Imagine checking your change jar and discovering that a simple penny could be worth $700,000. It may sound unbelievable, but a rare version of the Lincoln Wheat Penny has been causing a stir in the world of coin collecting due to its extraordinary value.
What’s even more interesting is that experts believe this historic coin could still be out there, possibly sitting in your pocket or a forgotten jar at home.
Let’s dive into what makes this penny so special, how to spot it, and why it’s turning heads among coin collectors.
What Is the Lincoln Wheat Penny?
The Lincoln Wheat Penny was first minted in 1909 and was produced until 1958. This penny is known for its design, with wheat stalks on the back and a portrait of President Abraham Lincoln on the front.
For most people, the Lincoln Wheat Penny is just a common, everyday coin. However, some rare versions, especially those with minting mistakes or limited runs, are worth far more than their face value.
What Makes the $700,000 Lincoln Penny So Special?
The penny in question is the 1943-S bronze Lincoln Wheat Penny. In 1943, due to World War II, the U.S. Mint switched to making pennies from zinc-coated steel to conserve copper for the war effort.
But, during the minting process, some bronze blanks from earlier years were accidentally used, creating a handful of bronze pennies that were supposed to be steel.
Only a few of these 1943-S bronze pennies exist, which makes them incredibly rare and highly valuable. One of these coins was sold for an astonishing $700,000 at an auction. Experts think that there may still be undiscovered examples of this coin out there, hidden in change jars or collections.
How to Identify the $700K Penny
Wondering if you have one of these rare pennies? Here’s how you can tell:
1. Year and Mint Mark
Look for a penny stamped with “1943” and an “S” mint mark, which indicates it was minted at the San Francisco Mint.
2. Color
Most 1943 pennies are made from steel and have a grayish, metallic color. However, the rare 1943-S bronze penny has a copper-brown color.
3. Magnet Test
Steel pennies are magnetic and will stick to a magnet, while bronze pennies do not. If your 1943 penny doesn’t stick to a magnet, it’s worth checking out further.
4. Weight
A bronze penny weighs about 3.11 grams, whereas a steel penny weighs only around 2.7 grams. Using a precise digital scale can help you confirm the weight.
If your penny matches these signs, it might be time to contact a professional coin grading company like PCGS or NGC to verify its authenticity.
Could the $700,000 Penny Still Be in Circulation?
Yes! It’s very possible that one of these rare pennies is still out there, hidden in a coin jar, a forgotten bank roll, or even loose change. Given that millions of coins were minted during that period, there’s still a chance that a 1943-S bronze Lincoln Wheat Penny is circulating somewhere.
Why Does This Coin Matter?
Beyond its monetary value, the 1943-S bronze penny holds historical significance. It’s a testament to how a simple mistake at the U.S. Mint resulted in a rare and valuable coin that has fascinated collectors for decades.
It’s a perfect example of how small events in history can lead to extraordinary outcomes years later.
The 1943-S bronze Lincoln Wheat Penny remains one of the most sought-after coins in the world, and its value continues to rise.
If you happen to have one, you might be sitting on a fortune. So, before you dismiss that old penny in your pocket, take a closer look—it could be worth more than you think.
The 1943-S bronze Lincoln Wheat Penny is a prime example of how rare mistakes in coin production can result in valuable collector’s items. Worth an astounding $700,000 at auction, this penny is not just a piece of currency but a piece of history.
Whether you are a coin collector or just someone with a change jar, it’s worth taking the time to inspect those old pennies. Who knows? You might just find a small fortune hidden in plain sight.
FAQs
What is the 1943-S Lincoln Wheat Penny?
The 1943-S Lincoln Wheat Penny is a rare version of the penny, minted at the San Francisco Mint in 1943. Due to a mistake, some of these pennies were made with bronze instead of the usual zinc-coated steel, making them highly valuable.
Why is the 1943-S penny worth $700,000?
The 1943-S bronze Lincoln Wheat Penny is worth $700,000 because it is extremely rare. Only a few of these coins were minted, and they are considered one of the most valuable U.S. coins due to the minting error.
How can I identify if I have a rare 1943-S penny?
To identify a rare 1943-S penny, check for the year 1943 and the ‘S’ mint mark under the year. The penny should be bronze-colored (not gray or steel) and should not stick to a magnet. Additionally, it should weigh about 3.11 grams.
Could the 1943-S penny still be in circulation today?
Yes, the 1943-S penny could still be in circulation today. Although they are rare, these pennies can sometimes be found in old coin collections, bank rolls, or even loose change.
How do I verify the authenticity of a rare penny?
To verify the authenticity of a rare penny, it’s best to contact a professional coin grading company, such as PCGS or NGC, to have the coin authenticated and properly valued.
