The Lincoln Wheat Penny, a seemingly ordinary coin that has been part of everyday currency in the United States for over a century, has a fascinating history. While most of these pennies are worth only one cent, a rare few are worth millions. The most valuable of these is a particular variant, valued at a staggering $17 million, still circulating among the public. This article explores the history of the Lincoln Wheat Penny, the story behind the $17 million coin, and how to spot valuable variants of this iconic piece of U.S. currency.
What is the Lincoln Wheat Penny?
The Lincoln Wheat Penny was first minted in 1909 to commemorate the 100th anniversary of Abraham Lincoln’s birth. Designed by Victor David Brenner, the penny features a portrait of Lincoln on the obverse (front) side, while the reverse (back) showcases two stalks of wheat, symbolizing the nation’s agricultural roots. The coin became a symbol of prosperity and unity, with the wheat design reflecting the importance of farming in America’s early development.
The Lincoln Wheat Penny was produced from 1909 until 1958, making it one of the longest-running coin designs in U.S. history. Although it was eventually replaced by the Lincoln Memorial design in 1959, the Wheat Penny remains one of the most beloved coins in American numismatic history.
The $17 Million Lincoln Wheat Penny
Among the thousands of Lincoln Wheat Pennies in circulation, one particular penny stands out for its incredible value. The 1943 Lincoln Wheat Penny, struck in copper, is valued at an eye-watering $17 million. This coin’s rarity and historical significance have made it a sought-after treasure for collectors.
The 1943 Coinage Error
In 1943, during World War II, the U.S. Mint faced a critical shortage of copper. As a result, the Mint switched to using zinc-coated steel for the production of pennies to conserve copper for the war effort. However, due to an error at the Mint, a small number of copper planchets from 1942 were mistakenly used to strike 1943 pennies.
This error created a unique variant of the Lincoln Wheat Penny, which was initially made of copper rather than the zinc-coated steel that most 1943 pennies were made from. The coin is extremely rare, with only a few examples ever being discovered. One such penny, a 1943 copper Lincoln Wheat Penny, was sold at auction for $17 million, setting a record for the highest price ever paid for a single penny.
Why is the 1943 Copper Penny So Valuable?
The 1943 copper penny is so valuable for several reasons:
- Rarity: Only a handful of 1943 copper pennies are known to exist, making it one of the rarest coins in U.S. history. The vast majority of 1943 pennies were struck in zinc-coated steel, which makes the copper variant extremely hard to find.
- Historical Significance: The 1943 copper penny is a direct result of a wartime error. The U.S. Mint’s decision to switch to zinc-coated steel for pennies during World War II was an important measure to conserve copper for military use. The few copper planchets that slipped through the Mint’s process serve as a reminder of this pivotal moment in U.S. history.
- Condition: Like all collectible coins, the condition of the penny plays a major role in its value. The 1943 copper penny that sold for $17 million was in excellent condition, further boosting its value.
Other Rare Lincoln Wheat Pennies
While the 1943 copper penny is by far the most valuable, it is not the only rare and valuable Lincoln Wheat Penny. Over the years, several other varieties of the coin have garnered attention for their scarcity and unique features.
1909-S VDB Penny
The 1909-S VDB penny is another highly sought-after Lincoln Wheat Penny. It was one of the first coins to feature Victor David Brenner’s initials (VDB) on the reverse side of the coin. The initial release of this coin was controversial because of the prominence of the initials, which led to public outcry. As a result, the Mint quickly stopped producing coins with the VDB marking, making the 1909-S VDB penny one of the rarest and most valuable coins in the series.
Only about 484,000 of these pennies were minted, and well-preserved specimens can fetch thousands of dollars at auction.
1955 Double Die Penny
The 1955 Double Die penny is another famous error coin that has become a favorite among collectors. The error occurs when a coin is struck twice, resulting in a noticeable doubling of the date and inscriptions on the obverse side. The 1955 Double Die penny is one of the most well-known error coins in the U.S. and is highly prized by collectors.
1944 Steel Penny
The 1944 steel penny is another example of a wartime error. After the war, the U.S. Mint returned to using copper for pennies, but a few steel planchets from 1943 were mistakenly used to strike 1944 pennies. These steel pennies are extremely rare and valuable to collectors.
How to Spot a Rare Lincoln Wheat Penny
If you’re a coin collector or simply someone interested in finding rare pennies, here’s how you can spot valuable Lincoln Wheat Pennies in your pocket change:
- Look for the Date: Pay close attention to the date on the penny. The 1943 copper penny is one of the most valuable, so check if the date reads 1943 and whether the penny is copper-colored.
- Check for Mintmarks: The 1909-S VDB penny has an “S” mintmark beneath the wheat stalks on the reverse side. The 1955 Double Die penny will have noticeable doubling on the date and inscriptions.
- Inspect the Condition: The condition of the penny is crucial to its value. Coins in excellent condition, especially those with little wear and tear, are more valuable.
- Use a Magnet: 1943 copper pennies are not magnetic, unlike the steel pennies of the same year. A simple magnet test can help you identify a rare copper penny.
The Fascination of Lincoln Wheat Pennies
The Lincoln Wheat Penny is more than just a coin—it’s a piece of American history. These coins have been in circulation for over a century, and their unique designs and rare variants continue to capture the imagination of collectors around the world. Whether you’re searching for a rare 1943 copper penny or simply enjoying the history behind the coin, the Lincoln Wheat Penny is a fascinating and valuable part of American numismatic culture.
Conclusion
While most Lincoln Wheat Pennies are worth just one cent, rare variants like the 1943 copper penny have been known to fetch millions of dollars. The 1943 copper penny, valued at $17 million, stands as a testament to the rich history and intrigue of coin collecting. If you’re lucky enough to find one of these rare pennies in your pocket change, you might just be holding a small fortune in your hand.
Disclaimer: The values mentioned in this article are based on current market trends and may vary over time. Always consult a professional numismatist for an accurate assessment of coin value.