The Lincoln Wheat Penny, minted from 1909 to 1958, is stirring excitement with claims that a rare variant valued at $12.7 million might still be circulating. Known for its iconic Abraham Lincoln portrait and wheat stalk reverse, this penny is a numismatic legend. The rumored $12.7 million coin is likely tied to the ultra-rare 1943 Bronze Penny, a wartime error that collectors covet. Could this treasure be hiding in your change jar? Let’s explore the facts behind the hype.
The $12.7 Million Myth
Reports of a Lincoln Wheat Penny worth $12.7 million often point to the 1943 Bronze Penny, accidentally struck on copper planchets during World War II when pennies were made of zinc-coated steel to conserve copper. Only 15–20 such coins are known to exist, with one selling for $1.7 million in 2010 and valued at up to $2.3 million in mint condition. The $12.7 million figure, however, appears exaggerated, with no auction records or expert valuations supporting it. Similar claims of $88 million or $1.4 billion pennies also lack evidence, suggesting sensationalism.
Why Are Some Pennies So Valuable?
Certain Wheat Pennies fetch high prices due to rarity, minting errors, or historical context. The 1943 Bronze Penny’s value stems from its scarcity and the wartime anomaly of its production. The 1955 Doubled Die Obverse, with doubled lettering, can sell for $50,000–$125,000. The 1909-S VDB, with designer Victor D. Brenner’s initials, reaches $100,000 in top grades. Condition is crucial coins graded Mint State (MS) by PCGS or NGC command premiums due to their pristine state.
| Coin | Year | Key Feature | Estimated Value |
|---|---|---|---|
| Lincoln Wheat Penny | 1943 | Bronze Error | Up to $2.3M |
| Lincoln Wheat Penny | 1955 | Doubled Die Obverse | Up to $125K |
| Lincoln Wheat Penny | 1909-S VDB | Designer’s Initials | Up to $100K |
Could It Still Be in Circulation?
Yes, rare Wheat Pennies like the 1943 Bronze could theoretically still be in circulation. When minted, these error coins were not recognized as valuable and entered everyday use. Some have been found in pocket change or inherited collections, like a 1943 Bronze Penny discovered in 1947 by a teenager in his lunch money. With billions of pennies still out there, one might lurk in a coin roll, jar, or cash register, unnoticed by those unaware of its worth.
How to Identify a Valuable Penny
To spot a potential $2.3 million 1943 Bronze Penny, check the date and perform a magnet test steel pennies stick, but copper ones don’t, weighing 3.11 grams versus 2.7 grams for steel. For 1955 pennies, look for doubling in “LIBERTY” or the date using a magnifying glass. Check mint marks (“S,” “D,” or none) below the date. Never clean a suspected valuable coin, as it lowers value. Consult a professional grader like PCGS or NGC for authentication.
The Thrill of the Hunt
While a $12.7 million penny is likely a myth, the possibility of finding a $1.7 million 1943 Bronze or a $100,000 1909-S VDB keeps collectors searching. Examine old coins in your collection, especially from key years like 1909, 1943, or 1955. The Lincoln Wheat Penny’s legacy, tied to American history from the Great Depression to World War II, adds to its allure. Next time you find a penny, take a closer look it might hold more than sentimental value.