Just imagine the coin that has been there in your pocket since a time you don’t even remember has the worth of $99 million? Sounds crazy, right? But this is not just an idea or dream; it is actually happening out there. There are many coins that are still out there that are worth millions.
Most of these coins will have an ordinary look, but upon closer inspection, they are the rare coins that were thought to be lost in time. The recent buzz is of the famous Lincoln wheat pennies, which are being found by people in many different and unusual places.
$99 Million Valued The Lincoln Wheat Penny
The Lincoln wheat penny was produced in the US mints from 1909 to 1958 and has been a regular penny seen in the American market for about 50 years. But there is an interesting turn in this, in the phase of World War 2, in the exact year of 1943, the military of the country needed copper for equipment and forces, so the Mint shifted the copper composition to steel coated in Zinc. But due to some negligence, there were some copper planchets left, and they accidentally slipped into the production process.
The result of this incident was that there were a few 1943 pennies in copper composition instead of steel. They had an appearance similar to a regular penny of that time, but as these were a product of accident and also produced in few numbers, these are now considered very rare. Recently, in 2024, one of these accidentally produced coins was discovered and sold for $99 million in an anonymous private auction. It is estimated that approximately 20 of them are there in existence. And if someone finds one, it would definitely change their life.
What makes these Lincoln Wheat pennies so valuable?
There are some distinct features in the Lincoln Wheat pennies that make them different and extraordinary. And these are like treasures for many coin collectors, and in the numismatic community.
- Rarity – these pennies are extremely rare, and they are believed to be only 20 in number with mint marks of US mints like Denver, San Francisco, and Philadelphia.
- Appearance – the look of these pennies is not the same as the steel coins of that time, due to the different composition, they stand out from the ordinary ones.
- Historical Value – Apart from rarity and appearance, these have a significant historical element in them. For historians, these coins are evidence that a particular incident took place in the past. For example, in this case, it holds evidence of the dependency of copper for the armed forces during World War 2, and there was a shortage of it.
- Narrative – The narrative of the coin plays a huge role in its value evaluation. The war context and the transition of copper into silver coins make these coins more worth collecting.
The transition of the penny’s valuation over time
- Around the 1950s, these pennies, when they were first recognized by collectors they were only valued for a few dollars.
- Then, in the 1970s, these were sold in tens of thousands.
- It was in 2010 that a coin was discovered which was in perfect condition and had the mint mark D. It was sold for around 1.7 million dollars.
- If we talk about now, these pennies are expected to touch 100 million dollars, as recently one was sold for 99 million dollars if displayed in a reputable auction house or environment.
The phrase is Old is Gold actually applies here, as collectibles often produce more value over time. A single penny from the 1940s has the value that can feed a whole family for generations. And for this particular coin, along with its rarity, the historical significance plays a huge role in its valuation.
How can someone identify the Rare Lincoln Wheat Penny?
If you think you have the rare penny with you, make sure to check out these identification pointers before getting your hopes high.
- Confirm the year imprinted – make sure the year in the coin is actually 1943. Many times, due to erosion of the lettering, the numbers may look different from the actual ones.
- Do a magnet test – since in 1943 pennies composition shifted from steel to copper, the steel ones will stick to the magnet, but if you have the rare copper ones, then they will not stick
- Check the weight – if you have the bronze one, it will weigh around 3.11 grams and will definitely be heavier than the steel one
- Check the mint mark – verify the mint mark that you will find below the year. If it’s D, it is minted in Denver, if it’s S, then it’s minted in San Francisco; and if there is no mint mark, then it’s minted in Philadelphia.
If your penny clears all the identification points, then you should go for professional authentication, as they will guide you better on the actual valuation of the penny. Authentication is important, as when a rare penny is found, there are different opinions. This particular 1943 bronze penny has countless altered and counterfeit coins. They have a common depiction like: –
- Many have applied copper plating over the 1943 steel pennies.
- There could be modifications seen in the years 1945/1948 in the copper pennies.
- There are many replicas of the original one, which are made from modern methods.
Because of these non-just alterations getting analyzed and authorized by a professional is very important in terms of these rare pennies. There are reputable services like NGC or PCGS that have numismatic experts with extensive knowledge who can very easily identify a rare coin. They use some specific authentication techniques that help them in the evaluation.
Final Thoughts
This 1943 Lincoln wheat penny plays a huge role in American history as it is evidence of what occurred during the war times. And also, it is a stored memory of sacrifices made during the wars. So if you still think that having spare change is a total waste in the time of digital transactions, think twice, as you may be carrying 99 million dollars in your pocket without even knowing.
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