The Lincoln Wheat Penny, introduced in 1909, is one of America’s most beloved coins. While most people see them as everyday change, some rare Wheat Pennies are worth a fortune. Today, you can still find them in circulation—and certain ones are valued at $3,000,000.
In this article, we’ll explore why these pennies are so rare, how to spot them, and where collectors and casual savers can find them.
What Makes a Wheat Penny Valuable?
Lincoln Wheat Pennies were minted from 1909 to 1958. They earned their name from the two wheat stalks on the reverse side. Most pennies are common and worth just a few cents. But a few special ones are worth millions.
The value depends on three key things: mint year, mint mark, and condition. Coins from 1909-S (with a small “S” mint mark) or 1909-S VDB (designer Victor David Brenner initials) are extremely rare. One 1909-S VDB penny in perfect condition can fetch around $3,000,000.
Rare Varieties That Reach $3 Million
Three major Wheat Penny varieties have sold for about $3 million or more:
1909-S VDB
This coin is one of the rarest due to low mintage and the initials “VDB” on the reverse. In top condition, this penny can easily cross the $3M mark.
1914-D
Issued in Denver, only about 1.2 million of these were minted. Coins in excellent condition are rare and highly desired by collectors, sometimes worth up to $3M.
1931-S
Another Denver issue with low mintage. Though not as famous as the 1909-S VDB, a sharp 1931-S penny can still sell for over $3M in private sales.
How to Spot a Valuable Wheat Penny
Even if you don’t find one in your pocket, here’s how to recognize a possible treasure:
Look for the year and mint mark. The date appears on the front below Lincoln’s bust. For mint marks, look just under the date: “D” for Denver, “S” for San Francisco. No letter means Philadelphia.
Check the initials. On a 1909 penny, check the reverse for the letters “VDB” at the bottom center. If present, and the coin is in great shape, it’s potentially valuable.
Condition matters a lot. Coins graded “MS-65” or higher are in near-perfect mint state. Wear, scratches, or discoloration decrease value dramatically. Collectors rely on grading services to certify top-condition coins.
Are Valuable Wheat Pennies Still in Circulation?
Yes! Rare Wheat Pennies are technically still legal currency, even though they’re valuable. However, most people don’t know a penny in their pocket could be worth millions. Cashiers usually don’t check dates on old pennies, so unknowing holders might spend or drop them.
For most of us, it’s safer to keep old pennies in coin jars or roll them for collecting. Saving Lincoln pennies from the right eras could pay off greatly in the future.
Tips for Checking Your Pennies
To see if you have a rare Wheat Penny, follow these steps:
- Gather your pennies. Empty your wallet or coin jar and sort through the coins.
- Examine each coin’s date and mint mark using a magnifying glass. Look closely at 1909, 1914, and 1931.
- Check the back of 1909 pennies for “VDB.” If it’s there, the coin could be valuable.
Assess the condition. If the coin looks clean with clear details and little wear, it’s worth getting graded by a professional service.
What to Do If You Find a Valuable Penny
If you suspect you’ve found a rare Wheat Penny, don’t spend it! Instead:
- Consult a numismatic expert or dealer for a professional appraisal.
- Consider having the coin graded and slabbed for secure certification before selling or insuring.
- Share your discovery with reputable coin auction houses or dealers to get the best selling price.
- Lincoln Wheat Pennies quietly remain in circulation today. While most are worth only a few cents, rare varieties—like the 1909-S VDB, 1914‑D, and 1931‑S—can reach values of $3,000,000 or more.
Checking old pennies is quick and easy, and the payoff could be significant. So the next time you empty your coins, take a closer look—you might just find a tiny piece of history worth a fortune.
FAQs
What makes a Lincoln Wheat Penny worth $3 million?
A Lincoln Wheat Penny becomes highly valuable if it’s a rare year and mint mark like the 1909-S VDB, 1914-D, or 1931-S, and is in excellent condition, especially if professionally graded.
Are valuable Wheat Pennies still in circulation?
Yes, some rare Lincoln Wheat Pennies can still be found in everyday change. Most people don’t realize their true value and might spend them unknowingly.
How can I tell if I have a rare Wheat Penny?
Check the year and mint mark under the date. Look for pennies from 1909, 1914, or 1931. If the coin is in great condition, it might be worth a professional appraisal.
Where can I get my old penny checked for value?
You can visit a certified coin dealer, coin show, or send your penny to a professional grading service like PCGS or NGC for accurate evaluation.
