Imagine how it would feel if a small penny kept in your piggy bank makes you a millionaire? Maybe it sounds like a film story to you, but it has happened in reality. An extremely rare Lincoln Wheat Penny has been sold for $2.3 million (about Rs 17 crore), and experts believe that such coins may still exist in the world – maybe even with you!
In this article, we will know why this coin is so valuable, how to identify it, and what you should do if you have such a coin.
Start of Lincoln Wheat Penny
Minting of Lincoln Wheat Penny started for the first time in the year 1909 and this process continued till 1958. This coin has a picture of US President Abraham Lincoln on the front, and a design of two wheat ears on the back – that is why it is called Wheat Penny.
Most Lincoln Wheat Pennies are worth just a few cents, that is, they are generally not considered to have any special value. But some special “error coins” – that is, coins made by mistake – become valuable. And the most famous of these is the 1943 Bronze Lincoln Wheat Penny.
Why is the 1943 Bronze Penny so expensive?
This special coin of 1943 was the result of an unknown mistake. Actually, at that time there was a war going on in America and there was a huge shortage of copper. In such a situation, the US Mint (coin minting institution) decided that all the money to be made in 1943 would be made of steel, which would be coated with zinc.
But by mistake some old bronze (a mixture of copper and tin) blank pieces were left, and some coins of 1943 were minted on these. These coins are now known as 1943 Bronze Lincoln Wheat Penny and they are counted among the rarest and most expensive coins of America.
How rare is this coin?
According to experts, less than 20 original 1943 Bronze Pennies have been found so far across all mints (Philadelphia, Denver, and San Francisco). Only a few of these are in good condition.
Their rarity, connection to history, and unique material make them extremely special. One such coin has sold for $2.3 million at auction – and that’s a record!
Can this coin still be in the market?
The answer to this question is – yes, it can! There have been many instances where people have spent such rare coins unknowingly. Many times people deposit old coins in shops, bus stands, or banks without paying attention. That’s why experts believe that some 1943 Bronze Pennies are still circulating – maybe even one is hidden among your old coins!
How to identify if you have the $2.3 million coin?
Now let’s talk about the most important part – how to identify if you have that precious coin or not. Here are some key points to note:
Pay attention to the color:
Most 1943 coins were steel, which is a light gray or silvery color. But bronze pennies are coppery in color – light brown or reddish.
Check the year:
If the coin has the year “1943” written on it and is coppery in color, that’s an alarm bell. Check it carefully.
Do a magnet test:
Steel coins stick to a magnet. But a bronze coin won’t. If your 1943 coin doesn’t stick to a magnet, further investigation is necessary.
Check the weight:
Bronze pennies weigh about 3.11 grams, while steel ones weigh about 2.7 grams. You can measure this easily with a digital scale.
Check the mint mark:
Some coins have a “D” (Denver) or “S” (San Francisco), and some have no mark at all (Philadelphia). All three versions are extremely valuable.
What if you think you have this coin?
If all of the above signs fit your coin, remember – don’t make the mistake of cleaning or scrubbing it!
The real value of such coins is in their original condition. Get it certified by a reputable coin testing organization like PCGS (Professional Coin Grading Service) or NGC (Numismatic Guaranty Company).
These organizations will certify and grade your coin – so that later you can sell it at auction or give it to a collector for a good price.
Have there been instances of such coins being found before?
Yes, many times in the US, people have accidentally discovered valuable coins in their piggy banks or old coin collections. Once a child was collecting coins for a school project and during that time he came across a rare coin which was worth lakhs.
FAQs
Q1: Why is the Lincoln Wheat Penny worth $2 million?
A: The high value is due to its rarity, minting error, historical significance, and collector demand. Certain versions like the 1943 copper penny are extremely rare.
Q2: How can I identify a valuable Lincoln Wheat Penny?
A: Look for unique features like the year (e.g., 1909-S VDB or 1943 copper), mint mark, and condition. Rare errors also increase its value.
Q3: Is the $2 million Wheat Penny really still in circulation?
A: While unlikely, it’s possible. Some rare coins go unnoticed by the public and may still be found in old jars, drawers, or loose change.
Q4: What should I do if I think I have a rare Wheat Penny?
A: Avoid cleaning it. Take it to a certified coin dealer or numismatist for proper evaluation and authentication.
Q5: Which years of the Lincoln Wheat Penny are most valuable?
A: Key dates include 1909-S VDB, 1914-D, 1922 no D, and the 1943 copper penny. These are rare and sought after by collectors.
