The $10 Million Lincoln Wheat Penny: What Happened
A retired shopper found a Lincoln wheat penny in grocery store change that later made headlines as a multimillion-dollar rarity. The story highlights how ordinary coins can sometimes be exceptional and why basic knowledge helps protect value.
This article explains how such discoveries happen, what to look for when you find old pennies, and how to move from discovery to a responsible sale.
How the $10 Million Lincoln Wheat Penny Was Found
The penny was reportedly found in everyday change at a grocery store and later identified as an extremely rare example of a Lincoln wheat cent. Such finds usually begin with a casual glance at the coin’s date and condition.
Collectors and dealers then inspect features like mint marks, metal composition, and any unusual errors that can make a coin exceptionally valuable.
How to Spot a Valuable Lincoln Wheat Penny
Not every wheat penny is rare. Most are common and worth face value or slightly more. Use these quick checks to spot potential value before you sell or clean anything.
- Check the date and mint mark on the obverse (front). Key years include 1909, 1914, 1922, and others known among collectors.
- Look for unusual metal color. Some errors used the wrong planchet metal, which can create extremely valuable coins.
- Note doubling, repunched mint marks, or misstrikes. Mechanical errors often increase value dramatically.
- Assess overall condition—damage reduces value. Avoid cleaning or polishing the coin.
Key features to examine on Lincoln wheat pennies
Use a magnifying glass or jeweler’s loupe to look for these details.
- Full date readability and presence of mint mark (D, S, or none).
- Metal color—copper vs. steel (1943 steel cents are common; a 1943 copper is rare).
- Surface marks, doubling on letters, and rim condition.
Step-by-Step Guide: From Discovery to Sale
Follow a careful sequence to preserve the coin’s value and avoid mistakes.
- Do not clean the coin. Cleaning can destroy collector value.
- Document where and when you found it. Photos and notes help provenance.
- Use a magnifier to inspect basic features. Note anything unusual.
- Get a preliminary opinion from a reputable coin dealer or local numismatic club.
- Consider third-party grading from a recognized service (PCGS, NGC) before auctioning high-value items.
How Coins Are Authenticated and Graded
Authentication and grading are central to turning a rare coin into a documented sale. Grading assigns a condition score that affects price, while authentication confirms the coin is genuine.
Third-party grading companies provide encapsulation and a published grade. For potentially high-value items, grading is often essential to reach top collectors and auction houses.
Common grading steps
- Initial inspection by dealer or club.
- Submission to a grading service with provenance and photos.
- Waiting period for grading and encapsulation.
- Selling via auction house or private sale once graded.
Pricing and Selling a High-Value Penny
If you believe you have a very valuable penny, get multiple opinions. High-dollar sales usually occur at specialist auctions or through experienced dealers.
Consider these selling routes and their pros and cons:
- Auction houses: Best exposure for top prices, but fees are higher.
- Specialist dealers: Quicker sale, may offer guaranteed funds, but price could be lower than auction top bid.
- Private sale: Control over terms, but requires trust and careful vetting of buyers.
Lincoln wheat pennies were minted from 1909 to 1958 and are a core focus for collectors. A few specific years and mint errors are responsible for the highest prices in the market.
Case Study: A Retiree’s Discovery (Real-World Example)
A retiree paid for groceries and kept the change in their pocket. Later, while sorting coins at home, they noticed an unusual tone and clear date on a wheat penny. A local coin dealer confirmed it had collector interest, and after professional grading and an auction listing, the coin sold for far more than expected.
The retiree used part of the proceeds to pay off debts and set aside a small investment fund. This case demonstrates the practical steps: don’t clean, get an expert opinion, and use professional grading before selling high-value coins.
Common Mistakes to Avoid
Protect the coin and its value by avoiding these errors.
- Cleaning or polishing the coin. This is the most common and costly mistake.
- Accepting the first offer without research. Get multiple opinions for high-value items.
- Selling to online buyers without escrow or verifiable reputation.
Final Practical Tips for Collectors and Finders
Be aware and methodical when you find old coins. A few careful steps can preserve or reveal significant value.
- Keep found coins in a dry, secure place until inspected.
- Join a local coin club or online forum to learn and ask for preliminary advice.
- Use trusted grading services for high-value or unusual coins.
Discoveries like the $10 million Lincoln wheat penny are rare but possible. With calm, informed actions, finders can protect potential value and make responsible, well-documented sales.