Have you ever pondered how a seemingly insignificant penny in your pocket may be worth crores? The Lincoln Wheat Penny, a rare coin in America, can be worth up to $500,000 (about ₹4 crores) and is still in circulation.
Now you must be wondering how a simple coin can be worth such a huge amount? Let us tell you.
What is Lincoln Wheat Penny?
Lincoln Wheat Penny, also known as ‘Wheat Cent’, was first issued in America in 1909. It got its name due to the wheat ears on its back. This coin has a picture of President Abraham Lincoln on one side and two wheat ears on the other.
This coin was made between 1909 and 1958 and was also used a lot in normal transactions of that time.
Why is this coin so expensive?
In fact, there are some special and rare varieties of Lincoln Wheat Penny that were made by mistake or in limited numbers. For example:
- 1943 Copper Penny: All coins were supposed to be made of steel that year because copper was needed during wartime. But some were made with copper by mistake. This mistake makes them valuable today.
- Mint Mark and Condition: A coin with a ‘D’, ‘S’, or other special Mint Mark on it increases its rarity. If the coin is in good condition and has an error (such as double minting), it is worth even more.
How to identify if you have the same coin?
- Look at the year: Look for Lincoln Wheat Penny from 1909 to 1958. Especially the copper ones made in 1943.
- Pay attention to color and metal: If the 1943 coin is copper and lighter than steel, it is likely to be the rare coin.
- Weigh the weight: The 1943 copper coin weighs about 3.11 grams, while the steel one weighs 2.7 grams.
- Look for the Mint Mark: A “D”, “S” or any other special mark on the coin can determine its rarity.
Where to show and sell such a coin?
If you think you have such a special coin:
- Contact a numismatic expert.
- Show it to a professional grading service like PCGS or NGC.
- You can then sell it on eBay, Heritage Auctions or any reputable coin auction site.
Are people really getting so much money?
Yes, there have been many instances where people have pulled out such a coin from old boxes in their house or grandmother’s purse and sold it for millions of dollars. It’s just a matter of luck and alertness.
Conclusion
Every day we spend a lot of coins, without noticing that one of them can change our fate. The Lincoln Wheat Penny is one such example that looks ordinary but can have an extraordinary value.
FAQs
What is Lincoln Wheat Penny?
It is an American coin that was issued from 1909 to 1958. It is identified by two ears of wheat on the back.
Which year’s Lincoln Penny is the most valuable?
Especially the 1943 Lincoln Penny made of copper is considered extremely rare and valuable.
Why is this coin so expensive?
Coins made in limited numbers, printed by mistake or with a special Mint Mark are very rare, due to which their price can go up to millions of dollars in auction.
How do I identify that I have the same valuable coin?
Check the coin’s year, metal (copper or steel), weight and Mint Mark. If in doubt, show it to a coin expert.
What should I do if I have such a coin?
Show it to a certified Coin Grading institution such as PCGS or NGC and then you can sell it on an auction or collector platform.
