The Lincoln Wheat Penny Valued: The Lincoln Wheat Penny, a staple of American numismatics, first appeared in 1909, marking the first time a real person—President Abraham Lincoln—was featured on U.S. currency. While millions were minted, a few rare specimens have soared to astronomical values, including one believed to be worth $11 million and possibly still in circulation.
A Historical Commemoration The Lincoln Wheat Penny’s Inception
To commemorate the centennial of Abraham Lincoln’s birth, the U.S. Mint introduced the Lincoln Wheat Penny in 1909. Designed by Victor D. Brenner, the coin featured:
- Obverse: A portrait of Abraham Lincoln, symbolizing national respect and admiration.
- Reverse: Two sheaves of wheat, representing agricultural prosperity in America.
This design continued until 1958, after which the reverse was changed to the Lincoln Memorial design.
The Rarity That Commands Millions
The $11 million valuation is attributed to one of the rarest variations of the Lincoln Wheat Penny:
- Material Anomaly: In 1943, during World War II, pennies were made from steel due to copper shortages. However, a few copper coins from 1943 mistakenly entered circulation.
- Scarcity: Only a handful of these 1943 copper pennies are known to exist, making them exceedingly rare and valuable.
- Collector Demand: Numismatists value these pennies for their historical significance and rarity, driving up their market price.
- Historical Context: This coin is not just a rare item but a piece of American wartime history, adding layers of value.
Is the $11 Million Lincoln Wheat Penny Still Out There?
Despite their value, some of these rare pennies might still be circulating unnoticed:
- In Loose Change: These pennies can easily be mistaken for ordinary coins.
- In Old Collections: They may be lying undiscovered in coin collections or inherited hoards.
- In Everyday Transactions: It’s possible these coins are still being used in everyday cash transactions, unrecognized by their owners.
Identifying a Fortune: How to Spot the Rare 1943 Copper Penny
If you come across a 1943 penny, here’s how to determine if it’s the rare copper version:
- Check the Year: The coin should be dated 1943.
- Test with a Magnet: Copper pennies won’t stick to magnets, unlike their steel counterparts.
- Examine the Mint Mark: Look for mint marks under the date; “D” for Denver, “S” for San Francisco, or no mark for Philadelphia.
- Weigh the Coin: A copper penny weighs about 3.11 grams, whereas steel versions are lighter at 2.7 grams.
What to Do If You Discover a Rare Penny
Finding a potentially valuable Lincoln Wheat Penny should prompt immediate action:
- Verification: Have the coin authenticated by professional services like PCGS or NGC to confirm its authenticity and grade.
- Expert Appraisal: Consult with a reputable numismatist or a trusted coin dealer to ascertain its market value.
- Consider Selling: Given its potential value, consider auctioning the coin through a respected auction house.