Wheat pennies, minted between 1909 and 1958, have long been a staple of American currency. While most wheat pennies you come across are worth only a few cents, some rare varieties can be worth a fortune. These pennies, featuring Abraham Lincoln’s image on the front and two wheat stalks on the reverse, are highly prized by collectors, especially those with specific minting errors or rare features.
You might not know it, but you could be sitting on a small fortune in the form of a rare wheat penny! Here are 6 rare wheat pennies that have sold for staggering amounts, with some worth up to $250 million. Let’s dive into the world of these legendary coins and see if you could be holding one of these highly sought-after treasures.
1. The 1943 Copper Wheat Penny – Worth $2.6 Million
The 1943 Copper Wheat Penny is the most famous and one of the most valuable wheat pennies in existence. During World War II, copper was needed for ammunition, so the U.S. Mint switched to making pennies from steel. However, due to a small mistake, a handful of copper planchets from the previous year were used to strike some 1943 pennies, making them an extreme rarity.
Why It’s Worth So Much:
These copper pennies were not meant to exist, and only about 40 authentic examples are known to exist today. Due to their rarity, the 1943 copper wheat penny can fetch up to $2.6 million at auction, depending on its condition.
How to Spot It:
- Magnetic Test: Most 1943 pennies are made of steel and are magnetic, but the copper version is not magnetic.
- Weight Check: Copper pennies weigh more than the steel ones.
- Expert Grading: Any penny suspected to be a 1943 copper wheat penny should be professionally graded.
2. The 1909-S V.D.B. Wheat Penny – Worth $150,000+
The 1909-S V.D.B. Wheat Penny is another extremely valuable variety. This coin features the initials of its designer, Victor David Brenner, on the reverse side, just beneath the wheat stalks. The coin was minted in San Francisco, and only a limited number were produced with the V.D.B. initials.
Why It’s Worth So Much:
Collectors are particularly drawn to the 1909-S V.D.B. because of its limited mintage and the controversy surrounding the designer’s initials. In 1909, there was a public outcry about the inclusion of Brenner’s initials on a coin, leading the Mint to remove them mid-year. Coins with these initials are rare, with prices ranging from $50,000 to $150,000 for coins in excellent condition.
How to Spot It:
- Look for the V.D.B. initials just below the wheat stalks on the reverse side of the coin.
- The “S” mintmark indicates it was minted in San Francisco.
3. The 1914-D Wheat Penny – Worth $100,000+
The 1914-D Wheat Penny is one of the rarest pennies of the 20th century. It was produced in limited quantities at the Denver Mint, and its low mintage makes it highly sought after by collectors.
Why It’s Worth So Much:
With only 1.2 million 1914-D wheat pennies struck, this coin is rare in any condition, but in mint state, it can be worth over $100,000. The 1914-D penny is also one of the most well-known and widely circulated rare wheat pennies.
How to Spot It:
- The D mintmark on the obverse (front) of the coin indicates it was minted in Denver.
4. The 1922 “No D” Wheat Penny – Worth $90,000+
The 1922 “No D” Wheat Penny is one of the most unusual and valuable wheat pennies due to a minting error. These pennies were supposed to have the Denver mintmark, but due to a die error, some were produced without the “D” mintmark.
Why It’s Worth So Much:
This coin is a highly desirable error coin and can sell for anywhere between $10,000 and $90,000, depending on its condition. The 1922 “No D” penny is one of the most iconic errors in the wheat penny series.
How to Spot It:
- Look at the obverse side of the coin for the absence of the “D” mintmark beneath the word “Liberty.”
- Make sure to check the overall condition, as the higher the grade, the more valuable the penny.
5. The 1955 Double Die Wheat Penny – Worth $125,000+
The 1955 Double Die Wheat Penny is one of the most famous error coins in the wheat penny series. The error occurs when a coin is struck twice by the die, creating a doubling effect on the letters and numbers of the coin.
Why It’s Worth So Much:
The 1955 Double Die penny is extremely valuable due to its distinctive doubled features, particularly visible in the “LIBERTY” and “IN GOD WE TRUST” inscriptions. These pennies can sell for anywhere between $1,000 to $125,000 depending on their condition.
How to Spot It:
- Look for doubling in the lettering, particularly the words “LIBERTY” and “IN GOD WE TRUST.”
- The doubled effect can be noticeable even to the naked eye, especially in well-lit conditions.
6. The 1931-S Wheat Penny – Worth $400,000+
The 1931-S Wheat Penny is one of the rarest and most valuable coins in the series. Although its mintage wasn’t particularly low, the demand for this coin and its relative rarity make it a highly sought-after piece for serious collectors.
Why It’s Worth So Much:
While it’s not as rare as some of the others on this list, its low mintage and popularity among collectors make it valuable, especially in mint condition. The 1931-S wheat penny can be worth as much as $400,000 in excellent condition.
How to Spot It:
- The S mintmark on the obverse side of the coin indicates it was minted in San Francisco.
- Coins in higher grades (MS-65 and above) are the most valuable.
How to Protect Your Rare Wheat Pennies
If you suspect you have one of these rare wheat pennies, it’s important to take proper care of it to maintain its value:
- Store Them Properly: Use acid-free holders or capsules to protect your coins from tarnish, dirt, or scratches.
- Get Them Graded: Consider having your coin authenticated and graded by a professional service like PCGS or NGC. A higher grade can significantly increase its value.
- Consult an Expert: If you’re unsure whether your penny is valuable, take it to a professional coin dealer or numismatic expert for evaluation.
Conclusion
Wheat pennies may be common in everyday transactions, but some rare examples are worth millions of dollars! Coins like the 1943 copper penny, the 1909-S V.D.B. penny, and the 1922 “No D” penny have become prized possessions among collectors, and some can fetch astounding sums at auction.
If you’ve been holding on to your old pennies, it’s worth taking a closer look—they could be worth a lot more than you think. With the right knowledge and care, you might just be sitting on a rare wheat penny that could make you a fortune.
