You’ve probably seen them before—those old pennies with Abraham Lincoln’s face on the front and two wheat stalks on the back. Known as Lincoln Wheat Pennies, or simply “Wheaties,” these coins may look like ordinary pocket change, but some of them have recently sold for thousands—and even millions—of dollars.
One of the rarest examples, the 1909-S VDB, has fetched nearly $3.9 million at auction, proving that this small coin could carry extraordinary value. And the best part? These coins might still be hiding in circulation, in coin jars, flea markets, or your own loose change.
Lincoln Wheat Penny: A Quick Historical Overview
The Lincoln Wheat Penny made its debut in 1909 to honor the 100th birthday of President Abraham Lincoln. Designed by Victor David Brenner, the coin was the first U.S. currency to feature a real person.
Its reverse side, with two curved wheat stalks, symbolized America’s agricultural strength and hardworking spirit. This iconic design remained until 1958, when it was replaced by the Lincoln Memorial motif. Even decades later, collectors still admire the original design for its beauty, history, and rarity.
Why Some Lincoln Wheat Pennies Are Worth Thousands—or Even Millions
While most Wheat Pennies are still only worth face value, a few rare versions have soared in market value due to minting errors, limited production, or historical significance. Here are some examples of noteworthy Lincoln Wheat Pennies:
- 1943 Copper Penny: During WWII, most 1943 pennies were made of steel, but a few were mistakenly struck on leftover copper planchets. These rare errors can sell for over $250,000, with pristine examples fetching more than $880,000.
- 1909-S VDB: Produced in San Francisco with designer Brenner’s initials “VDB” on the reverse. Scarcity and early controversy over the initials make it one of the most prized coins, selling for up to $3.9 million.
- 1955 Double Die: A famous mint error where the date and lettering appear doubled. These coins can be worth more than $100,000.
- 1922 No D: Produced in Denver, but some coins lack a mint mark due to a worn die, making them highly collectible.
- Other Key Dates: 1914-D, 1931-S, and 1926-S are all low-mintage years, often selling for tens of thousands depending on condition.
What Factors Make a Lincoln Wheat Penny Valuable?
Several key factors determine a Wheat Penny’s worth:
- Year and Mint Mark: Some years had very low production or rare mint locations (like “S” for San Francisco or “D” for Denver).
- Condition: A coin in near-perfect condition (uncirculated) can be significantly more valuable than one that is worn.
- Errors and Oddities: Mistakes like double dies, missing mint marks, or off-center strikes make a coin highly desirable.
- Historical Significance: Coins minted during wartime or with special designs tend to be more collectible.
Could You Have a Million-Dollar Penny in Your Pocket?
It might sound unlikely, but rare coins have been discovered in everyday situations—including old piggy banks, jars of spare change, estate sales, and even grocery store change trays. Since most people don’t know what to look for, these treasures can easily slip through unnoticed.
How to Identify a Valuable Lincoln Wheat Penny
If you’re curious whether your penny could be a hidden gem, here’s how to check:
- Look at the Date and Mint Mark: Is it a key year like 1909-S, 1922, or 1943?
- Check the Color: Most 1943 pennies are silver-colored steel. If yours is brown or coppery, it could be rare.
- Use a Magnet: Steel pennies stick to magnets. A non-magnetic 1943 penny may be copper—a major clue.
- Check for Doubling: Use a magnifying glass to see if letters or numbers appear doubled.
- Inspect the Condition: Fewer scratches, clean lines, and original luster increase value.
- Never Clean the Coin: Cleaning damages value. Collectors want natural patina, not polished shine.
Tips for Collecting Lincoln Wheat Pennies
If you’re getting started, here are a few practical tips:
- Learn the Key Dates: Focus on the most valuable years first.
- Handle Coins Carefully: Hold them by the edges, or use cotton gloves to avoid damage.
- Store Properly: Use acid-free holders, albums, or protective coin flips.
- Avoid Cleaning: Even light cleaning can reduce a coin’s value by 90% or more.
- Join Collector Communities: Online forums and local coin clubs offer valuable knowledge and trading opportunities.
- Stay Informed: Track prices through auction sites, numismatic magazines, or trusted dealers.
How to Keep Your Coin Collection in Top Shape
Treat your coin collection like an investment:
- Control Humidity: Store coins in a dry environment to prevent corrosion.
- Use Archival Materials: Avoid PVC-containing plastic—opt for acid-free, archival-quality storage.
- Safe Storage: Consider a lockbox or safe if your collection is valuable.
- Insure It: High-value collections should be insured and professionally appraised.
- Get Periodic Evaluations: Coin values change—recheck your collection every few years.
Is Collecting Wheat Pennies a Smart Investment?
Absolutely. While collecting starts as a hobby, it can grow into a valuable and rewarding investment. Rare coins often appreciate in value over time, especially:
- Coins with errors or historical ties
- High-grade examples with official certification
- Sets that include key-date coins
As with any investment, diversification and research are essential. Stay aware of trends, collector demand, and grading standards.
Common Questions About Lincoln Wheat Pennies
Q1. What makes a Wheat Penny valuable?
Rarity, mint mark, year, condition, and any unique features or minting errors.
Q2. How can I tell if my penny is rare?
Check for key dates, doubling, or missing mint marks. Use a magnifying glass and a coin guide.
Q3. Should I clean my coin before selling it?
No. Cleaning significantly reduces value. Leave it in its original condition.
Q4. Where can I sell a valuable Wheat Penny?
Use reputable coin dealers, coin shows, or auction platforms like Heritage Auctions or Stack’s Bowers.