The Lincoln Wheat Penny is significant in the numismatics history of American coin collecting. This penny was produced from 1909 to 1958 and continues to be a focal point for many collectors even now. While most of the wheat pennies are valued at a few cents, a few rare types fetch millions of dollars.
One unique example is the 1943 bronze Lincoln wheat penny, which can be worth as much as $168,000. The most fascinating aspect is that this rare coin can still be in circulation.
History of Lincoln Wheat Penny
This coin was released in 1909 as a celebration of the 100th birthday anniversary of Abraham Lincoln, who was the 16th President of the United States. The front of this coin features the portrait of Lincoln, and the back features two wheat stalks, which are also a symbol of prosperity.
It was minted as the Wheat Penny until 1958, when it was replaced with the Lincoln Memorial design.
1943 Bronze Lincoln Wheat Penny: An Error That Became Valuable!
During World War II, the US was severely short of copper as copper was being utilized to produce weapons and war materials. Therefore, in 1943, the US Mint produced coins of steel and zinc.
But a big mistake was made! Some 1942 copper blanks were accidentally used to make 1943 coins. As a result, some 1943 Wheat Pennies were minted in copper. This mistake makes it rare and valuable today.
How to Identify if You Have a Rare 1943 Bronze Lincoln Wheat Penny?
If you have a 1943 Wheat Penny, use the following methods to determine if it’s a 1943 coin:
- Check the date: The coin must have 1943 engraved on it.
- Try it with a magnet: If the coin clings to a magnet, it is composed of steel and is not valuable. But if it does not, chances are it is a valuable bronze edition.
- Observe the color: An authentic 1943 bronze Wheat Penny is copper-colored or reddish-brown, while a steel coin is silvery-gray.
- Get it authenticated by an expert: Have the coin authenticated by a professional grading service (PCGS or NGC) to confirm that it’s genuine.
Other Valuable and Rare Lincoln Wheat Pennies
Besides the 1943 Bronze Wheat Penny, following are some other rare Lincoln wheat pennies that are very much sought after by collectors:
1. 1909-S VDB Penny
This is one of the first Lincoln wheat pennies, and it has the initials of designer Victor David Brenner (VDB). Because it is so rare, some editions can cost more than $100,000.
2. 1944 Steel Penny
All the wheat pennies were to be copper in 1944, but a few were mistakenly minted in steel. These coins are in very low quantities and sell for millions of dollars.
3. 1955 Doubled Die Penny
This coin contains numbers and letters that seem to be double printed because of an error in the printing process. It is a very rare collector’s piece and can fetch more than $10,000.
Is the $168,000 Coin Still in Circulation?
Yes! While it’s very unlikely, there’s still a possibility that a 1943 Bronze Wheat Penny might still be out there in circulation. Most people don’t notice their coins, so it might be buried in an old coin collection, a clay piggy bank, or as an old treasure.
How to Increase Your Chances of Finding a Rare Coin?
If you are looking to get a rare Lincoln Wheat Penny, here is what you should try:
- Dig through pocket change: Browse through coins in everyday transactions.
- Sort through old coin sets: Attempt to sift through your grandparents’ or relatives’ old collections.
- Purchase coin rolls at a bank: Occasionally old coins can be discovered at a bank.
- Attend coin shows: Some rare coins fall into the lap by chance in flea markets, estate sales, and garage sales.
Conclusion
The Lincoln Wheat Penny, particularly the 1943 bronze example, is a valuable gem among coin collectors. It may not be easy to locate, but it is achievable. If you are keen to observe the coins in your wallet and look at the right corners, the next time you happen to spot an old coin, it could very well be a rare coin with a value of $168,000!
So next time you discover an old penny, take a good look at it… who knows, maybe you’ll get lucky!
FAQs
Q1. Why is the 1943 Bronze Lincoln Wheat Penny so valuable?
It was mistakenly minted in bronze instead of steel during World War II, making it extremely rare.
Q2. How can I check if I have a 1943 Bronze Penny?
Use a magnet; if it doesn’t stick, it could be bronze. Also, check its color—it should be copper-like, not silver-gray.
Q3. What is the highest price paid for a 1943 Bronze Wheat Penny?
Some have sold for over $168,000, and in rare cases, even higher at auctions.
Q4. Are there other valuable Lincoln Wheat Pennies?
Yes! The 1909-S VDB, 1944 Steel Penny, and 1955 Doubled Die Penny are also highly valuable.
Q5. Can I still find a rare Lincoln Wheat Penny in circulation?
Yes, but it’s very rare. Checking old coin collections, bank rolls, and pocket change increases your chances.