The Lincoln Wheat Penny underwent production from 1909 until 1958 to become a significant piece in American coinage history. Most wheat pennies are only worth a small number of cents, except for exceptional coins, which tend to command high sales at auctions. A 1943 Copper Lincoln Wheat Penny possesses a value that reaches up to $12 million. The following article delves into the unique world of these scarce coins by analyzing their history together with the elements that generate their extravagant values at auctions.
Understanding the Lincoln Wheat Penny
The 1909 Lincoln Wheat Penny, issued to celebrate Abraham Lincoln’s centennial birthday, showed Lincoln’s portrait on the front while depicting two wheat ears at the back. From 1958 until 1958, the Lincoln Wheat Penny design expanded through the Lincoln Memorial design. The price soared as different error variations and scarce mint states discovered themselves throughout time.
1943 Copper Lincoln Wheat Penny
During World War II, the U.S. Mint used zinc-coated steel instead of copper in the production of coins to save copper for the war effort. However, some coins in 1943 were accidentally minted on copper plates, giving birth to the rare 1943 Copper Lincoln Wheat Penny. There are only about 20 to 40 of these coins, which makes them highly coveted among collectors.
Reasons for the $12 Million Price Rise
There are several important factors that affect the $12 million price of the 1943 Copper Lincoln Wheat Penny:
- Rarity: The limited number of this coin makes it extremely valuable.
- Historical Significance: This coin symbolizes a wartime mistake, which makes it even more attractive to collectors.
- Condition: If the coin is in excellent condition, especially in AU50 or higher grades, its value can increase considerably.
- Provenance: Coins that have a clear background and have been to high-profile auctions can also command high prices.
How to Identify a 1943 Copper Lincoln Wheat Penny
If you think you have a 1943 Copper Lincoln Wheat Penny, there are a few ways to identify it:
- Color: A genuine copper coin is reddish-brown, while a steel coin is silvery.
- Magnetic Test: Steel coins are magnetic, while brass coins are not.
- Weight: A copper coin weighs approximately 3.11 grams, while a steel coin weighs approximately 2.7 grams.
Other Valuable Lincoln Wheat Pennies
Apart from the 1943 copper variant, some other Lincoln Wheat Pennies are also quite valuable:
- 1909-S VDB Lincoln Wheat Penny: This coin is rare because the designer’s letters ‘VDB’ were soon removed from its design.
- 1955 Double Die Lincoln Wheat Penny: This coin has a double impression of the date and inscription, making it very valuable for collectors.
- 1922 No D Lincoln Wheat Penny: It did not have the ‘D’ mint mark, making it a rare and valuable coin.
- 1944 Steel Lincoln Wheat Penny: This was a mistake where the coins were minted on steel plates instead of copper.
- 1972 Double Die Lincoln Wheat Penny: This coin also has a double impression, making it special for collectors.
Are these coins still in circulation?
Due to the enormous value of these coins, it is highly unlikely that you will find a 1943 Copper Lincoln Wheat Penny in general circulation. Most coins have already been added to their collections by collectors and investors. However, over time some older coins may still be found in old coin collections or in the possession of individuals who do not realize their value.
Conclusion
The 1943 Copper Lincoln Wheat Penny holds great historical weight because of its scarcity and its historical importance, which makes it valuable to collectors. The scarcity of these coins makes them attractive to both coin collectors and enthusiasts, although they have become heavily unavailable in circulated condition. Lessened value and strange characteristics transform these flawed coins into priceless historical objects.
FAQs
Q. What is a Lincoln Wheat Penny?
A. The Lincoln Wheat Penny was minted from 1909 to 1958 and features a portrait of Abraham Lincoln on the obverse and two stalks of wheat on the reverse.
Q. Why is the 1943 Copper Lincoln Wheat Penny so valuable?
A. The 1943 Copper Lincoln Wheat Penny is rare because it was mistakenly struck on copper planchets instead of zinc-coated steel, and only around 20-40 coins exist.
Q. How can I identify a 1943 Copper Lincoln Wheat Penny?
A. You can identify it by its reddish-brown color, its non-magnetic property, and its weight of about 3.11 grams, compared to the 2.7 grams of a steel penny.
Q. Are there other valuable Lincoln Wheat Pennies?
A. Yes, other valuable varieties include the 1909-S VDB, 1955 Double Die, and 1922 No D Lincoln Wheat Pennies, all of which are rare due to minting errors.
Q. Can I still find a 1943 Copper Lincoln Wheat Penny in circulation?
A. It is highly unlikely, as most of these rare pennies have been removed from circulation by collectors. However, they might still be found in old coin collections.