The majority of us don’t give loose coins much thought. We occasionally place them in our pockets and other times we toss them in a piggy bank or jar. But what if you end up with crores of rupees thanks to one of those coins? Indeed, we are discussing Lincoln Wheat Penny, a very uncommon variety that is currently valued at around $3.5 million, or Rs 29 crore.
Strange as it may sound, there are numerous coins in the world that gain value because of their historical significance and scarcity. You might even be carrying one of these coins in your pocket!
What is Lincoln Wheat Penny?
Between 1909 and 1958, the Lincoln Wheat Penny, an American one-cent coin, was in circulation. The name “Wheat Penny” comes from the fact that it has a picture of two ears of wheat on one side and a portrait of Abraham Lincoln, the 16th president of the United States, on the other.
Over the years, this coin was produced in billions of units, but due to a few special editions and minting errors, it is now very valuable.
Which version is the rarest and most valuable?
The 1943 copper version is considered the rarest and most valuable version.
What took place in that year? All 1943 one-cent coins were made of zinc-coated steel because the United States needed copper for war materials during World War II. However, some coins were accidentally struck using old copper blanks, and it is this error that gives these coins their current value of crores.
Only a few dozen such coins exist in the world. Finding them is like a treasure hunt.
How to identify if you have that rare Lincoln Penny?
If you have a collection of old coins or your grandparents have old coins in their safe, then with the help of the signs given below, you can identify this rare coin:
- Year: 1943
- Color: Light brown or reddish-brown (like copper), not silver like steel
- Magnet test: If the coin sticks to the magnet, then it is made of steel (normal). If it does not stick, then it may be copper.
- Weight: The copper coin weighs about 3.11 grams while the steel one weighs 2.7 grams
- Design: The coin has two wheat ears on the back with “One Cent” written between them
If you think your coin meets all these criteria, don’t clean it! This can reduce its value. Contact a coin expert or numismatics expert immediately.
Is this coin still in circulation?
Indeed, there’s a good chance that these rare coins are still secretly hiding in someone’s pocket or coin box. Most people overlook them because they resemble regular coins. Children even occasionally use them for play!
If you have coins from the 1940s, take a look at them — you might get lucky.
Why do collectors pay crores for these coins?
The study and collecting of coins, or numismatics, is a thriving industry in addition to being a pastime. Rare coins are historical living records. The following variables determine their value:
- Rarity
- Condition/Mint State
- Historical significance and minting errors
- Demand from collectors
This 1943 copper Lincoln penny has all of these characteristics — which is why its value has reached $3.5 million.
What to do if you have a rare Lincoln penny?
If you’re excited about the possibility that you might have one of these coins, follow these steps:
- Measure the weight: If the weight is around 3.11 grams, that’s a good sign.
- Do a magnet test: If the coin doesn’t stick to a magnet, it’s probably copper.
- Don’t clean it: Cleaning can damage its original condition and reduce its value.
- Contact an expert: Contact an experienced and certified coin dealer or grading service (such as PCGS or NGC).
- Get a second opinion: It is always beneficial to get the opinion of another expert.
Conclusion: Can a coin change your fate?
It may sound dramatic, but it’s true that a seemingly insignificant coin can have a profound impact on your life. The general public can still obtain this uncommon Lincoln Wheat Penny. Awareness, a little knowledge, and appropriate research are all that are required.
Examine a 1943 penny closely the next time you’re looking for coins in your pocket or piggybank. You might become a millionaire with that coin!
Q1. How can I tell if I have the rare 1943 copper penny?
Check the year (1943), color (copper-like), weight (~3.11 grams), and see if it doesn’t stick to a magnet.
Q2. How many 1943 copper Lincoln pennies exist?
Fewer than 20 genuine examples are known to exist worldwide.
Q3. Should I clean my old penny before getting it checked?
No. Cleaning can damage the coin and reduce its value significantly.
Q4. Where can I authenticate a rare penny?
Contact certified coin grading services like PCGS or NGC, or a reputable numismatics expert.
Q5. What makes the 1943 Lincoln Wheat Penny so valuable?
It was mistakenly minted in copper instead of steel during WWII, making it extremely rare.
