Are you one of those people who toss loose pennies into a jar or toss them aside without a second thought? If so, you might want to start checking your pocket change more carefully! Some Lincoln Wheat pennies, especially rare ones, are worth a lot more than just one cent. In fact, certain pennies are worth $500 or more—much more if you have a particularly rare one!
The Lincoln Wheat penny, minted from 1909 to 1958, is an iconic coin in American history. It features the image of President Abraham Lincoln on the obverse and a wheat design on the reverse, which is where it gets its name. Although most of these pennies are still circulating today and are worth only one cent, a few rare varieties can fetch hundreds of thousands of dollars.
In this article, we’ll dive into the fascinating world of rare Lincoln Wheat pennies, explain how to spot them in your pocket change, and provide some valuable tips on how to preserve them for maximum value.
5 Lincoln Wheat Pennies Worth $500 Each Still Circulating
| Key Detail | Value |
|---|---|
| Rare Pennies | Can be worth hundreds of thousands |
| Most Valuable Penny | 1943 Copper Penny ($500,000+) |
| Mint Mark Significance | Key to identifying valuable coins |
| Coin Condition | Significantly affects coin value |
| Preservation Tip | Don’t clean your pennies |
If you find a Lincoln Wheat penny in your pocket change, it could be worth far more than just one cent. By learning to identify rare varieties such as the 1943 Copper Penny, 1909-S VDB Penny, and 1955 Doubled Die Obverse, you could be holding onto a coin worth thousands of dollars. Always handle your coins with care, and if you think you have a rare penny, don’t hesitate to get it professionally graded. After all, a penny saved may be a penny earned—but a rare penny could be worth a fortune!
A Brief History of the Lincoln Wheat Penny
The Lincoln Wheat penny was introduced in 1909 to celebrate the 100th anniversary of Abraham Lincoln’s birth. Designed by Victor David Brenner, the penny replaced the Indian Head cent, which had been in circulation for over 50 years. The Wheat design, featuring two stalks of wheat on the reverse, symbolized America’s agricultural roots. The obverse (front) features the famous image of President Abraham Lincoln, a figure forever linked to the nation’s history.
From 1909 to 1958, the U.S. Mint produced billions of these coins. While most Lincoln Wheat pennies are still circulating today, certain rare varieties and minting errors have made some of them highly valuable among collectors. So, even though the penny may seem insignificant, the rare ones are highly sought after in the numismatic (coin-collecting) world.
Understanding the Rarest Lincoln Wheat Pennies
1. The 1943 Copper (Bronze) Wheat Penny
Arguably the most famous and valuable Lincoln Wheat penny is the 1943 Copper Wheat Penny. During World War II, the U.S. Mint switched from copper to zinc-coated steel to conserve copper for the war effort. However, a few copper planchets (blanks for coin production) were accidentally used, resulting in an extremely rare copper penny.
Why it’s rare: Only about 20 of these copper pennies are known to exist, and they are among the most coveted in the world of coin collecting.
How to identify it:
- The 1943 copper penny has a copper-brown color (unlike the steel-gray color of other 1943 pennies).
- Magnet Test: Unlike the steel pennies, the 1943 copper pennies do not stick to a magnet.
- Weight: The 1943 copper penny weighs about 3.11 grams, while a typical steel penny weighs around 2.7 grams.
Value: A 1943 copper penny can fetch upwards of $500,000 depending on its condition. The most well-preserved examples have sold for even more at auctions.
2. The 1909-S VDB Wheat Penny
Another rare Lincoln Wheat penny is the 1909-S VDB penny. This coin features the initials “VDB” (for designer Victor David Brenner) on the reverse side, and was only minted in San Francisco in limited quantities.
Why it’s rare: Only 484,000 1909-S VDB pennies were produced, making it one of the rarest coins from the series. Additionally, the VDB initials were removed from later issues due to public controversy over the prominence of the designer’s name.
How to identify it:
- Look for the “S” mint mark beneath the date, which indicates it was minted in San Francisco.
- Check the VDB initials on the reverse of the coin near the bottom rim.
Value: The 1909-S VDB penny is highly valuable, with well-preserved coins fetching upwards of $300,000.
3. The 1955 Doubled Die Obverse Penny
The 1955 Doubled Die Obverse penny is another highly valuable coin from the Lincoln Wheat series. This error occurred when the die used to strike the coins was misaligned, resulting in a doubled image of the date and lettering.
Why it’s rare: This mistake occurred during the minting process, causing the date and “In God We Trust” to appear doubled on the obverse (front) of the coin.
How to identify it:
- Look closely at the date and the letters on the front of the coin. You should see noticeable doubling.
- The doubling effect is particularly visible on the date (1955) and the inscription “In God We Trust”.
Value: Well-preserved 1955 Doubled Die Obverse pennies can be worth tens of thousands of dollars, with some selling for over $20,000 or more.
Other Noteworthy Rare Lincoln Wheat Pennies
While the 1943 Copper, 1909-S VDB, and 1955 Doubled Die Obverse pennies are the most famous, other rarities also fetch high prices in the collector’s market. These include:
- 1914-D Wheat Penny: Minted in Denver with only 1.2 million produced, this penny is one of the scarcest in the series. Well-preserved examples can sell for over $150,000.
- 1922 No D Wheat Penny: A minting error left the “D” mintmark off the coin, making it a highly sought-after variety. Some examples have sold for over $90,000.
- 1931-S Wheat Penny: With only 866,000 produced, the 1931-S penny is rare, especially in excellent condition. Well-preserved coins can be worth up to $18,600.
General Collecting Tips for Coin Enthusiasts
Whether you’re new to coin collecting or a seasoned collector, here are a few tips to help you get started:
- Start with What You Have: Begin by sorting through your spare change. You may already have some rare pennies hiding in plain sight.
- Learn About Coin Grading: Coins are graded on their condition, and this can significantly impact their value. Familiarize yourself with terms like “uncirculated” and “mint state” to understand the different grades.
- Preserve Your Collection: Use proper storage solutions such as coin holders or capsules to prevent damage. Avoid touching coins with your bare hands.
- Stay Informed: Follow online forums, attend coin shows, and read books to stay up-to-date on the latest coin values and news.
Where to Sell Your Rare Pennies
If you’ve discovered a rare penny in your collection and are interested in selling it, there are several ways to go about it:
- Coin Dealers: Professional dealers can appraise your coin and offer to buy it directly from you.
- Online Auctions: Websites like eBay allow you to auction your coins to the highest bidder.
- Numismatic Auctions: For high-value coins, consider contacting auction houses like Heritage Auctions or Stack’s Bowers.
Additional Mint Errors to Watch Out For
While the 1943 Copper penny and the 1955 Doubled Die penny are some of the most famous errors, there are many other minting errors that can make a coin valuable. Some of the most common errors include:
- Off-center strikes: When a coin is struck off-center, part of the design is missing.
- Double Strikes: When a coin is struck more than once, it can lead to overlapping images.
- Die Cracks: These occur when the die used to strike the coin develops cracks, which then imprint onto the coin.
How to Identify and Preserve Your Valuable Pennies
If you think you might have a rare Lincoln Wheat penny, here are a few tips to help you identify and preserve it:
1. Examine the Mint Mark and Initials
Many of the rarest pennies have distinct mint marks and initials. Be sure to look for the “S” mint mark (for San Francisco) or the VDB initials on the reverse side of the coin.
2. Inspect for Minting Errors
Look for signs of doubled lettering or other minting errors such as missing letters, incorrect dates, or misaligned strikes.
3. Handle with Care
To preserve the value of your rare pennies, handle them carefully. Always hold coins by the edges to avoid leaving oils from your fingers on the surface.
4. Don’t Clean Your Coins
Although it may seem tempting to clean a coin to improve its appearance, cleaning can drastically reduce its value. Professional coin graders can help assess the true value of a coin, even if it has some tarnish or dirt on it.
5. Get Your Coins Professionally Graded
If you suspect you have a valuable penny, it’s a good idea to have it professionally graded and authenticated. Services like PCGS (Professional Coin Grading Service) and NGC (Numismatic Guaranty Corporation) provide accurate assessments that can help you determine its value.
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FAQs On 5 Lincoln Wheat Pennies Worth $500 Each Still Circulating
1. Are all Lincoln Wheat Pennies Valuable?
No, most Lincoln Wheat pennies are only worth their face value of one cent. However, certain rare varieties—such as the 1943 copper penny or the 1909-S VDB penny—can be worth hundreds of thousands of dollars.
2. How Can I Tell If My Wheat Penny Is Rare?
Look for specific signs like mint marks, doubled letters, or special features like the VDB initials or a missing mintmark. If you think you have a rare penny, consult a professional grader for verification.
3. How Do I Preserve the Value of My Penny?
Avoid cleaning the coin and handle it carefully by the edges. Store it in a protective case to prevent damage from handling or environmental factors.
4. Can I Sell My Rare Pennies?
Yes, you can sell rare pennies to coin dealers, collectors, or through auction houses. It’s best to have the coin professionally graded to ensure you get the highest value.
