Understanding the Lincoln Wheat Penny and the $90 Million Claim
The Lincoln Wheat Penny is a long-running design produced from 1909 to 1958. Collectors prize certain dates, mint marks, and errors, and some rare examples have fetched very high prices at auction.
Claims that a Lincoln Wheat Penny is worth $90 million are almost always exaggerated. Nevertheless, extraordinary sales of coins do happen, and high values depend on extreme rarity, verified authenticity, and market demand.
How a Lincoln Wheat Penny Could Reach Extreme Values
Several factors determine a coin’s value. Understanding them helps you assess whether a penny might be worth more than face value.
- Rarity: How many examples are known to exist in a given condition.
- Condition (grade): The state of preservation, assessed by professional graders.
- Error type: Minting errors or unusual planchet metal can increase value dramatically.
- Provenance: Documented history and previous sales can boost collector confidence.
Common high-value scenarios for Lincoln Wheat Pennies
Examples that raise value include coins struck on the wrong metal, coins with major die errors, or coins from tiny experimental mint runs. Even so, reaching tens of millions requires near-zero competition among collectors and strong historical evidence.
How to Inspect a Lincoln Wheat Penny Yourself
Start with a calm, methodical inspection using a magnifying glass and good light. Avoid cleaning or altering the coin, as that can severely reduce its value.
Follow these steps to do a basic check:
- Look for the date and mint mark on the obverse (front). Record the year and any letters like D or S.
- Check the reverse (back) for the wheat ears design and any unusual marks or inconsistencies.
- Compare your coin to clear reference photos from reputable numismatic guides.
- Note any irregularities such as color differences, planchet seams, or doubled dies.
When to Seek Professional Grading and Authentication
If your preliminary check suggests rarity or an unusual error, professional grading is the next step. Grading assigns a condition score and verifies authenticity, which is critical for high-value sales.
Major grading services include PCGS and NGC. Use their resources to learn submission rules and fees.
Practical steps to get a coin graded
- Do not clean the coin. Cleaning removes original surfaces and reduces value.
- Photograph the coin from multiple angles under good light.
- Contact an established coin dealer or local coin club for a referral to a reputable grader.
- Submit the coin with clear documentation and a detailed description of how it was found.
Where and How to Sell a Potentially Valuable Lincoln Wheat Penny
Choose the selling channel based on expected value. Small premiums can be realized at local coin shops, but major sales require auction houses or specialist dealers.
Consider these options:
- Local coin dealers or clubs for initial valuation and advice.
- National auction houses for high-end coins that may attract wealthy collectors.
- Online marketplaces for modestly rare pieces—be cautious about scams.
Storing and Insuring a Rare Lincoln Wheat Penny
Proper storage preserves condition and value. Use inert holders such as Mylar flips or air-tight coin capsules designed for long-term storage.
For high-value coins, get a professional appraisal and insure them under a collectibles policy or added household coverage. Keep documentation, grading certificates, and photos in a safe location.
Did You Know?
The most famous extremely valuable Lincoln cents are not necessarily wheat pennies but include the 1943 bronze planchet cents and certain doubled-die errors. These exceptions show how a single minting mistake can create enormous collector interest.
Real-World Example: A Small Find That Gained Interest
A collector in a Midwestern town found a worn 1943 Lincoln cent in a jar of change. At first glance it looked ordinary, but the coin showed unusual color and weight. The collector took photos and contacted a local coin dealer for advice.
After the dealer examined the piece, it was submitted to a grading service. The coin turned out to be a bronze 1943 cent, an extremely rare error type. While not $90 million, it sold at auction for several hundred thousand dollars due to verified authenticity and strong provenance.
Practical Advice if You Think You Have the Valuable Lincoln Wheat Penny
Follow a careful process. Rushing to sell or altering the coin can reduce returns. Use these practical steps:
- Stop handling the coin; hold it only by the edges.
- Document where and how you found it, and take clear photographs.
- Get a preliminary opinion from a reputable dealer or coin club.
- If the coin seems rare, submit it for professional grading and authentication.
- Decide on a sales channel based on the grading result and dealer recommendations.
Final Notes on the $90 Million Claim
Extraordinarily high valuations make headlines, but they are rare and often require unique circumstances. Treat sensational claims with skepticism and rely on verifiable evidence, professional grading, and market data.
Careful inspection, expert advice, and proper documentation are your best tools if you believe you have a valuable Lincoln Wheat Penny.