Imagine digging through your pocket change and stumbling upon a 1920-S Lincoln Penny that could be worth up to a staggering $5.9 million! While this may sound like a fantasy, there are rare coins like this that can fetch life-changing sums at auctions — but, of course, they’re not easy to find. Let’s take a closer look at why the 1920-S Lincoln Penny has such a high value, how to recognize it, and whether it’s still in circulation.
The 1920-S Lincoln Penny: A Brief Overview
The 1920-S Lincoln Penny is one of the more famous coins in U.S. numismatic history. Part of the Lincoln Wheat Cent series, which was first introduced in 1909 to honor President Abraham Lincoln, the 1920-S penny is notable for several reasons:
- Minted in 1920 at the San Francisco Mint (S)
- Design: Features the familiar obverse (front) portrait of Abraham Lincoln and the reverse (back) with the two wheat ears framing the denomination
- Composition: 95% copper, 5% tin and zinc
- Mintage: Only about 1.5 million pennies were produced in San Francisco in 1920, making this coin relatively scarce
Why the 1920-S Lincoln Penny Can Be Worth $5.9 Million
While most 1920-S pennies are worth only a few dollars or cents, specific high-grade specimens have sold for astronomical sums — up to $5.9 million. Here’s why:
1. Low Mintage
The 1920-S was struck in relatively low quantities compared to other years in the series. Only 1.5 million were made, which is extremely limited when you compare it to coins with much larger mintages. Fewer coins mean higher demand from collectors looking for this rare piece.
2. Condition Is Key: The Higher the Grade, the Higher the Value
Coins are graded on their condition, with higher grades meaning better preservation and a greater value. A 1920-S Lincoln Penny in MS-67 (Mint State 67) — one of the highest grades possible — can be worth millions. However, only a handful of these high-grade pennies have been preserved, making them extremely rare and valuable.
3. The “5.9 Million Dollar Coin”
In 2018, a 1920-S Lincoln Penny in MS-67 condition sold for $5.9 million at auction, setting a world record for the highest price ever paid for a Lincoln Penny. This particular coin was the pinnacle of rarity and value — flawless, near-perfect, and a true gem in the world of coin collecting.
How to Identify a 1920-S Lincoln Penny
If you’re lucky enough to find a 1920-S Lincoln Penny in your change, here’s what to look for:
- The Mint Mark (“S”)
- The mint mark is located just below the date on the obverse (front) of the penny. Look for a small “S” — indicating the coin was minted in San Francisco.
- The Date
- The “1920” should be clearly visible and not worn down. The clearer and more legible the date, the more valuable the coin.
- Look for High-Grade Features
- High-grade coins typically have sharp details, minimal wear, and no significant damage. A coin in MS-67 (Mint State 67) will look almost as if it were freshly minted.
- Check the Weight
- A standard Lincoln penny weighs about 3.11 grams. If it feels different, it might be an error coin or have another type of anomaly that could make it valuable.
Is the 1920-S Lincoln Penny Still in Circulation?
Given that most 1920-S pennies are nearly a century old, it’s very unlikely to find one in circulation, especially in mint condition. Most coins from this era would have been spent, lost, or hoarded by collectors. However, it is possible that a worn 1920-S penny could still be floating around in someone’s pocket change. The key is whether the coin has remained in pristine condition, as most of the high-value examples have been safely stored away in collections or vaults.
How to Maximize the Value of Your 1920-S Lincoln Penny
If you think you may have a 1920-S penny in your collection, here’s what you can do to determine its value:
- Get it Professionally Graded
- To truly know the value, you’ll need to have the penny graded by a professional service such as PCGS (Professional Coin Grading Service) or NGC (Numismatic Guaranty Corporation). They’ll assess the coin’s condition and assign it a grade, which directly impacts its market value.
- Check Auction Results
- Look up past auction results for 1920-S pennies in similar grades. This will give you an idea of what your coin might be worth if you decide to sell.
- Consult a Numismatist
- If you suspect your penny could be worth a large sum, seek advice from a professional numismatist or coin dealer who can help you understand the market value.
Watch Out for Fakes and Reproductions
There are counterfeit 1920-S Lincoln Pennies out there, and some can look very convincing. Make sure you have any potentially valuable coins authenticated before assuming they are real.
Final Thoughts
While the $5.9 million sale of a 1920-S Lincoln Penny is a rare occurrence, it does highlight how certain coins can rise in value over time — especially if they are well-preserved, error-free, and have historical significance. It’s unlikely you’ll find a perfect 1920-S penny in circulation, but it’s always worth checking your pocket change. You might just come across a hidden treasure worth thousands!