The Easiest Way to Collect Wheat Pennies

Collecting wheat pennies is a great way to expand your recreational interest in coin collection. Many wheat pennies remain in circulation, so they're one of the easiest collections to start. Continue reading to learn more about The Easiest Way to Collect Wheat Pennies.

A wheat penny is the first use of a real person on a regular-issue American coin. Only fictional and mythological characters appeared on coins before 1909.

While coin values vary depending, finding a wheat penny could be a big payday for you. The first wheat pennies went into circulation in 1909. Lincoln is still used on pennies today, but the history of the wheat penny sets it apart from those we use today.

History of the Wheat Penny

The Wheat Penny or Lincoln Wheat Penny started its circulation in the United States on August 2nd, 1909. The mint released what they felt was an ample number of pennies. The next morning, long lines formed outside each treasury.

The mint had to rapidly produce more of the 1909 pennies, but over the years the amount in circulation depleted. This is largely why wheat pennies remain rare to this day.

The design of the wheat cent includes President Lincoln's side profile. The image chosen and designed came from a photo taken in 1849. On the reverse side, two wheat stalks outline the words "ONE CENT" over "UNITED STATES OF AMERICA."

On the bottom reverse, the initials "VDB" came engraved in the rarest versions of this coin. The designer's initials, Victor David Brenner, was quite the scandal at the time and the reason that so few 1909 VDB Pennies exist.

There was some negativity around putting a portrait on a coin. However, on the 100th anniversary of Lincoln's birthday, the negativity disappeared.

Teddy Roosevelt commissioned the first Lincoln cents. They replaced the Indian Head cent.

Most Valuable Wheat Pennies

Typically speaking, the most valuable wheat cents are those that have gone uncirculated. However, there are a handful of designs that fetch a fair amount on the coin market.

One wheat penny sold in 2021 for $1,801. This is lower than most of the wheat pennies you could find with unique design flaws. Sometimes flaws add value!

For example, the 1969 double die wheat cent might look flawed, but these flaws add value. The name "double die" describes the duplicate number of letters on the penny.

An earlier wheat penny is similarly flawed. On the front and reverse of the coin are the words "In God We Trust," "Liberty" and "1955." More than 20,000 of the incorrectly manufactured coin remain in circulation.

At first, the government believed these were counterfeit. The government set about confiscating the misprint wheat pennies.

The double lettering is unique to this coin. It almost looks like the coin is shaking the words from the face.

Online collectors have valued the 1944 steel wheat cent at more than $100,000. Imagine finding one of these in an old piece of furniture at home!

1943 Copper Wheat Penny

Another popular and valuable penny is the 1943 copper wheat penny. What makes the 1943 copper wheat penny valuable is its physical composition.

At the time, all pennies changed to a composition of zinc-coated steel. WWII meant a higher demand for copper, an essential material required for the war effort at the time.

Because of the way pennies print in the mint, the emblem on the coin is stamped onto a blank disk before they're released as currency. A number of the small disks, or "planchets" caught in the machine as the steel ones were poured in.

As the bronze-colored pennies fell through the machine, the measures in place for quality control completely missed the error. According to a Newsweek article, only 40 1943 copper-alloy Lincoln cents are known to be in existence.

Experts have estimated that there might only be 10 to 15 of the coins still left. Due to their rarity, their value has continued to climb.

In 1996, one of the cents sold for $82,500. This was the highest amount ever paid. Then, in 2019, a copper wheat penny received a valuation of $170,000 and sold for $204,000 at an auction in Florida.

The man who sold the penny had received it as change when he was 16 years old. Because he sold the penny at auction, we're able to know the value.

However, auctioneers have told the media that private sales of Lincoln cents have reached millions. The pennies are so valuable that some scam artists have tried replicating the design.

If you think you have a real 1943 copper wheat penny, try holding a magnet to it. If it doesn't stick, you've got a real one!

How Does It Compare to the 1943 Steel Penny?

The 1943 copper wheat penny is considered far more valuable than its steel counterpart. Steel pennies were the norm at the time due to the ongoing war effort, so not particularly rare.

Estimates suggest that some 648,628,000 steel pennies were produced by the mint in 1943. Years later, the mint started collecting and destroying these coins, so the exact number left today is unknown.

Still, a steel penny from 1943 could be worth around 10 to 50 cents these days. If you're on the hunt for these pennies, they are worth keeping to one side.

How to Lose Value in Your Pennies

One woman, thinking she was designing a cool floor, glued $77 worth of pennies to the ground in her bathroom. When online coin collectors told her that she may have stuck a highly valuable coin to the floor, she spent hours going through them.

She found eight different wheat pennies when she went to inspect her work. The coins permanently adhered to the floor, so she could be walking over more than $800,000 worth of valuable coins.

If you're lucky enough to amass a collection of pennies, do not use them as artwork. You might be throwing away more than your home is worth!

Ways to Collect Wheat Pennies

Collecting wheat pennies might sound like an uphill battle. But there were millions printed and, therefore, plenty of opportunities to luck out.

Numismatics has grown exponentially as a hobby in recent years. Fueled by the COVID-19 pandemic lockdowns and more opportunities to find pennies, this is the strongest market for pennies in decades.

Some coins have seen a 300 percent increase in value, according to our research. It may even be that many coins in the world are currently undervalued.

Finding a wheat penny is one way to ensure that you're getting value for your hunting. There are so many ways to find and collect wheat pennies. We'll discuss some of our favorite options to find wheat pennies next!

Bags of Pennies

Going through bags of pennies is a fairly exhaustive process but can really pay off if you stick at it. There are some key dates wheat penny collectors look for, so set yourself up with a sorting system.

Most collectors line up their pennies by year. As you filter through, try lining them up from 1909 onwards. 

Lining out pennies by age makes it easier to determine what sort of wealth you could be amassing. If you do decide to stack the coin, do so in piles of 5 or 10 so they're even easier to count afterward.

Of course, the most important thing to do after you've gone through an entire bag is to keep the pennies separate. If you come across many valuable coins, why not clean them up a bit if they need it?

All of these behaviors contribute to successful searches. Bags of pennies can range in price. However, you can get up to a 5,000-count guaranteed wheat penny bag of coin for as low as $299.95.

Rolls of Pennies From Banks and Online

Collectors often have rolls of pennies they've collected and rolled into individual groups of 50. According to CNBC, people have started making serious money off their bank-rolled pennies.

During the pandemic, people really took to this new recreational activity. Folks would go to their local bank, buy rolls of pennies, and spend hours searching through them for valuable items.

The most valuable pennies are typically those with printing errors. However, most banks don't separate their pennies into a specific style and brand. This is a major downside for people looking for hyper-specific pennies and coins.

Hobbyists within the coin collecting world love the thrill of the chase. Even with low rates of return when buying rolls of pennies from banks, it's like searching for buried treasure, according to CNBC.

Of course, if you're looking for something hyper-specific like the wheat penny, it's better to go online. You can buy rolls of specifically wheat pennies for less than what you might buy from a bank.

Rolls of wheat pennies that have been circulated can be purchased in rolls of 50 too. They can go for as low as $7.99 per roll of 50.

The bonus is the guarantee that you're getting just wheat pennies in your purchase. Banks typically don't make these separations.

The other risk you have is that some banks won't even keep rolls of old pennies! Some banks aren't even required to keep rolls of pennies.

Generally speaking, you don't want to buy rolls of pennies or other types of coins from unverified sellers online. While Amazon and other places might claim to be selling rolls of wheat pennies, many of these could be faked.

Coinstar Machines

Most people use Coinstar machines to get rid of their unwanted change for cash. They are a super helpful resource for anyone looking to get rid of their old change. However, you could be getting rid of valuable assets.

Coinstar machines work by weighing out different coins. They also check the magnetism of the coin you insert. Anomalies within the coin will see the machine reject it from the system.

Older coins are often rejected by Coinstar machines because they are so different from those we use today. The machine does collect most forms of pennies though!

When using a Coinstar machine, start by looking in the reject tray. You might come across something that a previous user hasn't checked for.

Coinstar has even stepped in to help in strange situations involving heaps of pennies. One man received almost $1000.00 in pennies from an angry former employer.

The employer dumped the pennies on the man's driveway. That's more than 91,500 pennies! Instead of going through them, Coinstar came in to help the man transfer the pennies into cash.

While almost 100,000 pennies are a large collection to sort through, it might have been worth this man's time. Such a huge collection might have been worth a lot more than the cash value.

According to Coinstar estimates, there are some $10.5 billion in loose change sitting around in American homes. With the current coin shortage, it might be time to look beyond the couch cushions to start your coin collection.

Go Through Your Family Home

While this might not be the easiest way to collect wheat pennies, going through your family home is a cathartic way to sort through your change. When people move or sell furniture, they often forget to really dig around and find what's inside.

Without sounding ghoulish, going through the belongings of relatives who have passed on is another way to find wheat pennies. Because there are so many different types of wheat pennies, keep a coin jar with you while you clean.

Older relatives are more likely to have older coins laying around. Never throw away or discard old clothes without checking the pockets. Sure, you might not want your grandpa's old mothball-ridden jacket, but just one wheat penny could make that jacket worth over $100,000!

If you don't have an older relative's home to go through, start with your own. Everyone has pieces of change lying around in random places!

The bonus of penny hunting at home is that you can couple it with decluttering your home. We recommend starting on a room-by-room basis.

In your bedroom, you'll have furniture, clothing, accessories like bags, purses, and wallets. You should check under furniture as well as inside to try and find change that may have fallen out of a pocket or purse.

Bathrooms and kitchens are also hotbeds for leftover pennies. Even the tidiest of people have junk drawers, toolboxes, and places for knickknacks.

All of these places are hiding spots for wheat pennies. Doing an audit of your whole home is a great way to start your coin collection journey.

Keeping a penny or coin jar at home is the best practice to start your coin collection. Any time you receive change, or find some on the floor, pick it up!

As soon as your coin jar is full, go through it. This will create a good collector's habit.

Always Keep an Eye Open

"Find a penny, pick it up, and all that day you'll have good luck!" Though this saying started as a religious poem, it still holds today.

Some people pick up pennies for the superstition associated with the act. For coin collectors, it's a whole different process.

Instead of becoming an archeologist and searching through fields for rare artifacts, you could find a rare penny on the side of the road!

Every time you find a penny on the road, pick it up. Not only could you get good luck, but you may find the rarest wheat penny! The only way to know is to start today.

Online Options or Coin Shows

Online and in-person coin collections are slowly becoming one and the same. During the COVID-19 pandemic, many coin shows went online.

Searching online is often an easier option for coin collectors who don't live near shows and convention centers. However, you could spend days searching the web just like you would the rows at trade shows.

It is often easier to buy and sell coins online. You might not walk away with your coin on the same day of purchase but tracking the arrival of your new collection adds a whole new paradigm to the activity.

Of course, you really need to do online purchases through verified traders. It also helps to know a little about coin grading. Whether at show or online, there are key characteristics to look out for.

The Sheldon Scale is how almost all coin collectors grade their wheat pennies and other valuable coins. We would all love to find a PF 65- Gem Proof uncirculated 1943 wheat penny.

The PF 65- Gem Proof on the Sheldon Scale has no blemishes or noticeable flaws. A wheat penny in this condition should have very few hairlines or nicks and be in brilliant condition.

If you're really lucky, you'll find an MS 70- Perfect Uncirculated wheat penny. These have no signs of wear and are arguably the best quality possible.

Knowing your pennies is as important as finding your pennies. Once you've started your collection, ensure you store your treasure properly.

Coin Collection Storage

Failure to store your coin properly could seriously decrease the value of your coin. Corrosion and dings in your treasure will be heavily scrutinized by any buyers.

If you're collecting for wealth, proper storage of wheat pennies is essential. While most amateurs keep their pennies in a jar, properly rolling your pennies could be the difference in a big payday.

When you store your pennies in a jar, they bump and rub against each other. Scratches can take thousands off your penny value.

Another key tip is keeping your collection somewhere dry. Moisture will corrode the integrity.

Coin flips are another great invention for collectors. Flips allow you to inspect your coin without getting your fingers all over them. Fingers contain dirt and moisture, so can also corrode your coin.

Other Valuable Pennies

While you search for wheat pennies, why not keep an eye out for other valuables? The Indian Head Penny is another popular coin for collectors.

The Indian Head Penny, first minted in 1859, is a true collectible. The mint discontinued Indian Head pennies in 1909 with the advent of the wheat penny.

Designed by James Longacre, Indian Head pennies feature an image of Lady Liberty in an Indian Headdress. The reverse side reads "ONE CENT" surrounded by a wreath.

The heavier the Indian Head Penny, the older it is. The first weighed some 4.67 grams. In 1860, the composition changed, and the weight dropped to 3.11 grams.

Even the youngest Indian Head Pennies can sell for more than $400 online. Don't discard non-wheat pennies during your collection process. You could be throwing away a small fortune!

Best Types of Pennies to Collect

Generally speaking, Lincoln cents are the most valuable pennies you can add to your collection. The higher the quality of the coin, the greater the value.

Flying Eagle Cents are another unique coin you could find during your hunt. According to Spruce Crafts, one 1856 flying eagle cent sold for $172,500 in January 2004.

Flying eagles were circulated at a time when the copper value of a penny exceeded its trade value. It literally cost the mint more to make a penny than what a penny was worth.

Only 800 flying eagle pennies were minted before Congress approved a reduction in the size of a penny. Though there are some of the rarest coins, you might be lucky and find one!