There are certain tales in the realm of coin collecting which totally fascinate the imagination of people. One such tale is that of the Lincoln Wheat Penny which is still making headlines because of its possible price tag of $ 75 million. It’s a plain coin that used to jingle in ordinary pockets once, but these days it goes by the name of a rare and invaluable legacy. This concept has encouraged individuals that this valuable treasure can be buried somewhere in the old coins they possess.
History of Lincoln Wheat Penny
The Lincoln Wheat Penny was introduced in 1909 and was a milestone in American coinage history. It was the first American coin to bear the portrait of a president. It was released to commemorate the centennial of Abraham Lincoln’s birth. This coin was created by renowned sculptor Victor David Brenner. There were two wheat ears on the reverse of the coin, which earned it the designation “Wheat Penny.” This design was used until 1959, when it was superseded by the Lincoln Memorial design.
Can a penny be worth a million dollars?
Is a mere penny worth a million dollars? This is an unusual question, but it is possible based on rarity, coin in near perfect condition, historic value, and other factors. If a coin is struck with a remarkable mistake or uncommon series and is fully uncirculated (i.e. with no wear), its worth can shoot through the roof.
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Rare Coins That Can Be Worth Millions
Some of the unusual types of Lincoln Wheat Penny have turned out to be very valuable over time.
1. 1909-S VDB Penny
It was made when designer Victor David Brenner’s initials (VDB) were placed on the reverse side of the coin. It was later removed upon public protest, but only 484,000 coins had already been produced by then. Because of its scarcity, it is worth thousands of dollars.
2. 1943 Copper Penny
In World War II, pennies were issued by the US Mint using steel to conserve copper. However, inadvertently some coins were produced from copper. These were produced in extremely small amounts, and now they are being sold for millions of dollars in auctions.
3. 1944 Steel Penny
In 1944, the US Mint began producing copper pennies once again, but incorrectly some coins were made of steel. Such coins are very rare and can be sold from thousands to millions of dollars.
How is the correct price of a coin determined?
Not only the rarity of a coin but also its condition determines its value. Professional graders (appraisers) subject the coin to a test for its lustre, sharpness of engraving, surface quality and others. Out of 70, a coin that is graded as MS-70 (Mint State 70) is considered to be of the highest grade.
If a Lincoln Wheat Penny is said to be worth $75 million, then it has to be graded the highest. Specialists will inspect the entire coin meticulously and employ microscopes as well as advanced techniques to confirm that the coin is original and that nothing has been done to the coin to forge it.
Can such a rare coin still be found today?
It might seem hard to believe that such a valuable coin would still be in circulation, but it is not totally impossible. There have been numerous occasions throughout the history of coin collecting when rare and valuable coins have turned up among coins being used by the general public.
In 2019, a rare 1943 bronze Lincoln penny was discovered in an old coin collection belonging to a high school student and went on to sell for $204,000. It is likely that a rare Lincoln Wheat Penny sits in someone’s jar of coins even today.
What to do if you find a rare coin?
If you believe that you own a rare Lincoln Wheat Penny, the first thing to do is have it authenticated. Experts use the following procedure:
- Physical examination: Inspection of the coin’s metal content, design, and condition of the surface.
- Metallurgical analysis: To ensure the coin contains the proper metal.
- Reference comparison: Comparing it with established authentic rare coins.
- Authenticity certification: Recording the history and ownership of the coin.
If a coin is really worth millions of dollars, it will be certified by international experts and auction houses.
Can You Collect Lincoln Wheat Pennies?
If this tale has motivated you, you too can begin your own coin collection. Ordinary Lincoln Wheat Pennies are available for pennies and can be an excellent starting point for collecting.
- Prioritize gathering coins from each decade.
- Gradually begin searching for unusual variations.
- Seek assistance from books, internet forums and local collector clubs on coin collecting.
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Everlasting Popularity of Lincoln Wheat Penny
The $75 million Lincoln Wheat Penny is a hypothetical idea, but it’s a vital topic in the world of coinage. Not only is it a combination of history and art, but it also keeps the flame of exploration and discovery burning in human beings
FAQs
Q1. Is there really a Lincoln Wheat Penny worth $75 million?
There is no confirmed Lincoln Wheat Penny valued at $75 million, but certain rare versions, like the 1943 copper penny, have sold for hundreds of thousands of dollars.
Q2. What makes a Lincoln Wheat Penny valuable?
Factors such as rarity, minting errors, historical significance, and condition (uncirculated or high-grade) determine its value.
Q3. How can I check if my Lincoln Wheat Penny is rare?
Look for key dates like 1909-S VDB, 1943 copper, or 1944 steel pennies. You can also have it professionally graded by numismatists.
Q4. Where can I sell a rare Lincoln Wheat Penny?
You can sell it through coin dealers, online auction sites like eBay or Heritage Auctions, and professional grading services.
Q5. How do I start collecting Lincoln Wheat Pennies?
Begin by collecting common dates, then look for rare varieties. Use reference books, online forums, and coin shows to expand your knowledge.