Have you ever thought about if in some corner of your coin collection there might be hidden the $124 million Lincoln wheat penny? A penny that is both rare and valuable has caught the attention of many collectors and investors. Those who own one are transformed overnight. This article explores all you need to know about identifying such a coin, why it’s so much worth, and how you can tell whether or not you have one in your possession.
Rare Lincoln Wheat Penny
| Feature | Details |
|---|---|
| Coin Name | 1943 Bronze Lincoln Wheat Penny |
| Estimated Value | Up to $124 million |
| Minted In | Philadelphia, Denver, San Francisco |
| Key Identifiers | Made of bronze instead of steel, weighs 3.11 grams |
| Rarity Level | Extremely Rare – Only a few known to exist |
| Official Resource | U.S. Mint |
Among the rarest coins in numismatic history is the $124 million Lincoln Wheat Penny. If you think one is in your possession, refer to the identification methods mentioned above and have it authenticated professionally. Even if you do not find one, checking your pennies for a little extra value is worth the trouble. Be it just a curiosity or full-blown collection, rare coins are interesting and profitable!
So why is the 1943 Lincoln Wheat Penny so rare and valuable? In order to conserve copper for the war effort, the U.S. Mint switched from the production of copper pennies in 1943. However, during that year, some extremely rare coins were mistakenly produced in traditional bronze, minting errors. Fewer coins are said to have been minted in Denver and San Francisco than in Philadelphia.
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A handful of these coins have been discovered, thus the values have continued to rise. One of those years’ pennies went for over $1.7 million at auction in 2010, and experts now agree that a mint-condition 1943 bronze Lincoln penny could be valued at as much as $124 million, ranking it as one of the most valuable coins today.
How to Identify a $124 Million Lincoln Wheat Penny
Look for the Date and Mint Mark
The first step: check the date and mint mark to determine whether the coin is indeed the rare 1943 Bronze Lincoln penny. The obverse must have the following information inscribed:
- Date: It must be 1943.
- Mint Marks:
- No mint mark (Philadelphia)
- D (Denver Mint)
- S (San Francisco Mint)
Test for Magnetism
Since most 1943 pennies were made of steel, they are magnetic. If your penny is attracted to a magnet, it is just a common steel penny worth only a few cents. But if it is not attracted to the magnet, it could be a bronze error coin worth millions. Weight of the Coin
Put the 1943 penny on a digital pocket weighing scale and note the reading:
- Regular 1943 steel pennies weigh 2.7 grams.
- Rare bronze 1943 pennies weigh 3.11 grams.
Your penny weighs about 3.11 grams and is not attracted to the magnet; it must be worth a small fortune!
Observe the Color and Surface
Steel pennies are silvery gray from zinc plating. Bronze pennies are reddish-brown or copper-colored. If your penny is copper in appearance and meets the criteria mentioned earlier, get it authenticated!
Obtain Professional Authentication
To get your coin authenticated, send it to one of the following qualified grading services:
- Professional Coin Grading Service (PCGS) (pcgs.com)
- Numismatic Guaranty Company (NGC) (ngccoin.com)
These organizations will establish that the coin is indeed a 1943 Bronze Lincoln Penny and issue an official certificate.
What Makes Certain 1943 Pennies Worth Millions?
Errors with Refuge and Rarity
There is only a handful of 1943 bronze pennies which are accident strikes before its correction of the error. They are consequently highly prized by collectors because they are extremely rare.
Inflated Demand by Collectors and Investors
There are few 1943 bronze pennies, demand being higher than in the case of the available supply. This has resulted in prices that are bid sometimes to astronomical levels.
Ground-Breaking Sales Record
- In 2010, a Denver-minted 1943 Bronze Penny was auctioned off for a record $1.7 million.
- The 1943 Philadelphia version was sold in private for $1 million.
- Experts are of the opinion now that a specimen in perfect condition could be worth as much as $124 million.
FAQS:
How many 1943 Bronze Lincoln Pennies exist?
There are only about 20 to 25 known to exist worldwide, and therefore they are extremely rare.
What do I do if I think I have one?
If you believe you have a 1943 Bronze Lincoln Penny:
Use a magnet-check to see if it sticks, and if it doesn’t, proceed.
Weigh it-if it weighs 3.11 grams, it might be the real thing.
Have it authenticated by PCGS or NGC.
What about a regular 1943 steel penny?
Most 1943 steel pennies circulate at a value of 10-50 cents, but some distinguished specimens sell for $1 to $10.
Is it possible to get a rare 1943 bronze penny in circulation?
While it is highly improbable, it is technically possible. Searching through old coin collections or inherited pennies may increase your chances, though.
Where is a 1943 Bronze Penny able to be sold?
If you have one, you could sell it through major auction houses or coin dealers. Other places you could sell it are Heritage Auctions and Stack’s Bowers.