Lincoln Wheat Penny Valued at $700K Still in Circulation: What Collectors Need to Know

Lincoln Wheat Penny Valued at $700K Still in Circulation — Overview

The claim that a Lincoln Wheat Penny valued at $700K is still in circulation refers to rare, authenticated examples of certain Wheat cents that can command extremely high prices. Wheat pennies were minted between 1909 and 1958 and include a number of rare varieties and minting errors that attract intense collector interest.

This article explains how to identify a potentially valuable Lincoln Wheat Penny, what not to do if you find one, and practical next steps for authentication, grading, and sale.

Why Some Lincoln Wheat Pennies Reach High Values

Values rise when a coin is both rare and in good condition, or when it has a notable mint error. Examples include accidental strikes on the wrong planchet, double die obverses, or extremely low-mintage issues. Historical provenance and professional grades from major services also add value.

How to Identify the Lincoln Wheat Penny Valued at $700K

Start with simple visual checks to determine if a wheat penny might be worth further investigation. Use a magnifier and good light.

• Check the date and mintmark: Wheat pennies run 1909–1958. Mintmarks (D, S) appear below the date.
• Look for unusual color or weight: Some rare examples were struck on the wrong metal planchet.
• Search for doubling or die cracks: Strong doubling on Lincoln’s features or the date can indicate a doubled die error.
• Examine the reverse: Wheat ears on the back should be crisp; distinctive die varieties will show anomalies.

Simple Tools to Use

• 10x jeweler’s loupe or handheld magnifier
• Digital scale accurate to 0.01 grams (to check weight differences)
• Smartphone camera for macro photos

What Not to Do If You Find the Penny

Preservation is critical. Improper handling can destroy value.

• Do not clean the coin. Cleaning typically reduces collector value dramatically.
• Do not file, polish, or alter the surface.
• Avoid storing in humidity or directly touching the surfaces — hold by the rim only.

Steps to Authenticate and Grade the Lincoln Wheat Penny Valued at $700K

If your initial checks raise suspicion, follow these steps to verify authenticity and maximize value.

1. Photograph the coin from multiple angles with a macro camera.
2. Research known varieties and errors online or in reference guides to see if it matches documented rarities.
3. Take the coin to a reputable local coin dealer for a preliminary opinion.
4. If promising, submit the coin to a major grading service such as PCGS or NGC for professional authentication and grading.

Where to Get Professional Help

Choose established organizations or dealers with verifiable credentials. Look for members of the American Numismatic Association or dealers who are transparent about fees and consignment terms.

How to Sell a High-Value Lincoln Wheat Penny

Once graded and authenticated, you have several selling routes. Each has trade-offs in fees, audience reach, and timing.

• Auction houses: Good for rare, high-value coins that attract competitive bids. Expect seller fees and required documentation.
• Specialist coin dealers: Faster sale and immediate payment, but dealer margins apply.
• Online marketplaces and consignment: Broader audience but requires careful listing and proof of authenticity.

Documentation to Prepare

Keep all evidence in one place: grading certificate, high-resolution photos, provenance (if any), and any dealer correspondence. This improves buyer confidence and final price.

Small Real-World Example

A small case study illustrates the path from discovery to sale. A homeowner found a worn wheat penny in a jar of change and suspected it might be unusual due to its odd color and date. They photographed it and took it to a local coin dealer, who recommended submitting it for grading. After authentication, the coin proved to be a verified rare variety and was consigned to an auction house. The seller received competitive bids and sold the coin for a six-figure sum after fees.

This example shows the value of patience, proper handling, and using professional services.

Practical Tips to Protect and Store Valuable Coins

• Store graded coins in their holders; avoid removing them from slabs.
• For raw coins, use inert coin flips or capsules to prevent contact with air and oils.
• Keep coins in a stable, low-humidity environment and out of direct sunlight.
• Insure high-value coins and document ownership with photographs and certificates.

Final Thoughts on the Lincoln Wheat Penny Valued at $700K Still in Circulation

While extraordinary values are rare, they do occur for authenticated, well-preserved, or error Wheat pennies. If you think you might have found such a coin, act cautiously: do not clean it, document it, and use reputable graders and dealers. Following careful procedures will protect the coin’s value and give you the best chance of a fair outcome.

With basic tools and a methodical approach, anyone can evaluate a discovery and take the right next steps toward authentication and sale.