In the coin collecting world, few topics spark as much excitement as the rumor of a Lincoln Wheat Penny supposedly worth a staggering $7 billion. While such an amount is pure fantasy, the idea underscores a real fascination: that an ordinary-looking penny could actually be a hidden treasure. This article dives deep into the legacy of the Lincoln Wheat Penny, uncovers which versions are truly valuable, and shares why everyday people are still finding fortune in their pocket change.
A Look Back: The Story Behind the Lincoln Wheat Penny
The Lincoln Wheat Penny debuted in 1909, marking a turning point in American coin design. It was the first U.S. coin to feature a real historical figure—Abraham Lincoln—on the obverse. Victor David Brenner, the designer, originally included his initials “V.D.B.” on the reverse between the wheat stalks. That signature caused controversy, resulting in a limited run that would eventually become one of the most coveted coins among collectors.
Produced until 1958, these pennies featured two stylized wheat stalks framing the words “ONE CENT.” Although they were minted in huge quantities, several rare variations make some of these coins extremely valuable.
Also Read – The Lincoln Wheat Penny Valued at $1 Billion, Still in Circulation
Why the 1943 Copper Penny Is the Holy Grail
One of the most sought-after coins in U.S. history is the 1943 copper Lincoln cent. In that year, the U.S. Mint switched from copper to zinc-coated steel pennies to reserve copper for the war effort. However, a few copper planchets from 1942 mistakenly remained in the machinery and were struck with the 1943 date.
Only an estimated 40 authentic 1943 copper pennies are known to exist today. Their scarcity has made them legendary—and very expensive. Here’s a snapshot of recent sale prices:
| Mint Mark | Known Quantity | Approximate Sale Price |
|---|---|---|
| None (Philadelphia) | ~20 | $250,000–$400,000 |
| D (Denver) | 1 | $1.7 million (sold in 2010) |
| S (San Francisco) | ~6 | $175,000–$1 million |
The $7 Billion Penny: Why It’s a Myth
Despite the viral claims, no coin—let alone a penny—has ever sold for anything close to $7 billion. That number is likely a product of clickbait headlines or exaggerated urban legends. The most expensive coin ever sold is a 1794 Flowing Hair Silver Dollar, which fetched just over $10 million.
Still, the buzz around these rare pennies isn’t entirely unfounded. The value of some Wheat Pennies is very real—and very high.
Other Wheat Pennies That Could Make You Rich
Lincoln Wheat Pennies are teeming with collectible value, especially if you know what to look for:
| Year | Type | Why It’s Valuable | Value Range |
|---|---|---|---|
| 1909-S VDB | First-year design, low mintage (484,000) | $1,000–$120,000 | |
| 1914-D | Low mintage (1.1 million) | $300–$50,000 | |
| 1922 Plain | Denver mint error—missing mint mark | $500–$25,000 | |
| 1931-S | Scarce during Great Depression | $100–$15,000 | |
| 1955 Doubled Die | Clearly visible doubling | $1,000–$100,000 | |
| 1958 Doubled Die | Extremely rare, fewer than 3 confirmed | Up to $336,000 |
How to Check If You Have a Rare Penny
1943 Copper Penny Tests:
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Magnet Test: If it sticks to a magnet, it’s steel. If not, it could be copper.
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Weight Test: A copper cent weighs 3.11 grams. Use a precision scale to confirm.
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Color Test: It should have the typical reddish-brown hue of copper—not silver or gray.
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Font Match: The number “3” should match the genuine 1943 font style.
For Other Rare Wheat Pennies:
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Use a magnifier to inspect for doubling, misplaced mint marks, or odd features.
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Focus on key dates like 1909, 1914, 1922, and 1955.
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The better the coin’s condition, the higher the value.
Also Read – The Lincoln Wheat Penny Valued at $3.6 Billion, Still in Circulation
Why Rare Pennies Might Still Be in Circulation
You might be surprised to learn that some of these treasures are still out there. Here’s why:
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Many people don’t pay close attention to their coins.
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Rare pennies can easily be mistaken for common ones.
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Unlike silver and gold coins, copper coins weren’t aggressively pulled from circulation.
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Coin hoards from old estates are still being discovered in attics and basements.
The Allure of Coin Hunting
Coin collecting offers something for everyone—from casual hobbyists to serious investors. Here’s what keeps collectors coming back:
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Historical Connection: Each penny tells a story of America’s past.
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Low Barrier to Entry: You can start collecting with just your spare change.
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The Thrill of Discovery: Rare coins could be hiding anywhere—even in your pocket.
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Educational Value: Learning about mint marks, metal compositions, and striking errors can be surprisingly fun.
New Angle: The Forgotten Penny Jar Theory
Some numismatists believe the next great coin discovery won’t happen at a bank or in a collector’s store—but in someone’s home. Many Americans have jars or cans of old coins saved by grandparents or found in estate sales. These containers often go untouched for decades and could hold an overlooked gem worth thousands.
Tips to Preserve a Valuable Coin
If you think you’ve found something special:
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Handle with care: Hold it by the edges only.
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Don’t clean it: Cleaning can damage the surface and reduce its value.
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Use proper storage: Keep it in a non-PVC coin holder.
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Get professional help: Send it to PCGS or NGC for grading and authentication.
Recommended Resources
FAQs: Lincoln Wheat Pennies
Q: What is the rarest Lincoln Wheat Penny ever found?
A: The 1943-D copper penny is among the rarest, with only one known specimen confirmed.
Q: Can Wheat Pennies still be found in circulation today?
A: Yes. They occasionally appear in circulation, though it’s increasingly rare.
Q: Should I clean an old penny to make it look better before selling?
A: No. Cleaning a coin significantly reduces its value. Collectors prefer natural toning and original surfaces.
Also Read – The Lincoln Wheat Penny Valued at $3.1 Billion, Still in Circulation
Q: What does “VDB” stand for on the 1909 penny?
A: VDB are the initials of the designer, Victor David Brenner. They were removed mid-year in 1909 due to public criticism.
Q: How do I sell a rare coin?
A: Start by having the coin graded by PCGS or NGC, then consider auction houses like Heritage Auctions or reputable dealers.
Final Thoughts
The tale of a $7 billion penny may be more fiction than fact, but it highlights a real and exciting truth: valuable coins are still out there. The Lincoln Wheat Penny—once a simple coin in every American’s pocket—is now a symbol of hidden value and a gateway into a rich world of history, collecting, and discovery.
So next time you’re handed some change or clean out an old drawer, don’t toss those pennies aside. You might just be holding a small slice of history—or a small fortune.