A small copper coin sitting quietly in your change jar could be worth nearly $10 million—and most people wouldn’t even know it. That’s the case with the Lincoln Wheat Penny, a simple one-cent piece minted between 1909 and 1958, which has taken the numismatic world by storm. One of these rare pennies, a 1943 copper version, has recently been valued at $9.99 million, and what’s even more astonishing: it could still be out there, unnoticed.
Let’s break down what makes this coin so valuable, how to identify one, and what to do if you think you’ve found a treasure in your pocket.
The History of the Lincoln Wheat Penny
The Lincoln Wheat Penny was introduced in 1909 to honor President Abraham Lincoln on the centennial of his birth. It was the first U.S. coin to feature a real person. The coin’s reverse showcased two wheat ears—hence the name “Wheat Penny.”
Made primarily from copper, the Wheat Penny circulated until 1958, after which the reverse design changed to the Lincoln Memorial. While most Wheat Pennies are common, a few rare variations and mint errors have become incredibly valuable over time.
The $9.99M Penny: What Makes It So Rare?
During World War II, copper was reserved for military purposes, leading the U.S. Mint to use steel for pennies in 1943. However, by accident, a few copper blanks from 1942 were still in the minting machines and ended up being used. These 1943 copper Lincoln Wheat Pennies are now among the rarest coins in U.S. history, with only 15 to 20 verified examples known to exist.
Collectors are willing to pay top dollar—millions in fact—for one in top condition. In 2024, one such coin was valued at $9.99 million, making headlines around the world.
How to Spot a Rare Wheat Penny
If you have an old penny and want to know if it could be worth something, here are a few things to check:
| Feature | What to Look For |
|---|---|
| Date | 1909-S VDB, 1914-D, 1922 No D, 1943 copper |
| Metal | 1943 copper should look reddish-brown |
| Magnet Test | Steel sticks to a magnet, copper does not |
| Minting Errors | Double dates, off-center strikes, no mint marks |
| Weight | Copper = 3.11g, Steel = 2.7g |
A 1943 penny that doesn’t stick to a magnet and appears copper-colored could be extremely valuable. Don’t clean or alter the coin—this can significantly reduce its value.
Why Rare Pennies May Still Be in Circulation
It may sound surprising, but many of these rare coins weren’t recognized for their value at the time. They were often spent, stored in jars, or handed down through generations. With billions of pennies minted, it’s entirely possible that a valuable coin is still hiding in plain sight.
Some collectors have stumbled upon rare coins in rolls of pennies from the bank or inherited collections from relatives who saved coins without knowing their worth.
What to Do If You Think You Have a Rare Coin
If you think you’ve found a rare Wheat Penny, don’t rush to sell it. First, have it professionally evaluated by a reputable grading service:
Once authenticated, you can list the coin for sale on sites like:
- GreatCollections
- Heritage Auctions
- eBay (with caution and proper research)
- Or find local dealers via the ANA Dealer Directory
Common Questions From Collectors
Many people have old coins and don’t know where to turn. Whether you have a 1943 steel penny (common) or think you might have the ultra-rare copper version, the key is authentication. If your penny sticks to a magnet, it’s steel. If it doesn’t, it could be copper—and potentially life-changing.
Likewise, other years like 1909-S VDB and 1914-D are also highly collectible and can fetch hundreds to thousands of dollars, even if they’re not quite million-dollar coins.
The story of the $9.99 million Wheat Penny is a powerful reminder that history often hides in the smallest details. While most pennies are just spare change, a rare few are worth a fortune. Whether you’re a collector or just curious, it doesn’t hurt to check your coin jar—you might be holding a piece of American history with a price tag to match.
FAQs
What makes a 1943 penny valuable?
If it’s made of copper, not steel, it’s extremely rare due to a minting error during WWII.
How can I test if my 1943 penny is copper?
Use a magnet. Steel sticks; copper does not. Weighing the coin can also help.
Where can I sell my rare pennies?
Try GreatCollections, Heritage Auctions, or find a dealer at money.org.
Are all old pennies worth a lot?
No. Most are only worth face value unless they are rare dates, mint errors, or in uncirculated condition.
Can I clean my old coins before selling them?
No. Cleaning coins reduces their value. Leave them in their original state.
