Rare Lincoln Wheat Penny Worth $83 Million – Could It Be in Your Pocket?

Design and History: Introduced in 1909 to honor the 100th anniversary of Abraham Lincoln’s birth, this penny was the first U.S. coin to feature a real person. Victor David Brenner designed it, with Lincoln’s portrait on the front and two wheat ears on the back—hence the name “Wheat Penny.”

Rarity Factors: The coin’s worth depends on:

• Mint Marks: Pennies from Denver (“D”) and San Francisco (“S”) are generally scarcer than Philadelphia issues (no mark). The 1909-S VDB is especially valuable, with only 484,000 made.
• Mint Errors: Coins with mistakes, such as the 1955 Doubled Die Obverse or the 1922 No D, are in high demand.
• Condition: Coins in near-perfect condition (graded MS65 or above by PCGS or NGC) are especially rare and valuable due to their preservation.
• Key Dates: Watch for the 1909-S VDB, 1914-D, 1922 No D, 1931-S, and the rare 1943 Copper Penny. The latter is especially famous since most 1943 pennies were made of steel.

1943 Copper Penny: Regarded as a top rarity in U.S. coin collecting, these pennies were mistakenly struck in copper. Fewer than 20 are believed to exist. One 1943-S Copper Penny was sold for $1.7 million in 2010.

The $83 Million Claim: Myth or Reality?

There is no confirmed sale of a Lincoln Wheat Penny for $83 million. Here’s a closer look at the reality:

• Highest Known Sales:
  • A 1943-D Copper Penny in MS64 grade sold for $1.7 million.
  • A 1943 Copper Penny graded MS62 fetched $840,000 in 2021.
  • The 1909-S VDB has exceeded $500,000 in top grades.
  • The 1955 Doubled Die Obverse has sold for up to $180,000 in pristine condition.
• $83 Million Rumor: No reliable source confirms this amount. It’s likely a case of confusion with more famous and valuable coins, like the 1933 Double Eagle which sold for $18.9 million. Claims of $83 million usually appear on social media or dubious websites without documentation.
• Could It Happen? Theoretically, a Wheat Penny could reach such heights if it had unique attributes like an undiscovered error, perfect condition, and immense collector interest. However, no existing penny currently meets those criteria.

Your advice on inspecting pennies is spot-on. Here’s a concise checklist:

• Date and Mint Mark: Examine under the date for “D” or “S”. Look for famous years like 1909-S VDB, 1914-D, 1922 No D, 1931-S, and the 1943 copper version.
• Material Check: Use a magnet on 1943 pennies—steel sticks, copper doesn’t. A non-magnetic 1943 penny could be very valuable.
• Condition Details: Check for fine details like Lincoln’s beard or bowtie. Avoid polishing; it reduces value.
• Look for Errors: A magnifying glass can help spot double letters, off-center strikes, or unusual flaws.
• Get It Appraised: If the penny looks rare, consult certified grading companies like PCGS or NGC. Local dealers can help too.

Where to Sell

• Auction Houses: For premium coins, consider Heritage Auctions or Stack’s Bowers for wide exposure.
• Coin Dealers: Certified members of the ANA or PNG offer safe, knowledgeable appraisals.
• Online Platforms: Sites like eBay are useful, especially for already graded coins. However, always get a coin authenticated first to avoid fraud.
• Grading First: Send your coin to PCGS or NGC before selling. Though grading can cost $20–$100+, it’s worth it for valuable coins.

Additional Tips

• Proper Storage: Store in acid-free holders to preserve surfaces and prevent damage.
• Track the Market: Coin values change. Use resources like CoinTrackers or Heritage Auctions to stay updated.
• Avoid Scams: Be cautious with unverified buyers or sites promising instant sales. Stick with well-known outlets and experts.

How to Identify a Valuable Penny

Knowing the year, mint mark, material, and condition is essential. Errors like doubling or off-centering increase value. If the penny seems unusual or matches a known rare variety, get it graded. Expert opinions and authentication can turn a simple find into a valuable asset.

FAQs