Most people toss pennies into jars without a second thought. Yet among the millions of Lincoln Wheat pennies produced between 1909 and 1958, a few rare examples have fetched prices in the hundreds of thousands of dollars. This guide explains practical steps to find, identify, and handle a potentially valuable Lincoln Wheat penny in loose change.
Why some Lincoln Wheat pennies are so valuable
Value depends on rarity, condition, and collector demand. A typical circulation-worn wheat penny is worth only a few cents. But extreme errors, rare mintmarks, and unusual compositions can dramatically increase value.
Key reasons a Lincoln Wheat penny might be worth a small fortune include:
- Mint errors (double die, wrong planchet, off-center strikes)
- Unusual mintmarks or missing mintmarks
- Alternate metal composition (e.g., 1943 copper pennies)
- Exceptional preservation and grading (MS65 and up)
Where to look for a rare Lincoln Wheat penny in loose change
You don’t need a mint to find something valuable. Check these common places first:
- Old jars and coin dishes around the house
- Attic boxes, old wallets, and coin trays at estate sales
- Cash registers and tip jars in small businesses
- Rolls of pennies bought at the bank — request older rolls if available
Handle coins by the edges to avoid oils from your skin damaging them. Use gloves or clean hands if possible.
Quick visual checklist for loose change
- Check the date. Any coin dated between 1909 and 1958 is a Lincoln Wheat penny.
- Look for oddities: off-center strikes, missing details, die cracks, or doubling.
- Inspect the mintmark. Some mintmarks or missing mintmarks can add value.
- Note color and weight. A steel-colored 1943 is typical; a copper 1943 is extremely unusual.
How to inspect a candidate penny safely
When you find a coin that looks unusual, take careful steps to preserve its condition and prepare it for evaluation.
- Do not clean the coin. Cleaning can destroy collector value.
- Place it in a soft holder or coin flip to avoid further wear.
- Use a magnifying glass or loupe (10x) to study the obverse and reverse details.
- Compare photos with reference guides or reliable online resources.
What to look for with close inspection
- Double die: clear doubling of letters or numbers, especially on the date or IN GOD WE TRUST.
- Wrong planchet: coin made on the wrong metal (e.g., copper instead of steel).
- Doubled mintmark or repunched mintmark.
- Unusual wear patterns or proof-like surfaces indicating special strikes.
Lincoln Wheat pennies were produced from 1909 to 1958 and show two wheat stalks on the reverse. Some error pennies from this series have sold for more than $500,000 at auction.
Authentication and grading: next steps
If you suspect a coin is valuable, the next step is professional authentication. Grading and certification establish provenance and quality for buyers and auction houses.
Common steps include:
- Take high-resolution photos of both sides under good lighting.
- Contact a reputable third-party grading service such as PCGS or NGC for submission guidelines.
- Visit a local reputable coin dealer or numismatic club for an initial opinion.
Professional grading typically involves fees, but certified coins sell for significantly more and attract serious bidders.
How to sell a rare Lincoln Wheat penny
Once authenticated, you have several selling options. Choose based on your timeline and the coin’s expected value.
- Auction houses (Heritage, Stack’s Bowers) for high-value coins reaching collectors globally.
- Online marketplaces (eBay) with strong listing and buyer protection for mid-range sales.
- Specialized dealers who handle rare coins and private sales for convenience and speed.
Gather documentation: photos, grading certificates, and any provenance. Good documentation raises buyer confidence and price.
Pricing tips
- Research completed auction results for the same date, mint, and error type.
- Consider professional appraisal if the coin is estimated to be in six figures.
- Be wary of quick offers from strangers—get multiple opinions.
Short case study: finding value in a jar
A collector cleaned out a family coin jar and noticed an odd-colored penny dated 1943. It looked copper rather than steel. The collector did not clean the coin and consulted a local coin dealer.
After photographing and submitting the coin to a grading service, the penny was confirmed as an unusual composition. The owner sold the authenticated coin at auction, receiving a price that covered grading fees and exceeded expectations. The key factors were careful handling, prompt authentication, and choosing the right auction venue.
Final practical tips
- Check older coins before discarding them. A quick glance at dates can reveal candidates.
- Don’t clean or alter a suspicious coin; it will reduce value.
- Use trusted graders and get multiple opinions for high-value items.
- Keep records, photographs, and receipts for provenance when selling.
Finding a rare Lincoln Wheat penny in loose change is unlikely but possible. With careful handling, basic inspection skills, and proper authentication, a single coin can turn an overlooked jar of pennies into a surprising discovery.