The Lincoln Wheat Penny, minted from 1909 to 1958, is indeed a fascinating piece of American numismatic history, and your detailed overview covers the key points well. Let me add some clarity and additional insights based on current information, addressing the claim of an $83 million penny and providing practical guidance.
Key Points About the Lincoln Wheat Penny
- Design and History: As you noted, the Lincoln Wheat Penny was designed by Victor David Brenner to mark Abraham Lincoln’s centennial in 1909. The obverse features Lincoln’s portrait, while the reverse shows two wheat stalks, hence the nickname. It was the first U.S. coin to depict a real person, a significant milestone.
- Rarity Factors: Value hinges on:
- Mint Marks: Coins from San Francisco (“S”) or Denver (“D”) can be rarer than those from Philadelphia (no mint mark). The 1909-S VDB, with Brenner’s initials on the reverse, had a mintage of just 484,000 and is highly prized.
- Minting Errors: Errors like double dies (e.g., the 1955 Doubled Die Obverse) or missing mint marks (e.g., 1922 No D) are valuable due to their uniqueness.
- Condition: Coins graded MS65 or higher by services like PCGS or NGC fetch premium prices. Uncirculated, pristine coins are rare for such an old series.
- Key Dates: Notable years include 1909-S VDB, 1914-D, 1922 No D, 1931-S, and the 1943 Copper Penny. The 1943 Copper Penny is particularly famous, as most 1943 pennies were steel due to wartime copper conservation. Only about 20 copper 1943 pennies are known to exist, likely due to minting errors.
- 1943 Copper Penny: This is often cited as the holy grail of Wheat Pennies. Its rarity stems from the accidental use of copper planchets instead of steel. Recent sales include a 1943-S Copper Penny sold for $1.7 million in 2010.
The $83 Million Claim: Myth or Reality?
The claim that a Lincoln Wheat Penny could be worth $83 million appears exaggerated and lacks verified evidence. Here’s the breakdown:
- Highest Known Sales: The most expensive Lincoln Wheat Penny sold publicly is a 1943-D Copper Penny graded MS64, which fetched $1.7 million at auction in 2010. Other high-value sales include:
- 1943 Copper Penny (PCGS MS62): $840,000 in 2021.
- 1909-S VDB (MS67): Over $500,000 in top grades.
- 1955 Doubled Die Obverse: Around $180,000 for high-grade examples.
- $83 Million Rumor: No credible auction records or numismatic sources confirm a Wheat Penny sale at $83 million. This figure may stem from speculative hype, conflation with other ultra-rare coins (e.g., the 1933 Double Eagle, sold for $18.9 million in 2021), or unverified private sales. Posts on X and web sources occasionally mention such figures, but they lack substantiation and often circulate as clickbait.
- Plausibility: A penny reaching $83 million would require extraordinary factors: a unique error, impeccable provenance, and unprecedented collector demand. While possible in theory, no known Wheat Penny fits this profile today.
How to Identify a Valuable Penny
Your advice on inspecting pennies is spot-on. Here’s a concise checklist:
- Date and Mint Mark: Look under the year for a tiny “S” or “D”. Key dates: 1909-S VDB, 1914-D, 1922 (no D), 1931-S, 1943.
- Material: For 1943 pennies, use a magnet. Steel pennies stick; copper ones don’t and are potentially rare.
- Condition: Check for sharpness in Lincoln’s beard, bowtie, and wheat details. Avoid cleaning, as it removes patina and value.
- Errors: Use a 10x magnifying glass to spot doubled text, off-center strikes, or odd markings.
- Professional Appraisal: If promising, consult a certified dealer or grading service like PCGS or NGC. Local coin shops can offer initial guidance.
Where to Sell
- Auction Houses: Heritage Auctions and Stack’s Bowers are top choices for high-value coins, offering global exposure.
- Dealers: Certified dealers (PNG or ANA members) ensure fair appraisals and secure transactions.
- Online Platforms: eBay or specialized numismatic sites work for graded coins, but beware of scams. Always get coins graded before selling.
- Grading First: Submit to PCGS or NGC for authentication. Grading fees ($20–$100+) are worth it for potentially valuable coins.
Additional Tips
- Storage: Keep coins in acid-free holders to preserve condition.
- Market Trends: Prices fluctuate based on collector demand and economic factors. Check recent auction results on Heritage Auctions’ site or CoinTrackers for benchmarks.
- Scams: Be wary of unverified buyers or online “experts” promising quick sales. Stick to reputable channels.
FAQ Updates
- Q1: Why $83 million? Likely a myth. Real sales top out at $1.7 million for a 1943 Copper Penny.
- Q4: Rarest Penny? The 1943 Copper Penny, with ~20 known examples, holds this title.
- Q5: Cleaning? Never clean coins; it reduces value by damaging the surface.
Final Thoughts
While the $83 million figure is likely a stretch, Lincoln Wheat Pennies can still be worth thousands or even millions in rare cases. The 1943 Copper Penny and 1909-S VDB are the stars to watch for. If you have old pennies, inspect them carefully, avoid cleaning, and seek professional appraisal for suspects. You might not find an $83 million coin, but a $1,000+ discovery is entirely possible. Happy hunting!