That humble penny you might toss in a jar or use to round out a purchase could actually be worth a life-changing fortune. One rare Lincoln Wheat Penny has recently been valued at $9.99 million—and experts believe a few of these incredibly rare coins may still be circulating in everyday change. Here’s what makes it special, how to spot one, and why now is the time to start checking your coins.
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What Is the Lincoln Wheat Penny?
First minted in 1909 to honor the 100th birthday of President Abraham Lincoln, the Lincoln Wheat Penny was the first U.S. coin to feature a real person. On the reverse side, the coin displays two wheat stalks, giving it the nickname “Wheat Cent.” These coins were issued until 1958 and were made of 95% copper—except for the now-famous steel version produced in 1943.
Most of these coins are still common and worth just a few cents. But some rare versions, especially those with errors or limited minting, are highly valuable to collectors.
Why One Lincoln Penny Is Worth $9.99 Million
While many rare pennies are valuable, the 1943 copper Lincoln Wheat Penny is one of the most sought-after in the world. In 1943, the U.S. Mint switched to steel for penny production to conserve copper for World War II efforts. But a few copper blanks accidentally slipped through, resulting in one of the rarest mint errors in U.S. history.
Only 15 to 20 authentic 1943 copper pennies are known to exist. One of them, in near-perfect condition, has now been valued at nearly $10 million—making it one of the most valuable coins in the world.
How to Identify a Rare Lincoln Wheat Penny
You don’t need to be a numismatics expert to start spotting rare coins. Here are a few simple checks to see if your penny might be worth a fortune:
| Feature | What to Look For |
|---|---|
| Date | Look for pennies minted between 1909–1958 |
| Key Dates | 1909-S VDB, 1914-D, 1922 No D, 1943 copper |
| Metal | 1943 penny should be steel, not copper |
| Color | Copper coins look brown or reddish; steel is silver-colored |
| Magnet Test | Copper doesn’t stick to a magnet; steel does |
| Errors | Look for doubled dates, missing mint marks, or off-center prints |
If you suspect your penny is rare, don’t clean it. Doing so can significantly lower its value. Instead, have it evaluated by a professional grading service like PCGS or NGC.
Why Rare Pennies Are Still in Circulation
You may wonder how a multi-million-dollar coin could still be out there in public hands. The truth is, many people are unaware of their coins’ value. Rare pennies have:
- Been passed down in old family jars
- Sat in forgotten collections
- Accidentally been spent as regular change
Because they were minted for general use, many weren’t pulled from circulation. That means a valuable penny could still be found in a pocket, piggy bank, or desk drawer.
Recent High-Value Coin Sales
The 1943 copper penny isn’t the only coin fetching big numbers. Here’s a look at some top-selling coins in 2024:
| Rank | Coin Description | Price (USD) |
|---|---|---|
| 1 | Undated (1652) NE Threepence | $2,520,000 |
| 2 | 1870-CC Liberty Head Double Eagle | $1,440,000 |
| T-3 | 1850 Baldwin & Co. $10 | $1,260,000 |
| T-3 | 1855 $50 Kellogg & Co. Fifty Dollar | $1,260,000 |
| 14 | 1881-O Morgan Dollar | $660,000 |
| 21 | 1975 Roosevelt Dime No S | $506,250 |
| 26 | 1870-CC Liberty Head Eagle | $420,000 |
These numbers show how valuable even a single rare coin can be.
Where to Check or Sell Your Rare Penny
If you think you’ve found a rare Lincoln Wheat Penny:
- Inspect carefully using the checklist above.
- Visit a local coin dealer (many states have specialists).
- Send it to a grading service like PCGS or NGC for authentication.
- Avoid online scams or giving away your coin without a second opinion.
Many collectors use sites like eBay or auction houses like Heritage or Stack’s Bowers for high-value sales.
Should You Start Checking Your Change?
Absolutely. It costs nothing to check, and the potential payoff is life-changing. Everyday people have found rare coins in:
- Grocery store change
- Piggy banks
- Inherited coin collections
- Old coin jars or desks
It’s a simple habit that could result in a massive discovery.
A penny once used to buy candy or newspapers might now be worth millions. The Lincoln Wheat Penny, especially the rare 1943 copper version, reminds us that history and hidden value often go hand in hand. So next time you get change at the store or clean out a drawer, take a closer look. Your next fortune could be hiding in plain sight.
FAQs
What is a Lincoln Wheat Penny?
It’s a one-cent U.S. coin minted between 1909 and 1958, featuring President Lincoln and two wheat stalks on the back.
Why is the 1943 copper penny so valuable?
It was accidentally minted in copper during a year when all pennies were supposed to be steel. Only a few exist.
How can I tell if my 1943 penny is copper or steel?
Use a magnet. If it sticks, it’s steel. If it doesn’t, it could be copper and extremely valuable.
Where can I get a rare penny authenticated?
Contact a coin grading service like PCGS or NGC, or visit a reputable local coin dealer.
Are rare Lincoln pennies really still in circulation?
Yes, many remain undiscovered in jars, collections, and everyday change.
