Wheat Penny Price Guide : For nearly fifty years, the Lincoln Wheat Penny was a familiar piece of everyday American commerce. First introduced in 1909 to mark the 100th anniversary of Abraham Lincoln’s birth, this coin represented a significant shift in U.S. currency by featuring a real historical figure—a first for regular-issue American coinage. The reverse, with its pair of stylized wheat stalks, symbolized the nation’s agricultural heartland. While billions were minted, the hunt for specific, well-preserved examples has turned this common cent into a beloved collectible. This guide offers a clear overview for anyone interested in starting or expanding their collection of these historic coins.
The Historical Significance of the Design
The Lincoln Cent was revolutionary. Prior to 1909, U.S. circulating coins typically featured allegorical figures like Lady Liberty. The decision to honor President Abraham Lincoln, designed by Victor David Brenner, was a powerful tribute from a nation still healing from the Civil War. The wheat ears on the reverse, giving the coin its popular “Wheat Penny” nickname, reflected the country’s agrarian strength. This design persisted from 1909 to 1958, witnessing two World Wars, the Great Depression, and America’s rise as an industrial power, making each coin a small, tangible piece of that journey.
Reference Table Notable Lincoln Wheat Penny Values
The following table highlights some of the most sought-after issues in the series. Values are approximate for coins in About Good (AG-3) to Extremely Fine (EF-40) condition, illustrating how rarity and condition intersect. Prices for gem uncirculated or professionally graded specimens can be significantly higher.
| Year | Mintmark | Notable Feature | Approximate Value Range (AG-3 to EF-40) | Relative Rarity |
|---|---|---|---|---|
| 1909 | S VDB | First year S mint, features designer’s initials. | $600 – $10,000+ | Extremely High |
| 1914 | D | Very low mintage from Denver. | $175 – $4,000+ | Extremely High |
| 1922 | None | “Plain” – Denver issue with missing mintmark. | $400 – $8,000+ | Extremely High |
| 1931 | S | Scarce issue from the Great Depression era. | $70 – $900+ | High |
| 1955 | P | Doubled Die Obverse (striking error). | $1,200 – $20,000+ | Extremely High |
| 1909 | P VDB | First-year Philadelphia with initials. | $12 – $400+ | Moderate |
| 1924 | D | Low mintage Denver issue. | $25 – $300+ | High |
| 1943 | P/D/S | Wartime steel cents (magnetic). | $0.20 – $75+ | Low (but popular) |
| 1958 | P/D | Final year of the wheat reverse design. | $0.05 – $30+ | Low |
What Makes a Wheat Penny Valuable?
Several key factors determine the market value of a Lincoln Wheat Cent, moving it far beyond its one-cent face value.
- Mintmarks and Key Dates: The mintmark, a small letter on the reverse below the wheat stalks, indicates where the coin was made. Coins from Philadelphia often have no mintmark, while those from Denver (D) or San Francisco (S) can be rarer, especially in certain years. “Key dates” refer to coins with exceptionally low mintages or notable errors, making them the cornerstones of a valuable collection.
- Condition and Grading: A coin’s state of preservation is paramount. Professional grading services assess coins on a 70-point scale, from Poor (P-1) to Perfect Mint State (MS-70). Details like the sharpness of Lincoln’s cheekbone, the lines in the wheat stalks, and the coin’s luster are all critical. A common-date penny in pristine, uncirculated condition can be worth hundreds of times more than a heavily worn rare date. Importantly, collectors should never clean a coin, as this destroys its natural surface and drastically reduces its value.
- The Modern Collecting Market: Today’s market is driven by both history enthusiasts and savvy investors. Coins that have been authenticated and graded by leading services like PCGS or NGC are more desirable and trustworthy. There is strong, sustained demand for high-grade examples across all dates, with legendary rarities consistently achieving impressive prices at auction.
How to Start and Grow Your Collection
Building a meaningful Wheat Penny collection is a rewarding and educational hobby. A practical approach is to begin with an inexpensive coin folder and aim to fill it with one coin from each year and mintmark. This “date set” teaches identification and highlights the series’ history. Focus on finding coins with original surfaces, even if worn, rather than ones that are artificially shiny from cleaning. For purchases above a comfortable spending threshold, consider buying coins already certified and encapsulated by PCGS or NGC. This guarantees authenticity and protects your investment. Remember, the most satisfying collections are built patiently, with each addition representing a story and a piece of history.
Frequently Asked Questions (FAQ)
Q: What is the most valuable Lincoln Wheat Penny?
A: The 1909-S VDB is traditionally considered the key coin due to its low mintage and status as a first-year issue. However, high-grade examples of other rarities like the 1914-D, 1922 Plain, and the 1955 Doubled Die Obverse can also command prices in the tens of thousands of dollars.
Q: Are any Wheat Pennies made of silver?
A: No, Wheat Pennies are not silver. From 1909 to 1942 and 1944 to 1958, they were minted in a bronze alloy (95% copper, 5% tin and zinc). In 1943, to conserve copper for World War II, they were struck in zinc-coated steel, giving them a distinctive silver appearance.
Q: I found a 1943 penny that looks like copper. Is it valuable?
A: Yes, potentially extremely valuable. A handful of 1943 bronze/copper cents were struck by error. If your 1943 cent is not magnetic and has a copper color, have it authenticated immediately by a professional grading service, as it could be worth over $100,000.
Q: Where is the mintmark located on a Wheat Penny?
A: On the reverse (tails side) of the coin, below the wheat stalks. On most issues, you will find a small ‘D’ for Denver, ‘S’ for San Francisco, or no mintmark for Philadelphia.
Q: Is it worth saving Wheat Pennies?
A: Yes, but with reasonable expectations. While most Wheat Pennies from the 1940s and 1950s are worth only a few cents, all are worth more than their face value due to their copper content and collectibility. Searching rolls of pennies or old collections can still yield valuable key dates and coins in excellent condition.
Final Thoughts
The Lincoln Wheat Penny serves as a perfect entry point into the world of numismatics. It bridges the gap between ordinary pocket change and historical artifact. From its groundbreaking design to the thrill of discovering a rare date, collecting these coins fosters a direct connection to America’s past. By understanding the factors that drive value and embracing the journey of the hunt, you can preserve and appreciate these small, enduring symbols of American history.
