Coins in our pockets, purses, or car cup holders are frequently overlooked. We believe that these are only for minor exchanges of a few rupees. You may be surprised to learn that one of these coins, particularly a Lincoln Wheat Penny, has the power to drastically alter your fortunes. Indeed, a unique kind of penny that was produced in America in 1943 is valued at approximately $5 million (roughly Rs 40 crore) today, and it might still be in use!
Lincoln Wheat Penny: A historical coin
In America, the Lincoln Wheat Penny was first used in 1909 and remained in use until 1958. This coin’s most distinctive feature is that it has two wheat ears on its back, hence the name “Wheat Penny.” However, a few chosen 1943 pennies have gained intrinsic value.
What is the reason that makes the price of this penny unique?
Copper was used to make war materials like wires, ammunition, and equipment in 1943, when America was fighting in the Second World War. As a result, the US Mint, which produces coins, chose to use steel rather than copper to make pennies. However, by accident, some coins were cast from the machines while some old copper sheets (blank planchets) remained inside.
The 1943 copper pennies are now regarded as some of the rarest collectible coins in the world because of this inadvertent minting error.
Why is this coin so expensive?
- Made by mistake: This coin was made by mistake, that is, it was not made intentionally.
- Extremely rare: Only a handful of such coins exist.
- Historical importance: It also has historical importance due to being associated with the Second World War.
- Collectors’ desire: Collectors want to acquire this coin at any cost.
Today, the estimated price of this Copper Wheat Penny has reached 5 million dollars.
How to identify the real $5 million Lincoln Wheat Penny?
If you are wondering if you also have such a rare coin, then here are some signs by which you can identify it:
Check the year:
The year 1943 should be marked on the coin.
Color and Luster:
If the coin is copper or reddish-brown in color and not silver (steel), this could be the first sign.
Magnet Test:
An easy way is to bring the coin near a magnet. The steel penny will stick to the magnet, while the copper one will not.
Weight Check:
The copper penny weighs about 3.11 grams, while the steel penny is lighter i.e. about 2.7 grams.
Design Verification:
There should be Abraham Lincoln’s face on the front and two wheat ears on the back.
Caution: If you think you may have this rare coin, do not clean or damage it yourself. This can reduce its value. Immediately go to an experienced coin dealer or grading service to have it verified for authenticity.
Can this coin still be in circulation?
This is unlikely, but not impossible. Decades ago, these coins entered the market unidentified alongside regular coins. A collection of old coins, an old piggy bank, or old savings stored in grandmother’s cupboard could all still contain some coins in such a scenario.
Why are collectors crazy about this coin?
Coin collecting i.e. Numismatics is a hobby in which people look for rare, historical and special coins. Collectors are crazy about this special Lincoln Wheat Penny because:
- It is very closely linked to history.
- Its number is very limited.
- This coin has been sold for millions to crores of dollars in auctions.
- This coin, which got a price of 5 million dollars, is like a “graceful prize” for collectors.
Can you also become a millionaire?
There is a chance. Who knows, you might discover this gem if you search your house, old wallet, or coin collection closely. It is crucial that you remain informed, conduct thorough research, and get in touch with an expert if you discover anything fishy.
Conclusion
We frequently ponder the potential value of a penny. However, if you have the correct information and time, this little thing can turn you into a millionaire. Due to a historical error, the 1943 Copper Lincoln Wheat Penny is now one of the most valuable coins in existence.
Thus, pay close attention the next time you examine the old coins in your pocket. Perhaps a penny is sitting there waiting for you!
FAQs
Q1. What makes the 1943 Lincoln Wheat Penny so valuable?
It was mistakenly made from copper instead of steel during World War II, making it extremely rare.
Q2. How can I identify a real 1943 copper Lincoln Penny?
Look for the 1943 date, copper color, non-magnetic property, and a weight of around 3.11 grams.
Q3. Is the $5 million penny still in circulation?
Yes, it’s possible. Some may still be in old collections, jars, or everyday pocket change.
Q4. Should I clean the coin if I think it’s valuable?
No, cleaning can damage it and lower its value. Always show it to a professional first.
Q5. Where can I get the coin authenticated?
Take it to a certified coin dealer or a professional grading service like PCGS or NGC.
