This Lincoln Wheat Penny Is Valued at Over $6.6 Million: Is It Still Used?

Pennies are often something we ignore, as they tend to accumulate in our pockets or in small forgotten jars. However, what many don't know is that some of these coins can have unbelievable value. Among them, there is a variety of the famous Lincoln Wheat Penny that has been sold for 6.6 million dollars at an auction, an amount that is hard to believe.

The Lincoln Wheat Penny was introduced in 1909 to commemorate the centennial of Abraham Lincoln's birth. It was the first U.S. penny to feature a real historical figure, designed by Victor David Brenner. 

The Rare Species: The 1943 Copper Penny

This coin has Lincoln's portrait on the obverse and two wheat stalks on the reverse, a symbol of prosperity. Although most of these coins are of little value, there is a rare version that has reached astronomical figures in the collectors' market.

The reason the 1943 Lincoln Wheat Penny is so valuable has to do with a production error that occurred during World War II. In that year, the U.S. Mint decided to change the material of pennies from copper to steel in order to save copper. However, a few copper pennies were accidentally minted, creating a small number of 1943 Copper Pennies.

This error became an extremely rare find, with only about 15 or 20 coins estimated to be in circulation today. Although most Lincoln Wheat Pennies are common and have no significant value, these specimens have reached exorbitant prices. One of these pennies was sold for a record figure of 6.6 million dollars, making it one of the most expensive pennies ever sold.

Could This Penny Still Be in Circulation?

What is surprising is that, because the 1943 Copper Penny looks like a common coin, it is possible that some of these rare specimens are still in circulation. Over the years, some people may have spent these coins without realizing their value, and they could still be out there, hidden among everyday change.

If you have old coins at home, like in a savings jar or inherited collections, it might be a good idea to check them. Some collectors have found valuable coins unexpectedly, and maybe you also have a fortune waiting to be discovered. To be sure if you have a 1943 Copper Penny, there are several ways to identify it.

First, observe the color: the Copper Penny has a reddish tone, while the steel Penny is gray. You can also perform a magnet test: if the coin sticks, it's steel; if it doesn't, it's copper. Lastly, check the weight: the 1943 Copper Penny weighs 0.11 oz. (3.11 grams), while the steel one weighs only 0.095 oz. (2.7 grams).