Wheat pennies, also known as Lincoln Wheat Cents, are iconic collectibles in the world of American coin collecting. While most are worth just a bit more than face value, a select few are so rare that they’re valued in the millions. Some of these elusive coins, collectively worth up to $250 million, might still be hiding in circulation or tucked away in old jars and drawers.
In this guide, we’ll explore the top six rare wheat pennies, what makes them so valuable, and how to spot one if you’re lucky enough to find it.
What Are Wheat Pennies?
Minted from 1909 to 1958, wheat pennies were the first U.S. coins to feature a real person—President Abraham Lincoln. The reverse side displays two wheat stalks, giving the coin its nickname. Most wheat pennies are common, but rare varieties with minting errors or limited runs are worth serious money.
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1. 1909-S VDB Lincoln Cent
- Value: Up to $150,000
- Why It’s Rare: Only 484,000 were minted. The “VDB” initials of designer Victor David Brenner on the reverse caused controversy and were removed shortly after.
- Still Found Today? Rare in circulation but may appear in old collections.
2. 1943 Copper Wheat Penny
- Value: $1 million–$2 million
- Why It’s Rare: In 1943, pennies were made from steel due to wartime copper shortages. However, a few copper planchets were mistakenly used. Only about 20 are known to exist.
- Still Found Today? Possibly, especially among steel cents.
3. 1914-D Lincoln Penny
- Value: $30,000–$250,000
- Why It’s Rare: Only 1.2 million minted in Denver. High-grade versions are extremely scarce.
- Still Found Today? Yes, but mostly in lower grades.
4. 1922 “No D” Penny
- Value: Up to $90,000
- Why It’s Rare: Due to a worn die, some coins minted in Denver lack the “D” mintmark.
- Still Found Today? Occasionally mistaken for worn pennies.
5. 1955 Doubled Die Penny
- Value: Up to $180,000
- Why It’s Rare: Features dramatic doubling of the date and lettering, easily visible to the naked eye.
- Still Found Today? Rare, but still possible in old coin rolls.
6. 1944 Steel Wheat Penny
- Value: Up to $250,000
- Why It’s Rare: Steel blanks from 1943 were mistakenly used in 1944 when production switched back to copper. Fewer than 30 known exist.
- Still Found Today? Extremely rare but potentially hiding in coin collections.
How to Identify a Rare Wheat Penny
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- Examine the Date & Mintmark: Key years include 1909, 1914, 1922, 1943, 1944, and 1955. Look for mintmarks like “S” (San Francisco) or “D” (Denver).
- Check for Doubling: Doubling of the date or letters may indicate a valuable error.
- Weigh the Coin: Rare steel or copper varieties have distinct weights.
- Use Magnification: A coin loupe can help reveal missing mintmarks or initials like “VDB”.
Where to Get a Coin Appraised
If you think you’ve found a rare wheat penny:
- Visit a local coin shop.
- Attend coin shows to meet experts.
- Submit your coin to a certified grading service like PCGS or NGC for authentication and valuation.
Why These Coins Are Worth So Much
- Low Mintage or Survival Rate: Fewer coins mean higher demand.
- Minting Errors: Flaws like missing mintmarks or doubling increase rarity.
- Historical Significance: Many were minted during key periods of U.S. history.
- Collector and Investor Demand: These coins are hot items in auctions.
Final Thoughts – A Treasure Might Be in Your Pocket
It might sound unbelievable, but valuable wheat pennies still pop up in everyday life. If you have an old piggy bank, coin jar, or inherited collection, it’s worth taking a closer look. One lucky find could turn a penny into a six- or seven-figure payday.
FAQs
Q: What’s the most expensive wheat penny ever sold?
A: The 1943 copper penny, which has fetched over $1.7 million.
Q: Could I really have a rare wheat penny at home?
A: Yes—especially if you or your family has collected coins or saved change over the years.
Q: What makes wheat pennies so collectible?
A: Their historical design, production errors, and low mintages make them valuable to both collectors and investors.