In the world of coin collecting, few stories capture the imagination quite like that of the legendary Lincoln Wheat Penny reportedly valued at $22.2 million.
While most pennies you carry are worth just one cent, certain extremely rare versions of this famous American coin have the potential to change a person’s fortune overnight. This article delves into the intriguing history of the Lincoln Wheat Penny, explains what makes some examples so incredibly valuable, and explores why a few of these prized coins might still be floating around in everyday circulation.
The Birth of an American Icon
The Lincoln Wheat Penny marks an important chapter in American coin history. Released in 1909 to honor the 100th birthday of Abraham Lincoln, it was the first U.S. coin to showcase the portrait of a real person, replacing the traditional image of Liberty that had been used for decades.
The coin was designed by sculptor Victor David Brenner, with President Theodore Roosevelt’s encouragement to beautify American money. The front side (obverse) displays Lincoln’s dignified profile, while the back (reverse) features two stalks of wheat framing the inscriptions “ONE CENT,” “UNITED STATES OF AMERICA,” and the Latin motto “E PLURIBUS UNUM” (“Out of Many, One”). This wheat design remained unchanged until 1958, which is why the coin earned its nickname.
Philadelphia (no mint mark)
Denver (D mint mark)
San Francisco (S mint mark)
The $22.2 Million Penny: Fact or Fiction?
Reports sometimes claim Lincoln Wheat Pennies are worth millions or even billions, but these figures require careful examination. The highest verified sale for a Lincoln Wheat Penny was about $1.7 million for a 1943-D Bronze cent auctioned in 2010. More recently, in January 2021, another 1943-D Bronze cent sold for $840,000.
The $22.2 million price tag likely refers to a theoretical value for a flawless specimen of the rarest Lincoln Wheat Penny, in perfect condition. Factors that could justify such a high valuation include:
- Deep historical importance tied to significant figures or events
- Unmatched, perfect grading (MS-70) when other coins are lower
- Unique, one-of-a-kind minting errors
- Pristine original color and shine after decades
- Strong bidding competition from wealthy collectors
Varieties That Command Premium Prices
Though the $22.2 million penny remains speculative, several Lincoln Wheat Penny types regularly fetch large sums at auctions:
1943 Bronze Penny
During World War II, copper was needed for the war, so the Mint made 1943 pennies from zinc-coated steel. However, a small number of bronze blanks from 1942 were mistakenly used, creating extremely rare 1943 bronze pennies. Only about 20 are known to exist, with the Denver (1943-D) example being the rarest, possibly with just one confirmed.
1944 Steel Penny
In 1944, the Mint returned to bronze pennies, but a few steel blanks from 1943 accidentally entered production, resulting in the rare 1944 steel penny. The San Francisco (1944-S) version is especially valuable, with examples selling for over $400,000.
The Lincoln Wheat Penny Valued at $21 Million, Still in Circulation
1909-S VDB Penny
The first year’s coin from the San Francisco Mint featuring designer Victor David Brenner’s initials (VDB) on the back is highly sought after. Only 484,000 were made before the initials were removed amid controversy, making it a rare treasure.
1955 Doubled Die Obverse
This well-known error shows noticeable doubling in the front inscriptions and date caused by misaligned dies during minting. Around 20,000 to 24,000 were produced, so while rare, they can still occasionally be found.
Record Auction Prices for Rare Lincoln Wheat Pennies
| Rank | Coin | Grade | Sale Price | Year Sold |
|---|---|---|---|---|
| 1 | 1943-D Bronze Cent | MS64 | $1.7 million | 2010 |
| 2 | 1943-D Bronze Cent | MS64BN | $840,000 | 2021 |
| 3 | 1943-S Bronze Cent | MS63BN | $504,000 | 2020 |
| 4 | 1944-S Steel Cent | MS66 | $408,000 | 2021 |
| 5 | 1943 Bronze Cent (Philadelphia) | MS62BN | $372,000 | 2021 |
| 6 | 1958 Doubled Die Obverse | MS64RD | $336,000 | 2018 |
| 7 | 1909 VDB Proof | PR67+ | $258,500 | 2014 |
| 8 | 1944 Steel Cent | MS64 | $180,000 | 2021 |
| 9 | 1909-S VDB | MS67RD | $168,000 | 2022 |
| 10 | 1914-D | MS66+RD | $158,625 | 2015 |
Why Valuable Pennies Might Still Be in Circulation
Despite their high value, some rare Lincoln Wheat Pennies might still be circulating because:
- They look very similar to common pennies, so go unnoticed
- Many people don’t closely inspect their change or recognize rare features
- Valuable coins inherited by novices sometimes get spent accidentally
- Huge numbers of pennies were made, making rare finds still possible
- People rarely expect a coin in their pocket to be worth a fortune, so they don’t check
The Most Likely Places to Find Valuable Wheat Pennies
Although finding a multi-million dollar penny is very unlikely, the best places to search include:
- Inherited coin collections passed down in families
- Old jars or containers where coins have accumulated over years
- Bank rolls purchased by collectors to sort through pennies
- Rural or less economically active areas where older coins may linger
- Estate sales selling large quantities of coins
Key Identification Factors for Valuable Lincoln Wheat Pennies
If you want to identify valuable pennies, keep these tips in mind:
Check Date and Mint Mark
Important dates: 1909-S, 1909-S VDB, 1914-D, 1922 (no D), 1931-S
Error years: 1943 (copper), 1944 (steel), 1955 (doubled die)
Mint marks appear below the date (S and D often increase value)
Material Tests (1943-1944 Pennies)
Use a magnet: 1943 steel pennies stick to a magnet, rare copper ones don’t
1944 pennies should not stick unless they are the rare steel type
Weight difference: copper pennies weigh about 3.11g; steel pennies about 2.7g
Look for Errors
Doubled letters or numbers, repunched mint marks, die cracks, or off-center strikes
Evaluate Condition
“Red” pennies have original mint shine and are most valuable
“Red-brown” pennies show some toning but retain some original color
“Brown” pennies are fully toned and generally less valuable
Value Chart by Variety and Condition
| Variety | Circulated (Good-Fine) | Uncirculated (MS63-65) | Gem (MS66+) |
|---|---|---|---|
| 1943 Bronze | $100,000+ | $500,000+ | $1,000,000+ |
| 1944 Steel | $30,000+ | $100,000+ | $400,000+ |
| 1909-S VDB | $1,000+ | $10,000+ | $150,000+ |
| 1955 Doubled Die | $1,000+ | $5,000+ | $50,000+ |
| 1922 No D | $500+ | $10,000+ | $100,000+ |
| 1914-D | $250+ | $5,000+ | $150,000+ |
| 1909-S | $100+ | $1,000+ | $50,000+ |
| 1931-S | $50+ | $500+ | $20,000+ |
| Common Dates | $0.05-$0.25 | $1-$10 | $50-$500 |
Authentication and Preservation
If you believe you’ve found a valuable penny, take these precautions:
- Never clean the coin, as this can severely reduce its value
- Handle only by the edges to avoid damage
- Store in non-PVC holders to protect it
- Get professional authentication from services like PCGS, NGC, or ANACS
- Consider insuring valuable coins once authenticated
The Legacy of the Lincoln Wheat Penny
Whether or not you discover a million-dollar penny, the Lincoln Wheat Penny is an important piece of American coin history. It connects us to President Lincoln, two World Wars, and countless generations of everyday Americans who used these coins.
The idea that a common-looking penny could be worth a fortune inspires collectors of all ages. It shows how anyone with patience and knowledge could stumble upon an incredible find. Though the $22.2 million valuation may be more legend than fact, real sales in the hundreds of thousands prove that these simple pennies can indeed be priceless treasures.
FAQ
How can I tell if my 1943 penny might be worth millions?
Try a magnet—if it doesn’t stick, it might be the rare copper version worth potentially millions.
Are all wheat pennies valuable?
No, most are worth just a few cents, but specific dates, mint marks, and errors can be very valuable.
Should I clean my old pennies before evaluation?
Never clean a coin you suspect is valuable—it can reduce the coin’s worth drastically.
How many 1943 copper pennies are known?
About 20 are known from all mints, with perhaps only one from Denver.
Janice R. Phillips is a seasoned finance writer with a keen eye for simplifying complex financial concepts. With over a decade of experience covering personal finance, investing, and economic trends, she empowers readers to make informed money decisions. Janice specializes in creating content that bridges the gap between financial theory and real-world application, making her a trusted voice for both novice and experienced investors.