The $990,000 Lincoln Wheat Penny: 4 Red Flags Every Collector Should Know

The $990,000 Lincoln Wheat Penny: For numismatists, the Lincoln Wheat Penny holds a historical value and for being very special coin. Its special design, featuring wheat stalks, has made it really popular among American coin collectors over the years. But the 1943 Copper Lincoln Wheat Penny is a more rare and expensive piece of currency. Just recently, a very rare copy of the coin sold for a whopping $990,000 (approximately Rs 8.2 crore), thus generating worldwide interest among collectors.

Collecting rare and high-value coins, however, is not that easy. The higher the value of the coins, the more the chance of fraud threats like fakes, misleading representations, and overvaluations. This article will discuss four main warning signs that one has to watch out for when buying rare coins.

1. Beware of counterfeit coins

In the world of rare coins, the risk of counterfeit coins is the biggest. Since the 1943 Copper Lincoln Wheat Penny is extremely rare and expensive, attempts to counterfeit it are also high. Fraudsters often prepare fake coins by coating copper on steel, making it difficult to distinguish between real and fake coins.

How to identify real and fake coins?

• Check the weight: A real copper Lincoln Wheat Penny weighs about 3.11 grams, while fake coins can usually be lighter or heavier.
• Do a magnet test: A real copper coin of 1943 will not stick to a magnet, while fake coins made of steel or other metals may stick.
• Get certification: To ensure the authenticity of coins, always buy coins certified from trusted organizations like PCGS (Professional Coin Grading Service) and NGC (Numismatic Guaranty Corporation).

If the coin is not purchased from a trusted dealer or auction house, it is important to doubt its legitimacy.

2. Avoid coin grading fraud

Grading plays a vital role in determining the quality and value of a coin. In the case of rare coins, even a slight scratch or wear can reduce its value by millions of dollars. Some sellers exaggerate the actual condition of the coin, forcing buyers to pay a higher price.

How to ensure correct coin grading?

• Ask for grading reports from certified organizations such as PCGS or NGC.
• “Mint State” coins are more valuable, while used coins are less valuable.
• If the seller describes the coin as being in “perfect condition” but does not provide certification, be wary.

It is always safer to buy from auction houses and certified dealers, as they provide the actual grading of the coin.

3. Know the authenticity and ownership history of the coin

Provenance, i.e. ownership history, helps determine the authenticity and legal status of the coin. In the case of rare coins, the authenticity of an uncertified coin may be questioned.

What to do to check the authenticity of a coin?

• Ask the seller for the coin’s full ownership history and certification documents.
• If the coin has been sold in previous auctions, check its information.
• Be wary of coins without documentation, as they may be stolen or illegal.

Good collectors always keep the ownership history of coins. This increases both the authenticity and market value of the coin.

4. Do not pay a higher price in the name of the rarity of the coin

It is not wise to pay a higher price just on the basis of “rarity”. The actual price of a coin depends on many factors, such as its condition, authenticity, and current market demand.

How to find the right price?

• Compare the coin’s current market price from different sources.
• Consult numismatic experts before making any purchase.
• Buy only from certified auction houses or trusted dealers.

A rare coin can be worth millions of dollars if it’s in good condition, but if it’s in poor condition, it can be worth significantly less.

Conclusion

The 1943 Copper Lincoln Wheat Penny is not only part of a historical mistake, but it’s also a valuable investment. But it’s important to be careful when searching for and purchasing this rare coin. Buy from certified sources and seek expert advice to avoid scams like counterfeit coins, misgrading, and overpricing.

FAQs On The $990,000 Lincoln Wheat Penny