Coin collecting has always been a unique amalgamation of history, art and rarity. But recently a 1920 Lincoln Wheat Penny became the talk of the town when it was listed for sale at $990,000. Such a high price shocked collectors and also raised suspicion.
However, rare coins can be priced high, but why is the value of this particular coin being reported to be so high? Let’s understand the truth of this mysterious coin and know what things should be kept in mind while buying any expensive coin.
Historical significance of the Lincoln Wheat Penny
First issued in 1909, the Lincoln Wheat Penny was the first US coin to feature a president. It was designed by renowned designer Victor D. Brenner. Two wheat stalks were engraved on the back of this coin, which symbolizes prosperity and growth.
Although most Lincoln Wheat Pennies are common coins, some rare editions or those in mint state (good condition) can sell for millions of dollars. But a price of $990,000 is truly unusual.
Why the Doubt About the $990,000 Lincoln Wheat Penny?
The news reached the fast ears of coin collectors when this mnemonic coin came up for sale. There were so many questions regarding its pricing since the seller did not lay down any legitimate proof or certification beforehand.
Additionally, the seller also advertised some historical touches with sacred names like Theodore Roosevelt and the Panama Canal associated with the coin, but it is all just fiction without any base provided. Many experts thought it was utterly a marketing trick to inflate the price of the coin.
4 Important Warning Signs When Buying Any Expensive Coin
If you collect coins or are thinking of investing in rare coins, don’t ignore these 4 important signs:
- Unrealistic prices
- If a coin that might normally be worth $40 is suddenly being quoted at $990,000, that’s a red flag. The price of a coin should always be confirmed by its mint status, rarity, and certification.
- No official certification
- Organizations like NGC (Numismatic Guaranty Company) and PCGS (Professional Coin Grading Service) certify coins. If a coin is selling for such a high price but doesn’t have any certification, it could be a sign of a potential scam.
- False historical claims
- Many sellers mix historical prospects and important events related to the coin to increase the pricing of the coin. On the contrary, if there is no concrete evidence to validate it, it may stay a mere marketing strategy.
- Shady selling platforms
- Most rare and expensive coins will be sold with auction house or dealer certification. If a coin goes up for sale on eBay or a shady website, get suspicious about its authenticity.
Why is the Lincoln Wheat Penny so popular?
The Lincoln Wheat Penny is still popular for its historical value, artistic value, and certainly for its value to collectors. Here are the main reasons:
- ✅ The legacy of Abraham Lincoln: This is one of the first coins devoted to one of America’s most respected presidents.
- ✅ The exquisite design of Victor D. Brenner: Beautifully artistic, the coin stands out among other coins in the United States.
- ✅ Collectible for everybody: This coin also remains available for new collectors, and rare editions can usually prove valuable to veteran collectors.
How to store coins safely?
If you are interested in coin collecting, follow these important tips:
- ✔️ Do research: Find out the history, rarity, and value of the coin you are interested in.
- ✔️ Get certification: Get any expensive coin certified by certified organizations like NGC or PCGS before buying it.
- ✔️Look for high-quality images and descriptions: There mustn’t be any blurry pictures or incomplete information provided.
- ✔️Buy only from trusted sellers: Coins should only be acquired from certified dealers, local coin shops, or credible auction houses.
Conclusion
The $990,000 Lincoln Wheat Penny aroused curiosity and skepticism among coin collectors. While rare coins can bring some high prices, it is important to ascertain the proper information, certification, and fair market comparison value before purchasing.
If you are into coin collecting, always be extra careful and buy coins only from certified sources to avoid falling prey to scams.
FAQs
Q. Why is the $990,000 Lincoln Wheat Penny so expensive?
A. The high price is due to claims of rarity and historical significance, but experts question its authenticity.
Q. How can I verify if a rare coin is genuine?
A. Always check for certification from reputable grading agencies like NGC or PCGS.
Q. What are common red flags when buying rare coins?
A. Overpriced listings, lack of certification, unverifiable claims, and untrustworthy sellers are key warning signs.
Q. Are all Lincoln Wheat Pennies valuable?
A. Most are worth a few cents to a few dollars, but rare varieties or mint-condition coins can be worth thousands.
Q. Where should I buy rare coins safely?
A. Purchase from certified dealers, reputable auction houses, or established numismatic organizations.