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The Wheat Penny Errors: 1944 Steel Wheat Penny

In 1944, the United States was embroiled in the bloody conflict of WWII.  Citizens had to put up with blackouts, raid sirens, rationing and shortages, but they needed good and usable coinage, and something they would not stand for was the substandard quality of the then new steel pennies of 1943.   Complaints to Government prompted their action, and they issued a new cent made of copper.

The Lincoln wheat penny steel cent is an oddity of U.S. coinage.  The steel proved inferior to the standard copper blanks used in manufacture, but as copper became more vital to the U.S. war effort, the Mint made the decision to remove the metal in its coins in 1943.  In just the next year the U.S. Government made another change to the Lincoln Wheat Head Cent.  Recycled spent shell casings were used to boost copper supplies enough to resume the pressing of copper coinage.  The copper coins were a welcome replacement for wartime steel issues, and the change over also brought numismatists, those who collect coins that is, a new collectible error coin.  When steel planchets (the sheets of raw material that are used to produce blanks for striking) were used mistakenly instead of the replacement copper the second most valuable Lincoln Wheat Cent error was born.

The U.S. Mint prides itself in its quality control in its production facilities, and as such very few error coins of any year are produced.  The 1944 steel pennies were punched on blanks suspected to have been loaded into the hoppers of coin preses readied for the previous year’s coins.  The rarity of these error coins makes them valuable in almost any condition.  Of course, coins must be at least ‘poor’ by PCGS grading standards (meaning that at least the year and mint mark are legible) to interest collectors.  What collectors desire is something rare and distinctive, and this penny has both.

When searching loose coins for additions to your collection, take precautions to prevent further damage to the surface of the coin.  Having a systematic approach, such as processing one type of coin at a time, will aid in detecting of rare coins as the repetition of objects will help your eye ‘map’ the fine details on the coin.  If possible wear non-tarnishing jeweler’s gloves.  The oil and residue that handling coins with bare hands will inevitably deposit may sometimes erode the finish on coin surfaces.  Don’t store coins in old acrylic coin holders, as they may tarnish coins after time.  Some types of paper may also release gases that accelerate coin degradation, so avoid storing coins with books or coin reference materials.  Proper care will help maintain the luster of your pocket change gem.

The Wheat Penny Errors: 1943 Copper Wheat Penny

The war was raging in Europe and Japan when this error coin was accidentally struck from blanks of a now precious metal reserved only to be melted down to aid the Allied war effort.  The copper  of the Lincoln Wheat Cent was needed to further the war machine, and the transition to a new substitute created one of the most valuable Lincoln Wheat Cent error coins.  At least 40 of these rare examples are known to be in existence, and loose change hunters dream of finding this very expensive coin.  Graded copies in good condition have been sold for amounts of over 40,000 as of 1996, and over 100,000 in 2008!  The coin is actually fairly easy to spot once you know what to look for, and this guide will help you decide whether that $0.01 coin is actually worth $100,000’s!

The normal Mint issue 1943 penny was not the copper coin most people expect it is.  This year the United States were critically short of copper due to war-time production.  So, in order to supply the copper hungry war production effort, the metal was stripped from the penny.  Instead the U.S. Government substituted with a cheaper, although troublesome replacement, and issued steel planchets, or coin blanks, and coated them with zinc.   The resulting penny was the less than ideal replacement.  Citizens complained of confusing the silver colored coin with dimes.  It would also activate vending machine magnet detectors, and the steel itself was subject to rust at the edge from sweat and moisture.  Only one year later the Mint ceased production and issued reconstituted copper shell casing cents instead.  In the following years the Mint also collected vast numbers of the steel coins, and destroyed them.

The 1943 steel penny weighed significantly less than its copper counterpart, at only 2.7 grams compared to 3.11 grams.  The 12 confirmed examples of only 40 estimated to have been produced have been found.  There is also one confirmed example found of a 1943 penny pressed on a bronze planchet, valued at over 1 million dollars.

Be aware of fakes and misrepresentations among 1943 copper cents.  The high value of the penny attracts counterfeiters, and dates, especially the 1945, 1946 and 1948 year cents.  The normal steel cent is the only U.S. cent to react to magnetism, and this fact can be used to defraud counterfeiter’s trick of coating the regular, far less valuable 1943 steel coins with copper.  If the weight is accurate, and the penny does not react to a magnet then the coin may be genuine. Take good care of your new addition to your collection, you may have just found one of the most valuable Lincoln Cent error coins in existence!  To get the best packaging and protecting for your coin, have it graded and mounted professionally by nationally recognized agents like ANACS, NGC or PCGS.  The nominal upfront fee is recouped by the much safer and higher asking price that graded coins buy.  In fact, it is normal for serious collectors to only buy graded and mounted specimens, to ensure the highest possible security.

Sources:

Yeoman, R.S. The Offical Red Book of U.S.Coins. Sixty-Sixth Edition, Atlanta, GA. Whitman Publishing, 2012

The Wheat Penny Errors: 1922 Plain “D”

The Lincoln head cent was in circulation for almost a two decades before the U.S. Mint system minted any error coins of significant quantity. In 1922, the Denver mint struck Lincoln head cents without the usual mint mark denoting their manufacture location. The resulting pennies, named ‘Plain D” or just ‘1922-Plain’ for short, sell at auction prices of 20,000 for fine examples, and even fair copies worth hundreds. Be sure to distinguish between the normal mint issue ‘1922-D’ (showing the ‘D’ mint mark) and the error coin minted with the mint mark, as the difference in price is substantial. Follow this guide to learn about this early issue error coin, and help increase your odds of finding this very valuable penny.

The 1922 error pennies are easily distinguished from newer Lincoln cents due to their wheat head reverse. It is also slightly heavier than the modern penny, with wheat head cents being comprised of 95% copper and 5% tin, it weighs 3.11 grams. Today’s Lincoln cents are copper-plated zinc, 97.5% zinc and 2.5% copper, in order to reduce metal costs, making nickels the last non-plated U.S. coin. It weighs only 2.5 grams. The Denver Mint were given dies to stamp the traditional ‘D’ struck into each coin. However, one defective die that embossed no Mint mark was used to strike an unknown number of coins. The result is a coin, if found today in good condition, is worth up to 20,000 thousand dollars properly graded and stored.

To maximize your chances of finding this error coin follow these simple tips. First, have a consistent system to sort through your loose change. Second, start by assorting the coins by type, then when you search through the collected pennies it will be easier to distinguish the wheat head reverse. Finally, check the dates on each coin. The date should be clear enough to read, or in grading at least a rating of poor to be of interest to collectors. Beware of removed mint marks, and if buying a ‘genuine’ article you have suspicions about, take a magnifying glass and look for scratches or polish marks where the mint mark would have been. If there are no marks, then it is safe to assume the piece is genuine.

What to do with your find? So let’s say that you have found the needle in the haystack, and procured the elusive 1922 Plain D Lincoln wheat penny. What should you do? First don’t handle it anymore! Your fingers contain oil and dirt which can leave residue and induce corrosion on the coin’s surface. Also don’t keep the coin where it comes into rough contact with other coins, as coins in a bag are bound to be scratched and scuffed when the bag is moved around. With error coins like this one so rare, it is likely that even poor examples will be worth the expense of professional mounting and grading. These services are best done by nationally recognized firms like PCGS or ANACS. This will give you a lasting setting to display your treasure, and make selling and authenticating your coin much easier.

Sources:

Hudgeons, Marc. The Official Blackbook, Price Guide of United States Coins. Twenty-Third Edition, Orlando, FL. The House of Collectibles, 1985.

Wheat Penny Errors

The readers of thewheatpenny.com have let me know what they want and that is more information on wheat penny error coins. So, this coming week I will post five articles on the most popular wheat penny errors. These articles will cover the 1922 “D” wheat penny, 1943 copper wheat penny, 1944 steel wheat penny, 1955 double die wheat penny, and the controversial 1959 “D” wheat penny. I would love feedback from all of you on these articles as well as what you would like to see covered in future posts. Hope you all have a happy Father’s Day!

Starting Your Wheat Penny Collection

Wheat pennies are a popular coin enjoyed by collectors across the globe. Minted from 1909 to 1958, the wheat penny comes in many different variations, with some coins worth several thousand dollars. For individuals who are just beginning their coin collections, finding these incredible pennies can feel like a nearly impossible task. Fortunately, there are several different sources for locating and purchasing wheat pennies, some of which could potentially present collectors with awesome deals. Using these resources, newbie coin collectors should be able to get their hands on a few wheat pennies in no time.

Coin Collection Clubs

Coin clubs have long been one of the most popular ways to network with others who are passionate about collecting coins, and they can also be a great forum for exchanging and purchasing coins. Many coin collectors are particularly passionate about a particular type of coin, meaning they may be willing to trade several valuable coins for one that another possesses. Wheat pennies are just one of the many different coins collected, but most clubs will likely have a decent selection of coins to purchase. Coin club members may also have the inside scoop on where to find other wheat pennies and valuable coins in a particular geographic region.

Online Auctions

Auction site like eBay are a wonderful source of coins. Not only do coin collectors frequently buy and sell coins on these sites, but many times entrepreneurs and family members will use auctions to offload coins that have been inherited or purchased at estate sales. These sellers often have very little knowledge of the particular values of the coins they are selling, since many times they have thousands of coins in their possession. Finding a great deal on an auction site is a guilty pleasure that many coin collectors enjoy, and there are certainly many wheat pennies available for purchase.

Expositions and Special Events

Local coin clubs often sponsor special expositions and events at which coin enthusiasts from across the country come to buy and sell coins, share knowledge and insight about particular kinds of currency, and spend time with others who enjoy coin collecting. These expositions can be a fantastic place to learn more about how coin collecting works, as well as meeting people with inside knowledge of the coin collecting world. Furthermore, because of the large number of dealers and sellers congregated in one place, finding wheat pennies and other coins for sale is easily accomplished at such events.

In addition to the many different venues at which coins and can be purchased and sold, the Internet has plenty of great resources available to those who are just starting to collect coins. Many wheat pennies can be found relatively cheaply, and there are plenty of forums and websites on which coin collectors gather to spread information about where to find such deals. Joining such a site could be a beneficial step in finding out more about coins available presently. Additionally, such sites often prove immensely valuable in learning how to establish how much a particular coin is worth.