Picture yourself paying for your cup of coffee and inadvertently handing over a penny worth $258,000. Unbelievable? This is exactly the case with some of the rare Lincoln Wheat Pennies. These are worth coins that might just slip through one’s fingers in everyday pocket change. From the serious collectors to those who happen to know a thing or two about them, it is easy to see why these are very much coveted treasures. Do read on to know how to spot one and why it is so sought after!
History of the Lincoln Wheat Penny
The Lincoln Wheat Penny was minted to celebrate the one-hundred-year anniversary of the birth of Abraham Lincoln starting in 1909. Metallic coin struck with a front view of a real man instead of abstract liberty symbol-the first such in the US-was designed by Victor David Brenner and was dedicated to the 100th birthday of Abraham Lincoln. It had on the reverse two stalks of wheat-hence the term “Wheat Penny.”
Between 1909 and 1958, these pennies were made and today they are more of a revered collectible, some rare examples fetching staggering amounts at auction.
What Makes One Lincoln Wheat Penny Worth $258,000?
Millions upon millions of Lincoln Wheat Pennies were minted, yet not all are created equal. Some rare errors or unusual manufacturing processes create pennies that are worth a great deal today. Probably the most famous example is the 1943-Bronze Lincoln Wheat Penny.
For World War II, the U.S. Mint needed copper for making shells, so in 1943, it made the switch to making pennies entirely out of zinc-coated steel. They had a lapse at the remembered date. Only a handful of bronze planchets-the blank disks on which coins are minted-remained in the machines. As a result, a very few 1943 pennies were made out of bronze rather than steel.
Because of this particular mix-up, the 1943 Bronze Lincoln Wheat Penny has become one of the most notoriously sought-after coins in the world. A few years ago, one piece was sold at auction for as much as $258,000.
Identifying the Lincoln Wheat Penny Worth $258,000
It does not matter whether you are a professional numismatist (coin expert) or not. You can pick Google and follow some simple steps to verify one such specimen.
- Check the date: Your penny should show 1943.
- Get a magnet:
- A genuine 1943 steel penny will be attracted to a magnet.
- But a 1943 rare bronze penny will not because bronze is not magnetic.
- Check the color:
- Steel pennies usually shine silver.
- Bronze coins are reddish-brown or copper.
Check the details:
Make sure the design looks normal, and the date appears to be stamped correctly.
Some fakes have been made, and therefore, good sharp details help establish authenticity.
If you think you have one, getting it authenticated through a reputable coin grading service such as PCGS or NGC would be worthwhile.
Other Valuable Lincoln Wheat Pennies You Should Know About:
While the 1943 bronze penny captivates all, other Wheat Pennies can be worth a hefty penny by all standards.
1909-S VDB:
Minted only 484,000 numbers, these coins are worth thousands depending on their condition.
1914-D:
Mint state examples are conspicuously rarer and therefore very valuable.
1922 No D:
A minting error where pennies such as these struck in Denver lacked the “D” mint mark.
1955 Double Die:
Another legendary example of striking error would be the double die where design is reportedly duplicated. A real crowd-pleasing favorite with collectors.
Every one of these coins serves as a reminder that sometimes small change can change life!
Where to Look for Rare Lincoln Wheat Pennies
Finding a rare coin is often about a little luck and a lot of vigilance. Here are some of the best places to get started:
Yours Is Always The Best: On Seeing The Spare Change
Before using the collector pennies, check all pennies. Wheat pennies do turn up here and there.
Coin Rolls From The Bank:
Buy penny rolls from the bank and coin roll hunt through them.
Estate Sales And Garage Sales:
Old coin collections sometimes come up very unexpectedly.
Online Auctions:
Sometimes sellers are not knowledgeable about what they have on-hand and list rare coins at bargain prices.
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What To Do If You Find A Pennies
- That You Think Will Be Worth Something
- If you believe you have found a rare Lincoln Wheat Penny:
- Never, ever clean it! Cleaning a coin will dramatically decrease its value.
- Take clear high-resolution pictures of the obverse and reverse.
- Consult with a grading authority, e.g. the PCGS or NGC.
- An additional option would be to speak with others before selling or having an auction.
Upon authentication, you could either sell or auction it through Heritage Auctions or Stack’s Bowers as a means of getting the maximum return.
Final Thoughts:
Surely, the belief of having a $258,000 coin hidden in your pocket sounds like a fantasy, but it is very real. The Lincoln Wheat Penny is more than just a historical memento; it speaks to the capacity small things have to carry great value.
So the next time you find a penny lying around, don’t just toss it aside. Take a closer look. Who knows? You might be holding a piece of American history worth a small fortune!
FAQS:
Why is the 1943 Lincoln Wheat Penny so valuable?
The 1943 Lincoln Wheat Penny is valuable since some 1943 Lincoln pennies seemed to have some struck on bronze planchets rather than the intended steel during World War II. With such errors ever so rare, these coins are believed to be of very high value among collectors.
How can I tell if my 1943 penny is bronze or steel?
All that is needed is a simple magnet test. If the penny sticks to the magnet, it is steel and is the common one. If it doesn’t stick, it may be a rare bronze, and the price of that one is a hefty ranging from tens to thousands of dollars.
Are all 1943 Lincoln Wheat Pennies worth $258,000?
No, because the majority of 1943 pennies are steel ones, which are not highly valued-most are worth a few dollars at best. Only the rare 1943 bronze ones have sold for $258,000 and up.
