It sounds like something out of a dream: finding a life-changing treasure in your spare change. But for a few lucky people, that dream could become a reality—all thanks to an ordinary-looking coin known as the Lincoln Wheat Penny. One version of this humble coin has fetched a staggering $5,540,000, and there’s a chance one could still be sitting unnoticed in someone’s piggy bank, coin jar, or even under the car seat.
What’s the Lincoln Wheat Penny, and Why Does It Matter?
First minted in 1909 to commemorate Abraham Lincoln’s 100th birthday, the Lincoln Wheat Penny made history as the first U.S. coin to feature a real person. Designed by Victor D. Brenner, it features Lincoln’s profile on the front and two wheat stalks flanking the words “One Cent” and “United States of America” on the reverse—a nod to American agricultural prosperity.
These pennies were produced from 1909 to 1958, and while most are only worth face value, some rare versions have become the stuff of legend in the world of coin collecting.
The $5.5 Million Penny: What Makes It So Special?
The most valuable Lincoln Wheat Penny is from 1943, but not for the reason you might think. During World War II, copper was needed for military equipment, so the U.S. Mint temporarily switched to using zinc-coated steel for pennies. However, a few copper blanks accidentally made their way into the presses, resulting in a tiny number of copper pennies being minted that year.
Today, these 1943 copper Lincoln Wheat Pennies are among the rarest coins in existence. Fewer than 50 are known to exist, and one of them sold at auction for $5.52 million, setting the coin-collecting world abuzz.
Could One Still Be Out There?
Absolutely. These rare coins weren’t tracked after they entered circulation, so there’s no telling where a few of them might be hiding. One could be in a forgotten coin collection, a relative’s dresser drawer, or mixed in with spare change from the store.
In fact, there are real stories of people discovering these pennies in the most unexpected places. One man found a rare Wheat Penny at a garage sale for a few cents. Another—rumored to be actor Jack Black’s grandfather—discovered a valuable coin in a cigar box that had been in the family for decades.
Other Rare Pennies to Keep an Eye On
While the 1943 copper penny steals the spotlight, several other Lincoln Wheat Pennies are also worth big bucks, such as:
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1909-S VDB – One of the earliest and rarest versions, with only about 484,000 minted.
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1914-D – Scarce and highly desirable among collectors.
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1922 “No D” – A minting error from Denver where the “D” mint mark was left off.
All of these can fetch thousands of dollars at auction if they’re in good condition.
How to Tell If You Have a Treasure
Think you might have a valuable Lincoln Wheat Penny? Here’s what to do:
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Check the Date: Look for 1943 first, then other key years like 1909, 1914, and 1922.
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Check the Color: The 1943 copper penny will appear brown or reddish, unlike the shiny silver-colored steel ones.
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Use a Magnet: Steel sticks to a magnet. Copper does not. If your 1943 penny isn’t magnetic, it might be worth a fortune.
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Avoid Cleaning It: Cleaning a coin can reduce its value dramatically. Handle it carefully and avoid scratching or polishing.
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Get It Appraised: Take your find to a professional coin dealer or grading service to verify its authenticity.
FAQs
Why is the 1943 copper Lincoln Wheat Penny worth millions?
It was a minting error during World War II when the U.S. switched from copper to steel for pennies. A few copper blanks were accidentally used, making these pennies ultra-rare and highly valuable.
How can I test if my 1943 penny is steel or copper?
Use a magnet. Steel pennies will stick to a magnet, while copper ones won’t. If your 1943 penny is brown and non-magnetic, you could be onto something big.
Are other years valuable too?
Yes! The 1909-S VDB, 1914-D, and 1922 “No D” pennies are also rare and collectible, often worth thousands depending on their condition.
Can I still find these valuable pennies in change today?
Yes, although it’s rare, there are stories of people finding valuable Wheat Pennies in circulation or old coin jars. It’s worth checking!
Where can I sell a rare penny?
Reputable coin dealers, auction houses like Heritage Auctions, or even specialized online marketplaces can help you sell your rare penny—just make sure to get it properly appraised first.
Should I clean the penny before showing it to someone?
No. Cleaning a coin can damage it and decrease its value. Leave it as-is and let the experts handle it.
So the next time you’re sorting through loose change or digging in an old jar, don’t ignore that old penny. It might just be worth more than your car—or even your house. You never know: your pocket change could hold a piece of history worth millions.
