The Lincoln Wheat Penny Valued at $140 Million, Still in Circulation: The story of American coinage contains few pieces as beloved and historically significant as the Lincoln Wheat Penny. First minted in 1909, this small copper coin revolutionized American currency by becoming the first U.S. coin to feature an actual person – President Abraham Lincoln – rather than the traditional Lady Liberty design. What began as a centennial tribute to Lincoln’s birth would become one of the most collected and studied coins in American history.
The Birth of an American Icon
When the U.S. Mint decided to commemorate Lincoln’s 100th birthday with a new penny design, they broke with more than a century of tradition. President Theodore Roosevelt personally supported the initiative, believing American coinage should celebrate the nation’s great leaders. The task of designing the coin fell to Lithuanian-born sculptor Victor David Brenner, who created the now-familiar profile of Lincoln that still graces our pennies today.
The reverse side of Brenner’s design featured two elegant wheat stalks framing the words “ONE CENT” and “UNITED STATES OF AMERICA.” This distinctive wheat design would give the coin its popular nickname: the Wheat Penny. The design proved immediately popular with the public, though controversy erupted over Brenner’s prominent initials (VDB) on the reverse, leading to their removal shortly after the initial release.
Notable Varieties and Rarities
While millions of Wheat Pennies were produced between 1909 and 1958, certain dates and varieties have become legendary among collectors. The 1909-S VDB penny, minted in San Francisco and bearing Brenner’s initials, is perhaps the most famous. With only 484,000 pieces produced before the initials were removed, this variety commands significant premiums in any condition.
The 1914-D (Denver mint) represents another highly sought-after date, with its low mintage making it a key coin in the series. The 1922 “Plain” cent – actually a Denver mint coin struck from dies so worn that the mint mark disappeared – creates excitement whenever it appears at auction. Perhaps most famous of all is the 1943 bronze cent, an accidental striking in the wrong metal during World War II, when pennies were supposed to be made of steel to conserve copper for the war effort.
Understanding Value and Condition
The value of Wheat Pennies varies dramatically based on several factors. Date and mint mark play crucial roles, but condition often proves equally important. Collectors use a standardized grading scale ranging from Poor (P-1) to Mint State (MS-70) to evaluate coins. A common date Wheat Penny in circulated condition might be worth only a few cents, while the same date in pristine mint state condition could command hundreds or even thousands of dollars.
Age alone doesn’t determine value – a well-preserved 1940s penny could be worth more than a heavily worn 1909 coin. Collectors particularly value coins with their original mint luster, sharp design details, and minimal contact marks or wear. Color also plays a role in copper coins, with collectors generally preferring pieces that retain their original red copper color rather than those that have darkened to brown.
The Investment Perspective
While most Wheat Pennies represent modest investments, certain rare varieties have shown remarkable appreciation over time. The 1943 bronze cent, one of the most valuable Lincoln cents, has sold for over $1.7 million at auction. Even more common dates in exceptional condition have seen steady price increases as more collectors enter the market and the supply of high-grade specimens remains limited.
However, potential investors should approach the market with caution and knowledge. Authentication proves crucial, as valuable dates often attract counterfeiters. Professional certification by recognized grading services has become standard practice for valuable specimens, providing buyers with confidence in both authenticity and grade.
The Educational Value
Beyond their monetary worth, Wheat Pennies offer windows into American history. The change from bronze to steel and back during World War II reflects the nation’s wartime sacrifices. The various mint marks tell stories of expanding production facilities and growing national needs. Even the wear patterns on circulated specimens speak to decades of commerce and daily life in America.
For young collectors, Wheat Pennies often provide an accessible entry point into numismatics. Their relative abundance in circulated grades makes them affordable, while the challenge of finding better dates and grades can teach valuable lessons about patience, attention to detail, and the relationship between rarity and value.
Preserving and Collecting
Proper storage and handling remain essential for preserving Wheat Pennies. Collectors typically store their coins in albums or holders designed to prevent damage and slow natural toning. Touching coins directly should be avoided, as fingerprints can leave permanent marks. Many collectors use cotton gloves when handling better specimens.
Building a collection can follow many paths. Some collectors attempt complete date and mint mark sets, while others focus on specific years or conditions. Beginning collectors often start by examining pocket change and roll hunting, though finding Wheat Pennies in circulation becomes increasingly challenging as they’re gradually withdrawn from circulation.
Looking to the Future
Though replaced by the Memorial reverse design in 1959, Wheat Pennies continue to captivate collectors and casual observers alike. Their historical significance, varying rarity, and the challenge of finding high-grade specimens ensure ongoing interest. As new generations discover the satisfaction of collecting these pieces of American history, the market for better dates and grades remains robust.
For those interested in starting a collection, learning about authentication, grading, and proper preservation techniques proves essential. Joining numismatic organizations, attending coin shows, and consulting reference materials can provide valuable education and networking opportunities. Whether pursuing valuable rarities or simply enjoying the history these coins represent, collecting Wheat Pennies offers rewards beyond mere monetary value.