The Lincoln Wheat Penny has long fascinated coin collectors, history buffs, and curious pocket change checkers. While most of these pennies are worth just one cent, some rare versions can be worth thousands—or even hundreds of thousands. Recently, rumors have popped up about a Lincoln Wheat Penny supposedly worth a staggering $124 million. Let’s clear the air: is it real, and how can you find the valuable ones?
Mystery
So, where did the $124 million number come from? Well, it’s most likely a rumor or misreported headline. There is currently no official record of any Lincoln Wheat Penny selling for anywhere near that amount. The most expensive one to date is a 1943 Copper Wheat Penny, which sold for $840,000. Still impressive—but far from $124 million.
Even if the mega-million story isn’t true, the hype has people checking their change. And that’s not a bad thing. Some rare pennies can still fetch life-changing prices.
Origins
The Lincoln Wheat Penny was minted from 1909 to 1958. It’s called a “wheat penny” because of the wheat ears on the reverse. These coins have historical value and are often the starting point for beginner coin collectors.
Over the years, certain variations and minting errors have become valuable due to their rarity, unique composition, or limited mintage.
Reasons
Why are some of these pennies worth so much? Here’s a quick breakdown:
- Minting Errors – Misprints like the 1955 Doubled Die make pennies highly collectible.
- Rare Metals – In 1943, most pennies were made of steel. Copper ones from that year are rare.
- Low Mintage – Coins like the 1909-S VDB were made in limited numbers.
- Historic Relevance – Older coins or those tied to U.S. history rise in value.
- Collector Demand – Rarity is one part; demand is the other.
Values
Let’s look at the top 7 most valuable Lincoln Wheat Pennies ever known:
| Coin Name | Estimated Value | Key Identifier |
|---|---|---|
| 1943 Copper Penny | Up to $840,000 | Copper, not steel; doesn’t stick to magnet |
| 1909-S VDB Penny | Up to $100,000 | VDB initials on reverse + S mintmark |
| 1955 Doubled Die Penny | Up to $125,000 | Doubled date and letters |
| 1922 No D Penny | Up to $75,000 | No “D” mintmark on a 1922 penny |
| 1944 Steel Penny | Up to $100,000 | Steel in a year that used copper |
| 1914-D Lincoln Penny | Up to $150,000 | D mintmark and excellent condition |
| 1931-S Lincoln Penny | Up to $75,000 | Low mintage and S mintmark |
Detection
Think you’ve found something valuable? Here’s how to check:
- Check the Date and Mintmark
Look for special years: 1909-S, 1914-D, 1922 No D, 1943 Copper, 1955 Doubled Die.
Also note mintmarks like “S” (San Francisco) or “D” (Denver). - Look for Errors
Doubled numbers or letters = error.
Missing mintmarks or misaligned strikes also add value. - Test the Material
For 1943 and 1944 pennies, use a magnet.
Steel pennies will stick; copper ones won’t.
Also, check the weight:- Copper = 3.11 grams
- Steel = 2.7 grams
- Inspect the Edge
Sometimes rare coins have a smoother or oddly struck edge that sets them apart.
Resources
Want to go deeper? Trusted numismatic sources include:
- PCGS (Professional Coin Grading Service)
- NGC (Numismatic Guaranty Company)
- Heritage Auctions for past sales and prices
- Coin forums and Facebook collector groups for community opinions
It’s easy to overlook a penny, but in the world of coin collecting, small details can lead to massive payoffs. While there’s no official $124 million Lincoln penny, there are still valuable ones in circulation. So next time you get change at the store, give your pennies a second glance—you might be holding history.
FAQs
Is the $124 million penny real?
No confirmed sale exists; it’s likely just a rumor.
What’s the most valuable wheat penny?
The 1943 Copper Wheat Penny sold for $840,000.
How do I test if my penny is steel or copper?
Use a magnet—steel sticks, copper doesn’t.
Where can I sell rare pennies?
Auction houses, coin dealers, or eBay.
What makes a penny valuable?
Rarity, minting errors, metal type, and collector demand.
