It can be surprising to learn that a Lincoln Wheat Penny valued at roughly $1.7 million may still turn up in everyday change. This article explains what makes that penny valuable, how to identify it, and what to do if you think you have one.
What is a Lincoln Wheat Penny?
The Lincoln Wheat Penny was minted from 1909 to 1958 and shows Abraham Lincoln on the obverse with two wheat stalks on the reverse. These coins are common in everyday collections, but a few rare errors and varieties are highly valuable.
Most wheat cents are worth their face value or a small premium to collectors, but certain minting errors or unusual planchets can push a coin’s value dramatically higher.
Why a Lincoln Wheat Penny Valued at $1.7 Million Still in Circulation Matters
Some of the highest values come from extreme minting anomalies. One well-known category is a penny struck on the wrong metal planchet. For example, a 1943 penny struck on a bronze planchet instead of the intended steel planchet is extremely rare.
Such an error can go unnoticed when mixed with ordinary coins. That means a valuable specimen could still be circulating in pockets, jars, or registers.
How the error happens
- Planchet mix-ups at the mint during hurried production periods.
- Similar thickness and size can allow a wrong planchet to be struck and escape detection.
- Only a few examples of some errors were produced, which drives extreme collector interest and high auction prices.
How to spot a 1943 bronze wheat penny
- Weight: Bronze cents weigh about 3.1 grams; 1943 steel cents weigh about 2.7 grams. A precise digital scale helps.
- Color: Bronze (coppery) vs. steel (silver-gray). Corrosion and toning can mask color, so don’t rely on color alone.
- Magnet test: Steel cents are magnetic; bronze cents are not. Use a small magnet to check.
- Design details: Compare to known genuine examples; errors are often authentic strikes of the same design.
What to do if you find a Lincoln Wheat Penny Valued at $1.7 Million
Finding a potentially extremely valuable coin is exciting, but handling and steps matter. Follow these practical instructions to protect value and verify authenticity.
Immediate steps
- Do not clean the coin. Cleaning can destroy collector value and leave visible damage.
- Handle by the edges using clean, dry hands or cotton gloves to avoid oils and scratches.
- Take clear photos: obverse, reverse, and edge under good light. Include a ruler for scale if possible.
- Store in a soft holder or flip, avoiding PVC materials that can damage copper over time.
Authentication and sale options
- Get a second opinion from a reputable local coin dealer with references.
- Consider third-party grading and authentication (PCGS, NGC). Certification increases buyer confidence and can raise the sale price.
- For very high-value coins, consult an auction house with experience in rare coins rather than selling privately.
- Insure the coin before shipping to an auction or grader. Use tracked, insured courier services and follow the grader’s packing instructions.
The Lincoln cent, introduced in 1909, was the first regular U.S. coin to feature an actual person, Abraham Lincoln, rather than an allegorical figure.
Grading and fraud risks
Grading assigns a condition rating that affects value. Grades range from Good (G) to Mint State (MS) with numeric scales attached. Natural wear, scratches, and corrosion lower grade and value.
High-value coins attract counterfeiters and altered pieces. Common fraudulent practices include chemically treating surfaces or attaching mint marks. That’s why third-party grading and provenance are important for multimillion-dollar coins.
Small real-world example
A collector once brought a seemingly ordinary wheat penny to a local coin shop after finding it in an old coin roll. The dealer noticed the unusual weight and non-magnetic properties and advised submitting the coin to a third-party grading service.
After authentication, the coin was confirmed as a rare planchet error and consigned to an experienced auction house. The sale price reflected the coin’s rarity and condition, illustrating why careful verification and professional handling are essential.
Practical tips and quick checklist
If you think you may have a valuable Lincoln Wheat Penny, use this quick checklist:
- Don’t clean the coin.
- Handle on the edges only.
- Check weight and magnetism.
- Photograph clearly and store safely.
- Seek reputable dealer and consider third-party grading.
Final thoughts
While the chances of finding a Lincoln Wheat Penny valued at about $1.7 million are extremely small, it is possible for rare errors to survive in circulation. Knowing what to look for and how to proceed protects both the coin and its potential value.
Approach any suspected find calmly: document it, avoid cleaning, and consult experienced numismatists or third-party graders. Those steps give you the best chance of confirming and realizing any real value.