So have you ever given a thought that a mere penny can be worth millions of dollars? Well this is true and yes it has already happened. Recently in a private auction a 1943 Lincoln Wheat Penny was sold at a $5.5 Million price tag. This particular coin is still in wide circulation, however not all the versions of this coin are so popular. So, today we’ll have a deep look at the history and all the available information about this particular coin.
$5.5 Million Lincoln Wheat Penny – Background
The history and the origin of the Lincoln Wheat Penny is what makes it one of the most loved coins in American history. The coin was first introduced in 1909 in order to celebrate the 100th birthday of Abraham Lincoln. The coin was designed by Victor David Brenner. On the front of the coin, there is the image of the corner US President Abraham Lincoln and on the back you’ll find the image of two wheat stalks. Owing to this the coin becomes the first ever coin to have a presidential portrait on it.
The production of this particular design continued till 1958. The Wheat Penny being one of the most iconic coin series is available in abundance due to high production and many such coins are available for a few cents nowadays. However, some have now got the ultra luxury status such as the $5.5 million Lincoln Wheat Penny. Now you must be wondering, while many of these coins are worth a few cents, why is this particular coin fetching such high prices? Well the coin that we’ll be talking about was minted during World War II making its story much more rich.
Why Is Lincoln Wheat Penny Worth $5.5 Million?
Well there are many factors at play that make a particular coin rare from normal. Below we have discussed why this particular coin is of such high value and so rare.
1. Minting Error: During world war 2, there was a country wide shortage of bronze metal. Due to which the US government stopped the usage of bronze for anything other than war efforts. Owing to this the US Mint decided to switch the production material of the coin from bronze to steel for the 1943 Lincoln Pennies. However, that year fee pennies were struck on the bronze planchet in place of the steel ones leading to the birth of a highly rare coin.
2. Rarity: Owing to this mistake there were only a handful of bronze anywhere produced in 1943, and very few still exist in today’s time. This particular scarcity is what makes this coin one of the most valuable rare coins in the history of the USA.
3. Collector Demand: The 1943 Lincoln Wheat Penny commands rich history and is highly rare to find. So in order to have one in their collection the coin collectors are ready to pay the top dollars for this coin. Recently, one such coin was sold for a whopping $5.5 Million in a private auction.
Design Specification Of The Coin
If you hope to find one such coin in your collection or in your pocket change, it is important that you first learn the design and features of the coin so that you can differentiate it from the rest of the coins:
| Feature | Rare 1943 Bronze Penny | Common 1943 Steel Penny |
| Material | Bronze | Steel |
| Color | Reddish-brown | Gray-silver |
| Magnet Test | Does not stick | Sticks to a magnet |
| Weight | 3.11 grams | 2.7 grams |
| Mint Marks | No mark (Philadelphia), D (Denver), S (San Francisco) | No mark, D, or S |
How to Identify $5.5 Million Lincoln Wheat Penny?
There are certain details that you need to remember in order to be able to identify the Lincoln Wheat Penny amidst all the other coins:
1. Check the Date: First thing to look is the date on the coin make sure that it is 1943. If you’re buying from someone, ensure that the date hasn’t been altered.
2. Magnet Test: If you come across the coin test it with a magnet if it sticks then it is made from steel and not worthy, if it is made from bronze it won’t stick to the magnet.
3. Weight of the Coin: As per the official records the real bronze penny should weight 3.11 grams where as the steel penny is lighter and weighs 2.7 grams.
4. Look for Mint Marks: The 1943 Lincoln Bronze Penny was minted in three mints with Philadelphia mint having no mark, San Francisco Mint with S marks and Denver mint with the D mark.
4. Get It Authenticated: Lastly, if you think that you are in possession of one such coin then it is good practice that you get that coin authenticated from a professional coin grading services.
Steps To Take After Finding One Such Coin
So while looking, if you think that you have come across the rare Lincoln Wheat Penny from 1943 then there are few things to ensure that you get the best out of the coin.
- First perform the magnet test, if the coin doesn’t stick then you have the right thing.
- Next, you should weigh the coin, its weight should come around 3.11 grams.
- After that take the coin to the professional coin grading services to get it properly authenticated.
- You can also take the coin to the coin appraiser, in order to get the real value of the coin.
- Lastly, if you decide that you want to sell the coin, then make sure that you take the coin to a reputed auction,collector or a coin dealer.
All to Know!
So this was all the details about the $5.5 Million Lincoln Wheat Penny. The coin has become an important part of the history and is very much revered by the collectors in America. While there was a larger production of the coin with this particular design, there are very few coins that are currently worth millions of dollars. So keep looking in your coin jars or the loose changes in order to find one such coin and follow the tips that we have discussed above.
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