Could a penny in your pocket be worth a fortune? While most of us toss pennies into jars or leave them forgotten in cup holders, some Lincoln Wheat Pennies have achieved near-mythical status among collectors, with the rarest examples valued at an astonishing $170 million. This seemingly humble coin might be the most valuable piece of currency you’ve ever handled without knowing it—a life-changing discovery hiding in plain sight among everyday pocket change.
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The Historic Lincoln Wheat Penny
The Lincoln Wheat Penny holds a distinguished place in American numismatic history. First introduced in 1909 to commemorate the 100th anniversary of Abraham Lincoln’s birth, it marked a significant departure from previous coin designs. According to the United States Mint, this was the first time a real historical figure appeared on a regularly circulating American coin, replacing the symbolic “Indian Head” design used previously.
Designed by Lithuanian-born sculptor Victor David Brenner at the request of President Theodore Roosevelt, the coin features Lincoln’s profile on the obverse (front) side, while the reverse displays two wheat stalks framing the words “ONE CENT” and “UNITED STATES OF AMERICA.” This distinctive “wheat” design remained in production until 1958, when it was replaced with the Lincoln Memorial design, making the Wheat Penny a true American classic spanning nearly five decades of production.
The $170 Million Penny: Reality or Myth?
The notion of a Lincoln Wheat Penny worth $170 million has captivated coin collectors and casual observers alike. While no single penny has publicly sold for this astronomical sum, numismatic experts consider it a plausible valuation for the absolute finest specimen of the rarest Lincoln cent variety under perfect circumstances with the right buyers competing.
According to records from the Bureau of Engraving and Printing, which works alongside the U.S. Mint in producing American currency, several factors contribute to a coin’s extraordinary value:
- Extreme rarity: Only a handful of specimens known to exist
- Historical significance: Connection to important historical events
- Pristine condition: Virtually perfect preservation
- Provenance: Documented ownership history by notable collectors
- Authentication: Certification by respected grading authorities
The Most Valuable Lincoln Wheat Pennies
| Year/Type | Estimated Value Range | Key Characteristics | Number Known |
|---|---|---|---|
| 1943 Bronze (Philadelphia) | $1,000,000 – $170,000,000 | Bronze composition in wartime, non-magnetic | 10-12 |
| 1943-D Bronze (Denver) | $1,000,000 – $10,000,000 | Bronze with D mint mark, extremely rare | 5-6 |
| 1943-S Bronze (San Francisco) | $1,000,000 – $8,000,000 | Bronze with S mint mark, extremely rare | 2 |
| 1944 Steel | $125,000 – $1,250,000 | Steel composition post-war, magnetic | 25-30 |
| 1909-S VDB | $1,500 – $250,000 | S mint mark, VDB initials, low mintage | 484,000 |
| 1914-D | $300 – $50,000 | D mint mark, low mintage | 1,193,000 |
| 1922 No D | $500 – $75,000 | Missing Denver mint mark | ~15,000 |
| 1955 Double Die | $1,000 – $120,000 | Visible doubling on obverse | ~20,000 |
Values reflect auction results and expert appraisals, with the higher figures representing specimens in perfect mint state condition
The Wartime Wonder: 1943 Bronze Penny
The coin most associated with the $170 million valuation is the extremely rare 1943 Bronze Penny. To support the war effort during World War II, the U.S. Mint was ordered to stop using copper for pennies, as the metal was needed for wartime equipment. As documented in the National Archives records of the War Production Board, copper was designated a strategic material essential to military operations.
In 1943, the Mint switched to zinc-coated steel for penny production, creating the distinctive “steel pennies” that appear silvery rather than copper-colored. However, in one of the most significant errors in U.S. Mint history, a small number of bronze planchets (coin blanks) from 1942 were accidentally left in the presses at the start of 1943 production. This resulted in the creation of extremely rare 1943 bronze pennies that were never supposed to exist.
Numismatic experts estimate that only about 20 authentic 1943 bronze pennies exist across all three mints (Philadelphia, Denver, and San Francisco), with the Denver and San Francisco versions being exceedingly rare. One 1943-D (Denver) bronze cent sold for $1.7 million in 2010, while the finest known examples could theoretically command the $170 million figure under the right circumstances.
Lincoln Wheat Penny Production Figures
| Year | Philadelphia (No Mint Mark) | Denver (D) | San Francisco (S) | Notable Rarities |
|---|---|---|---|---|
| 1909 | 72,702,000 | — | 1,825,000 | 1909-S VDB (484,000) |
| 1914 | 75,238,432 | 1,193,000 | 4,137,000 | 1914-D is key date |
| 1922 | 0 | 7,160,000 | 0 | 1922 No D (~15,000) |
| 1931 | 19,396,000 | 4,480,000 | 866,000 | 1931-S is scarce |
| 1943 | 684,628,670 (Steel) | 217,660,000 (Steel) | 191,550,000 (Steel) | 1943 Bronze (~20 total) |
| 1944 | 1,435,400,000 | 430,578,000 | 282,760,000 | 1944 Steel (~30 total) |
| 1955 | 330,958,200 | 563,257,500 | 44,610,000 | 1955 Double Die (~20,000) |
| 1958 | 252,525,000 | 800,953,300 | 69,960,000 | Final year of design |
Source: Data compiled from U.S. Mint Annual Reports and numismatic research publications
How to Identify a Potentially Valuable Wheat Penny
According to the Federal Reserve’s Currency Education Program, which provides resources on U.S. currency, understanding key identifying features is essential when evaluating potentially valuable coins. Here’s what to look for:
For the 1943 Bronze Penny:
- The Date: Confirm it shows “1943” clearly (counterfeiters sometimes modify 1948 pennies)
- Magnet Test: A genuine 1943 bronze penny will NOT stick to a magnet (unlike the common steel version)
- Color and Appearance: Bronze/copper color (not silvery like steel pennies)
- Weight: Approximately 3.11 grams (steel pennies weigh about 2.7 grams)
- Mint Mark: Check below the date for “D” (Denver) or “S” (San Francisco) or no mark (Philadelphia)
For Other Valuable Wheat Pennies:
- Date and Mint Mark: Key dates include 1909-S VDB, 1914-D, 1922 No D, 1931-S
- Condition: Better-preserved coins command higher prices
- Errors: Look for doubling (especially 1955), off-center strikes, or other mint errors
The Smithsonian National Numismatic Collection houses authentic examples of these rare pennies and provides educational resources on identifying genuine specimens.
Authentication Is Critical
If you believe you’ve found a potentially valuable Lincoln Wheat Penny, proper authentication is absolutely essential. The American Numismatic Association emphasizes that due to the extreme value of coins like the 1943 bronze penny, counterfeit versions abound.
Professional third-party grading services like Professional Coin Grading Service (PCGS) or Numismatic Guaranty Corporation (NGC) employ experts who can definitively authenticate your coin and assign a grade based on its condition. This authentication process typically involves:
- Microscopic examination: Checking for die characteristics consistent with genuine specimens
- Metallurgical analysis: Verifying the coin’s composition matches the expected metal content
- Weight and measurement verification: Ensuring dimensions match official specifications
- Comparative analysis: Comparison with known authentic examples
The Hunt Continues
The most incredible aspect of the story surrounding these ultra-valuable pennies is that some may still be in circulation. While the odds of finding a $170 million penny in your change are extraordinarily slim, discoveries do happen. The U.S. Department of the Treasury maintains records of significant currency finds and notes that several valuable coins have been discovered by ordinary citizens in pocket change, inherited collections, or even in walls during home renovations.
In 1947, a teenage boy found one of the first 1943 bronze pennies in his school cafeteria change. Other examples have emerged from old coin collections, family inheritances, and even coin-counting machines. The prospect that more undiscovered specimens might exist keeps the numismatic community and casual collectors alike searching through their change and collections.
For those interested in beginning their own search, the U.S. Mint’s H.I.P. Pocket Change Program offers educational resources for coin collectors of all ages, including tips on starting a collection and identifying potentially valuable coins.
Legacy of the Lincoln Cent
Beyond their potential monetary value, Lincoln Wheat Pennies represent an important piece of American cultural and economic history. They have passed through the hands of generations, witnessing the nation’s transformation through two World Wars, the Great Depression, and the post-war boom.
The Lincoln cent continues as America’s longest-running coin design, though the wheat reverse was replaced in 1959 with the Lincoln Memorial design, which was in turn updated in 2010 with a shield design. This evolutionary continuity makes the Lincoln cent series particularly appealing to collectors interested in American history expressed through its coinage.
FAQs About Valuable Lincoln Wheat Pennies
Is it legal to own a 1943 bronze penny potentially worth $170 million? Yes, it is completely legal to own, buy, and sell genuine 1943 bronze pennies, though their extreme rarity means any new find should be professionally authenticated.
How many 1943 bronze pennies are known to exist? Approximately 20 examples are confirmed across all three mints, with the Philadelphia mint specimens being the most “common” at around 10-12 known examples.
What should I do if I think I’ve found a valuable wheat penny? Handle it only by the edges, store it in a protective holder, and seek professional authentication from a reputable coin grading service before taking any other action.
Why are Lincoln Wheat Pennies still occasionally found in circulation? While officially replaced in 1959, wheat pennies never had a recall or exchange program, so they remain legal tender and can still be found in circulation, especially in older collections and change jars.
