What are wheat pennies, and why are they sometimes worth thousands?
(NEXSTAR) — The U.S. could move to ditch the penny but that doesn’t mean you should start throwing away your one-cent pieces — especially if they contain a certain grain on them.
The penny has undergone several design changes throughout its long history, stretching back to 1793. They were first produced with an image of Lady Liberty on the front and a chain surrounding the text “ONE CENT” on the reverse, then the chain was replaced with a wreath.
Then, in the early 1900s, President Abraham Lincoln replaced Liberty on the penny, bringing a new reverse design complete with wheat. It’s the wheat that could help you garner some green from collectors.
Pennies produced from 1909 to 1958 featured two sheaves of wheat on the reverse. (They would then be swapped out for an image of the Lincoln Memorial in honor of Lincoln’s 150 birthday.)
During that time, several varieties were also created. Early on, the initials of sculptor-engraver Victor David Brenner appeared on the reverse of the penny. Controversy caused his initials to be removed but they returned in 1918 just below Lincoln’s shoulder, where it can still be seen today. In the early 1940s, the U.S. used zinc-coated steel instead of copper to make pennies because the latter was needed for World War II.
Today, wheat pennies are considered the most commonly collected U.S. coins, which makes them worth at least a few cents to a dealer. Certain factors can make them worth thousands of times more than one cent though, Dave Sorrick, coin expert and collector at In God We Trust, LLC, previously told Nexstar’s KSNF/KODE.
The rarest, according to Sorrick, would be a penny from 1909, which could be “worth anywhere from $700 to $1,500 depending on the coin’s grade.” An uncirculated wheat penny from 1909 that has been graded could be worth $2,000 to $3,000.
In January, a highly graded wheat penny from the 1909 series sold for $99,000 at auction.
Some wheat pennies have gone for far more.
One, minted in Denver in 1943, sold for $840,000 in 2021, according to a listing by Heritage Auctions. Why, you may ask, did a penny attract such a price? Largely because it was made of bronze rather than the zinc-coated steel the U.S. was using at the time amidst the war efforts.
A similar “problem-free” 1943 penny went for $264,000 at auction earlier this year, Heritage Auctions previously announced. Another wheat penny from 1944 — made entirely of steel, giving it a silver appearance instead of copper or bronze — sold at auction for $168,000 in January.
Does that mean your stash of wheat pennies is about to make you rather wealthy? Not exactly.
While online guides can give you insight into how valuable your wheat penny is or isn’t, it is generally recommended that you speak with an expert before listing your coin on eBay. That goes for any old coins or cash you’ve been holding onto, Dustin Johnson, vice president of numismatics at Heritage Auctions, previously told Nexstar.
“Odd items are always set aside but that doesn’t make them rare or terribly valuable,” he warned.
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