In the world of coin collecting, some discoveries feel almost mythical. One such coin is the Lincoln Wheat Penny, rumored to be worth a staggering $20 million. While it might sound far-fetched to the average person tossing pennies into jars or vending machines, collectors and numismatists are buzzing about the possibility that this incredibly valuable coin could still be hiding in plain sight—perhaps in someone’s pocket change.
So, what exactly is the story behind this iconic penny, and why is it believed to be worth so much?
A Coin That Changed U.S. History
The Lincoln Wheat Penny first entered circulation in 1909, marking the centennial of President Abraham Lincoln’s birth. It was also the first U.S. coin to feature a real person, rather than a symbolic figure like Liberty. Designed by Victor David Brenner, the coin’s obverse side features Lincoln’s portrait, while the reverse displays two wheat stalks flanking the words “One Cent.”
These pennies were minted until 1958, after which they were replaced by the Lincoln Memorial reverse. Most Wheat Pennies are still worth just a cent. But a handful, due to minting errors, material anomalies, or limited production, have achieved legendary status—and multimillion-dollar valuations.
Why One Penny Could Be Worth $20 Million
While it’s hard to fathom a one-cent coin being worth $20 million, there are several reasons such a valuation is possible:
1. Minting Errors
Coins struck with the wrong metal, missing mint marks, or doubling errors are highly collectible. The rarer and clearer the error, the higher the value.
2. Ultra-Rarity
Some minting mistakes resulted in only a handful of coins being produced. If only one example of a certain error survives, its uniqueness can drive the value into the millions.
3. Historical Relevance
The Lincoln Wheat Penny has always carried symbolic value. When paired with a rare error or anomaly, this historical significance can elevate the coin’s worth exponentially.
4. Auction Demand
When a unique coin hits the auction block, serious collectors and museums often drive prices sky-high. Bidding wars and private collectors with deep pockets can push prices into record territory.
The 1943 Copper Penny: A Likely Candidate
One of the most talked-about Wheat Pennies is the 1943 Copper Penny. During World War II, pennies were supposed to be minted using zinc-coated steel to conserve copper for the war effort. However, a few were accidentally struck in copper.
Only a small number of these pennies are confirmed to exist. One sold for nearly $1 million, and if another copper version in pristine condition surfaced today—particularly with a distinct minting error—it could be the one worth $20 million or more, according to some numismatic experts.
Other Rare Lincoln Wheat Pennies to Know
Even if you don’t come across the legendary $20 million coin, several other Wheat Pennies are still worth thousands—or more. Keep an eye out for these:
- 1909-S VDB: One of the earliest and rarest, this coin with the designer’s initials can be worth up to $100,000.
- 1914-D: From the Denver Mint, known for low mintage, valued at $3,000–$10,000.
- 1922 “No D”: Missing the “D” mint mark due to worn dies. Can fetch $1,000–$12,000.
- 1943 Copper: Accidental copper strike; current value ranges from $500,000 to over $1 million.
- 1955 Doubled Die: Known for ghosted or double images in the text, valued at up to $25,000.
How to Identify a Rare Wheat Penny
If you’re inspired to sort through your spare change or inherited coin jars, here’s what to look for:
- Magnet Test: 1943 steel pennies stick to a magnet. If your 1943 penny doesn’t, it might be copper—and rare.
- Mint Marks: Look below the date. “S” is for San Francisco, “D” for Denver. Some mint marks are more valuable than others.
- Doubling: Especially on the 1955 penny, doubling of letters and numbers means a valuable printing error.
- Weight: Use a precise scale. Most copper pennies weigh 3.11 grams. Steel versions weigh less. Anomalies in weight may indicate a rare strike.
Is the $20 Million Penny Still Out There?
Possibly. Many coins circulate for decades before collectors recognize them. Some Wheat Pennies are mixed into everyday transactions, coin rolls, or left in storage boxes, forgotten over time. That means the rarest of them—possibly even the legendary $20 million specimen—could still be out there, unrecognized by the average person.
Tips for Coin Collectors and Curious Searchers
- Don’t clean your coins – This can destroy their value.
- Use coin sleeves or albums for storage to protect condition.
- Consult with certified appraisers or coin dealers for rare finds.
- Join coin forums or collector groups to gain knowledge and connect with experts.
Final Thoughts: A Penny That Could Change Your Life
The Lincoln Wheat Penny may be small and ordinary in appearance, but within the right combination of date, metal, and minting error, it could be worth millions. Whether or not the $20 million version has truly been discovered—or is still in circulation—remains one of the most exciting mysteries in the coin world.
So next time you spot an old penny, give it a second look. History, and possibly a fortune, could be hiding in your pocket.