I still remember the day my grandfather handed me a small, worn penny and told me it was worth more than all the money in my piggy bank combined.
As a ten-year-old with a modest collection of birthday money and allowance savings, I was skeptical.
The coin looked unremarkable—just an old penny with wheat stalks on the back instead of the Lincoln Memorial I was used to seeing.
“This little penny paid for your mother’s first semester of college,” he told me with a wink, carefully returning it to a protective holder.
It wasn’t until years later, after inheriting his modest coin collection, that I discovered he wasn’t exaggerating.
That “ordinary” 1944 penny was actually a rare steel cent mistakenly struck on the wrong planchet during World War II—a numismatic error worth thousands of dollars.
My grandfather’s story isn’t unique.
Every year, unsuspecting Americans discover valuable coins that have somehow slipped through the cracks of commerce and found their way into ordinary transactions.
Among these hidden treasures, Lincoln Wheat pennies stand out as perhaps the most accessible valuable coins still in circulation today.
Minted from 1909 to 1958, these iconic pennies featuring Abraham Lincoln on the front and two wheat stalks on the reverse circulated by the billions.
While most are worth just a few cents today, certain dates, mint marks, and error varieties can command staggering sums—with the most valuable specimens fetching up to $100,000 or more at auction.
The most remarkable aspect? Some of these potential treasures are still in circulation, hiding in plain sight among the copper and zinc coins that pass through our hands daily.
“People simply don’t examine their change anymore,” explains Robert Davis, numismatic specialist at Heritage Auctions, whom I interviewed for this article.
“In this age of digital payments, physical coins receive less attention than ever, which is exactly why valuable wheat cents continue to circulate decades after they should have been discovered and removed.”
Could you have a college fund hiding in your spare change jar or between your couch cushions?
Let’s explore the most valuable Lincoln Wheat pennies you should be watching for—starting with the six-figure rarities and working our way down to more common but still valuable specimens that might actually be within your reach.
The $100,000+ Penny: 1943 Bronze/Copper
The most legendary and valuable Lincoln Wheat cent is the 1943 copper penny—a coin that shouldn’t exist according to official records.
During World War II, copper was designated a strategic metal needed for the war effort, prompting the U.S. Mint to produce pennies made from zinc-coated steel instead of copper in 1943.
However, a small number of bronze planchets (the metal discs that become coins) left over from 1942 were accidentally fed into the presses, creating perhaps the most famous error coins in American numismatics.
“The 1943 bronze cent represents the perfect storm of numismatic value,” explains Davis.
“It combines extreme rarity—only about 20 are known to exist—with an interesting historical context and widespread awareness even among non-collectors. Everyone knows the steel pennies from 1943, so a copper one immediately stands out as something special.”
This combination of factors has driven prices into the stratosphere.
In 2010, a 1943-D (Denver mint) copper cent sold for $1.7 million, while more typical examples regularly command $100,000 to $500,000 depending on condition and mint mark.
How to identify it: A genuine 1943 copper cent will have the same copper/bronze appearance as other pennies from that era, rather than the silver-gray color of the normal 1943 steel cents.
It will NOT be attracted to a magnet, which is critical because counterfeiters often copper-plate genuine 1943 steel cents to create fake rarities.
The weight should be approximately 3.11 grams, consistent with bronze cents, rather than the 2.7 grams of steel cents.
Be extremely cautious, as this is one of the most counterfeited U.S. coins, with thousands of fakes in existence.
Altered dates (changing a 1948 to look like 1943) are common, so authentication by professional grading services is essential for any suspected discovery.
The Reversed Rarity: 1944 Steel Cent
The companion error to the 1943 bronze cent is the 1944 steel cent—created when a few leftover steel planchets from 1943 found their way into the 1944 production run, which had returned to using bronze.
These transitional error coins are nearly as rare as their 1943 counterparts, with approximately 30 known examples across all mints (Philadelphia, Denver, and San Francisco).
Values range from $75,000 to $125,000 depending on condition and mint mark, with the 1944-S (San Francisco) steel cent being the rarest variant.
“What makes these transitional errors so fascinating is that they shouldn’t exist at all,” notes Jennifer Wilson, a coin dealer specializing in error coins.
“The Mint had procedures to prevent exactly this type of mistake, but in the chaotic production environment of wartime manufacturing, a few steel planchets slipped through the quality control process.”
How to identify it: A 1944 steel cent will appear silver-gray rather than copper in color, and unlike normal copper pennies, it will be attracted to a magnet.
It will have the date 1944 with either no mint mark (Philadelphia) or with a D (Denver) or S (San Francisco) mint mark.
Weight is another telltale sign—steel cents weigh approximately 2.7 grams versus the 3.11 grams of bronze cents.
Beware of altered coins, particularly copper cents that have been coated to resemble steel.
The magnet test is crucial—if it’s not attracted to a magnet, it’s not a genuine steel cent.
The Revolutionary Design: 1909-S VDB
The very first Lincoln cent, introduced in 1909, created both a historic new design and a controversy that led to immediate modifications.
Designer Victor David Brenner placed his initials (VDB) prominently on the reverse, which some officials considered too self-promoting.
The initials were removed mid-year, creating two varieties: with and without VDB on the reverse.
While all 1909 VDB cents are worth more than face value, the San Francisco mint (indicated by an S mint mark) produced only 484,000 with the VDB initials before the design changed, creating one of the key rarities in the Lincoln cent series.
“The 1909-S VDB cent is the coin that launched a million collections,” explains numismatic historian Michael Thompson.
“It’s often the ‘dream coin’ that many begin searching for when they first get interested in coin collecting. Its historical significance as the first year of the Lincoln cent combined with the controversy and low mintage make it an enduring favorite.”
Values for the 1909-S VDB have climbed steadily over decades, with well-worn examples now bringing $1,000-$2,000, while specimens in uncirculated condition can easily exceed $10,000-$25,000.
How to identify it: Look for the date 1909, an S mint mark above the date on the obverse (front), and the initials VDB on the reverse at the very bottom along the rim below the wheat stalks.
The S mintmark is crucial—Philadelphia-minted 1909 VDB cents are much more common and less valuable.
Counterfeits exist, particularly with added S mint marks, so careful examination under magnification is recommended.
The Double Vision: 1955 Double Die Obverse
Perhaps the most famous error in American coinage is the 1955 “Double Die Obverse” Lincoln cent, where a misalignment during the die hubbing process created a dramatic doubled image.
The doubling is clearly visible to the naked eye on the date, the word LIBERTY, and the motto IN GOD WE TRUST.
Approximately 20,000-24,000 of these error coins entered circulation before the Mint discovered the mistake, making them rare but more obtainable than the transitional errors discussed above.
“The 1955 Double Die cent has the perfect combination of obvious visual appeal and relative accessibility,” explains Wilson.
“Most valuable coin varieties require magnification to spot, but the 1955 Double Die’s error is obvious even to beginners. That dramatic doubling combined with its fascinating backstory makes it perhaps the most famous error coin in American numismatics.”
Today, examples in worn condition regularly sell for $1,200-$2,000, while uncirculated specimens can fetch $10,000-$25,000 or more.
How to identify it: Look for obvious doubling on the date, LIBERTY, and IN GOD WE TRUST on a 1955 penny with no mint mark (Philadelphia).
The doubling is substantial and visible without magnification—the date and lettering appear to have distinct shadows, almost as if you’re seeing double.
This is different from the much more common machine doubling that creates a flatter, less distinct appearance.
Many counterfeits exist, so authentication is recommended for suspected examples.
The Humble Hero: 1914-D Lincoln Cent
Not all valuable wheat pennies involve dramatic errors or historical controversies.
Some, like the 1914-D cent, derive their value simply from low mintage and high collector demand.
With a mintage of just 1.1 million—low for the era—and poor survival rates due to heavy circulation, the 1914-D has become one of the key dates for completing a Lincoln cent collection.
“The 1914-D doesn’t have a dramatic story behind it,” notes Thompson.
“It’s valuable simply because relatively few were made, and those that were produced saw heavy use during a time when people weren’t saving pennies for collections.”
This combination of low mintage and high attrition has made well-preserved examples particularly valuable, with worn specimens bringing $250-$400 and uncirculated examples easily commanding $3,000-$10,000 depending on condition.
How to identify it: Look for a 1914 date with a D mint mark (for Denver) above the date on the obverse.
The mintmark is crucial—Philadelphia-minted 1914 pennies are much more common and less valuable.
The Phantom Mint Mark: 1922 “Plain” Cent
In 1922, only the Denver mint produced Lincoln cents, meaning all 1922 pennies should have a D mint mark.
However, a striking error occurred when grease and debris filled the mint mark area on some dies, resulting in pennies with no visible mint mark—creating what collectors call the 1922 “Plain” cent.
“This is one of the more fascinating mint errors because it created a coin that shouldn’t exist according to mintage records,” explains Davis.
“All 1922 cents should show a D mint mark, so finding one without it immediately signals something unusual.”
These “Plain” no-mintmark varieties are highly sought after, with worn examples typically selling for $500-$1,000 and better specimens bringing $5,000 or more.
How to identify it: Look for a 1922 Lincoln cent with no visible mint mark above the date.
True “Plain” varieties will show certain diagnostic features, including weakness in the reverse design, as they were struck from worn dies.
Be careful, as some coins simply have weak but still partially visible D mint marks, which are far less valuable than true “Plain” varieties.
Beyond the Big Six: Other Valuable Wheat Pennies
While the coins discussed above represent the most valuable wheat pennies, many other dates and varieties command significant premiums over face value.
Here are several worth watching for:
1909-S (no VDB) – Worth $100-$400 in worn condition
1931-S – With a low mintage of just 866,000, worth $50-$150 even worn
1924-D – A better date worth $30-$75 depending on condition
1926-S – Another semi-key date worth $20-$60 in circulated grades
1955 Poor Man’s Double Die – A less dramatic doubled die worth $20-$50
1909 VDB (Philadelphia) – The first Lincoln cent, worth $10-$30
1911-S, 1912-S, 1913-S, 1915-S – All San Francisco mint pennies from these early years command premiums of $15-$50
“What makes wheat penny collecting so accessible is the range of values,” notes Wilson.
“There are the ultra-rare ‘home run’ finds worth thousands, but also many ‘singles and doubles’—coins worth $10, $20, or $50 that are much more commonly found. This creates multiple levels of success for searchers.”
Even common wheat pennies have value beyond their face—dealers often pay 3-5 cents each for wheat cents in decent condition, with better-preserved examples bringing 10-25 cents.
Stories of Discovery: Real-Life Penny Treasures
What keeps many searchers motivated are the legitimate stories of valuable discoveries that regularly emerge from everyday sources.
In 2019, a Kentucky construction worker was sorting through some spare change when he noticed an unusual 1944 penny.
After having it authenticated, it turned out to be a genuine 1944 steel cent—which he later sold at auction for $82,000.
“I almost spent it at the vending machine,” he told a local news station.
“It looked odd, but I never imagined it was worth anything close to that amount.”
In 2012, a San Diego man discovered a 1914-D cent in a roll of pennies obtained from his bank.
The coin, despite showing wear from circulation, sold for $339 at a local coin shop.
Perhaps most remarkably, in 2018, Massachusetts high school student Ryan Gross found a 1955 Double Die penny in a collection of coins left to him by his grandfather.
Not recognizing its significance initially, he brought it to a coin show where an expert identified it.
The coin ultimately sold for $2,800 and helped pay for his first semester of college.
“These aren’t just lucky flukes or urban legends,” emphasizes Thompson.
“These discoveries happen regularly enough that dedicated searchers can realistically expect to find something valuable if they’re persistent. Maybe not a six-figure rarity, but coins worth $50, $100, or more turn up frequently enough to make the hunt worthwhile.”
Sarah Martinez, a nurse from Phoenix, has made coin roll hunting a weekly habit for the past three years.
“I stop by the bank every Friday and get $25 in penny rolls,” she explains.
“So far my best find was a 1914-S in decent shape that appraised for $115, but I’ve found dozens of other wheat pennies worth $5-20 each. It more than pays for my time, and it’s strangely relaxing after a stressful week at the hospital.”
Where to Hunt for Valuable Pennies
If you’re inspired to begin hunting for these potential treasures, certain search methods prove more productive than others.
Here’s where experienced coin searchers recommend looking:
1. Bank Rolls – Purchasing rolls of pennies from banks remains the most cost-effective way to search large quantities. A $25 box contains 2,500 pennies to examine.
2. Coin Jars and Collections – Check existing accumulations in your home or those of relatives who may have saved coins over the years.
3. Estate Sales and Flea Markets – Occasionally, old coins are sold by non-collectors who don’t recognize their value.
4. Circulation – Simply paying attention to your everyday change can occasionally yield surprising finds.
5. Older Businesses – Small, established local businesses sometimes still have older coins in their registers or change drawers.
Tom Davidson, a retired postal worker who has discovered several valuable coins through systematic searching, shared his methodology during our conversation.
“I get two boxes of pennies from the bank each week,” he explained.
“I search through them specifically looking for wheat backs first, then check dates and mint marks on any I find. I return the searched coins to the bank in exchange for new rolls to continue the process.”
Davidson estimates he finds approximately 2-3 wheat pennies per roll of 50 coins—a rate of about 5%, though this percentage has been decreasing over the years as older coins are gradually removed from circulation.
“In the early 2000s, I was finding wheat cents at nearly triple today’s rate,” he notes.
“They’re getting scarcer in circulation, which actually makes the hunt more exciting when you do find one.”
While Davidson hasn’t discovered any five-figure rarities, he has found numerous semi-key dates worth $10-50 each, which he sells to fund his hobby.
The Disappearing Window of Opportunity
What many new collectors don’t realize is that we’re likely in the final decades where wheat pennies can be regularly found in circulation.
Several factors are accelerating their disappearance:
Rising Copper Values – Pre-1982 pennies contain approximately 3 cents worth of copper, leading some to remove them from circulation for their metal value.
Increased Awareness – Coin roll hunting videos and articles have created more competition for finding valuable coins.
Digital Payments – As cash transactions decrease, fewer coins circulate regularly.
Natural Attrition – Coins are lost, damaged, or incorporated into collections every year.
“Twenty years ago, wheat cents made up about 6-8% of circulating pennies,” notes Davis.
“Today, that figure is below 1% in most areas. The window for finding these in general circulation is gradually closing.”
This reality has created something of a modern treasure hunt, with a limited timeline for discoveries before these coins are essentially removed from circulation entirely.
For those interested in finding valuable wheat pennies, the message from experts is clear: start looking now, as the opportunity will only diminish with time.
Authentication: Separating Treasures from Wishful Thinking
With the substantial values associated with key date and error wheat pennies, counterfeit and altered coins have become unfortunately common.
If you believe you’ve found a valuable specimen, proper authentication is essential before celebrating too enthusiastically.
“The most common ‘finds’ we see are unfortunately altered dates or mint marks,” explains Wilson.
“People bring in what they believe is a 1909-S VDB or 1922 Plain cent, only to discover under magnification that someone has removed or added mint marks or modified dates.”
For potentially valuable finds, professional authentication through services like PCGS (Professional Coin Grading Service) or NGC (Numismatic Guaranty Corporation) provides certainty about a coin’s authenticity and condition.
These services encapsulate the coin in a tamper-evident holder with a guarantee of authenticity, though fees generally start at $20-30 per coin, making them worthwhile only for potentially valuable specimens.
For less valuable wheat cents, basic authentication techniques can help determine legitimacy:
1. Weight and Measurement – Genuine Lincoln cents should weigh approximately 3.11 grams (pre-1982) and measure 19mm in diameter.
2. Magnet Test – For potential 1943 copper or 1944 steel cents, a simple magnet can help determine composition (steel is magnetic, copper is not).
3. Microscopic Examination – A 10x loupe or digital microscope can reveal altered dates or mint marks, which typically show tooling marks or inconsistent letter formation.
4. Die Characteristics – Authentic error coins like the 1955 Double Die show consistent doubling patterns that differ from damage or other forms of doubling.
“When in doubt, consult with a reputable coin dealer before making any purchase or sale decisions,” advises Thompson.
“Most are happy to provide basic authenticity opinions on potentially valuable finds, often at no charge for regular customers.”
The Investment Angle: Are Wheat Pennies Worth Collecting?
Beyond the thrill of the hunt, many wonder whether wheat pennies represent a sound investment.
The track record suggests cause for optimism, with key dates showing consistent appreciation over decades.
“Quality Lincoln cents, particularly key dates in better conditions, have shown remarkable price stability with a consistent upward trajectory,” notes financial advisor and numismatic investor Robert Williams.
“Unlike some modern collectibles that experience boom-and-bust cycles, traditional rare coins like key date wheat cents have demonstrated long-term growth that has outpaced inflation.”
For example, a 1909-S VDB cent in Fine condition that sold for approximately $400 in 1980 would command $1,200-1,500 today—a return that has outpaced many traditional investments over the same period.
However, Williams cautions that condition is paramount for investment-grade coins.
“The spread between an average circulated example and a pristine uncirculated specimen of the same coin can be dramatic—often 10x or more in value,” he explains.
“For investment purposes, it’s generally better to own one high-quality example than multiple lower-grade specimens of the same coin.”
For those interested in the investment aspect, Williams recommends focusing on key dates with established collector demand rather than more common wheat cents, regardless of how aesthetically pleasing they might be.
Beyond Monetary Value: The Historical Connection
For many collectors, the appeal of wheat pennies extends beyond potential financial gain to the tangible connection they provide to American history.
“When you hold a wheat cent from the 1910s or 1920s, you’re holding something that might have been in the pocket of someone during World War I, the Roaring Twenties, or the Great Depression,” notes historian and numismatist Rachel Chen.
“These coins were present for some of the most transformative moments in American history, circulating through countless hands during their decades of use.”
This historical dimension adds depth to the hobby beyond merely searching for valuable dates.
Many collectors appreciate wheat cents for this connection to the past, even collecting more common dates to assemble sets representing each year of issue.
The Lincoln cent itself has historical significance as the first U.S. circulating coin to feature an actual person rather than the allegorical figure of Liberty—a decision made to commemorate Abraham Lincoln’s centennial birthday in 1909.
The wheat reverse, designed by Victor David Brenner, features two wheat stalks framing the denomination “ONE CENT” and the phrase “UNITED STATES OF AMERICA.”
This iconic design remained unchanged until 1959, when it was replaced by the Lincoln Memorial reverse to commemorate the 150th anniversary of Lincoln’s birth.
Common Mistakes to Avoid When Hunting for Valuable Pennies
Even experienced collectors sometimes make errors that can cost them valuable finds or reduce the value of their discoveries.
Here are the most common mistakes to avoid:
1. Cleaning coins – Perhaps the most damaging mistake is attempting to clean coins to make them look better. This can drastically reduce their value, sometimes by 50% or more.
2. Improper storage – Storing coins in plastic containing PVC can damage them over time. Use only coin holders specifically designed for numismatic storage.
3. Handling coins incorrectly – Always hold coins by their edges, never touching the faces where oils from your skin can cause long-term damage.
4. Focusing only on dates – Many valuable varieties involve mint marks or die errors that require checking more than just the date.
5. Overlooking damaged coins – Even if a coin appears damaged, it may still be valuable if it’s a rare date or variety. Don’t discard coins without checking them thoroughly.
6. Searching inefficiently – Develop a systematic approach to avoid missing potential finds due to fatigue or distraction.
“The cleaning issue is particularly heartbreaking,” notes Thompson.
“I’ve had people bring in what would have been $1,000+ coins that they’ve scrubbed with abrasive cleaners to ‘make them look nice,’ reducing their value to a fraction of what they could have been.”
The key, experts agree, is to do your research before attempting to clean, sell, or even store any coins you believe might have value.
Tools of the Trade: Essential Resources for Penny Hunters
For those serious about searching for valuable wheat cents, several tools can dramatically improve your chances of success:
1. Magnification – A 5x to 10x jeweler’s loupe or digital coin microscope is essential for examining mint marks and detecting varieties and errors.
2. Good Lighting – Proper, adjustable lighting helps reveal details that might otherwise be missed.
3. Reference Materials – A specialized guide like “The Cherrypickers’ Guide to Rare Die Varieties” or “A Guide Book of Lincoln Cents” provides detailed information on valuable varieties.
4. Digital Scale – A scale accurate to 0.01 grams helps authenticate coins with weight-based variations like the 1943/1944 off-metal errors.
5. Coin Software or Apps – Applications like PCGS CoinFacts or NGC Coin Explorer provide market values and high-resolution images for comparison.
“Technology has transformed coin hunting from what was once a knowledge-based pursuit requiring years of experience to something much more accessible to beginners,” notes Martinez.
“With a smartphone, portable microscope, and a couple of reference apps, today’s new collector has advantages we could only dream of when I started collecting decades ago.”
The Thrill of the Search
The possibility of finding a $100,000 penny in your change—however remote—adds an element of excitement to an otherwise mundane transaction.
Every handful of change carries the potential, however slight, to contain a coin worth many times its face value.
“There’s something uniquely democratic about valuable coins potentially circulating in everyday change,” reflects Thompson.
“Unlike most valuable collectibles that are locked away in museums or private collections, these coins move through everyday commerce, available to anyone observant enough to spot them.”
The chances of finding a six-figure rarity like a 1943 copper cent are admittedly slim.
But valuable wheat pennies worth $5, $20, $100 or more are discovered in circulation regularly enough to make the search worthwhile.
With minimal investment required beyond time and attention, searching for valuable wheat pennies offers an accessible entry point to the world of collectibles—one where knowledge and persistence can quite literally pay dividends.
So before tossing that handful of change into a jar or using it at a vending machine, perhaps take a moment to look—really look—at the pennies passing through your hands.
That ordinary cent just might be extraordinary.
And if you’re ready to take your search to the next level, a trip to the bank for a few rolls of pennies could be the first step toward your own discovery story.
After all, every valuable coin that’s ever been found in circulation shares one common thread: someone took the time to look at it.