The Lincoln Wheat Penny, a small piece of American history, has been a staple in pockets, piggy banks, and coin collections for over a century. While most of these pennies are worth only their face value, certain rare varieties can fetch staggering sums—some as high as $95,000 or more at auction. Could one of these treasures be hiding in your pocket? In this article, we’ll explore the fascinating history of the Lincoln Wheat Penny, the specific varieties that command such high prices, and how you can identify a potentially valuable coin in your everyday change.
The History of the Lincoln Wheat Penny
Introduced in 1909, the Lincoln Wheat Penny was the first U.S. coin to feature a president’s portrait. Designed by Victor David Brenner, it was created to commemorate the 100th anniversary of Abraham Lincoln’s birth. The obverse displays a bust of Lincoln, while the reverse features two wheat stalks framing the words “ONE CENT” and “UNITED STATES OF AMERICA.” The design, often called the “Wheat Penny” due to its reverse imagery, remained in circulation until 1958, when it was replaced by the Lincoln Memorial design.
The Wheat Penny was minted in massive quantities, with billions produced across five decades at the Philadelphia, Denver, and San Francisco mints. However, certain years, mint marks, and errors have made specific coins exceptionally rare and valuable. Collectors prize these coins not only for their monetary worth but also for their historical significance and the stories they tell.
Why Are Some Wheat Pennies So Valuable?
The value of a Lincoln Wheat Penny depends on several factors: rarity, condition, and demand. While most Wheat Pennies are common and worth only a few cents, specific varieties stand out due to low mintage, errors, or unique characteristics. The $95,000 price tag typically refers to coins in pristine condition or with rare errors, such as the 1943 Bronze Penny or the 1955 Doubled Die Obverse. Let’s dive into the key varieties that could make you rich.
The 1943 Bronze Penny: A Wartime Rarity
One of the most famous and valuable Wheat Pennies is the 1943 Bronze Penny. During World War II, copper was needed for the war effort, so the U.S. Mint switched to zinc-coated steel for penny production in 1943. However, a small number of bronze planchets (the blank metal discs used to strike coins) were accidentally used, creating a handful of bronze 1943 pennies. These coins are incredibly rare, with only about 15 to 20 known examples across all mints.
In 2010, a 1943-S Bronze Penny (minted in San Francisco) sold for $1.7 million, though more commonly, high-grade examples fetch between $50,000 and $95,000. The key to identifying this coin is its copper-like appearance rather than the silver-colored steel of standard 1943 pennies. Weighing the coin can also help: a bronze penny weighs about 3.11 grams, while a steel penny weighs approximately 2.7 grams.
The 1955 Doubled Die Obverse: A Striking Error
Another highly sought-after Wheat Penny is the 1955 Doubled Die Obverse (DDO). This coin resulted from a minting error where the die used to strike the obverse was misaligned, causing a noticeable doubling of the date, lettering, and Lincoln’s portrait. The doubling is most evident on the date “1955” and the words “LIBERTY” and “IN GOD WE TRUST.”
Unlike the 1943 Bronze Penny, the 1955 DDO was minted in larger quantities (estimated at 20,000 to 24,000), but its striking visual appeal makes it a favorite among collectors. In high grades, such as Mint State (MS) 65 or above, these coins can sell for $25,000 to $95,000. Even in lower grades, they often fetch thousands of dollars.
Other Notable Varieties
While the 1943 Bronze and 1955 DDO are the superstars, other Wheat Pennies can also command significant value:
-
1909-S VDB: The first year of the Wheat Penny featured the designer’s initials, “VDB,” on the reverse. The San Francisco mint produced only 484,000 of these, making them highly collectible. In excellent condition, a 1909-S VDB can sell for $1,000 to $10,000, with top specimens exceeding $50,000.
-
1914-D: With a mintage of just 1.2 million, the 1914 Denver-minted penny is a key date in the series. High-grade examples can fetch $5,000 to $20,000.
-
1922 No D: A rare error occurred in 1922 when some Denver-minted pennies were struck without the “D” mint mark due to a worn die. These coins can sell for $10,000 or more in good condition.
-
1944 Steel Penny: A counterpart to the 1943 Bronze, a few 1944 pennies were mistakenly struck on steel planchets. These are exceedingly rare and can also reach values near $95,000.
How to Spot a Valuable Wheat Penny
Finding a $95,000 penny in your pocket requires keen observation and a bit of luck. Here’s a step-by-step guide to identifying a potentially valuable Lincoln Wheat Penny:
-
Check the Date and Mint Mark: Look at the date on the obverse and the mint mark (if present) below the date. Key dates like 1909-S, 1914-D, 1922, 1943, 1944, and 1955 are good starting points. The mint mark is a small letter: “S” for San Francisco, “D” for Denver, or no letter for Philadelphia.
-
Inspect for Errors: Look for doubling on the 1955 DDO, especially in the date and lettering. For 1943 pennies, check the color and weight to identify a bronze coin. For 1922 pennies, ensure there’s no “D” mint mark.
-
Evaluate Condition: Coin value is heavily influenced by condition. Use a magnifying glass to check for wear. Coins in “Mint State” (no wear, original luster) are worth significantly more. Grading scales, such as those by PCGS or NGC, range from Poor (P-1) to Perfect Mint State (MS-70).
-
Test the Material: For 1943 pennies, use a magnet. Steel pennies will stick, while bronze ones won’t. Weighing the coin can also confirm its composition.
-
Seek Professional Appraisal: If you suspect you have a rare penny, consult a professional coin dealer or grading service like PCGS or NGC. They can authenticate and grade your coin, providing an accurate valuation.
Where to Find Wheat Pennies
Wheat Pennies are still found in circulation, though they’re becoming rarer as collectors and enthusiasts pull them from pocket change. Here are some places to look:
-
Pocket Change: While unlikely, it’s possible to find Wheat Pennies in everyday transactions, especially in older communities or rural areas.
-
Coin Rolls: Purchase rolls of pennies from banks and search through them. This method, known as “coin roll hunting,” is popular among collectors.
-
Estate Sales and Flea Markets: Older coin collections often surface at estate sales, thrift stores, or flea markets.
-
Inherited Collections: Check old jars or boxes of coins passed down from family members. Many valuable pennies have been discovered in forgotten stashes.
Preserving and Selling Your Valuable Penny
If you find a potentially valuable Wheat Penny, handle it carefully to preserve its condition. Use cotton gloves or hold the coin by its edges to avoid oils from your skin damaging the surface. Store it in a protective holder or sleeve to prevent scratches or corrosion.
To sell a valuable penny, consider these options:
-
Auction Houses: Reputable auction houses like Heritage Auctions or Stack’s Bowers specialize in rare coins and can maximize your profit.
-
Coin Dealers: Local or online dealers can offer quick sales, though they may take a commission.
-
Online Marketplaces: Platforms like eBay allow you to reach a wide audience, but ensure your coin is authenticated to avoid disputes.
-
Grading Services: Submitting your coin to PCGS or NGC for grading can increase its value and credibility, as buyers trust certified coins.
The Thrill of the Hunt
The allure of finding a $95,000 Lincoln Wheat Penny lies not only in its potential value but also in the thrill of discovery. Each penny tells a story—of economic hardship, wartime sacrifices, or minting mishaps. For collectors, the hunt is as rewarding as the find itself. Whether you’re a seasoned numismatist or a curious beginner, checking your change for a rare Wheat Penny is an accessible way to engage with history.
Tips for Aspiring Collectors
If you’re inspired to start collecting Wheat Pennies, here are some tips:
-
Educate Yourself: Read books like The Official Red Book: A Guide Book of Lincoln Cents or visit websites like PCGS CoinFacts for detailed information.
-
Join a Community: Online forums, such as the Coin Community Forum, or local coin clubs can connect you with experienced collectors.
-
Start Small: Focus on completing a set of common Wheat Pennies before chasing rare varieties.
-
Be Patient: Rare coins are just that—rare. Enjoy the process and don’t expect to strike gold immediately.
In Summary
The Lincoln Wheat Penny is more than just a piece of pocket change; it’s a gateway to history and, for the lucky few, a potential windfall. With values reaching up to $95,000 for rare varieties like the 1943 Bronze or 1955 Doubled Die, these coins are worth a second look. By learning to identify key dates, errors, and mint marks, you could uncover a treasure hiding in plain sight. So, the next time you empty your pockets, take a moment to check your pennies—you might just find a small fortune.
