The Lincoln Wheat Penny, minted in the United States from 1909 to 1958, is a cherished coin among collectors.
While most are valued at their face value of one cent, certain rare varieties can command prices up to $96,000 or more. This article explores these valuable pennies, how to identify them, and their current status in circulation.
Understanding the Lincoln Wheat Penny
Introduced in 1909 to commemorate Abraham Lincoln’s 100th birthday, the Lincoln Wheat Penny features the president’s portrait on the obverse and two stalks of wheat on the reverse, symbolizing prosperity and peace. In 1959, the design was updated to feature the Lincoln Memorial.
Rare Varieties of the Lincoln Wheat Penny
Among the numerous Lincoln Wheat Pennies, a few rare varieties are particularly valuable due to unique minting errors or limited production.
1. 1943 Copper Wheat Penny
During World War II, the U.S. Mint switched to zinc-coated steel planchets for penny production to conserve copper. However, a small number of 1943 pennies were mistakenly struck on copper planchets, making them extremely rare. Only about 30 are known to exist, with one selling for over $500,000 at auction.
2. 1909-S VDB Penny
Minted in San Francisco, only 484,000 of these pennies were produced. They are notable for featuring the designer’s initials, “VDB,” on the reverse.
Due to public outcry over the prominence of the initials, the Mint removed them, making this variety highly sought after. Well-preserved examples have sold for over $300,000.
3. 1955 Double Die Penny
A minting error at the Philadelphia Mint resulted in a noticeable doubling effect on the date and lettering of some 1955 pennies.
Approximately 20,000 to 24,000 of these misprinted coins were released into circulation, making them scarce and valuable. Well-preserved specimens can fetch tens of thousands of dollars.
Identifying Valuable Lincoln Wheat Pennies
To determine if you have a valuable Lincoln Wheat Penny, consider the following steps:
- Examine the Date and Mint Mark: Look for specific years and mint marks known for their rarity.
- Inspect for Minting Errors: Check for doubling, misprints, or unusual features.
- Assess the Coin’s Condition: Coins in better condition are more valuable.
- Consult a Professional: For a definitive assessment, have the coin evaluated by a professional numismatist or a reputable coin dealer.
Current Status of Rare Lincoln Wheat Pennies in Circulation
While these rare pennies are highly valuable, they are exceedingly rare in circulation today. Collectors and dealers actively search for them, and many have been removed from circulation. However, it’s still possible to find them in old coin collections, estate sales, or among inherited items.
Notable Rare Lincoln Wheat Pennies
| Coin Type | Mint Year | Mint Mark | Estimated Number in Circulation | Notable Features |
|---|---|---|---|---|
| 1943 Copper Wheat Penny | 1943 | None | Approximately 30 | Struck on copper planchets by mistake during wartime copper shortage. |
| 1909-S VDB Penny | 1909 | S | 484,000 | Features designer’s initials “VDB” on reverse; removed due to public outcry. |
| 1955 Double Die Penny | 1955 | None | 20,000 to 24,000 | Exhibits doubling effect on date and lettering due to minting error. |
While the vast majority of Lincoln Wheat Pennies are worth only their face value, certain rare varieties can be exceptionally valuable.
If you come across a Lincoln Wheat Penny, especially from the years and types mentioned above, it’s worth examining it closely. Consulting with a professional can help determine its potential value.
FAQs
What makes a Lincoln Wheat Penny valuable?
A Lincoln Wheat Penny’s value is determined by its rarity, condition, and any unique minting errors.
How can I identify a 1943 Copper Wheat Penny?
Look for a 1943 penny that is copper-colored rather than steel-gray. This indicates it was struck on a copper planchet by mistake.
Are 1909-S VDB Pennies still in circulation?
Due to their rarity and value, most 1909-S VDB Pennies have been removed from circulation. Finding one in everyday transactions is highly unlikely.