Wheat Pennies Can Be Worth up to $840,000

HANG on to your pocket change, because you may be in possession of a highly rare and valuable coin.

Hang on to your pocket change, because you may be in possession of a highly rare and valuable coin.

Wheat pennies, the most commonly collected US coins, can be worth up to $840,000 if they meet a few simple criteria.

The Lincoln wheat cent, or wheat penny, was first produced in the early 1900s, when President Abraham Lincoln replaced the traditional Lady Liberty engraving on the reverse in favor of two wheat stalks. Lincoln’s image is stamped on the obverse, marking the first circulating US coin to depict a president’s portrait.

Designed by Victor David Brenner, wheat pennies were minted in the US between 1909 and 1958.

These coins are quite collectible and worth at least a few cents to a dealer, although certain factors can make them worth much more than their face value.

Several varieties of Lincoln wheat pennies were created, with each raking in various dollar amounts.

The priciest of the wheat penny varieties is the 1943 copper wheat penny, one of which sold for an astounding $840,000 via Heritage Auctions.

Minted in Denver in 1943, the one-cent coin sold in 2021. A similar 1943 Lincoln wheat cent auctioned for $264,000 this January, and another sold for over $500,000.

These coins are considered so valuable due to a minting error in which the pennies were made using copper rather than the traditional zinc-coated steel planchets used during the second World War.

The US Mint switched from copper to steel planchets to conserve copper for the war effort, although a few were accidentally struck, making them highly rare. Only around 30 of these 1943 copper wheat pennies are thought to exist.

1909-S VDB Penny

Another rare and valuable variety of the Lincoln wheat penny is the 1909-S VDB Penny. Not very many of these coins were minted in San Francisco, which boosts their rarity in the eyes of collectors. They also feature the initials of designer Victor David Brenner on the coin’s reverse, a controversial choice that drives up the coins’ value.

Many found the VDB engraving to be too large, causing much contention and forcing the US Mint to promptly remove Brenner’s initials from the design. As a result, a small number of 1909 Lincoln cents feature the initials, and even less were struck at the San Francisco Mint, making the 1909-S VDB Penny extremely rare.

One of these special coins sold for over $360,000, and another raked in $99,000 in January.

If you find a Lincoln wheat cent, check your coin for the following details:

3. 1955 Double Die Penny

The third rare variety of the Lincoln wheat penny is the 1955 double die penny, prized by collectors due to a minting error. The Philadelphia Mint accidentally misaligned the penny on the second strike, resulting in a doubling effect on the date and lettering. The error is especially prominent on the words “Liberty” and “In God We Trust.”

Roughtly 20,000 to 24,000 of these coins were put into circulation, with well-preserved ones going for tens of thousands of dollars. One such 1955 double die penny sold for $16,644.

Check your spare change for other rare coins that could be worth a fortune. One "Liberty" nickel sold for $3.2 million at auction thanks to its exact date – and a rare "mint" detail adds value. Plus, the four coins to check in your change that could be worth over $1.7 million.