Rare Lincoln wheat pennies sometimes appear in everyday change. One specific variety has been described in media as a Lincoln Wheat Penny valued at $700K and may still be circulating in the public. This guide explains how such coins exist, how to recognize them, and what steps to take if you encounter one.
Why a Lincoln Wheat Penny Valued at $700K Can Exist
Some Lincoln wheat pennies are worth extraordinary sums because of minting errors, unusual metal composition, or very limited mintage. Examples include copper strikes in years when the Mint used different metals, and severe die errors that create unique varieties.
High auction prices reflect rarity, provenance, and grade. A coin described as a Lincoln Wheat Penny valued at $700K likely has one or more of these factors working in its favor.
Common Types That Reach High Values
- 1943 copper Lincoln cents (rare bronze or copper strikes during steel cent production).
- 1909-S VDB in pristine grade (early commemorative designers and limited mintages).
- Major doubled dies and severe mint errors from the early 20th century.
How the Lincoln Wheat Penny Valued at $700K Is Identified
Identification depends on several visual and physical checks. Look for unusual color, weight, and distinct die markings that do not match standard examples for the year.
Key checks include weight, composition, mint mark location, and comparison to authenticated photos. Professional authentication is essential for high-value claims.
Step-by-Step: Inspecting a Potentially Valuable Penny
- Handle carefully and avoid cleaning; oils from cleaning can destroy value.
- Use a magnifier to inspect for die errors, doubled dies, or repunched mint marks.
- Weigh the coin. Abnormal weight can indicate nonstandard metal composition.
- Compare both obverse and reverse to reference images from reputable numismatic resources.
- Photograph the coin clearly under good lighting for later review.
Several copper Lincoln wheat cents from years intended for steel strikes have been authenticated and sold for six-figure sums when found in circulation. These finds often begin as ordinary pocket change before collectors recognize the anomaly.
What to Do If You Find a Lincoln Wheat Penny Valued at $700K
If you suspect you have a rare Lincoln wheat penny, stop using the coin. Continued circulation or improper cleaning can reduce its collector value drastically.
Next, seek professional authentication from a trusted third-party grading service. Reputable services provide documentation that serious buyers require.
Recommended Immediate Actions
- Place the coin in a clear, inert holder (mylar flips are common) without touching the surfaces.
- Document where and how you found the coin — date, location, and any related details.
- Get clear photographs of both sides under consistent light.
- Contact a certified numismatist or submit the coin to a grading service like PCGS or NGC.
Authentication, Grading, and Selling
Authentication and grading establish a coin’s legitimacy and market value. High-value coins often require provenance or expert testimony to reach top prices.
Once graded, selling options include auctions, reputable coin dealers, or private sales. Each route has pros and cons regarding fees, exposure, and final sale price.
Tips for Selling a High-Value Coin
- Use auction houses with numismatic experience for maximum exposure.
- Request detailed consignor agreements and estimate fees before committing.
- Keep clear provenance and grading paperwork to maintain buyer confidence.
Storage and Insurance
After authentication, store valuable coins in secure holders and maintain environmental controls to prevent damage. High-value coins should be insured and kept in a safe deposit box or a home safe with high security.
Record serial numbers and grading certificates in a secure, separate location for recovery and verification purposes.
Case Study: A Coin Found in Everyday Change
A private collector found what looked like an ordinary wheat penny while sorting change. The coin had an unusual reddish tone and a slightly different weight. The finder photographed the coin and contacted a local numismatic club for advice.
After submitting photos and then the coin to a third-party grading service, the piece was authenticated as a rare error strike and encapsulated. The graded coin later sold through a specialist auction, fetching a six-figure price. The key steps were restraint (no cleaning), professional authentication, and choosing a specialized sales channel.
Final Checklist: If You Think You Have a Lincoln Wheat Penny Valued at $700K
- Do not clean or scrub the coin.
- Photograph both sides in clear light.
- Use a magnifier and weigh the coin.
- Submit for third-party authentication and grading.
- Consult experienced dealers or auction houses before selling.
Finding a rare Lincoln wheat penny in circulation is rare but possible. Careful handling, prompt authentication, and informed selling strategies are essential to realize the coin’s full value.