The Lincoln Wheat Penny Worth $18.9 Million: The history of rare coins is full of intriguing tales, but none are more enigmatic than the 1964-D Peace Dollar. Despite its never having appeared in public, collectors everywhere keep looking for it.
Some even think it may topple the world record price the 1933 Double Eagle coin achieved, selling for more than $18.9 million in 2021. Let’s get into the story surrounding the 1964-D Peace Dollar, why it’s rare, and why it’s so hot in the numismatic community.
What Is the 1964-D Peace Dollar?
The 1964-D Peace Dollar was an American silver dollar coin that was designed, produced, and then utterly destroyed or at least that is the official account. It was supposed to resemble the earlier Peace Dollars that were produced between 1921 and 1935.
But unlike those coins, all of the 1964-D Peace Dollars were reported to have been melted down before anyone could own or use them. In spite of this, rumors have always been circulating that some coins managed to escape destruction. Some people are convinced that if one of the coins is ever discovered, it might become the most valuable coin in the world.
Why Was the Coin Created?
At that time in the early 1960s, the U.S. was experiencing a severe shortage of coins. Silver was increasing in price, and the government was attempting to conserve metal as well as money. Under these circumstances, producing a silver dollar coin didn’t seem logical to most people particularly when the nation needed smaller coins more desperately.
The U.S. Treasury, headed by Secretary C. Douglas Dillon, requested funding in Congress to coin more than 50 million silver dollars. The proposal was scaled down to 45 million coins, and they were all to be produced at the Denver Mint.
But opposition arose from the Congress, Mint, and even ordinary people. They believed the coins would be stockpiled by the collectors and worsen the coin scarcity.
Production and Destruction
From May 13 to May 24, 1965, 316,076 coins were produced. But the Mint reported these were mere test coins. On May 25, Congress reversed itself and repealed the act authorizing the striking of these coins. The Mint subsequently explained that all the coins were melted down and never issued but only counted in bulk by weight, not individually.
This has generated numerous theories. Some think some coins may have been quietly replaced or saved. There were even rumors that some of them belonged to the private estate of U.S. President Lyndon Johnson. Denver Mint workers have, over the decades, stated that they never had a chance to purchase the coins, although such a right to buy had been present in past coin programs.
Are Any 1964-D Peace Dollars Still Around?
To date, no one has publicly displayed a 1964-D Peace Dollar. But dealers and collectors still think that a few may exist. Indeed, in 2013, PCGS (a leading coin grading company) offered $10,000 to anyone who would submit one for authentication but no one has taken the prize.
Some experts think if any of these coins did survive, they might be concealed in another nation. If that’s the case, it would be more difficult for the U.S. government to confiscate them since they are still illegal to possess in the United States.
Why the Coin Was Cancelled – Three Major Reasons
- Collector Hoarding: Congress was concerned that collectors would hoard the coins rather than spend them, exacerbating the coin shortage.
- Silver Price & New Money: Increasing cost of silver made it costly to manufacture. Plus, the United States was about to introduce new Federal Reserve Notes (dollar bills), so coins were not as in demand.
- Countrywide Coin Shortage: The nation required small coins for day-to-day purposes, and a dollar made of silver did nothing to alleviate that situation.
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Could One Show Up Today?
There’s always a possibility one of these coins will turn up. Indeed, a newsletter in 1972 reported that several 1964-D Peace Dollars were in the hands of private individuals in time to preempt the 7-year statute of limitations for prosecution. Coin dealer Bob Cohen went so far as to advertise in 1973, paying $3,000 a coin, but received no genuine tips.
The history of the 1964-D Peace Dollar is one of the world’s greatest mysteries. Whether there are any left or not, the story itself is a spellbinding combination of history, politics, and numismatics. If one is ever found, it may be worth millions of dollars, but it could be confiscated by the U.S. government. Currently, it’s an intriguing chunk of buried history perhaps yet to be found.
FAQs:-
What makes this Lincoln Wheat Penny worth $18.9 million?
This rare penny is valuable due to a minting error and its extreme scarcity, making it highly desirable to collectors.
Which year should I look for on the Lincoln Wheat Penny?
Look out for 1943 copper pennies or any with unusual coloring, misprints, or minting flaws.
How do I verify if I have the $18.9 million penny?
Check the date, metal type, and mint mark, then have it evaluated by a professional coin appraiser.