Think that penny in your pocket is only worth one cent? Think again. A rare Lincoln Wheat Penny has fetched a jaw-dropping $960,000 at auction, proving that even the most unassuming coins can be worth a small fortune. Here’s everything you need to know about this incredible coin—and how to spot one like it.
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Why Did This Lincoln Penny Sell for $960,000?
During World War II, copper was in high demand for military purposes. To conserve the metal, the U.S. Mint switched to using steel planchets in 1943, resulting in the silver-colored 1943 steel pennies. However, some bronze (copper) blanks from the previous year were mistakenly used in the minting process.
This error gave birth to the ultra-rare 1943 Bronze Wheat Penny, of which only 10 to 15 examples are known to exist.
- One of these 1943 bronze pennies sold for $1.7 million in 2010.
- A similar 1943-S Bronze Penny sold for $1 million.
But the $960K penny that stunned collectors was a 1944 Steel Wheat Penny—another accidental rarity. In 1944, the Mint resumed using copper, but a few leftover steel blanks from 1943 were still in the mix, creating another unexpected and highly valuable error coin.
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While it may sound like a dream, rare coins do occasionally surface in everyday coin rolls or pocket change. In fact, in 2022, someone discovered a 1958 Doubled Die Penny worth over $100,000 in a regular coin roll.
Here are some other high-value Lincoln Wheat Pennies to keep an eye out for:
- 1909-S VDB – First year of issue; key date, worth $3,000+
- 1914-D – Rare mint, valued $200 to $5,000+
- 1922 No D – Mint mark missing; worth $500 to $15,000
- 1955 Doubled Die – Famous error coin; can sell for $1,000+
How to Check Your Pennies for Value
You don’t need to be a professional coin collector to identify a rare Wheat Penny. Here are a few easy steps to get started:
1. Use a Magnet
- Steel pennies stick to magnets (like the 1943 common variety).
- Copper ones do not – So a 1943 copper penny that doesn’t stick is rare!
2. Check the Date
- Look for 1943 (should be steel) and 1944 (should be copper).
- If they’re reversed, you may have a valuable error.
3. Look for Mint Marks
- “S” (San Francisco) and “D” (Denver) can indicate rarity, especially in earlier years.
4. Spot Error Coins
- Doubled dies (letters appear “doubled”)
- Off-center strikes
- Re-punched mint marks
The Story Behind the Lincoln Wheat Penny
First minted in 1909 to honor the 100th anniversary of Abraham Lincoln’s birth, the Lincoln Wheat Penny (designed by Victor D. Brenner) featured Lincoln on the obverse and wheat ears on the reverse. This iconic design ran until 1958, when it was replaced by the Lincoln Memorial design.
Over the decades, countless pennies have been minted—but only a few hold such incredible value due to minting errors, rarity, and historical significance.
Final Thoughts: Don’t Spend That Penny Just Yet
That handful of loose change could hold a hidden gem. The $960,000 Lincoln Wheat Penny is proof that extraordinary value can lie in ordinary places. If you’re lucky enough to find one of these rare coins, you could turn one cent into hundreds of thousands—or even millions—of dollars.
Before you cash in your coins, grab a magnifying glass, check the date, and do a little digging. You might be sitting on a small fortune.