Coin

Lincoln Wheat Penny valued at $121 million still in circulation

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The penny dated between 1909-1955 have small errors which make them the most valuable
In light of President Donald Trump’s desire to eliminate the penny, it’s noteworthy that one of the most significant coins globally is the Lincoln Wheat Penny, valued at an impressive $121 million.

This penny holds historical importance, having been introduced in 1909 to commemorate President Abraham Lincoln’s 100th birthday, featuring his profile on one side and wheat stalks on the other.

The most valuable Lincoln Wheat Pennies are the year 1909-S, 1914-D, 1943 (copper), and 1955 (double die error), have a small letter under the year, and could have misprints. The penny remains in circulation for now, meaning anyone could have it.

Pennies, including a wheat penny, also known as the Lincoln penny or the Lincoln cent, which was introduced in 1909 and minted util 1958.
Pennies, including a wheat penny, also known as the Lincoln penny or the Lincoln cent, which was introduced in 1909 and minted util 1958.(Image: Albina Sportelli/Northjersey.com / USA TODAY NETWORK via Imagn Images)

The lowly penny, the forgotten mainstay of coin jars and car cupholders everywhere, may soon be no more.

President Donald Trump announced Sunday that he’s ordered his administration to cease production of the 1-cent coin, the buying power long past its prime.

Advocates for ditching the penny cite its high production cost — currently almost 4 cents per penny, according to the U.S. Mint — and limited utility. Fans of the penny cite its usefulness in charity drives and relative bargain in production costs compared with the nickel, which costs almost 14 cents to mint.

Trump’s surprise order comes after decades of unsuccessful efforts to pitch the penny.

“Only tradition explains our stubborn attachment to the penny. But sometimes traditions get ridiculous,” the Farmers’ Almanac said in its 1989 edition.

Here’s a look at some questions surrounding Trump’s order

It depends on what you mean by circulation.

Pennies are the most popular coin made by the U.S. Mint, which reported making 3.2 billion last year.

That’s more than half of all the new coins it made last year.

MIT professor Jeff Gore, who founded Citizens to Retire the Penny, said that coins should stay in circulation for about 30 years and that the U.S. Mint has made about 250 billion pennies in the last three decades.

But, he says, “because nobody wants to use pennies, they fall out of active circulation much faster than other coins.”

If pennies sit in drawer for a decade, Gore asks, “Does that qualify as being in circulation?”

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