Have you ever picked up a penny without thinking twice? What if that tiny coin was worth millions—or even billions? While the idea of a $2.9 billion penny sounds too good to be true, there is some truth behind the legend of the rare Lincoln Wheat Penny.
What Is the Lincoln Wheat Penny?
The Lincoln Wheat Penny, also called the Wheat Cent, was first made in 1909 to celebrate Abraham Lincoln’s 100th birthday. It was the first U.S. coin to feature a real person instead of Lady Liberty.
Designed by Victor David Brenner, the front of the penny shows Lincoln’s face, while the back has two wheat stalks, symbolizing growth. These coins were made until 1958, after which they were replaced by the Lincoln Memorial design.
Most of these pennies are worth just one cent, but some rare ones—especially those with mistakes—can be valuable.
The Myth of the $2.9 Billion Penny
No Lincoln Wheat Penny has ever sold for $2.9 billion. However, the story likely comes from the famous 1943 copper penny—one of the rarest U.S. coins.
During World War II, copper was needed for war supplies, so in 1943, the U.S. Mint switched to steel pennies. However, a few pennies were mistakenly made with leftover copper from 1942. These rare 1943 copper pennies are now extremely valuable, with some selling for over $1.7 million. While the $2.9 billion claim is false, the idea of a penny being worth a fortune is very real.
How to Check If You Have a Rare Penny
If you have a jar of old pennies, it’s worth taking a closer look. Here’s how to check for a valuable one:
- Check the Year – Look for a penny from 1943.
- Examine the Color – Most 1943 pennies are silver (steel). If yours is brownish copper, it could be special.
- Try the Magnet Test – Steel pennies stick to a magnet, but copper ones don’t. If yours doesn’t stick, it may be valuable.
- Look for a Mint Mark – The coin may have no mark or a small “D” (Denver) or “S” (San Francisco).
- Get It Authenticated – A professional coin grading service like PCGS or NGC can confirm if your penny is rare.
Other Valuable Lincoln Wheat Pennies
Even if you don’t find a 1943 copper penny, other rare Wheat Pennies could be worth a lot:
- 1909-S VDB – With limited production and the designer’s initials, this penny can be worth up to $100,000.
- 1914-D – A collector favorite, this one can sell for more than $10,000.
- 1944 Steel Penny – A rare mistake like the 1943 copper penny, this one could be worth over $100,000.
Could These Pennies Still Be Found?
Yes! Valuable coins can still turn up in everyday places. People unknowingly spend them, leave them in old jars, or forget about them. Many rare coins have been discovered in bank rolls, old collections, and even garage sales.
Final Thoughts: Keep an Eye on Your Change
While the idea of a $2.9 billion penny is just a myth, valuable pennies do exist. A simple coin that most people ignore could actually be worth thousands—or even millions.
So next time you get a handful of change, take a moment to check. That ordinary-looking penny might be a hidden treasure waiting to be discovered!
