Many people treat pennies as low-value pocket change, but some Lincoln Wheat pennies — struck between 1909 and 1958 — can be extremely valuable. One rare example has fetched auction prices near $510,000, proving that a fortune can still be hiding in jars and couch cushions.
What Is a Lincoln Wheat Penny?
The Lincoln Wheat penny is the one-cent coin issued by the United States from 1909 to 1958. The reverse features two wheat stalks, which is how the coin got its nickname.
Collectors focus on date, mint mark, condition, and errors. These factors determine whether a common penny is worth face value or thousands of dollars.
How to Find a Rare Lincoln Wheat Penny in Loose Change
Checking loose change doesn’t require specialized equipment. Follow these practical steps to spot a potentially valuable Lincoln Wheat penny.
- Look at the date and mint mark (just under the date). Important mint marks are D (Denver) and S (San Francisco).
- Check the reverse for the wheat stalks and confirm the year is between 1909 and 1958.
- Use a magnifier to look for small features like the VDB initials on the 1909 coins.
- Watch for obvious errors like doubled dies, missing mint marks, or unusual metal color.
- Compare suspect coins to online references or coin guides before assuming value.
Basic Tools to Keep Handy
You don’t need a lab to start. A few inexpensive tools make a big difference:
- 10x magnifier or jeweler’s loupe
- Small digital scale (to check suspected 1943 copper)
- Magnet (to test for steel 1943 cents)
- Reference book or reputable online resource for images
Key Dates and Errors to Watch for on a Lincoln Wheat Penny
Not every wheat penny is rare. Certain dates and mintmarks, and particular mint errors, are the ones most likely to be valuable.
- 1909-S VDB and 1909-S: Early Lincoln cents with very low mintage.
- 1914-D: Scarcer date with strong collector demand.
- 1922 Plain (No D): Known varieties where the mint mark is weak or absent.
- 1955 Doubled Die Obverse: Striking error that produces clear doubling on the date and inscriptions.
- 1943 Copper Cents: Intended to be steel; any 1943 bronze or copper cent is a major error and highly valuable.
How Condition Affects Value
Condition, or grade, matters more for coins of the same variety. A well-preserved specimen can be worth many times more than a worn example of the same date.
Professional grading companies like PCGS and NGC assign grades that significantly influence auction prices. If you believe you found a rare piece, getting a verified grade is a common next step.
Collectors have paid hundreds of thousands of dollars for rare Lincoln Wheat pennies. Auction records include sales near $510,000 for high-grade or extreme error examples.
What to Do If You Find a Suspected Rare Lincoln Wheat Penny
Stay calm and follow a practical path. Rushing can lead to missed value or bad sales terms.
- Document the coin with clear photos from both sides.
- Research the date and mint mark using reputable references.
- If it looks valuable, avoid cleaning the coin; cleaning can lower value.
- Get a second opinion from an experienced coin dealer or local coin club.
- Consider third-party grading if the coin appears to be a high-value error or in excellent condition.
Selling Options
There are several ways to sell a valuable coin, each with pros and cons:
- Auction houses: Good for very rare, high-value coins but charge fees and require consignment time.
- Coin dealers: Faster sales but may offer lower prices than auctions.
- Online marketplaces: Wider audience but require careful listing and fee management.
Case Study: A Penny from a Jar That Paid for a Vacation
Sarah kept a jar of change on her kitchen counter for years. While sorting the coins for a bank deposit she noticed a 1955 penny with obvious doubling on the date and lettering.
She took clear photos, asked for opinions on a reputable coin forum, and then visited a local dealer. The dealer confirmed the doubled die and suggested third-party grading.
After grading and consigning to a respected auction, Sarah sold the coin for a five-figure price. She used part of the proceeds for a family vacation and kept the rest as an emergency fund.
Practical Tips Before You Sell
Follow these quick, practical tips to protect your value and avoid common pitfalls.
- Do not clean the coin. Cleaning reduces collector value.
- Get multiple opinions before accepting any offer.
- Ask about fees and consignment terms when dealing with auction houses or dealers.
- Insure the coin during shipment or display if it’s valuable.
Finding a rare Lincoln Wheat penny in loose change is uncommon but possible. With the right approach—careful inspection, basic tools, and proper professional advice—you can spot candidates and take steps to realize their value. Keep checking jars, piggy banks, and couch cushions; you never know when a small copper coin could become a life-changing find.