The Infamous $990,000 1920 Lincoln Wheat Penny: A Cautionary Tale for Rare Coin Collectors

In 2023, a discussion on the Collectors Universe forum highlighted an eBay listing that offered a 1920 Lincoln Wheat Penny for the astronomical price of $990,000. The coin was described as “TEDDY ROOSEVELT’S Panama Penny” and was labeled as a “discovery coin.” One forum member expressed skepticism about the coin’s authenticity, noting that valuable rare coins are usually sold by established auction houses or professional dealers.

This skepticism is valid, especially when considering the market price for this penny. Reputable sources, such as JM Bullion, indicate that the coin’s maximum value is around $40, which is significantly lower than the $990,000 listed on eBay.

The Lincoln Wheat Penny has a rich history, dating back to its first minting in 1909. Its creation was inspired by President Theodore Roosevelt, who worked with artist Victor Brenner to commemorate President Abraham Lincoln.

What makes the 1920 Lincoln Wheat Penny special is its age and slight design variations, which have made it a sought-after item for collectors. However, it’s important to verify the authenticity and value of such coins before making a purchase.

Four Red Flags to Spot Fake or Overpriced Coins

When purchasing rare coins, especially online, it’s crucial to be aware of potential scams. If you’re considering buying a coin like the 1920 Lincoln Wheat Penny, watch out for these warning signs:

Tips for Safe Rare Coin Purchases

If you’re a collector or investor, follow these tips to avoid falling victim to scams:

The Takeaway

While the allure of rare coins can be tempting, it’s essential to remain vigilant when purchasing collectibles. Listings like the $990,000 Lincoln Wheat Penny serve as a reminder to approach such deals with caution. By doing your research and recognizing red flags, you can build a collection that is both authentic and valuable.

This article has been carefully fact-checked by our editorial team to ensure accuracy and eliminate any misleading information. We are committed to maintaining the highest standards of integrity in our content.