The Lincoln Wheat Penny, also known as the “Wheat Cent,” has captivated coin collectors and enthusiasts for decades. Its unique design, historical significance, and the possibility of finding rare variations make it a fascinating subject in the world of numismatics. One such penny, valued at an astonishing $898,000, has sent shockwaves through the collector community. What makes this coin so special, and how can you identify one? Let’s delve into the details.
The History of the Lincoln Wheat Penny
The Lincoln Wheat Penny was first minted in 1909 to commemorate the centennial of President Abraham Lincoln’s birth. Designed by Victor David Brenner, the coin features a profile of Lincoln on the obverse side and two stalks of wheat on the reverse, symbolizing prosperity and abundance. This design remained in circulation until 1958, when it was replaced by the Lincoln Memorial design.
Key dates for collectors include the first year of issue (1909), particularly the 1909-S VDB variety, and rare error coins that were unintentionally produced during the minting process.
The $898,000 Lincoln Wheat Penny
Specific Coin Details
The penny valued at $898,000 is a 1943-D Bronze Lincoln Wheat Cent. This coin is incredibly rare because it was struck on a bronze planchet rather than the standard steel planchet used during World War II. Here are the key details about this coin:
- Year: 1943
- Mint Mark: D (Denver Mint)
- Composition: Bronze (mistakenly used instead of steel)
- Weight: Approximately 3.11 grams (standard steel cents weigh 2.7 grams)
- Rarity: Fewer than 20 examples are known to exist
Why Is It So Valuable?
- Minting Error: During World War II, copper was needed for ammunition, so the U.S. Mint switched to zinc-coated steel for penny production. However, a few bronze planchets were accidentally left in the minting machines, resulting in these rare coins.
- Condition: The specific $898,000 coin was graded MS62 by PCGS (Professional Coin Grading Service), indicating it is in mint-state condition.
- Demand: Collectors and investors alike prize error coins, especially ones as rare as this. The 1943-D Bronze Cent has become a coveted item in the numismatic world.
How to Identify a Rare Lincoln Wheat Penny
- Check the Year and Mint Mark: Look for pennies from 1943 with a “D” mint mark. The mint mark can be found below the date on the obverse side of the coin.
- Test the Composition: Use a magnet to check if the coin is steel (magnetic) or bronze (non-magnetic).
- Weigh the Coin: A standard steel penny weighs 2.7 grams, while a bronze penny weighs approximately 3.11 grams.
- Consult a Professional: If you believe you have a rare coin, have it authenticated and graded by a reputable service like PCGS or NGC (Numismatic Guaranty Corporation).
FAQs About the Lincoln Wheat Penny
1. Why were steel pennies minted in 1943?
During World War II, copper was a critical resource for wartime production. To conserve copper, the U.S. Mint temporarily switched to zinc-coated steel for penny production in 1943.
2. How can I tell if my 1943 penny is bronze?
You can use a magnet to test the coin. If it is attracted to the magnet, it is steel. If it is not magnetic, it may be bronze. Additionally, you can weigh the coin to check its composition.
3. What is the most valuable Lincoln Wheat Penny?
The most valuable Lincoln Wheat Penny is the 1943-D Bronze Cent, valued at $898,000. Other valuable varieties include the 1909-S VDB and the 1955 Double Die Obverse.
4. Are Lincoln Wheat Pennies still in circulation?
Yes, Lincoln Wheat Pennies can occasionally be found in circulation, though they are increasingly rare. Searching through rolls of pennies from banks or coin dealers can yield interesting finds.
5. How do I sell a rare penny?
If you have a rare penny, have it authenticated and graded by a professional service like PCGS or NGC. Then, consider selling it through a reputable auction house, online marketplace, or coin dealer.
Conclusion
The Lincoln Wheat Penny continues to intrigue collectors with its rich history and the thrill of discovering rare varieties. The 1943-D Bronze Cent, valued at $898,000, is a testament to the enduring allure of these small but significant pieces of history. Who knows? The next time you check your loose change, you might uncover a treasure worth a fortune!