7 of the Most Valuable Wheat Pennies

Though they aren’t worth much on their faces, pennies are some of the most fun coins to chase as a collector. That said, there’s a big difference between common pennies that might not be worth your time and those with historical and collectible value. Continue reading to learn more about 7 of the Most Valuable Wheat Pennies.

Wheat pennies are some of the most sought-after one-cent coins. Wheat pennies are one-cent coins that were made by the U.S. Mint from the years of 1909 to 1958. They're called "wheat pennies" because the obverse side of each coin includes a depiction of a wheat sheave on either side. The phrases "one cent" and "United States of America" can be seen in between the wheat sheaves.

Let’s take a look at some of the most valuable wheat pennies to consider adding to your collection:

What Are Some of the Rarest and Most Valuable Wheat Pennies?

Since wheat pennies were minted for quite a while, there are millions of potential coins to chase after. Here are seven of the rarest — and therefore some of the most valuable — wheat pennies to check out.

1. 1931 San Francisco Mint Abraham Lincoln Wheat Penny

In 1931, the San Francisco Mint created a series of Abraham Lincoln wheat pennies. Notably, these pennies were only minted in quantities of up to 866,000, which is much lower than the average mint quantity (typically in the millions). Like other Wheat Pennies, this design features wheat stalks instead of the Lincoln Memorial on the obverse, as well as the face of Lincoln on the front. 

Since this type of penny was hoarded by people due to economic uncertainty at the time during the Great Depression, you can sometimes purchase uncirculated-grade variations of this coin.

2. 1943 Copper Penny: A Wheat Penny That’s Worth Money

The 1943 Copper Penny, also sometimes called the 1943 Bronze Cent, is one of the most sought-after coins in all of America. The bronze wheat cent was produced because of an industrial need for copper during World War II.

At this time, the United States Mint stopped using copper for its pennies and switched to zinc-coated steel cents instead. That said, a few copper planchets were left in the Mint, so they were used to strike 1943 dies, resulting in rare copper 1943 Lincoln wheat pennies.

These can be fraudulent, however. Use a magnet and see if it picks up a penny if you suspect a fake. If the penny is attracted to the magnet, it's likely counterfeit.

3. 1914 D Wheat Penny

The 1914 D wheat penny was minted in Denver, and it’s arguably the most valuable non-error penny sought after by collectors. Only a little over 1,193,000 were minted in total, making it quite rare compared to other pennies of its type.

It’s tough to find uncirculated varieties of these coins, but it’s popular nonetheless. Some of these pennies have sold for over $150,000 in high grades.

4. 1922 D Lincoln Wheat Cent

The 1922 D Lincoln wheat cent was produced by the Denver Mint. But notably, it doesn’t actually have the “D” mint mark as indicated by its name. The mint in Denver was under a lot of pressure to produce tons of coins at the time, so sloppy processes interfered with perfect coin creation. 

5. 1909 S VDB Wheat Penny

The 1909 S VDB wheat penny was minted in San Francisco. This is one of the toughest wheat pennies to acquire (though it is also one of the most popular). It’s marked by an iconic “VDB” at the bottom of the coin’s reverse side.

Unfortunately, because this market can be counterfeited quite easily, you’ll want any potential pennies of this type to be authenticated before adding them to your collection.

6. 1955 Doubled Die Penny

This unique penny came from the Philadelphia Mint. The obverse bears a fascinating error — the lettering (featuring the words “In God We Trust,” “Liberty,” and “1955”) is doubled. However, the profile of Lincoln remains impeccable.

This obverse error resulted from a mistake on the part of the die maker, who didn’t align the hub and the die correctly. Lincoln’s image was untouched, thanks to the high relief. The mistake went unnoticed until over 20,000 doubled die coins were mixed into a batch of over 10 million pennies. 

Today, experts estimate that only 10,000 to 15,000 are still around. Due to the rarity and high demand, some of 1955 doubled die pennies can reach thousands of dollars.

7. 1944 Steel Cent — Rare Steel Wheat Penny

The 1944 Steel Wheat Cent was an accidental penny made when steel blanks — either from foreign coins or left behind from minting processes in the year prior –— were mixed in with copper blanks and struck with penny designs.

As a result, these steel pennies look silver, making them rare and quite aesthetically pleasing to look at. There are only approximately 25 to 30 of these rare pennies, so if you find one, hold onto it!

Rare Coin Collecting: What You Need To Know

When it comes to collecting wheat pennies or other rare coins, you should know a few things to identify rare coins quickly and make the most of your collection.

How Key Dates and Low Mintage Affect the Coin Value

Generally, rare coins, whether they be nickels, dimes, or pennies, have a higher numismatic value the fewer that were minted and the older they are. For example, if you have a mint condition coin from the Carson City Mint, it may be more valuable than a coin from the Philadelphia Mint. 

Why? Well, the former no longer produces coins at all (so coins with a Carson City mint mark are oftentimes older). 

How U.S. Coin Grading Works

Coins are also valued based on their grade on the U.S. coin grading scale. Grading services use the grading scale to assign ratings to rare coins based on factors like eye appeal, surface imperfections, age, etc.

You should read up on the coin grading scale so you can determine what a rare coin will likely receive once it is graded by a numismatist at a third-party organization.

Why Are Some Wheat Pennies Rare and Others Aren’t?

Some wheat pennies are rare because of two potential things:

• Low mintage numbers or circulation. Simply put, wheat pennies with low mint numbers weren’t made in large quantities, so they are valuable because of their rarity.
• Minting errors. Some wheat pennies were made with errors, like lacking mint marks from their minting facilities, which also makes them rare and much more valuable for collectors.

Wheat Penny Values: How Much Is an Average Wheat Penny Worth?

The average wheat penny, provided that it is in uncirculated condition, is worth around 50 cents, which is a 50x increase from face value. Wheat pennies were only made between the years 1909 to 1958.

This penny was first minted to commemorate Abraham Lincoln’s 100th birthday anniversary. They are printed with the phrases “In God We Trust” and “Liberty” on the front and “E Pluribus Unum” on the back. 

Wheat pennies are not universally made of valuable materials like bronze or copper. For example, the first wheat pennies were made of bronze, which is an alloy that is 95% copper and 5% tin or zinc alloy. In 1943, new wheat pennies were made with zinc-plated steel instead.

Wheat pennies produced a bit of controversy shortly after entering circulation, however, due to the initials "VDB" at the bottom. These stood for the initials of the wheat penny designer Victor David Brenner.

Later wheat pennies had the initials removed, although they were reinstated in 1918 and placed below Lincoln's shoulder. The wheat penny was removed from circulation on the 150th anniversary of Abraham Lincoln’s birth.

Where Can Coin Collectors Buy Rare Wheat Pennies? 

Wheat pennies might be excellent collectors' items that are more than just pocket change, but it can be tough to find new coins to add to your collection. Bullion Shark can help.

 As experienced coin dealers, we have not only the best rare wheat pennies for your collection and thousands of other rare coins, ranging from ancient coins to historical U.S. coins and much more.

Check out our selection today, or contact us for more information!

FAQ

1. What makes a Wheat Penny valuable? A Wheat Penny's value is determined by several factors including its mint year, mint mark, overall condition (grade), and rarity. Key dates, low mintage numbers, and coins with errors or varieties are typically the most valuable.
2. Which Wheat Penny is the most valuable? The 1943 Copper Wheat Penny is considered one of the most valuable. These pennies were mistakenly struck on copper planchets rather than the steel ones used that year, making them extremely rare.
3. How can I tell if my Wheat Penny is rare? To determine if your Wheat Penny is rare, check the mint year and mint mark located under the date on the obverse side. Key dates and lower mintage years are indicators of potential value. Consulting a coin value guide or a professional appraiser can also help.
4. What are the key dates for Wheat Pennies? Key dates for Wheat Pennies include 1909-S VDB, 1914-D, 1922 (no mint mark), 1931-S, and the 1943 copper pennies. These dates are known for their lower mintages or unique characteristics.
5. Can a Wheat Penny be worth $1,000 or more? Yes, certain Wheat Pennies can be worth $1,000 or more, especially those from key dates in exceptional condition or with rare errors. The 1943 Copper Penny and the 1909-S VDB in high grades are examples that have sold for over $1,000.
6. What errors increase the value of Wheat Pennies? Errors that can increase the value of Wheat Pennies include double dies, off-center strikes, and repunched mint marks. The 1955 Double Die Obverse is a famous error that significantly increases the coin's value.
7. How do I find the mint mark on a Wheat Penny? The mint mark on a Wheat Penny is located below the date on the obverse side of the coin. A "D" indicates Denver, an "S" indicates San Francisco, and no mint mark indicates Philadelphia.
8. What condition does a Wheat Penny need to be in to be valuable? While condition alone doesn't determine value, Wheat Pennies in higher grades (Extremely Fine to Mint State) are generally more valuable, especially for key dates or rare varieties. Coins with minimal wear and clear details tend to fetch higher prices.
9. Are Wheat Pennies made of pure copper? Wheat Pennies minted from 1909 to 1942 and from 1944 to 1958 are made of 95% copper and 5% tin and zinc. The exceptions are the 1943 steel pennies, which were made of zinc-coated steel.
10. Where can I sell my valuable Wheat Pennies? Valuable Wheat Pennies can be sold through coin dealers, numismatic auctions, online marketplaces specialized in coins, or coin collecting forums. For high-value coins, consider getting a professional grade from services like PCGS or NGC to maximize their selling potential.

Sources:

What is Bronze? (with pictures) | About Mechanics

Coin Grading Scale | American Numismatic Association

What is a Wheat Penny? (with pictures) | SportsnHobbies

Who was Victor David Brenner? | American Numismatic Association

1955 Double Die Lincoln Penny | The Spruce Crafts