Could You Be Holding a Rare Penny Worth $815,000?
Some old coins are worth way more than face value—especially if they’re rare. One of the most famous is the Lincoln Wheat Penny, and believe it or not, one sold for a staggering $815,000 at auction! Even crazier? There may still be a few floating around in everyday change.
The History of the Lincoln Wheat Penny
The Lincoln Wheat Penny was first made in 1909 to celebrate President Abraham Lincoln’s 100th birthday. It was the first U.S. coin to show a real person’s face. Designed by Victor David Brenner, it features Lincoln’s profile on the front and two wheat stalks on the back surrounding the words “ONE CENT” and “UNITED STATES OF AMERICA.”
These coins were made until 1958, and over 25 billion of them were released. Most are only worth a few cents today, but a few rare ones are worth thousands—or even hundreds of thousands—because of special mint marks, low mintage years, or errors during production.
The $815,000 Penny: What Makes It So Special?
In 2023, a 1943-D Lincoln Wheat Penny made of copper (not steel) sold for $815,000. Why so much? Here’s the story:
During World War II, copper was needed for the war, so pennies were made from zinc-coated steel. But a few copper coin blanks (called planchets) were accidentally used, and very few copper pennies were made in Denver that year (the “D” mint mark stands for the Denver Mint). Only about seven of these 1943-D copper pennies are known to exist.
This particular coin was in Mint State 64 Red (MS-64 RD) condition—meaning it still had its shiny red color and was nearly flawless. Its extreme rarity, excellent condition, and historical background made it one of the most valuable pennies ever.
Other Valuable Lincoln Wheat Pennies
Here are some other Lincoln Wheat Pennies that can be worth a lot—especially if they’re in great condition:
| Year & Mint Mark | Why It’s Valuable | Est. Value (Uncirculated) |
|---|---|---|
| 1943-D Copper | Rare WWII error | $500,000 – $815,000 |
| 1943-S Copper | Rare WWII error | $300,000 – $500,000 |
| 1943 Copper (no mark) | Rare WWII error | $200,000 – $400,000 |
| 1944 Steel | Post-war error | $75,000 – $125,000 |
| 1909-S VDB | First design with initials | $50,000 – $150,000 |
| 1914-D | Low mintage | $35,000 – $75,000 |
| 1922 No D | Missing mint mark | $20,000 – $50,000 |
| 1955 Doubled Die | Misprinted doubling on letters | $25,000 – $60,000 |
| 1909-S | Low mintage | $10,000 – $25,000 |
| 1931-S | Low mintage | $5,000 – $15,000 |
What Affects a Penny’s Value?
Not all wheat pennies are valuable. These key factors matter most:
- Rarity: Fewer coins = more value (e.g., 1943-D copper).
- Condition: Coins in better shape are worth more. Mint State coins can be worth thousands more than worn ones.
- Mint Marks: Look under the year—“D” is Denver, “S” is San Francisco. Some mint locations made fewer coins.
- Errors: Coins with mistakes (like double letters or wrong metals) are big money-makers.
- Color: Coins with their original red shine fetch top dollar.
- Certification: Coins graded and authenticated by companies like PCGS or NGC sell for more.
- Provenance: Coins from famous collections can be even more valuable.
Penny Grades: How Much More Is a High-Grade Coin Worth?
Coin collectors use the Sheldon Grading Scale to grade coins from 1 (Poor) to 70 (Perfect Mint State). Here’s how much condition matters:
| Grade | Meaning | Value Boost |
|---|---|---|
| Poor (P-1) | Barely recognizable | Base value |
| Good (G-4) | Worn but readable | 5–10x |
| Fine (F-12) | Major features visible | 30–50x |
| Very Fine (VF-20) | Light wear, good detail | 75–150x |
| Extremely Fine (EF-40) | Sharp with minimal wear | 200–400x |
| About Uncirculated (AU-50) | Almost perfect | 500–1,500x |
| Mint State (MS-65) | Like new, no wear | 10,000–50,000x |
| MS-67+ | Flawless | 100,000x+ |
Record-Setting Sales
These rare pennies have made headlines at major auctions:
| Year | Coin | Price | Auction House |
|---|---|---|---|
| 2023 | 1943-D Copper MS-64 RD | $815,000 | Private Sale |
| 2021 | 1943-S Copper MS-62 BN | $504,000 | Heritage Auctions |
| 2019 | 1943 Copper MS-64 BN | $372,000 | Stack’s Bowers |
| 2018 | 1909-S VDB MS-67 RD | $168,000 | Legend Auctions |
| 2022 | 1955 Doubled Die MS-67 RD | $114,000 | Heritage Auctions |
Could Rare Wheat Pennies Still Be in Circulation?
Surprisingly, yes. Here’s why:
- They Look Ordinary: A 1943 copper penny can look just like a regular one—especially if it’s been circulating.
- Coin Hoarding: People saved rolls of coins during tough times and forgot about them.
- Lack of Knowledge: Most people don’t check for mint marks or rare dates.
- Estate Sales: Old collections often get spent or sold by people unaware of their value.
- Bank Rolls: Some old coins still turn up in penny rolls from the bank.
How to Spot a Rare Lincoln Wheat Penny
Want to try your luck? Here’s what to look for:
- Test 1943 Pennies with a Magnet: If it sticks, it’s steel. If not—it could be copper (and super rare!).
- Check Mint Marks and Dates: Key ones include 1909-S VDB, 1914-D, 1922 No D, 1931-S, and 1955 Doubled Die.
- Look for Errors: Doubled letters, off-center designs, or wrong metals are big finds.
- Check Condition: Shiny pennies with little wear are worth the most.
FAQs
Q1: What makes the 1943-D Lincoln Wheat Penny so valuable?
A: It was mistakenly made from copper during WWII when pennies were supposed to be steel. Only a few exist, and it’s extremely rare in top condition.
Q2: Are all Lincoln Wheat Pennies valuable?
A: No. Most are common and worth only a few cents unless they are rare dates, error coins, or in very high-grade condition.
Q3: How do I know if my penny is copper or steel?
A: Use a magnet! Steel pennies from 1943 will stick to a magnet. Copper ones will not.
Q4: Should I get my old coins graded?
A: Yes, if you think it’s rare or in excellent shape. Getting it graded by PCGS or NGC can help confirm its value and make it easier to sell.
