$50,000 Lincoln Wheat Penny Still Circulated in the U.S.
While digging through spare change, you might never expect any value to turn up. But I mean, what if one of those small copper coins was worth as much as $50,000?
I know it sounds absurd, but for coin collectors and numismatists, this idea is very real, especially if it is about the Lincoln Wheat Penny, arguably one of the most famous and highly prized coins in American history.
Some of these rare pennies are still circulating, so technically you could be gifted or even exchange one at the store. Now, let’s see what makes this coin valuable, how one can tell it apart, and why it still ends up in pockets, jars, and coin rolls all over the United States.
Description of the Lincoln Wheat Penny
The Lincoln Wheat Penny was introduced in 1909, thus replacing the Indian Head penny. It was the first U.S. coin to bear the portrait of an actual person: President Abraham Lincoln. Its reverse carried two stalks of wheat, giving this coin its nickname, ‘Wheat Penny.’
Minted until 1958, this coin has long been cherished by collectors for the value placed on its historical scale and classic beauty. But among the billions minted, rare versions and error coins have shot up in value, some even selling in the tens of thousands of dollars.
Why Would One Lincoln Wheat Penny Be Worth $50,000?
The most famous high-value Lincoln Wheat Penny is the 1943 copper penny. By World War II, copper became a critical material for the war efforts, so the U.S. Mint made a decision to produce pennies out of zinc-coated steel in 1943.
However, quite ironically, a few 1943 Lincoln pennies were struck on copper planchets that for some reason remained in the machines from the previous year. Such coins are extremely rare, with fewer than 40 examples being known to the public.
Because of this minting foil-up and the very limited number of surviving examples, a genuine 1943 copper Lincoln Wheat Penny will trade for $50,000 or more, depending on conditions and provenance. One of these pennies, however, went even further and changed hands for over $1 million in an auction in perfect condition.
Why Would One Otherwise-Worthless Lincoln Wheat Penny Fetch a Price of $50,000?
The 1943 copper penny is the most infamous high-value Lincoln Wheat Penny. During World War II, copper was a critical material for the war effort, so in 1943 when the Mint was operating, pennies were made of zinc-coated steel.
An accident resulted in a few 1943 Lincoln pennies being struck on copper planchets that were left over in the machines from the previous year. These coins have become extremely rare, with fewer than 40 examples known to exist.
Because of this minting error and the paucity of surviving examples, a genuine 1943 copper Lincoln Wheat Penny may be worth more than $50,000, depending on condition and provenance. One such lone specimen sold at auction for in excess of $1 million in immaculate condition.
Other Valuable Lincoln Wheat Pennies Worth Watching
Aside from the 1943 copper penny, regarded as the finest specimen, these are some other valuable Wheat Pennies you should know about:
1909-S VDB: The original 1909 San Francisco mint pennies with designer Victor David Brenner’s initials (“VDB”) on the reverse. They are usually sold for $700 to $2,000+.
1914-D: Another low mintage from Denver capable of pulling in anywhere from $200 to $5,000+.
1922 “No D” Penny: Rare version entirely missing the Denver mintmark. Worth $500 to $10,000+.
1955 Double Die Obverse: Famous for the prominent doubling of the lettering. Value ranges from $1,000 to $15,000+, depending on grade.
How To Identify A Rare Lincoln Wheat Penny
Generally, a good examination must determine if the Lincoln Wheat Penny is precious or etc. Here are the points to consider:
Mint Year – Start by checking the date. The most valuable coins were minted between 1909 and 1958, with some years being significantly more rare than others.
Mint Mark – Look for small letters under the year indicating the mint:
No mark = Philadelphia
“D” = Denver
“S” = San Francisco
Certain mint-mark combinations (like the 1909-S VDB) are especially rare.
- Metal Composition – A 1943 penny that is not magnetic (i.e., not made of steel) could be a copper error coin—get it professionally appraised.
- Errors or Variations – Double-die letters, missing mint marks, or off-center strikes can drastically increase a coin’s value.
- Condition – The better preserved a coin is, the higher its potential value. Coins are graded on a scale from 1 (poor) to 70 (perfect mint state).
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Why are these valuable coins still in circulation?
There are a number of reasons why valuable coins could find their way into circulation.
- Ignorance on inheritance: Recipients of coin collections will sometimes end up spending the rare coins out of ignorance.
- Ignorance about coin rarity: Many an American doesn’t really know why some pennies are worth more than others.
- Coin roll hunting: Many collectors will scour rolls from a bank for a rare find—and they sometimes succeed.
A real 1943 copper Lincoln penny was, in fact, found from change in a high school cafeteria as late as 2019!
What to Do If You Think You’ve Got One
If you believe you have a valuable Lincoln Wheat Penny:
Never clean the coin! It will idly diminish the value considerably.
Test it with a magnet! A 1943 copper penny will remain inert, while a steel one will stick, signaling commonality.
Compare it against online guides! Use reputable numismatic sources for photos and specifications.
Get it authenticated! Contact any of the top professional grading services such as PCGS or NGC.
Try to sell it at auction! For very valuable coins, selling through a reputable auction house will pay way more.
Conclusion
The dream of a $50,000 Lincoln Wheat Penny sitting in the change drawer is very possible. There are still millions of Wheat Pennies in circulation and a few rare types that carry very good money, so there is some chance.
Go ahead and have some fun looking at your pennies, or take a trip to your bank for some rolls of coins. You may want to check out local flea markets and estate sales, too. That penny you spot next may just pay the bills!
FAQS:
Which year of Lincoln Wheat Penny is worth $50,000?
1943 copper Wheat Penny is one of the most famous and valuable, with some selling for upwards of $50,000 and into the millions
How do I know if my 1943 penny is copper or steel?
Test it with a magnet. If it sticks, it’s steel. Otherwise, it might be copper, and you should get it verified.
Could valuable pennies be found around nowadays?
Rare pennies do exist and every so often, some of them including Wheat Pennies, error coins, etc., still show up in loose change.
How to proceed when you find a rare penny?
Avoid cleaning it and have it appraised professionally. It may also be submitted for grading.
