It’s time to search the pockets again. Not just for a change, but to search for a coin which can hold the value up to $99 million. In the era of digital currency, there still are some coins from the past which do have held more than their worth. The market is now abuzz with the new discovery, the $99 million Lincoln wheat penny which can be the rarest of rare and might still be in circulation or handy with someone who kept it securely. Through this article, the reader would be able to know if this indeed is true and how they can recognise that penny.
History of Lincoln Wheat Penny
Before you jump into the bandwagon of searching the $99 million Lincoln wheat penny, you need to understand what is Lincoln wheat penny and how does it look like. The Lincoln wheat penny first came up in 1909 during World War I. The first coin in the world to have the President Abraham Lincoln in it, it was minted on his 100th birthday and has his portrait in the front and two wheat stacks at the back. Till 1958, it was minted in Denver, Philadelphia and San Francisco. It was discontinued in 1959, with Lincoln Memorial penny replacing it.
The original Lincoln wheat penny was made up of bronze which mostly had copper. In 1943, in the wake of World War II, this was replaced with zinc-alloyed steel coins as copper was being used in the weapons for war.
How to recognise the $99 million Lincoln wheat penny?
There are several rare Lincoln wheat pennies which can fetch a good amount in the auction market. But the trick here is to identify the rarest of them. The most talked about is the 1943 copper Lincoln wheat penny which is very rare. How? Let’s see how you can recognise the $99 million Lincoln wheat penny:
- Date: Check the date. It should be a clear 1943 written on the front.
- Material: This was accidently minted in copper instead of zinc-steel as copper was not used in any pennies during 1943.
- Mint Marking: Check where the coin was minted. It would be visible under the date. Look out for D (Denver) and S (San Franciso) only. If it shows P(Philadelphia), then it is not the rare one.
- Color: Check the color, as copper pennies were brownish-red, while the steel ones are silver.
- Magnet Test: A simple test where the copper pennies won’t stick to the magnet whereas the steel ones will stick.
- Weight: Check the weight of the coin. If it is near to 3.11 grams, then you may have struck the right note. If it is 2.7 grams, then it is the steel penny.
You may check out this quick guide for your reference as well,
| Feature | Regular Penny | Rare Penny |
| Weight | 2.7 grams | 3.1 grams |
| Material | Steel (magnetic) | Bronze (non-magnetic) |
| Magnet Test | Sticks to magnet | Does not stick |
| Value | $0.01 | Up to $99 million |
Also, check if the coin is fake or not as someone can change the date or replate the steel coin with copper.
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If you find all the checkboxes ticked, then before you go to claim the money, first check for the authenticity with the recognised organisation like PCGS (Professional Coin Grading Service) and NGC (Numismatic Guaranty Company) as they are the most trusted third-party coin grading service organisation.
Is this Lincoln wheat penny really valued at $99 million?
There is a possibility that this 1943 copper Lincoln wheat coin can fetch up to $99 million in the market. See, it is not surprising that a rare thing can fetch such a high value in the market, but getting $99 million might sound extraordinary. Though a perfectly preserved penny can fetch a good deal if the market condition is right, but till now the reality has been different as there has been relatively low prices fetched for rare coins. There is no public record yet of Lincoln wheat penny getting past the $10 million as the last highest bid for 1943 copper penny was $1.7 million way back in 2010.
Is $99 million Lincoln wheat penny available?
Though it can be a rare thing to say, but there is a slight possibility that the $99 million Lincoln wheat penny might be lurking around in your pocket or is there in your piggy bank. The 1943 copper Lincoln wheat pennies quietly came up in circulation (that too accidentally!) before anyone could see the error. They might have slipped through the naked eyes over the years as they looked quite similar to the recent pennies.
Also, many are still unaware that these might even exist, although they do. Lack of awareness that these coins got circulated all over the U.S.; although only around 20 of them were reportedly minted before anyone could realise has made them rare. There have been cases of people finding such rare coins – the most recent one was found in 2019.
What to do if you find one?
Overall, first check for the signs like the date, material and weight of the coin, and then do a simple magnet test. If you find one, then just preserve the coin so that it retains the shine and makes it valuable. While the chances are rare, but there is still a glimmer of hope to find one. It would just need a sharp eye to look for the signs and preserve the penny if you find one!
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James Foster is a passionate writer at KnitCrate.com, specializing in finance, taxation, and public aid topics. With a knack for breaking down complex subjects, he delivers clear and insightful content for readers worldwide. When he’s not writing, James enjoys exploring economic trends and staying updated on global news.