Coin collecting is a fascinating hobby, and some rare coins can be worth a fortune—even if they’re still circulating in your pocket change. One such coin is the Lincoln Wheat Penny, which, under the right conditions, can be worth up to $500 or more.
But how do you know if you have one? What makes a Wheat Penny valuable? In this guide, we’ll explore:
- The history of the Lincoln Wheat Penny
- Key dates and errors that make certain pennies worth big money
- How to identify a rare Wheat Penny
- Whether these valuable coins are still in circulation
Let’s dive in and uncover the secrets of this iconic American coin!
History of the Lincoln Wheat Penny
When Was the Lincoln Wheat Penny First Minted?
The Lincoln Wheat Penny was introduced in 1909 to commemorate the 100th anniversary of Abraham Lincoln’s birth. It replaced the Indian Head Penny and was the first U.S. coin to feature a real historical figure (Lincoln) on the obverse (front).
Why Is It Called a “Wheat Penny”?
The reverse (back) of the coin originally featured two wheat stalks, earning it the nickname “Wheat Penny.” This design remained in use until 1958, when it was replaced by the Lincoln Memorial Penny.
Key Facts About the Lincoln Wheat Penny
| Feature | Details |
|---|---|
| Years Minted | 1909–1958 |
| Designer | Victor D. Brenner |
| Metal Composition | 95% copper, 5% tin & zinc (1943: steel) |
| Mint Marks | D (Denver), S (San Francisco), none (Philadelphia) |
Rare Lincoln Wheat Pennies Worth $500 or More
Not all Wheat Pennies are valuable, but certain dates, mint marks, and errors can make them worth hundreds—or even thousands—of dollars. Here are the most sought-after varieties:
1. 1909-S VDB (The King of Wheat Pennies)
- Mint Mark: S (San Francisco)
- Why It’s Valuable: Only 484,000 were minted, making it extremely rare.
- Estimated Value: $500–$2,500+ (depending on condition)
2. 1914-D (Low Mintage Rarity)
- Mint Mark: D (Denver)
- Why It’s Valuable: Only 1.2 million were produced.
- Estimated Value: $200–$1,000+
3. 1922 No D (A Major Mint Error)
- Mint Mark: Missing (Error)
- Why It’s Valuable: The Denver Mint accidentally struck pennies without the “D” mint mark.
- Estimated Value: $500–$3,000+
4. 1943 Copper Penny (The “Wrong Metal” Rarity)
- Expected Metal: Steel (due to WWII copper shortage)
- Error: A few were mistakenly struck in copper.
- Estimated Value: $100,000+ (one sold for $1.7 million in 2010!)
5. 1955 Double Die Obverse (A Famous Error Coin)
- Error: The obverse (front) design was doubly stamped, creating a noticeable doubling effect.
- Estimated Value: $1,000–$20,000+
Are Valuable Wheat Pennies Still in Circulation?
Chances of Finding a Rare Wheat Penny in Change
While most valuable Wheat Pennies have been pulled from circulation by collectors, it’s still possible to find one in an old jar of coins, a flea market, or even in everyday change.
Where to Look:
- Coin Rolls from Banks (Some collectors hunt through penny rolls)
- Estate Sales & Flea Markets (People often overlook old coins)
- Inherited Collections (Check family coin collections)
How to Identify a Valuable Wheat Penny:
- Check the Date & Mint Mark (Look for key years like 1909-S, 1914-D, 1922 No D)
- Inspect for Errors (Double dies, off-center strikes, missing mint marks)
- Assess Condition (Uncirculated coins are worth more)
Conclusion: Could You Have a $500 Wheat Penny?
The Lincoln Wheat Penny is a classic collectible, and some rare versions can be worth $500 or even millions. While most high-value pennies are now in collections, they still turn up in unexpected places.
If you’ve been holding onto old pennies, take a closer look—you might just have a hidden treasure!
FAQs About the Lincoln Wheat Penny
1. What is the rarest Lincoln Wheat Penny?
The 1909-S VDB and the 1943 Copper Penny are among the rarest. Only a few 1943 copper pennies exist, making them worth over $100,000.
2. How much is a 1956 Wheat Penny worth?
Most 1956 Wheat Pennies are common and worth 1–5 cents, but uncirculated versions can fetch $1–$5.
3. Can I still find a Wheat Penny in circulation?
Yes, but it’s rare. Most were pulled out decades ago, so finding one in change is unlikely—but not impossible!
4. What should I do if I find a rare Wheat Penny?
- Handle it carefully (avoid cleaning it—this reduces value).
- Get it authenticated by a coin expert or grading service (PCGS or NGC).
- Check recent sales on eBay or coin price guides.
5. Why is the 1943 Copper Penny so valuable?
In 1943, pennies were supposed to be made of steel (to save copper for WWII). A few copper blanks were accidentally used, making these coins extremely rare.
