In the thrill of coin collecting, there are few tales that inspire people as much as the extraordinary story of the Lincoln Wheat Penny. Can you believe it when a plain-looking coin is worth as much as $50 million? And the most shocking aspect is that the coin might still be in circulation in someone’s pocket somewhere!
The Birth of an American Heirloom
The Lincoln Wheat Penny was released in 1909, the first time a president’s likeness was shown on a circulating coin in US history. The coin was released to celebrate the centennial birthday of Abraham Lincoln, whose portrait was sculpted by famous sculptor Victor David Brenner. The back of the coin had two stalks of wheat, so it was nicknamed “Wheat Penny.” It remained the design until 1959, when it was swapped with a photo of the Lincoln Memorial.
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How can a penny become worth crores?
You might be thinking how a coin that costs only one paisa (cent) can be worth crores of dollars. There are basically some key reasons behind this:
- Uncommonness – If fewer copies of a coin exist, then its cost goes through the roof.
- Provenance – If a coin is of great condition, that is, it has neither scratch nor wear, then its value goes multi-folds.
- Historical relevance – A few coins play very significant roles in history because of some unusual reason, on account of which their value escalates.
- Mint Errors – When there is an error in the coin production process and only a small number of such coins are produced, then they are rare and valuable.
Rare coins worth lakhs
There are numerous rare types of the Lincoln Wheat Penny, which may be valued at thousands to millions of dollars.
- 1909-S VDB Penny – This is a highly rare coin, as the initials ‘VDB’ of designer Brenner were engraved upon it, which were later erased. The mint produced just 484,000 coins, and now it is a fine collector piece.
- 1943 Copper Penny – During World War II, the US Mint began producing coins made of steel to conserve copper. But some leftover copper blanks were erroneously used, which made only a handful of copper 1943 pennies available. They are worth lakhs now.
- 1944 Steel Penny – This was the complete opposite error. When the US resumed producing copper coins, some steel coins were inadvertently produced, which are extremely rare.
How is the price of a coin determined?
If you own an antique coin, then in order to determine its actual value, it will need to be authenticated by professionals. Various aspects are considered in order to assess the coin:
- Grading scale – Coins are graded on a 70-point scale generally. The coin in most perfect condition is assigned MS-70 (Mint State 70) grade.
- Authenticity test – The metal composition, design and other features are checked in detail to determine the genuine coin.
- Microscopic inspection – The coin surface is checked very closely so that any scratches, staining or other imperfections can be identified.
Can you also possess a rare coin?
You might also possess a coin that is worth crores and you may not even know about it! The history of rare discovery of coins reveals that many times ordinary people have discovered coins worth millions of dollars in their old collections of coins.
A high school student discovered a rare 1943 bronze Lincoln cent in his grandfather’s outdated collection in 2019, which was auctioned for $240,000. Likewise, numerous people have found treasures in their old coins.
What to do if you find a rare coin?
If you encounter a strange coin and believe that it can be rare, get it assessed by an expert at once. These steps can be followed to verify the authenticity of the coin:
- Call a certified grading company (e.g., PCGS or NGC).
- Do not attempt to clean the coin since doing so might devalue it.
- **Make efforts to discover its history and where it is from.
How to create your own coin collection?
If you are also motivated by this story, then entering the world of coin collecting can be a good hobby. The best part is that you can begin with a few cents.
- Collect Lincoln Wheat Pennies from each decade first.
- Then slowly discover coins from various years.
- Use online forums, local coin clubs, and collecting books to assist.
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The Timeless Popularity of the Lincoln Wheat Penny
Whether or not the Lincoln Wheat Penny valued at $50 million really exists is questionable. But this tale illustrates that coins are not merely bits of metal; they are a combination of history, art, and scarcity.
So the next time you find an old coin, take a second glance at it. Perhaps it’s a treasure that will change your life!
FAQs
Q1. Is there really a Lincoln Wheat Penny worth $50 million?
While no specific Lincoln Wheat Penny has been officially valued at $50 million, rare varieties like the 1943 copper penny and the 1909-S VDB penny have sold for significant amounts, sometimes reaching hundreds of thousands of dollars.
Q2. How can I tell if I have a valuable Lincoln Wheat Penny?
Check the year, mint mark, and any unusual features. Rare errors, like the 1943 copper penny or the 1944 steel penny, can be worth a fortune. Professional grading services like PCGS or NGC can help determine authenticity and value.
Q3. Where can I sell a rare Lincoln Wheat Penny?
You can sell rare coins through reputable coin dealers, auction houses, or online marketplaces like Heritage Auctions, eBay, or Stack’s Bowers. Always authenticate the coin before selling.
Q4. Are Lincoln Wheat Pennies still found in circulation?
Yes, but rare ones are difficult to find. Some people still come across old wheat pennies in pocket change, coin rolls, or inherited collections.
Q5. Should I clean my old coins before selling them?
No! Cleaning a rare coin can reduce its value significantly. Collectors and grading services prefer coins in their original, unaltered state.