The Lincoln Wheat Penny is one of the most iconic and collectible coins in American history. Initially introduced in 1909, it has captured the hearts of collectors and history enthusiasts alike. While the penny may seem like just another small piece of currency, some rare Lincoln Wheat Pennies are valued at millions of dollars. One such penny, valued at an astonishing $7.2 million, continues to circulate today, sparking intrigue and excitement in the numismatic community. Let’s take a closer look at this rare coin, its history, and why it’s worth so much.
A Brief History of the Lincoln Wheat Penny
The Lincoln Wheat Penny was first introduced in 1909 to commemorate the 100th anniversary of President Abraham Lincoln’s birth. It replaced the Indian Head Penny, which had been in circulation since 1859. The obverse of the coin features a portrait of Abraham Lincoln, designed by sculptor Victor David Brenner, while the reverse showcases two stalks of wheat, which is why it became known as the “Wheat Penny.” The coin was minted until 1958, when it was replaced by the Lincoln Memorial Penny, which featured a new reverse design to honor the Lincoln Memorial in Washington, D.C.
During its nearly 50 years of production, the Lincoln Wheat Penny was made from 95% copper and 5% tin and zinc, giving it a distinctive color and weight. While millions of these pennies were produced, it is the rare, error-filled, or well-preserved examples that have become highly sought after by collectors.
