1916 Rare Penny: The public has been enthralled by the tales of routine coins being worth millions for generations. Recently, a story spread of a 1916 Lincoln cent with a purported value of $100 million.
Many were left breathlessly waiting to read more, and thousands of people checked their coin jars and old-time collections to see if they had the life-changing find.
1916 Rare Penny: The Reality of Lincoln Cent Values
However, is the extraordinary price claim of the 1916 Lincoln cent still considered legitimate in the world of Lincoln cents, and does it have any ground in the real world of numismatics?
First, some background on Lincoln cents. The most expensive Lincoln cent ever sold was a single 1943 bronze cent, which sold for $1.7 million in 2010.
This special coin, struck fortuitously on a bronze wing while the Mint was using steel to aid the war effort, is the best Lincoln cent coin value in history.
By contrast, the aforementioned $100 million value of a 1916 cent would make it not only the most expensive cent but also the most costly coin ever sold by a factor of five.
The most expensive coin in history is the 1933 Double Eagle gold coin, which sold for $18.9 million in 2021. Especially with this kind of background, the claim that an ostensibly widespread Lincoln cent is worth far more is extremely dubious.
Understanding the 1916 Lincoln Cent
What is known about the 1916 Lincoln Cent? For a typical Lincolnary start to the series, there is nothing inherently unusual about the 1916 Lincoln.
The Philadelphia Mint produced 131,833,677 million this year alone, a considerable output that guaranteed that a few decades would survive to the present day.
The San Francisco Mint’s 22,510,000 mintage, while much lower, is still more than enough to supply the collector grade. The coin design was created by Victor D.
Brenner and was introduced in 1909 featuring the same portrait of Lincoln until 1953 and the signature Lincoln cent reverse with a pair of wheat ears that would prevail until 1958.
No major design changes or varieties were produced in 1916 that could increase the value of a Lincoln cent.
What are the real market values for 1916 cents?
1916 Rare Penny: The current market price will be much different than the $100 million valuation, although a $500,000+ valuation is sometimes given to individual specimens.
A summary report might include the following pricing ranges: depending on wear, a Philadelphia 1916 typically sells for $1-$20, although it might bring as much as $50.
Uncirculated coins sell for one hundred and fifty dollars. In gem condition, these values plummet to $250-$500. Even in superb condition, a 1916 is unlikely to bring more than $2,000-$5,000 in MS-67.
The San Francisco mint samples run a tiny bit higher but follow a similar price. All the prior estimates reflected the prices in poor quality.
In reality, such coins have sold for tens of thousands, and no millions of dollars. Where does the $100 million valuation come from?
Similar statements can have a variety of origins, like: the original story may have been well known, but there is another penny of interest in 1943 which was bronze and not copper.
Some 1943 bronze cents have sold for $1.7 million, so the story might have confused the two. Also, the 1916 might have been confused in its turn with some 1943 bronze cents or 1944 steel cents which were minted variety cents change in value as an expensive premium.
Engages in popularity and generates articles on websites and magazines, sensational with such coin as 1943 bronze cent.
Identifying Valuable Pennies
Decimal errors creating an x-value coin or adding too many zeros can consequently establish the $1,000 coin like the treasure of $100 million.
What are the pennies worth the most? For context, it is worth noting just how valuable a penny can be. For example, the unified bronze penny 1943 are approximately 20 known examples, with one selling for $1.7 million.
The unified steel penny 1944 is approximately thirty known examples, selling for hundreds of thousands or even millions for the coin.
Even the rarest pennies can fetch millions on the open market. The 1856 Flying Eagle Cent sold for $150,000, while a 1916 cent allegedly valued at $100 million did not exist.
1916 Rare Penny:
The 1877 Indian Head Cent, another supply-issue rarity, can still bring five to ten thousand dollars in mint state – far short of the implausible $100 million a famous example was said to be worth.
Collectors should consider the following factors to identify a valuable coin: Key dates, including low-mintage 1909-S VDB, 1914-D, and 1931-S coins, Coincidence rarity, Errors and varieties, and Authentication A thoughtful approach to collecting based on factual knowledge always proves much more rewarding in the long run than a speculative hope of getting rich through a long-lost box of coins.
If you have a 1916 Lincoln cent, congratulations – you own a piece of American history over 100 years old. It won’t pay for your retirement, but you can have it graded if you think it might be in exceptional condition.