Many collectors and casual holders alike pass through pockets and jars of old change without checking for extreme-value coins. One of the most famous possibilities is a rare Lincoln wheat penny that has traded for roughly $1.7 million in reported sales. This guide explains how to spot, test, and value such a penny if you think you might have one.
What Is the Rare Lincoln Wheat Penny Worth $1.7 Million?
The phrase refers to extremely rare Lincoln cents with major errors or unusual composition. The most talked-about examples are wartime errors and composition mistakes, such as copper cents struck in steel years or bronze cents struck in coinages where steel was standard.
These coins are rare because they result from production anomalies, surviving a long time in private hands, and being authenticated and graded by professional services.
Common types to watch for
- Composition errors (copper where steel should be)
- Double die obverses or reverses
- Wrong-die strikes or off-metal planchets
- Mint-mark anomalies and proof vs. circulation differences
How to Check if a Rare Lincoln Wheat Penny Worth $1.7 Million Is in Your Pocket
Start with simple, non-destructive checks you can do at home. These will help you decide whether further professional steps are worth the time and cost.
Step-by-step inspection
- Visual check: Use a magnifier (10x) to read the date and look for doubling, unusual letters, or missing elements.
- Magnet test: Many wartime pennies (1943) are steel and are magnetic. If a penny from 1943 is NOT magnetic, it could be a rare copper strike.
- Weight test: Use a precise digital scale. A copper Lincoln cent typically weighs around 3.11 grams (pre-1982), while steel 1943 cents weigh about 2.7 grams. Small differences can flag off-metal planchets.
- Edge and color: Look at the edge and color—true copper has a warm brown or red color that does not flake like plated coins.
When to Get a Potential Rare Lincoln Wheat Penny Graded
If your tests suggest something unusual, the next step is professional authentication and grading. Grading services like PCGS and NGC are widely accepted and can significantly increase market trust and value.
Consider grading when:
- The coin’s date or composition is inconsistent with typical examples (for example, a 1943 copper cent)
- There are clear die errors or mint anomalies visible under magnification
- You plan to sell or insure the coin and want provenance
How grading works
Submit the coin to a reputable grading service. They will authenticate metal composition, inspect for post-mint damage, assign a numeric grade, and encapsulate the coin in a tamper-evident holder with certification.
Turnaround time and cost vary by service and declared value, so check current pricing and submission rules before mailing.
The 1943 copper Lincoln cent is among the rarest U.S. pennies because most 1943 cents were struck in steel to conserve copper for World War II. A few bronze examples were struck in error and are highly prized by collectors.
How Much Could a Rare Lincoln Wheat Penny Be Worth?
Values vary widely depending on rarity, condition, and market demand. Reported sales of top-tier error pennies have reached around $1.7 million, but most valuable pennies sell for much less.
Be realistic: the vast majority of wheat pennies, even older or lightly circulated examples, are worth a few dollars to a few hundred dollars depending on date and grade.
Price influencers
- Rarity of the error or composition
- Grade and surface condition
- Documentation and provenance
- Market trends and collector interest
Case Study: A Reported High-Value Find
A reported case involved a collector who owned a bronze 1943 Lincoln cent that was authenticated as an off-metal error. After professional grading and authentication, the coin was reported in secondary-market trades at roughly $1.7 million.
This sale illustrates the path from discovery to high-value outcome: initial suspicion, testing, third-party grading, and private sale to a specialist collector or auction house.
Practical Tips for Collectors and Casual Finders
Whether you collect or just clean out a drawer of old change, follow practical steps to protect potential value.
- Handle coins by the edges to avoid oils and scratches.
- Use a magnifier and a small scale for initial screening.
- Keep potential finds separate in soft holders or coin flips.
- Document where and how you found the coin—provenance can help value.
- Consult coin dealers, local clubs, or online forums for second opinions before submitting to grading.
When to be cautious
Many supposed “rare” coins are damaged, cleaned, or altered, which reduces value. Avoid selling to the first buyer who appears; seek multiple opinions and written authentication.
Finding a rare Lincoln wheat penny worth $1.7 million is extremely unlikely, but not impossible. Knowing what to look for, how to test, and when to send a coin for professional grading will give you the best chance of recognizing a true rarity.
If you think you may have an unusual penny, start with the magnet and weight tests, photograph the coin, and reach out to a reputable grading service or local coin club for guidance.