Have you ever walked past a penny on the sidewalk and not even bothered to pick it up? You might think twice after hearing this: some old pennies—yes, those little copper coins you usually ignore—can be worth a jaw-dropping $80 million. And the most talked-about of them all? The legendary Lincoln Wheat Penny.
Let’s dig into the story behind this humble coin and why collectors are willing to pay millions for a single one. Spoiler alert: it’s not just about the copper—it’s about history, wartime mix-ups, and the thrill of the hunt.
A Presidential First: How the Lincoln Wheat Penny Changed U.S. Coins Forever
Back in 1909, something pretty big happened in American coin design. For the first time, a U.S. coin featured the face of an actual person—none other than President Abraham Lincoln. Until then, coins stuck to symbolic figures like Lady Liberty. But the nation wanted to honor Lincoln’s 100th birthday, so they broke tradition.
Sculptor Victor David Brenner was tapped to design the penny, and his profile of Lincoln—calm, determined, unmistakably American—has stood the test of time. On the flip side, two wheat stalks flanked the words “ONE CENT,” giving the coin its now-famous nickname: the Wheat Penny.
That simple design stuck around until 1958, when the Lincoln Memorial version took over. But those early Wheat Pennies? They became the stuff of legend.
The 1943 Penny That Was Never Meant to Exist
Now, let’s fast-forward to World War II. Copper was suddenly in high demand—it was used for shell casings, wiring, and all kinds of military gear. So in 1943, the U.S. Mint made a bold move: they started producing pennies out of zinc-coated steel.
Here’s where the magic (and the million-dollar mistake) happened.
Some leftover copper blanks from 1942 accidentally got mixed in during 1943 production. The result? A handful of 1943 pennies were made of copper instead of steel. Talk about a fluke of history.
Experts believe only 10 to 15 of these genuine 1943 copper pennies exist across all three U.S. Mints—Philadelphia, Denver, and San Francisco. That’s what makes them so rare… and why just one of them could be worth up to $80 million in pristine condition.
So… What Makes These Pennies So Valuable?
It’s a mix of history, rarity, and downright collector obsession.
Think about it: coins like the 1943 copper penny aren’t just rare—they’re basically accidents. And when you add the backdrop of World War II and America’s resourceful war efforts, that coin becomes more than money. It becomes a story.
Condition is another big factor. A perfect, uncirculated 1943 copper penny from the rarest mint? That’s the holy grail for collectors. In fact, a similar 1943 bronze penny sold for $1.7 million back in 2010. By 2023, valuations soared to the $80 million mark for the right coin.
Can You Tell If Your Penny’s Worth Millions?
You bet. But you’ll need more than a lucky guess.
Here’s a fun trick: try a magnet. The standard 1943 steel pennies are magnetic. The rare copper ones? They’re not. But don’t stop there—real authentication takes expert eyes and tools.
Copper pennies weigh slightly more (about 3.11 grams vs. 2.7 grams for steel), and their metal composition is different. Professional graders like PCGS or NGC also help determine a coin’s authenticity and condition, making it easier (and safer) to buy or sell these high-value treasures.
Oh, and watch out for scams. Some folks try to turn a 1948 penny into a “1943” by shaving the 8 to look like a 3. Don’t fall for it.
Other Wheat Pennies That Could Be Worth Big Bucks
Even if you never come across that golden-ticket 1943 copper penny, there are other valuable Lincoln Wheat Pennies to watch for.
- 1909-S VDB: Only a small batch was minted in San Francisco before the public complained about the designer’s initials. Today, that coin can be worth anywhere from $2,000 to $100,000.
- 1914-D and 1922 “No D”: These are tough to find and highly sought after by collectors.
- 1955 Double Die: Ever seen a penny with blurry, doubled numbers and letters? That’s not your eyes—it’s a minting error. In great condition, these can go for $20,000 or more.
Starting Your Own Penny-Hunting Journey
Thinking about diving into the world of coin collecting? Lincoln Wheat Pennies are a great place to start.
The series spans from 1909 to 1958, and most of the common dates are easy to find and affordable. A fun project is putting together a complete set by date and mint mark—look for “D” for Denver, “S” for San Francisco, and no mark for Philadelphia.
Sure, you might not strike it rich. But the real reward is in the stories behind these coins and the fun of the chase.
Little Coins, Big History
There’s something pretty amazing about holding a Wheat Penny in your hand. Maybe it passed through someone’s hands during the Great Depression. Maybe it was used to buy a bottle of cola in 1945. These coins aren’t just money—they’re little time machines from America’s past.
And that 1943 steel penny? It’s a quiet reminder of how even our smallest coins were affected by the demands of a world at war.
A Word of Caution Before You Dig Through Your Change Jar
We get it—you’re ready to dump out every coin jar you own. And hey, go for it! But keep expectations in check.
Finding a genuine 1943 copper penny in the wild today is about as likely as finding a winning lottery ticket on the sidewalk. Most Wheat Pennies you find are worth a few cents or maybe a few dollars if they’re in great shape.
Still, if you think you’ve found something special, don’t guess—get it authenticated by a trusted expert.
Because you never know… that old penny in your drawer might just be the one that changes everything.