Rare $110 Million Lincoln Wheat Penny May Still Be In Circulation
The Lincoln Wheat Penny, minted between 1909 and 1958, is a staple in American numismatics. Among these, the 1943 copper penny has garnered significant attention due to its rarity and the legends surrounding its value.
Recent claims suggest that one such penny is worth $110 million and might still be in circulation. This article delves into the facts, myths, and the true value of this elusive coin.
The Origin of the Lincoln Wheat Penny
Introduced in 1909 to commemorate Abraham Lincoln’s 100th birthday, the Lincoln Wheat Penny was the first U.S. coin to feature a real person.
Designed by Victor D. Brenner, the obverse showcases Lincoln’s profile, while the reverse displays two wheat stalks, symbolizing prosperity. The coin’s composition was primarily 95% copper and 5% tin and zinc until 1943.
The 1943 Copper Penny: A Wartime Rarity
During World War II, copper was essential for ammunition, leading the U.S. Mint to produce pennies from zinc-coated steel in 1943.
However, a few copper planchets from 1942 were mistakenly used, resulting in the rare 1943 copper pennies. It’s estimated that only 30 to 40 of these coins exist today.
Debunking the $110 Million Valuation
While the 1943 copper penny is undeniably rare and valuable, claims of it being worth $110 million are unsubstantiated.
The highest recorded sale of such a penny was $840,000 at a Heritage Auctions event. Other notable sales include:
- $500,000 for a 1943 copper penny.
- $336,000 for another specimen.
These figures, while impressive, are far from the rumored $110 million.
Identifying a 1943 Copper Penny
To determine if you possess this rare coin:
- Magnet Test: Steel pennies are magnetic; copper ones are not.
- Weight: Copper pennies weigh approximately 3.11 grams, whereas steel versions are about 2.7 grams.
- Color: Copper pennies have a reddish-brown hue, unlike the silver-colored steel pennies.
Other Valuable Lincoln Wheat Pennies
Beyond the 1943 copper penny, other Lincoln Wheat Pennies are highly sought after:
| Year | Mint Mark | Notable Feature | Estimated Value |
|---|---|---|---|
| 1909 | S | VDB Initials | $360,000 |
| 1955 | None | Double Die | $50,000 |
| 1922 | D | No D Mint Mark | $80,000 |
| 1931 | S | Low Mintage | $110,000 |
The allure of discovering a $110 million Lincoln Wheat Penny is captivating, but current evidence does not support such a valuation.
However, certain Lincoln pennies, especially the 1943 copper penny, remain incredibly valuable. Collectors and enthusiasts should stay informed and consult reputable sources when evaluating their coins.
FAQs
Is there truly a Lincoln Wheat Penny worth $110 million?
No verified sale or appraisal supports this valuation. The highest known sale is approximately $840,000.
How can I verify if my 1943 penny is made of copper?
Perform the magnet test; if it doesn’t stick, weigh it. A copper penny weighs about 3.11 grams.
What should I do if I believe I have a rare Lincoln penny?
Avoid cleaning the coin and consult a professional grading service like PCGS or NGC for authentication.
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