The Lincoln Wheat Penny Valued at $6.8 Million, Still in Circulation

Imagine reaching into your pocket for some spare change and pulling out a penny worth $6.8 million. It might sound like a dream, but this extraordinary scenario is rooted in reality. A rare coin—the 1943 copper Lincoln Wheat Penny—has become the stuff of legend in the world of coin collecting, and it’s believed that a few of these prized pieces may still be hiding in circulation today.

This article uncovers the fascinating story behind this multi-million-dollar penny, what makes it so rare and valuable, and how you might identify one if you stumble upon it. Plus, we’ve added a helpful FAQ to answer the most common questions about this and other rare pennies.

The Lincoln Wheat Penny: A Historical Icon

First minted in 1909 to honor the 100th anniversary of Abraham Lincoln’s birth, the Lincoln Wheat Penny broke new ground. It was the first regular-issue U.S. coin to feature a real person’s likeness—President Lincoln—on the obverse (front). Sculptor Victor David Brenner’s design, with Lincoln’s profile and two wheat stalks on the reverse, symbolized the nation’s agricultural prosperity.

For nearly 50 years, from 1909 to 1958, this penny design dominated American pockets, purses, and piggy banks. Billions were produced, making it one of the most recognizable coins in U.S. history.

A Wartime Error That Minted a Fortune

During World War II, copper became crucial for making ammunition and military equipment. In response, the U.S. Mint shifted penny production in 1943 to zinc-coated steel to conserve copper for the war effort.

However, a few copper blanks (planchets) from 1942 were accidentally left behind in the coin presses. When these were struck with the 1943 dies, they produced a handful of 1943 copper Lincoln Wheat Pennies—coins that were never meant to exist.

These accidental mintings are now considered some of the most valuable error coins in U.S. history, with one example commanding an astonishing $6.8 million.

What Makes This Penny Worth $6.8 Million?

The 1943 copper penny’s sky-high value boils down to three major factors:

1. Extreme Rarity: Fewer than 30 verified examples are known to exist, making it rarer than many gold coins.

2. Historic Significance: It’s a direct result of the wartime effort, offering a physical link to a pivotal era in American history.

3. Public Fascination: The compelling story behind its accidental creation, combined with media attention and auction headlines, has turned this coin into a national treasure.

Together, these elements make it a dream coin for collectors—and a potential jackpot for the lucky individual who finds one.

Legendary Finds That Shocked the Public

Some of the most exciting discoveries of this rare penny came from ordinary people:

• Don Lutes Jr. found his 1943 copper penny in a Massachusetts high school cafeteria in 1947. Despite being told it was worthless, he held onto it until it sold at auction in 2019 for $204,000.

• Kenneth Wing, a teenager from California, found one in the 1950s during lunch. His coin later sold for over $200,000.

These remarkable stories prove that valuable coins sometimes appear in everyday places—and could be hiding in plain sight.

How to Spot a Genuine 1943 Copper Penny

Think you might have found one of these elusive treasures? Here’s how to tell:

• Date: It must say 1943.

• Color: A genuine coin has a reddish-brown copper hue, not the silver tone of the more common 1943 steel pennies.

• Magnet Test: Steel sticks to magnets; copper doesn’t. If your 1943 penny sticks, it’s not the one.

• Weight: Copper pennies weigh about 3.11 grams, while steel versions weigh only 2.7 grams.

• Mint Mark: Look below the date for “D” (Denver), “S” (San Francisco), or nothing (Philadelphia).

Beware of counterfeits. Some forgers copper-plate 1943 steel pennies or alter the date on 1948 coins. Always get potential finds professionally authenticated.

Where These Million-Dollar Pennies Might Be Hiding

You don’t have to be a seasoned collector to stumble upon rare coins. Some of the best places to check include:

• Old coin jars or coffee cans tucked away in attics or garages.

• Inherited coin collections from relatives who collected during the 1940s.

• Bank rolls of pennies, which can still yield surprises.

• Estate sales and flea markets, where old coins are sometimes sold for face value.

Even though many of these pennies have been found, experts believe a few are still out there—perhaps waiting for someone like you to discover them.

Other Lincoln Wheat Pennies Worth Big Money

The 1943 copper penny isn’t the only Lincoln cent worth hunting for. Here are other high-value varieties to keep an eye out for:

• 1909-S VDB: The rarest of the first-year Lincoln cents. Worth up to $100,000 in mint condition.

• 1944 Steel Penny: Another wartime error that can be worth up to $1 million.

• 1955 Doubled Die: Features clearly doubled text and numbers. Valued at up to $50,000.

• 1922 “No D” Penny: Missing its Denver mint mark due to a die error—can fetch thousands.

Even common Wheat Pennies from the 1930s-1950s can be worth more than face value, especially in uncirculated condition.

The Magic of Coin Collecting

Coin collecting offers more than just the possibility of striking it rich. It connects you to history in a way few hobbies can. Every coin tells a story—of the era, the economy, and even the people who handled it.

The 1943 copper Lincoln Wheat Penny embodies this spirit. It’s a symbol of wartime sacrifice, minting error, and the excitement of discovering the extraordinary in the ordinary.

So the next time you receive change or clean out an old drawer, take a second look. That “worthless” penny might just be your golden ticket.

Frequently Asked Questions (FAQs)

Q: How can I tell if my 1943 penny is copper or steel?
A: Try the magnet test. A steel penny will stick to a magnet, but a copper one won’t. Also, check the color—copper has a reddish-brown tone, while steel pennies appear silver.

Q: Are all 1943 pennies valuable?
A: No. Most 1943 pennies are made of steel and are worth only a few cents to a few dollars depending on condition. Only the rare copper versions are worth thousands—or millions.

Q: How many 1943 copper pennies are known to exist?
A: It’s estimated that only 20–30 authenticated examples exist today.

Q: Can I sell a 1943 copper penny myself?
A: It’s highly recommended to have the coin authenticated by a professional grading service like PCGS or NGC before attempting to sell. Auctions through reputable houses often fetch the highest prices.

Q: What should I do if I think I found a 1943 copper penny?
A: Do not attempt to clean it or alter it in any way. Have it authenticated immediately by a certified numismatist or grading service.

Q: Are there other coins that might be hiding in my change that are worth money?
A: Yes! Look for 1955 Doubled Die pennies, 1909-S VDB cents, and even modern error coins like off-center strikes or doubled images. Some quarters and dimes from before 1965 are made of 90% silver and also hold value.

Disclaimer
The information in this article is for educational and entertainment purposes only. Coin values fluctuate based on condition, demand, and market trends. Always seek professional authentication before assuming value. This article does not constitute investment or financial advice.