Rare $23M Wheat Penny Could Be in Your Pocket Right Now

Wheat Penny The afternoon sun streams through the blinds of my grandfather’s study as he carefully places a magnifying glass in my small hands. “Look closely at the date,” he instructs, pointing to the tiny copper coin resting in a blue velvet tray. The face of Abraham Lincoln stares back at me, and when I flip the coin over, two delicate wheat stalks frame the words “ONE CENT.” The date reads 1909, with a tiny “S” mint mark beside it. “That’s history you’re holding,” he tells me. “More valuable than gold to the right collector.”

That childhood memory sparked a lifelong fascination with Lincoln Wheat Pennies, those humble copper coins that jingled in Americans’ pockets for nearly half a century. To the casual observer, they might seem like ordinary cents, barely worth bending over to pick up from the sidewalk. But to numismatists and history enthusiasts alike, these modest pieces of copper tell a fascinating story of America during some of its most transformative years—from the final moments of the Victorian era through two World Wars and into the dawn of the Space Age.

Rare $23M Wheat Penny

Having spent decades collecting, researching, and occasionally selling these remarkable coins, I’ve developed a deep appreciation for their historical significance, artistic merit, and the surprising stories behind their production. Whether you’re a seasoned collector looking to fill those elusive spots in your album or simply curious about that odd-looking penny you found in your change jar, this exploration of the Lincoln Wheat cent series offers insights into what makes these everyday artifacts such enduring treasures.

The Birth of an Icon: How the Wheat Penny Lincoln Cent Revolutionized American Coinage

The story of the Lincoln cent begins in 1909, during the final months of Theodore Roosevelt’s presidency. Roosevelt had embarked on what he called his “pet crime”—a dramatic redesign of American coinage that he felt had become artistically stagnant. The cent, which had featured the Indian Head design since 1859, was due for a change, and the approaching centennial of Abraham Lincoln’s birth provided the perfect opportunity.

“I think I’ll have to put Lincoln on a coin,” Roosevelt reportedly told his secretary. This seemingly simple decision was actually revolutionary—it would mark the first time an actual person, rather than the allegorical figure of Liberty, would appear on a regularly circulating American coin. The choice of Lincoln was both politically expedient and genuinely popular, as the martyred president remained a beloved figure across most of the country.

To design this groundbreaking coin, the Mint selected Victor David Brenner, a Lithuanian-born sculptor who had previously created a Lincoln plaque that caught Roosevelt’s attention. Brenner’s design featured a dignified profile of Lincoln on the obverse, while the reverse showcased a simple but elegant pair of wheat stalks framing the denomination.

The VDB Controversy

The coin’s release on August 2, 1909, should have been a moment of unalloyed triumph for Brenner. Instead, it sparked the first of many controversies in the series’ history. Brenner had included his full initials—VDB—on the reverse, placed prominently at the bottom between the wheat stalks. While artists’ initials on coins weren’t unprecedented, the size and placement of Brenner’s signature drew immediate criticism in the press.

“It was as if he were advertising himself rather than honoring Lincoln,” explains Richard Williams, a numismatic historian I interviewed for a coin club newsletter in 2018. “The public reaction was swift and negative, with some newspapers suggesting that Brenner had essentially ‘bought’ his way into immortality on America’s coinage.”

The Mint reacted quickly—perhaps too quickly. After producing just 484,000 Lincoln cents at the San Francisco Mint and about 28 million at Philadelphia with the VDB initials, officials ordered the letters removed entirely. Production resumed without the designer’s initials, creating what would become one of the most famous rarities in American numismatics: the 1909-S VDB cent.

“Those three little letters—and their subsequent removal—created a coin that has become the holy grail for many collectors,” notes Williams. “It’s not the rarest Lincoln cent by mintage, but its story and place as the first year of issue have made it the series’ most famous key date.”

The controversy eventually subsided, and in 1918, Brenner’s initials were restored to the coin—albeit in a much more subtle location, tucked under Lincoln’s shoulder, where they remain to this day.

The Evolution of the Series: Key Dates and Varieties

Over its 50-year history, the Wheat cent series experienced numerous changes in composition, striking characteristics, and even the occasional design modification. Understanding these evolutions helps collectors appreciate why certain dates command premium prices while others can be found for little more than face value.

b) saw relatively consistent production using an alloy of 95% copper and 5% tin and zinc. During this period, several key dates emerged:

The aforementioned 1909-S VDB, with its tiny mintage and compelling origin story, remains the psychological keystone of the series. During a coin show in Cincinnati in 2019, I watched a collector pay $900 for a moderately worn example—a coin with a face value of just one cent.

The 1914-D (Denver) cent, with a mintage of just over a million pieces, is actually scarcer than the 1909-S VDB in circulated grades. Most were released into circulation before collectors recognized their significance, resulting in few well-preserved specimens.

“The ’14-D is the sleeper of the series,” veteran dealer Martha Sanchez told me during an interview for my coin club’s quarterly publication. “Everyone focuses on the ’09-S VDB because of its famous story, but try finding a nice ’14-D. That’s the real challenge.”

The Depression Era Changes

The economic hardships of the Great Depression directly impacted cent production, with mintages dropping significantly as commerce slowed. This period produced another famous rarity: the 1931-S, with a mintage of just 866,000 pieces—tiny by cent standards.

However, the most dramatic change came in 1943, when World War II forced a radical, if temporary, alteration in the cent’s composition. Copper was classified as a strategic war material, essential for producing ammunition and communications equipment. The Mint was directed to find an alternative composition, eventually settling on zinc-coated steel.

The resulting “steelies” circulated alongside their copper cousins, creating a visually distinct one-year type coin that confused the public and proved problematic in vending machines. The steel cents tended to rust when exposed to moisture and were often mistaken for dimes due to their silver-like appearance.

“My father told me about the chaos those steel cents caused,” recalls collector James Murphy, whom I met at a Philadelphia coin show in 2017. “He was working as a bus driver in Chicago, and people would try to pass them off as dimes or complain when they received them as change because they looked so different.”

The Accidental Treasures: 1943 Copper and 1944 Steel Cents

The rushed transition to steel in 1943—and back to a copper alloy in 1944—created some of the most valuable error coins in American numismatics. A small number of copper planchets left in the presses were struck as 1943 cents, while some leftover steel planchets were used in 1944. These wrong-planchet errors have become legendary rarities.

“The 1943 copper cent is the most romanticized coin in American numismatics,” explains Williams. “For decades, there were rumors that Henry Ford would give a new car to anyone who found one, which wasn’t true but certainly added to the mystique.”

These rarities are so valuable (authentic examples have sold for hundreds of thousands of dollars) that they’ve inspired countless counterfeits. Fraudsters have copper-plated genuine steel cents or altered dates on 1945-1948 copper cents to create fake 1943 copper specimens.

“I’ve had more people bring me fake 1943 copper cents than any other coin,” laughs Sanchez. “Everyone thinks they’ve found a treasure worth a fortune, but almost invariably, a simple magnet test reveals they’ve got a copper-plated steel cent.”

Collecting Strategies: Building a Meaningful Wheat Cent Collection

One of the enduring appeals of the Wheat cent series is its accessibility to collectors of varying financial means. While a complete collection including all key dates and major varieties in high grades would cost tens of thousands of dollars, meaningful collections can be assembled on much more modest budgets.

The Date/Mint Mark Approach

The most traditional approach to collecting Lincoln Wheat cents is by date and mint mark. This would include one example from each year and each mint (Philadelphia, Denver, and San Francisco) that struck cents in that year. A complete set would consist of 146 different coins.

For beginners or those with limited budgets, starting with a partial set is often advisable. Here are some popular approaches:

Lincoln cents from the 1940s and 1950s: These are generally the most affordable and readily available, making them ideal for beginning collectors or those introducing children to the hobby.

During a coin club meeting I hosted for young collectors in 2020, I brought rolls of wheat cents from the 1940s and 1950s for the children to search through. Ten-year-old Sophia found a well-worn 1944-D and clutched it like she’d discovered buried treasure. “This coin is older than my grandpa!” she exclaimed, her eyes wide with wonder. That moment perfectly encapsulated why coin collecting continues to captivate new generations.

Birth year sets: Many collectors enjoy assembling sets from years that hold personal significance, such as their birth year or that of family members. A complete set from a single year would include coins from all operating mints.

One coin per decade: This approach provides a representative sample showing how the series evolved over time while keeping the scope manageable.

Condition-Based Collecting

Some collectors focus less on completing a date set and more on acquiring the highest quality examples their budget allows. This might mean purchasing fewer coins but in exceptional condition.

“There’s something special about a Wheat cent with full mint luster and sharp details,” notes Murphy. “Even common dates from the 1950s can be absolutely stunning when they’re in pristine condition.”

This approach often appeals to investors as well as collectors, as high-grade examples of even relatively common dates have appreciated significantly in value over time, particularly since the advent of third-party grading services in the 1980s.

Variety Collecting

For the specialist, the Wheat cent series offers a wealth of interesting varieties—coins that differ in small but significant ways from the standard issues. These include:

The 1922 “Plain” cent: Due to die problems at the Denver Mint, some 1922-D cents were struck with the mint mark either extremely faint or completely missing. Since Philadelphia didn’t produce cents that year, any 1922 cent without a visible D mint mark is a valuable variety rather than a Philadelphia issue.

The 1955 Doubled Die: Perhaps the most famous die variety in American numismatics, the 1955 Doubled Die shows dramatic doubling on all obverse lettering and the date. This prominent error occurred during the die manufacturing process and resulted in approximately 20,000 to 24,000 coins reaching circulation.

I still remember the excitement when a fellow collector discovered a 1955 Doubled Die in an inherited collection he was examining during one of our coin club meetings. The room erupted in congratulations and not a little envy as he held up the coin, worth several thousand dollars even in the moderately worn state it was in.

The 1946-S/D: This variety features a D mint mark that was punched into the die and then partially effaced and replaced with an S, creating an unusual hybrid mint mark. While subtle, it’s a fascinating example of how mint employees corrected mistakes during the die preparation process.

Preservation and Storage: Protecting Your Wheat Cent Investment

Regardless of your collecting approach, proper preservation is essential to maintaining both the condition and value of your Lincoln cents. Copper is particularly reactive to environmental factors, and improper storage can lead to issues ranging from minor toning to destructive corrosion.

“The biggest enemy of copper coins is moisture,” warns Sanchez. “I’ve seen beautiful collections ruined by improper storage in damp basements or garages.”

For optimal preservation, consider these approaches:

Album storage: Pre-printed albums with designated holes for each date and mint mark combination provide both organization and protection. Quality albums use inert materials that won’t harm the coins’ surfaces.

Mylar flips or capsules: For higher-value specimens, individual inert Mylar flips or hard plastic capsules offer excellent protection while still allowing the coin to be examined on both sides.

Environmental control: Regardless of the specific storage method, maintaining a stable environment with moderate humidity and temperature is crucial for long-term preservation.

The Cleaning Controversy

Perhaps no topic generates more heated debate among numismatists than the cleaning of coins. The conventional wisdom—repeated as gospel in virtually every numismatic publication—is that coins should never be cleaned. However, the reality is more nuanced.

“The absolute prohibition against cleaning is relatively recent in numismatic history,” explains Williams. “If you look at auction catalogs from the early 20th century, coins were routinely described as ‘brilliantly cleaned’ as a positive attribute.”

That said, modern collector preferences and grading standards strongly favor coins with original surfaces. Harsh cleaning methods can remove the natural patina that develops over decades, irreparably damaging the coin’s surface and significantly reducing its value.

I learned this lesson the hard way as a novice collector. Finding what I thought was a dirty 1925-S cent in a dealer’s junk box, I purchased it for a few dollars and proceeded to “improve” it with a pencil eraser. Only after consulting a more experienced collector did I realize I’d removed the original patina from what had been a naturally toned, uncirculated specimen—reducing its value by perhaps 80%.

The Enduring Legacy of Wheat Cents

The Lincoln Wheat cent series occupies a unique place in American numismatics. These coins witnessed America’s transformation from a still-developing nation to a global superpower. They jingled in the pockets of doughboys heading to the trenches of World War I, were saved by families struggling through the Great Depression, and helped purchase victory bonds during World War II. They represent not just numismatic treasures but tangible connections to our shared past.

“What makes Wheat cents special is their accessibility,” reflects Murphy. “Almost everyone has found one in their change at some point, creating that moment of discovery that can spark a lifelong interest in history and collecting.”

Indeed, many of today’s most accomplished numismatists trace their introduction to the hobby to a chance encounter with a Wheat cent—that distinctive, slightly foreign-looking penny that stood out among its Memorial reverse siblings in a handful of change or a grandparent’s coin jar.

As we move deeper into the digital age, with cashless transactions becoming increasingly common and the very future of the cent denomination in question, these humble copper coins serve as ambassadors from a different era—a time when the contents of one’s pocket change connected Americans to their national symbols, their history, and their collective identity on a daily basis.

For those who take the time to look closely at these common treasures, as my grandfather encouraged me to do so many years ago, the rewards extend far beyond potential financial gain. Each worn Lincoln Wheat cent represents a small piece of American history, having passed through countless hands on its journey to your collection—a journey that continues with each new generation that discovers the enduring appeal of these remarkable little coins.