The Lincoln Wheat penny is more than just spare change—it’s a piece of American history. First minted in 1909, this iconic coin has captured the attention of collectors for over a century. While most Wheat pennies are worth a few cents above face value, a select few have become legendary treasures, with one rare 1943 version valued at up to $470,000—and it might still be in circulation today.
What Is the Lincoln Wheat Penny?
The Lincoln Wheat penny was minted from 1909 to 1958. It features President Abraham Lincoln on the front (obverse), designed by Victor David Brenner. On the back (reverse), you’ll find two stylized wheat stalks, which gave the coin its nickname: the “Wheat penny.” As one of the first U.S. coins to feature a real historical figure, it was a major shift in coin design and a symbol of American pride.
Why Are Some Lincoln Wheat Pennies So Valuable?
While millions of Wheat pennies were minted over the years, a small number of them are incredibly rare and valuable due to factors like:
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Minting errors
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Unusual materials used
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Low mintage years
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Rare mint marks
Among the most famous is the 1943 copper Lincoln Wheat penny, which is worth an estimated $470,000 depending on its condition. During World War II, the U.S. Mint switched to using steel for pennies to save copper for the war effort. However, a few copper planchets (blanks) accidentally remained in the machines and were struck into coins, creating this rare and valuable error.
The 1943 Copper Penny: The Accidental Treasure
Most 1943 pennies are made from steel with a zinc coating, giving them a shiny silver appearance. But the few that were mistakenly struck on copper planchets are a rich brownish color and weigh slightly more than their steel counterparts.
Only about 20 copper 1943 pennies are known to exist today. These coins often show up in auctions, selling for hundreds of thousands of dollars to enthusiastic collectors. But what makes this story even more exciting is that some of these coins might still be hiding in coin jars, old dressers, or even spare change trays across the country.
True Story: A $100,000 Penny Used in a Vending Machine
Here’s something fascinating—there have been real-life cases of people unknowingly spending ultra-rare coins. One well-known story involves a teenager who, while buying a snack, used a 1943 copper Wheat penny in a vending machine. The penny later turned up in a coin-sorting facility and was eventually identified by a collector. It sold at auction for over $100,000. The teen never knew what he gave away.
Let that sink in. That could’ve been your penny.
Why Are These Valuable Coins Still in Circulation?
Many Lincoln Wheat pennies, including some rare ones, are still in circulation for several reasons:
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Lack of awareness: Most people don’t know that an old penny could be worth a small fortune.
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Mass production: Even after the Wheat penny was discontinued in 1958, many stayed in circulation for decades.
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Overlooked coins: People toss pennies into jars or donate them without checking the date or condition.
How to Spot a Valuable Lincoln Wheat Penny
If you want to be the lucky person who finds one of these treasure coins, here’s what to look for:
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Check the year: Valuable years include 1909 (especially 1909-S VDB), 1914-D, and of course, 1943 (in copper).
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Mint marks: Look for rare combinations like the 1922 “plain” (missing D mint mark) or low-mintage coins from the San Francisco (S) mint.
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Look for errors: Double-die strikes, off-center minting, or missing details can make a coin more valuable.
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Condition matters: A coin in “mint” or “uncirculated” condition is worth far more than one that’s been worn down.
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Use a magnet: Steel pennies from 1943 will stick to a magnet. Copper ones won’t. If you have a non-magnetic 1943 penny, get it appraised immediately.
Conclusion
The Lincoln Wheat penny is a charming piece of Americana that holds more value than most people realize. While the majority are worth just a few cents, a rare few—like the 1943 copper version—could make you rich overnight. So, before you dump that jar of pennies into a Coinstar machine, take a closer look. You never know what piece of history, or what small fortune, might be hiding inside.
FAQs
What makes the Lincoln Wheat penny so valuable?
Certain pennies are valuable due to rare minting errors, limited production years, or unique materials like the 1943 copper planchet mistake.
How can I find a rare Lincoln Wheat penny?
Search through your change for pennies from key years like 1909, 1914, 1922, and 1943. Look for copper-colored 1943 pennies using a magnet—they shouldn’t stick.
Why are these coins still in circulation?
Because of widespread production and lack of awareness, many rare Wheat pennies remain in jars, drawers, and pockets across the U.S.
How can I tell if my Lincoln Wheat penny is worth something?
Check the date, mint mark, and condition. Compare it with known rare varieties online or have it appraised by a coin expert.
