That $990,000 Lincoln Wheat Penny? It’s got everyone talking. A 1920 penny listed for almost a million bucks sounds crazy, right? Rare coins can be worth a lot, sure, but that price tag makes you wonder if it’s legit or a scam.
So, let’s look into this $990,000 penny and what to watch out for when buying coins. Whether you’re just starting out or you’ve been collecting for years, this info should help you make smart buys and avoid getting ripped off.
Why the Lincoln Wheat Penny Matters
Back in 1909, they brought out the Lincoln Wheat Penny to celebrate Abraham Lincoln’s 100th birthday. Victor D. Brenner, a well-known designer, designed it. It was one of the first US coins to show a real person.
The coin features a portrait of Abraham Lincoln on the obverse and two wheat stalks on the reverse, symbolizing progress and prosperity. Because of its historical and artistic beauty, this coin is quite popular among collectors. However, most Lincoln Wheat Pennies are not worth very much unless they are rare or in excellent condition.
Controversy Over the $990,000 Lincoln Wheat Penny
When the 1920 Lincoln Wheat Penny was listed at $990,000, the coin collecting community was stirred up. Rare coins can certainly sell for high prices, but there was no concrete evidence of such a great value for this particular coin.
Now, about that pricey penny – the seller said it had something to do with Theodore Roosevelt and the Panama Canal. The problem is, there’s no proof to back that up.
Four Red Flags to Watch For
If you’re into coin collecting, keep an eye out for these red flags. They can help you dodge scams:
- Incredibly high price
- Most 1920 Lincoln Wheat Pennies are worth around $40, unless they have rare mint errors or are in excellent condition. A price like $990,000 is not only unusual, but it can also be a sign of a possible fraud. Always match the coin’s price to its actual market value.
- No proof of being the real thing
- For a coin that’s actually worth a lot, it needs to have a thumbs-up from a group like PCGS or NGC. These guys check if the coin is real, rare, and in good shape. If you’re looking at a costly coin without this paper, walk away.
- Stories that don’t add up
- Some sellers might say a coin was part of some big event or belonged to someone famous to try and charge more. Don’t just take their word for it if they do not have solid proof. If something sounds too good to be true and there are no official papers to back it up, it is probably fishy.
- Sketchy places to buy
- Real rare coins are usually sold at well-known auction places or by authorized coin sellers. If you see a coin on eBay or other regular websites without any guarantee that it’s real, be careful.
Reason for the popularity of the Lincoln Wheat Penny
The Lincoln Wheat Penny is still very popular among collectors. The main reasons behind this are:
- Abraham Lincoln connection – The first coin ever to show a president’s face.
- Cool design – The design by Victor D. Brenner looks different than other US coins.
- Good for any collector – Some versions are a challenge for experts, but anyone can find an interesting one.
How to collect coins safely:
- ✅ Do your homework – Find out the history, value, and how rare the coin is.
- ✅ Only buy certified coins – Get your coins from approved sellers or auction houses.
- ✅ Read the fine print – Check the description and photos of the coin so you know what you’re buying.
- ✅ Check the coin’s real – Certification is important.
- ✅ Choose a safe platform – Always buy from a trusted and recognized platform.
Conclusion: Is the $990,000 Lincoln Wheat Penny Real?
Although the discussion of this coin has attracted a lot of attention, the $990,000 price seems completely suspicious. Collectors should always check the certification, historical evidence, and credibility of the seller to avoid coin collecting fraud.
If you’ve ever seen a potentially rare coin or seen a suspicious listing, be sure to check the price.
FAQs
Q. Why is the 1920 Lincoln Wheat Penny listed for $990,000?
A. The high price is likely exaggerated, as most 1920 Lincoln Wheat Pennies are worth around $40 unless they have rare mint errors or exceptional condition.
Q. How can I verify if a Lincoln Wheat Penny is valuable?
A. Check for key dates, mint marks, and errors. Professional grading by PCGS or NGC can confirm authenticity and value.
Q. Are there any legitimate Lincoln Wheat Pennies worth millions?
A. Yes, rare coins like the 1943 Bronze Lincoln Cent and the 1909-S VDB Penny can be worth significant amounts if in pristine condition.
Q. How can I avoid scams when buying rare coins?
A. Only buy from reputable dealers or auction houses, look for certification, and avoid overpriced listings without authentication.
Q. Where can I sell a valuable Lincoln Wheat Penny?
A. Trusted coin dealers, major auction houses like Heritage Auctions, and certified online marketplaces are the best places to sell rare coins.