The Lincoln Wheat Penny, which used to be a common US coin, has now reached a price of 5.5 million dollars, which shows its rarity, historical importance and uniqueness.
What was once a coin in common use has now become a very special collectible item. Thus in this article let me gain knowledge on the historical background and increase in value of Lincoln Wheat Penny besides we discuss the 1943 Copper Error Coin that was sold at a million dollar at auction.
Lincoln Wheat Penny Background
Lincoln Wheat Penny was first produced in the year 1909 upon the occasion of the hundredth birth anniversary of the fourteenth president of the United States of America, Lincoln.
It was created by respected sculptor Victor David Brenner. Early coins only depicted purely mythical figures On this particular coin however, the face depicted in the obverse was of a real historical figure, a detail evident in no earlier American coin.
Obverse design: Image of Lincoln
-Reverse design: Two spikes of wheat and the inscription ONE CENT are considered denoting success.
The Lincoln Wheat Penny was minted between 1909 and 1958, and following its circulation was the Lincoln Memorial design.
The $5.5 Million Lincoln Wheat Penny: The Copper Error of 1943
The magic penny is said to relate to a special kind of mistake made during the World War II $5.5m penny. In 1943 due to scarcity of copper during the Second World War, the US mint replaced the traditional copper cent with zinc coated steel.
Nonetheless, the production of some pennies involved the use of copper plankets causing the creation of a very valuable coin.
Year: 1943
Material: Copper tubes instead of steel tubes (due to some misunderstanding)
Estimated number: Less than 20 examples
Auction value: $2,500,000 (in starting condition)
The 1943 Copper Penny is also very rare, and adds to its value due to its superb condition.
Lincoln Wheat Pennies :
Why Are These Coins so Valuable?
There are several reasons why certain versions of the Lincoln Wheat Penny are so highly valued:
1. Rarity:Some of the coins include; 1909-S VDB Penny, or any other that was manufactured in a small number is usually costly.
2. Printing errors: Like double strikes, incorrect materials, and other printing mistakes, enhance its value tremendously.
3. Historical significance: The Lincoln Wheat Penny also has significant period behind it because it was the first time when the portrait of the U.S. president was depicted on the coin.
4. Condition: It also means that if the coin is good and has no scratches, then we are talking about a lot of money on our hands.
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What You Need to Know About Lincoln Wheat Penny?
If you have a Lincoln Wheat Penny, here are steps you can take to determine if it could be valuable:
1. Check the year and mintmark: Special years that may be found include 1909, 1914, and 1943. If there is an ‘S’ pointing to San Francisco, or ‘D’ pointing to Denver, the coin is more valuable.
2. Look for printing errors: Inspect the lettering, the date, position of the elements, the material of the coin and the general design for any mistake.
3. Evaluate the condition: In case of having a good metal base and the absence of damage,coins can be very valuable.
4. Professional Appraisal: Take your coin to companies like the PCGS or NGC to have them assess both the condition and authenticity of your coin.
| Year | Mintmark | Unique Feature | Estimated Value |
|---|---|---|---|
| 1909-S VDB | S | Limited mintage | $700 – $100,000 |
| 1914-D | D | Low mintage | $200 – $20,000 |
| 1922 “No D” | – | Mintmark missing | $1,000 – $25,000 |
| 1943 Copper | – | Minted on copper planchet | Up to $5.5 million |
| 1955 Doubled Die | – | Doubled image on obverse | $1,000 – $125,000 |
Unique to the world of numismatics is the Lincoln Wheat Penny which can be bought for $5.5 million. Due to scarcity, history, and high value it became one of the most sought-after collectables in the whole world.
Possibly, do you think you might own one of these coins? The next time you look at a penny note the following since one might be holding a treasure in his/her hands.
FAQs
1. How can I be sure to have a Copper Penny of 1943?
A 1943 penny will be of a copper color and the steel penny will be gray in color. When it is not clear, it is usually advisable to consult a professional real estate appraiser.
2. Is all Lincoln Wheat Pennies considered as valuable?
No, it turns out that most Lincoln Wheat Pennies are actually quite ordinary and aren’t worth a whole lot of money. Only the unique copies, misprints, and coins that are in imperfect state are more pricey.
3. Where can I sell Lincoln Wheat Penny?
This piece of information can be sold through auctions, coin shows or by direct sale to certified genuine coin dealers. This coin cannot in any way be sold without being checked for its genuineness and its value estimated.