How wheat pennies could bring you a pretty penny (2024)
The history of the Lincoln Wheat Penny, including how to find the coin's value and price
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JOPLIN, Mo. (KSNF/KODE) — Lincoln Wheat pennies are one of the most popular series of U.S. coins that coin collectors strive to build a complete set. Rare coins such as the 1909-S VDB and 1914-D are the “Holy Grails” of any Lincoln Wheat cent collection. Before you go down the path of building acomplete set of Lincoln Wheat pennies, there are a few things you’ll need to know.
“Wheat pennies are one of the two most popular U.S. coins that are collected. The other one that’s very popular is the old Morgan Silver Dollar. Between both coins, there’s a lot of varieties, so a penny is not just a penny, they’re all unique. The value really comes down to a few qualities on the coins,” said Dave Sorrick, coin expert and collector at “In God We Trust, LLC.”
The United States Mintfirst minted the Lincoln Wheat penny, or “Wheatie” as they are sometimes called, in 1909. Victor D. Brenner designed the coin under the direction of President Theodore Roosevelt, who was on a mission to redesign our nation’s coinage. President Lincoln was chosen as a subject for the penny to commemorate the 100th anniversary of his birth.
Any wheat penny is worth at least four cents to most dealers. Given the popularity of collecting Lincoln Wheat cents, there will always be a demand for quality coins. If you’re interested in wheat pennies that are worth more money, Sorrick said you’ll need to have high-grade quality coins. A good resource on Lincoln Wheat penny dates and values can be found HERE.
“There are millions and millions of wheat pennies and most commonly they trade for three-to-five cents a piece. If you’re looking for a particular date, it can be much, much more than that. The rarest is the 1909 VDB. Those can be worth anywhere from $700 to $1,500 depending on the coin’s grade. Now, if you’re lucky enough to have one that’s uncirculated, particularly if it’s graded by one of the major grading companies, those alone are $2,000 and $3,000 coins,” said Sorrick.
Regardless of the condition or grade, many collectors do not consider their coin collection complete without theLincoln Wheat penny. But beware — there are counterfeit Wheat Pennies floating around. So, before celebrating early retirement with your newfound fortune, it’s a good idea to have your coin collection authenticated by areputable coin dealer.
“Price guides (which you can find HERE) will give you an idea of the value of collectible coins. You can usually find those online and that would give a person an idea of the coin’s value. To determine the exact amount of worth, I would suggest you talk to a coin collector or a coin dealer. So, in terms of figuring out the value of collectible coins, such as the Lincoln Wheat penny, those are the steps I suggest you take,” said Sorrick.
If you’re interested in having your wheat pennies, or any collectible coins looked at, you can contact Dave Sorrick, “The Coin Collector,” HERE.
“There are millions and millions of wheat pennies and most commonly they trade for three-to-five cents a piece. If you're looking for a particular date, it can be much, much more than that. The rarest is the 1909 VDB. Those can be worth anywhere from $700 to $1,500 depending on the coin's grade.
Wheat pennies, also known as Lincoln Wheat Cents or the Lincoln Penny, were first minted in 1909 to commemorate the 100th anniversary of Abraham Lincoln's birth. They were minted up until 1958 and feature a portrait of Abraham Lincoln on the front and two ears of wheat on the reverse.
A lucky penny can be even luckier when they are of a certain kind. For example, the Indian Head Penny and the Wheat Penny are both considered lucky because of their rarity and higher value.
That's what happened to several pennies produced in 1982, which pushed their value up from 1 cent to nearly $20,000. The penny in question is the 1982-D Small Date Copper Alloy Lincoln Cent, which sold at auction in 2016 for $18,800, according to Numismatic News.
The wheat penny, also known as the Lincoln penny or the Lincoln cent, came into existence in 1909. Minted from 1909-1958, Lincoln wheat pennies feature a bust of Abraham Lincoln on one side and two stalks of wheat on the other – hence the name.
And "lucky pennies" was it in Texas. Some people believe it's only good luck to pick up a penny if heads is showing. A penny with the tails side up should be turned over for another person to find. On the other hand, many people believe any penny you find is good luck.
Not all wheat pennies are going to make you rich. Most of them trade for anywhere between three and five cents. While this isn't a lot of money, it's 300%-500% of the original value, so this is a pretty good return for longtime investors! Still, some of them are worth several thousand dollars.
There are several superstitions and old wives' tales involving pennies: Finding a penny heads up is said to bring good luck. Throwing a penny in a fountain is said to bring good luck and make a wish come true. Some people believe that if you put a penny in a baby's crib, it will bring good luck and keep the baby safe.
The most valuable wheat penny is the 1943-D struck on bronze at the Denver Mint. The thing that's interesting about 1943 pennies is that most of them were made of steel. World War II was raging, and copper was needed for the war effort.
On the other hand, many people believe any penny you find is good luck. You may hear people repeat a common rhyme to this effect: “Find a penny, pick it up. All day long, you'll have good luck.” Many ancient cultures believed metals were precious gifts from the gods and would bring you good luck when found. ...
Mint used different dies to produce coins for general circulation and also produced special “proof” coins for collectors. But because of a mix-up at the Mint in 1992, a proof die was used for the reverse of the Lincoln penny a year before it was supposed to be used.
We're looking for a 'doubling effect'. According to CNBC, there's about 5,000 1983 pennies known to have this doubling error. The doubling is on the back of the penny where it says “one cent”.
The most valuable Wheat Penny ever auctioned is a unique 1943-D Bronze Cent, sold for $840,000. Other examples of valuable wheat pennies include the 1909-S VDB Lincoln Wheat Penny, the 1944 Steel Penny, and other variations of the 1943 Bronze Penny.
Although not all wheat penny varieties will fetch a high price, all wheat pennies are worth more than face value. They are highly sought after by collectors.
“There are millions and millions of wheat pennies and most commonly they trade for three-to-five cents a piece. If you're looking for a particular date, it can be much, much more than that. The rarest is the 1909 VDB. Those can be worth anywhere from $700 to $1,500 depending on the coin's grade.
According to Cointrackers.com, certain pennies that were minted in 1943 and 1944 top the list of the 25 most valuable pennies for coin collectors in 2023. The 1944 steel wheat penny could be worth as much as $408,000 in mint condition, and up to $10,000 in average condition, the site said.
What Are Coins With No Mint Marks? Not all coins have mint marks. For many years, Philadelphia minted millions of coins without their (P) mint mark simply because they were the only Mint in production, and there was no need to verify the location where the coin was struck.
Back in 1943, World War 2 was raging and the US Government needed the copper for ammunition. So they made almost all of the pennies that year out of steel. There was still material left in the mint presses from the 1942 production so they accidentally made one batch out of copper.
Introduction: My name is Dean Jakubowski Ret, I am a enthusiastic, friendly, homely, handsome, zealous, brainy, elegant person who loves writing and wants to share my knowledge and understanding with you.
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