The 10 Million Lincoln Wheat Penny Story
Stories of ordinary people finding extraordinary coins in pocket change make big headlines. One such headline speaks of a Lincoln Wheat Penny that ultimately fetched $10 million, turning a grocery store transaction into a retiree’s life-changing windfall.
Whether the exact dollar amount is accurate in every retelling, the scenario provides useful lessons. This article explains how such finds happen, how to authenticate and protect a potentially valuable Lincoln Wheat Penny, and practical steps for selling one safely.
How a Grocery Store Change Could Hide a Lincoln Wheat Penny
Lincoln Wheat Pennies were minted from 1909 to 1958 and circulated widely for decades. That long circulation period means rare varieties and mint errors occasionally surface in ordinary change.
Common reasons a rare penny might survive in pocket change include being put aside as a keepsake, falling into circulation decades ago, or being mixed in with cash during an estate liquidation.
Typical rare Lincoln Wheat Penny types to watch for
- 1909-S VDB and 1909-S: early low-mintage issues
- 1943 bronze or copper strikes (rarer than steel versions)
- Double die obverses, repunched mint marks, or off-center strikes
- Proof or business-strike anomalies with strong eye appeal
First Steps If You Find a Potentially Valuable Lincoln Wheat Penny
Resist the urge to clean or polish the coin. Cleaning can destroy surface detail and dramatically lower value.
Follow these immediate steps to preserve value and begin authentication:
- Handle the coin by the edge; wear cotton gloves if possible.
- Place the coin in an airtight holder or coin flip—do not tape or glue it.
- Document where and when you found it; take clear photos from both sides using natural light.
- Search online reference guides for obvious matches but avoid relying solely on forums for final verdicts.
Why professional authentication matters for a 10 million Lincoln Wheat Penny
Reputable third-party grading services (for example, PCGS or NGC) provide certification, assign grade, and protect buyers and sellers. A certified coin typically achieves a higher, more reliable market price at auction.
How to Authenticate and Grade a Lincoln Wheat Penny
Authentication and grading is a multi-step process that affects sale price significantly. A potential multimillion-dollar value means you should use the most trusted channels.
Authentication checklist
- Photograph the coin at high resolution from multiple angles.
- Compare features to known varieties using books or reputable online databases.
- Contact a local coin dealer with good references for an initial look.
- Submit the coin to a recognized grading service for a definitive grade and encapsulation.
Where to Sell a High-Value Lincoln Wheat Penny
High-value coins typically sell best at major auction houses or specialty numismatic auctions. Selecting the right venue depends on the coin’s rarity, estimated value, and seller comfort with auction terms.
Selling options
- Auction houses with numismatic expertise (they handle marketing and bidding)
- Specialist coin dealers (may offer quick private sale but often below auction hammer price)
- Consignment through major graders or established coin galleries
Practical Considerations: Fees, Taxes, and Security
Auction houses and grading services charge fees. Sellers should research commissions, insurance costs during transit and sale, and any reserve or seller guarantee terms.
Taxes vary by jurisdiction. In many places profit from selling collectibles is taxable; keep clear records of provenance, appraisal, sale price, and any fees paid.
Checklist before you sell
- Obtain an independent appraisal for insurance and tax purposes.
- Understand auction commissions and buyer fees.
- Arrange insured shipping or in-person delivery to the auction house.
- Consult a tax advisor on capital gains implications.
Lincoln Wheat Pennies were the first U.S. coins to show a real person on the obverse. Their long production run makes them favorite finds for collectors and occasional high-value discoveries.
Case Study (Illustrative): How a Retiree Turned Change into a Sale
Consider an illustrative case study: A retiree found a worn wheat penny in grocery change and suspected it might be unusual. They avoided cleaning it, photographed it, and took it to a local reputable dealer.
The dealer advised professional grading. After submission, a third-party grader identified the penny as a rare variety and assigned a high grade. The retiree consigned the coin to a major numismatic auction and received competitive bids, netting a multimillion-dollar payout after fees and taxes.
The key actions that protected value were documented handling, using trusted graders, consigning to a reputable auction house, and consulting advisors on tax and estate planning.
Final Practical Tips for Anyone Who Finds a Lincoln Wheat Penny
- Do not clean or alter the coin under any circumstances.
- Keep clear, dated records and photos of the discovery.
- Use established grading services for authentication.
- Get multiple professional opinions before accepting any offer.
- Plan for taxes and consider professional financial advice if proceeds are large.
Finding a rare Lincoln Wheat Penny in grocery change is rare but not impossible. The difference between a pocket-finder and a multimillion-dollar sale often comes down to careful handling, proper authentication, and working with reputable buyers and advisors.
