The story of the 1920-S Lincoln Wheat Penny supposedly worth $7.9 million is one that has captured the imagination of collectors and enthusiasts alike. While there are no confirmed records of a 1920-S penny reaching such a high valuation, the world of rare Lincoln Wheat Pennies especially those with minting errors has been known to fetch extraordinary prices. This post delves into the mystery of this seemingly unbelievable coin, exploring its potential value, historical significance, and how you can spot a rare penny yourself.
The Mystery of the $7.9 Million Penny
The Lincoln Wheat Penny was first introduced in 1909 to commemorate Abraham Lincoln’s 100th birthday, with its distinctive design by Victor D. Brenner. On the obverse, the coin featured a portrait of Lincoln, while the reverse displayed two stalks of wheat, a symbol of the country’s agricultural roots. The series continued until 1958, when the coin was replaced by the Lincoln Memorial design.
Throughout its long run, the Lincoln Wheat Penny became a beloved piece of American currency, and its enduring popularity continues to this day. But what makes certain versions of these pennies so valuable? How did a coin like the 1920-S Lincoln Wheat Penny supposedly achieve a price tag of $7.9 million?
In reality, no confirmed sales of this penny have reached such a high value, but there have been numerous cases where rare Lincoln Wheat Pennies especially those with minting errors have sold for impressive sums.
Rare Lincoln Wheat Pennies That Command Top Dollar
Before delving deeper into the mystery of the $7.9 million penny, let’s look at some of the other notable Lincoln Wheat Pennies that have fetched extraordinary prices due to their rarity and minting errors:
- 1909-S VDB Penny: This is one of the rarest and most valuable Lincoln Wheat Pennies. The 1909-S VDB was minted in limited numbers, and the “VDB” (Victor D. Brenner’s initials) on the reverse was removed from the design after public backlash. This coin’s scarcity and historical significance make it a prized collector’s item, often selling for thousands of dollars.
- 1943 Copper Penny: During World War II, the U.S. Mint was forced to make pennies using steel instead of copper, due to metal shortages. However, a few 1943 copper pennies were mistakenly struck with the wrong metal. These rare minting errors have led to prices reaching hundreds of thousands of dollars for well-preserved specimens.
- 1955 Double Die Penny: A striking error caused a doubled image on the obverse of the coin, creating a highly collectible version of the 1955 penny. This mistake has made the coin valuable, with some in excellent condition selling for tens of thousands of dollars.
While these examples are some of the most famous rare Lincoln Wheat Pennies, the 1920-S Lincoln Penny remains an enigma, often mentioned in online forums and numismatic discussions.
Why Would a Penny Be Worth Millions?
So, what makes certain pennies worth millions? There are several key factors that determine a coin’s value, especially when it comes to rare or error-struck pennies:
1. Minting Errors
A coin’s value skyrockets if it contains a minting error whether it’s a misaligned strike, off-center impression, or improper metal composition. These imperfections, though seemingly small, make the coin rare and highly sought after by collectors. A penny with a unique error can be worth exponentially more than a regular issue, depending on the nature of the flaw.
2. Rarity
The law of supply and demand plays a major role in determining the value of a coin. The rarer a coin is, the higher its potential value. If only a small number of a particular penny were minted or if many were lost or destroyed over time, the few remaining coins become extremely valuable.
3. Historical Significance
Coins minted during pivotal moments in history, such as wartime shortages or special commemorations, often become more valuable over time. The 1920-S Lincoln Wheat Penny could hold historical significance in the context of post-World War I economic conditions, making it a desirable coin for collectors seeking items with historical relevance.
4. Condition
A coin’s condition also plays a crucial role in determining its value. Pennies in excellent condition free of corrosion, scratches, or discoloration are considered more valuable than worn-out specimens. Collectors prefer coins that have been well-preserved, often sending them for professional grading to ensure their authenticity and condition.
Could It Still Be in Circulation?
One of the most intriguing aspects of this mystery is the possibility that a 1920-S Lincoln Penny worth millions could still be in circulation. While it may seem far-fetched, it’s not entirely out of the question. Many rare coins have gone unnoticed for years, tucked away in old drawers, jars of change, or even accidentally spent as regular currency.
The 1920-S Lincoln Penny looks similar to other pennies from the era, which means it’s easy for an untrained eye to overlook it. If you happen to come across one in your spare change, it’s worth taking a second look before you dismiss it as a regular penny.
How to Identify a Rare Lincoln Penny
If you’re wondering whether you have a valuable Lincoln Wheat Penny, here’s how you can check:
1. Look at the Date
If the date on the penny reads 1920-S, you might be in luck. This particular penny was minted in San Francisco, and the “S” mint mark is key to identifying it.
2. Check the Mint Mark
As mentioned, the “S” mint mark indicates that the penny was minted in San Francisco. The mint mark is located just beneath the word “Liberty” on the obverse side of the coin.
3. Use a Magnet
If your penny sticks to a magnet, it’s likely made of steel, indicating it was minted during wartime. If it doesn’t stick, the coin is likely made of copper, which was more common in the pre-1943 pennies.
4. Get a Professional Appraisal
If you suspect your penny could be rare, consider getting it appraised by a professional numismatist. Certified experts can determine the authenticity and value of the coin, giving you peace of mind and potentially revealing a hidden treasure.
The Hunt for Hidden Treasures
Coin collectors and enthusiasts spend countless hours scouring change jars, coin rolls, and yard sales, hoping to find rare and valuable coins. While finding a $7.9 million penny may be a long shot, the thrill of the hunt and the possibility of discovering hidden treasures make coin collecting a fascinating and rewarding hobby.
If you’re just starting out in the world of coin collecting, begin by carefully inspecting your spare change. You never know you might just find the next rare penny that could make you a small fortune!
FAQs
What makes a 1920-S Lincoln Wheat Penny valuable?
The 1920-S Lincoln Wheat Penny is valuable due to its rarity and potential minting errors, making it highly sought after by collectors.
How can I tell if my Lincoln penny is a rare 1920-S?
Look for the “S” mint mark beneath “Liberty” on the obverse side, indicating it was minted in San Francisco in 1920.
What types of minting errors make pennies more valuable?
Minting errors like misaligned strikes, off-center impressions, or improper metal composition can increase a penny’s value significantly.
Could a 1920-S Lincoln penny still be in circulation?
Yes, it’s possible that a rare 1920-S penny could still be in circulation, especially if it’s been overlooked as an ordinary coin.
Should I get my rare penny professionally appraised?
Yes, if you suspect your penny is rare, having it professionally appraised by a numismatist can confirm its authenticity and value.
