The Lincoln Wheat Penny Valued at $701,000, Still in Circulation

Coin collecting has, of course, always been an exciting business for any collector; it looks far better when it is also rare and of historical significance. Lincoln’s Wheat Penny is one such coin that is actually famed all around the world for its rarity and vale. Most wheat pennies are valued for a few cents, but a few rare varieties have sold for thousands of dollars.

However, did you know one particular Lincoln wheat penny is valued at $701,000? And the strangest part of all? This coin can still be in circulation! >

What is the Lincoln Wheat Penny?

The Lincoln Wheat Penny, also commonly referred to as a Wheat Cent, is a coin minted by the United States from the year 1909. It was released to commemorate the 100th birthday of President Abraham Lincoln. The obverse is ornamented with Lincoln’s bust, and the reverse features the ear of two wheat cereals, which respectively symbolize prosperity. >

Manufactured between 1909 and 1958, this coin was replaced with the Lincoln Memorial Penny. Most wheat pennies are made of copper, while one special edition in 1943 was made from steel due to wartime metal shortages. >

The Lincoln Wheat Penny Valued at $990K, Still in Circulation

Why is the $701,000 wheat penny so rare?

Not all copies of the wheat penny are so valuable, but some rare editions or error coins sell for very high prices at auction.

The most important of these is the 1943 bronze wheat penny, which is valued at $701,000. This coin is one of the rarest coins in American history. >

Reasons for the rarity of the 1943 Bronze Wheat Penny

In 1943, during World War II, the US Mint decided to make the penny out of steel to save copper. However, by mistake, some coins were minted on leftover pieces of 1942 copper. This mistake makes these coins extremely rare and valuable.

How to identify if you have a $701,000 wheat penny?

If you find a 1943 Lincoln Wheat Penny, check these important features:

Year – The coin should have “1943” stamped on it.
Metal – The rare version is made of bronze, not steel.
An easy way to identify it is the magnet test – if the coin sticks to a magnet, it is the ordinary steel version. If it does not stick to a magnet, it may be a rare copper coin.
Weight – The rare bronze wheat penny weighs 3.11 grams, while the ordinary steel version weighs 2.7 grams.
Mint Mark – These coins were minted in Philadelphia (no mark), Denver (D) and San Francisco (S). If they are in bronze, they can be worth millions.

Other Rare and Valuable Wheat Pennies

Apart from the 1943 bronze penny, some other wheat pennies have also sold for high prices:

1909-S VDB Penny – This was the first year of the Lincoln series, and only 484,000 coins were minted. It can be worth over $100,000.
1944 Steel Penny – Like 1943, some coins in 1944 were accidentally minted in steel. These can also be worth over $100,000.
1922 No D Penny – This coin was minted in Denver, but the “D” mint mark was missing due to an error. It can be worth thousands of dollars.

Can this rare coin still be in circulation?

Yes! It’s unlikely, but not impossible. Since many people don’t take care of their coins, some rare wheat pennies could still be in circulation.

If someone accidentally spends this rare coin in the market, it could end up in someone else’s hands. So, never forget to check your old coins thoroughly!

The Lincoln Wheat Penny Valued at $220 Million, Still in Circulation

Tips to Find Rare Lincoln Wheat Penny

If you want to look for rare coins, follow these simple steps:

Look closely at old coins – Check all pennies minted before 1958 carefully.
Use a magnet – Use a magnet to check 1943 coins to see if they are steel or bronze.
Check the weight – If you have any doubts, measure the coin’s weight using a digital scale.
Seek expert advice – If you find a suspicious coin, take it to a coin dealer or numismatic expert.

Conclusion

The $701,000 Lincoln Wheat Penny is one of the rarest and most valuable coins in the world. This 1943 bronze penny is a collector’s dream even today, and surprisingly, this coin may still be in circulation!

If you are also fond of collecting rare coins, then examine the coins you have carefully – who knows, there may be a hidden treasure in your pocket!