The green will not come off. I would leave it alone. If you want to experiment, then try it on a green normal coin first to see the end result. Nothing worse than ruining a valuable coin.
Coop, is this really valuable at all given the condition it's in? I was thinking about putting some Verdi-Care on it but I'll hold off it's worth more than a few bucks.
Consider the book price for this coin without the error? ebay shows them in the $10+/- range for just the coin year in VG condition. Then factor in the error. (none listed at this time on ebay) I did find a 1951-D that was priced at 14.00 and book value for the coin itself was in the .35 cent range. So you coin would probably be in then $25 range, but the green spots would bring it down a bit. So it is not just a Wheat cent, but a harder year to find for a Wheat cent. Then the error makes it even rarer. Experiment on another coin before doing anything with this coin. My history for green spots is something that comes off, without removing the surface. So I would probably just put a little mineral oil on it to protect it. (No rubbing on the coin, pat dry with a facial tissue)
Here is a coin that someone sent in to NCS to conserve that had green spots. I feel they ruined the coin value even though they do it calling it conserving it. Looks like they removed a layer off the coin. I felt it should have been left alone.
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