Have you ever looked at an old penny and wondered, “Could this be worth a fortune?” With so many headlines floating around on the internet saying things like “This penny is worth $124 million,” it’s easy to get excited. But is that really true?
The confusion and talk about what these old pennies are, which ones are valuable, and what you should actually do if you think you found something special.
Lincoln Wheat Pennies
Lincoln wheat pennies are coins made in the United States from the year 1909 to 1958. If you look at the back of these pennies, you’ll see two stalks of wheat on either side. That’s why they are called “wheat pennies.”
In 1959, the U.S. Mint changed the design. Instead of wheat, they started using a picture of the Lincoln Memorial. So if your penny has wheat on the back, it’s from before 1959 and is considered a wheat penny.
These coins are quite common. Many people still have them in jars, drawers, or old coin boxes. But not all of them are worth a lot of money. In fact, most are just worth a few cents more than their face value.
Worth Millions
You’ve probably seen online articles or videos claiming that some old pennies are worth millions of dollars. It sounds like a dream, right? But the truth is, those headlines are often very misleading.
Most wheat pennies are only worth one cent. Some may be worth 5 to 10 cents. A few might be worth a few dollars if they are in great condition or have rare features. But the idea that you’ll find a $124 million penny in your change is just not real.
Donn Pearlman, a coin expert from the Professional Numismatists Guild, says that only a few pennies have ever sold for close to $1 million. And none have sold for more than that. So while it’s fun to dream, it’s not likely to happen.
The Special 1943 Copper Penny
One penny that really stands out is the 1943 copper Lincoln wheat penny. During World War II, copper was very important for making weapons and equipment. So in 1943, the U.S. Mint decided to make pennies out of steel instead of copper.
But by mistake, a few copper pennies were made that year. These rare 1943 copper pennies are the ones that can be worth a lot of money.
Some of these special pennies have sold for over $200,000. In rare cases, they have even sold for $1 million. But again, these coins are extremely rare. You won’t usually find them in your pocket or your coin jar.
Most 1943 pennies you’ll find are steel, and they usually aren’t worth much—maybe a few cents or a couple of dollars.
Penny Values
| Penny Type | Estimated Value |
|---|---|
| Regular wheat penny | 1 to 5 cents |
| Rare error penny | $100 to $1,000+ |
| 1943 copper penny | $100,000 to $1,000,000 |
| 1933 Double Eagle coin | $18.9 million |
So yes, some rare coins are worth a fortune. But most old pennies are not in that group.
Find These Pennies Today
Some people think they might find a rare coin just by checking their loose change. While it’s possible, it’s very unlikely.
Finding a rare penny today is a lot like winning the lottery. It can happen, but the chances are very low. Most valuable coins have already been found, collected, and sold.
Coin expert John Feigenbaum compares it to scratching off a lottery ticket and hoping it’s a big winner. Fun to dream about, but not something you should count on.
Many of the exciting stories online are made just to get attention. They use big numbers and bold titles to make people click. Some of these articles are even written by artificial intelligence (AI), not real people.
Feigenbaum says that these stories make people rush into coin shops thinking they’ve found something rare. But most of the time, the coin is just a regular old penny.
Because of all this hype, coin shops are getting more and more visitors who believe they have valuable coins—but they don’t. It’s leading to a lot of disappointment and confusion.
Fake Coins vs Original
Another problem is fake coins. Some people are making counterfeit wheat pennies and selling them online. These fakes often come from places like China and are made to trick buyers.
You can find them on websites like eBay or Etsy. They may look real, but they’re not. If you’re not careful, you could waste your money on a coin that isn’t even real.
Feigenbaum warns that people are getting fooled by these scams all the time. If a deal looks too good to be true, it probably is.
Coin Is Valuable
If you have a collection of old coins or recently found some at home, there are a few smart things you can do to check their value.
First, try reading about coins. One of the best books out there is The 2026 Red Book: A Guide Book of United States Coins. It gives simple and useful information about what different coins are worth.
You can also use mobile apps to check your coin’s value. But be careful—these apps aren’t always correct. Some may give you the wrong idea, so don’t rely on them too much.
Another good step is to get your coins graded. This means a professional will look at your coin and tell you how much it’s really worth. Some trusted companies that offer grading services include CAC, NGC (Numismatic Guaranty Company), and PCGS (Professional Coin Grading Service).
These companies are safe to use and can help you figure out if your penny is actually rare or valuable.
Final Thoughts
It’s fun to look through old coins and imagine they’re worth millions. But most wheat pennies are only worth a few cents. While rare pennies like the 1943 copper penny can sell for a lot, they are super hard to find.
Don’t believe everything you see online. Most of those big headlines are just trying to get your attention. If you really think your coin is rare, do a little research or talk to a coin expert. At the end of the day, coins are cool to collect—but they probably won’t make you rich overnight.
FAQs
Are all wheat pennies valuable?
No, most are only worth a few cents.
What is special about 1943 pennies?
Some 1943 pennies were made with copper by mistake and are very rare.
Can I sell my old penny for money?
Only if it’s rare or in great condition.
How do I know if my coin is rare?
Use a coin guide or get it checked by a professional.
Are there fake pennies online?
Yes, some fake coins are sold on sites like eBay.
