Wheat Penny Value. Most Valuable Lincoln Pennies Worth Money List.

As of 2024, the value of a Wheat Penny, minted from 1909 to 1958, typically ranges from 5 cents to $20 for common dates and average conditions. Rare varieties, such as the 1909-S V.D.B. or 1955 Doubled Die, can be worth $100 to $1,500 or more, depending on their condition and rarity. High-grade examples and specific rare mint errors can command prices of several thousand dollars. Continue reading to learn about wheat penny value and use our list to estimate worth of your penny.

Wheat Penny

The Wheat Penny is a one-cent coin minted by the United States from 1909 to 1958. It features Abraham Lincoln on the obverse (front) and two stalks of wheat on the reverse (back). Designed by Victor David Brenner, it was introduced to replace the Indian Head Penny and is notable for its collectible value, with key dates and mint errors being especially sought after by numismatists.

Wheat Penny Value

The value of a Wheat Penny, also known as a Lincoln Wheat Cent, is influenced by several factors, including the year of minting, its condition, and the mint mark. Key dates and rare minting errors can significantly increase a Wheat Penny value, with some coins fetching high premiums. Typically, pennies from the Philadelphia mint are considered superior in quality. Understanding these variables helps collectors accurately assess the value of their Wheat Pennies. Find the most valuable wheat pennies worth money along with key dates with our Lincoln cent value guide. Use our list to estimate worth of your penny.  

Introduced in 1909, the Lincoln wheat penny quickly became a foundational piece for many coin collectors, serving as an accessible entry point into the hobby. Lincoln pennies from their debut year hold particular value for collectors, but other versions of this coin are also highly sought after. Factors such as the year it was minted, its condition, and the minting location significantly influence its collector value. Known both as “Wheat Reverse cents” and “Lincoln Cents,” these pennies were produced at the Philadelphia, Denver, and San Francisco mints, with those from Philadelphia often regarded as superior in quality compared to their counterparts from Denver or San Francisco. The design of the Lincoln penny boasts the distinction of being the longest-running coin design in the history of the U.S. Mint. Generally, Lincoln wheat pennies in better condition are more highly prized and command greater value than those showing signs of wear or damage.

Lincoln Penny Design History

The design of the Lincoln Wheat Penny was crafted by Victor David Brenner, a sculptor-engraver, and chosen personally by President Theodore Roosevelt. In a bid to honor the centennial of Abraham Lincoln's birth in 1909, Roosevelt commissioned the penny's design based on Brenner's work. This marked a historical departure as Lincoln became the first individual, whether living or deceased, to be depicted on a circulating U.S. coin, a move previously deemed inappropriate.

Brenner's design closely mirrors a desk plaque he created for the Gorham Manufacturing Company in 1907 and a profile portrait of Lincoln from 1864. The coin's obverse features the inscriptions “IN GOD WE TRUST” above Lincoln’s head, “LIBERTY” to the left, and the minting date to the right. On the reverse, designed also by Brenner, two wheat stalks flank the words “E PLURIBUS UNUM” above the coin's denomination and “UNITED STATES OF AMERICA,” earning the coin its nickname, “Wheat Penny.”

Upon the completion of his design, Brenner initially included his full name on the obverse, which Mint Director Frank A. Leach opposed. Brenner then opted to place his initials at the reverse's base. However, following their appearance on the penny released on August 2, 1909, the initials sparked controversy, leading Leach to remove them entirely from the coins being produced by August 12, 1909. It wasn't until 1918 that Brenner’s initials made a discreet comeback, positioned below Lincoln’s shoulder, where they have remained up to the present day.

Mint Marks on the Lincoln Wheat Penny

The value of Lincoln Wheat Cents can significantly vary based on their mint of origin and the year they were minted. Coins bearing the "S" mint mark, indicating production at the San Francisco mint, are particularly coveted by collectors. Denver-minted Lincoln Cents are identified by a "D" mint mark, whereas those produced in Philadelphia carry no mint mark, adhering to a longstanding tradition of the US Mint.

Value of a Lincoln Wheat Penny

While most Lincoln Wheat Pennies hold nominal value, typically just a few cents, those in superior condition might fetch between $20 to $30. Nevertheless, pennies from specific years, with low mintages, or featuring errors can command substantial sums. Among these, the 1909-S VDB penny stands out due to its exceptionally low mintage, making it a notable rarity with around 484,000 units minted and merely an estimated 20,000 surviving today. Despite not being the series' scarcest, its fame extends even outside numismatic circles. Additionally, the 1943 Bronze/Copper Cent is another remarkable variety. In an effort to conserve copper for wartime needs during World War II, pennies were produced in steel. However, a few copper planchets were mistakenly left in the presses, leading to the creation of approximately 30 to 40 copper pennies in 1943, adding to their rarity and desirability among collectors.

The 10 Most Valuable Lincoln Pennies List

Here's the top 10 most valuable pennies (for mint state coins that have never been in circulation).

1998-P Wide AM: 

AUCTION RECORD for the MS62 BN: $250

1995-D Doubled Die:

AUCTION RECORD for the MS67+RD: $4,200

1970-S Small Date High 7

AUCTION RECORD: $2,464

1984-P Doubled Die Ear

AUCTION RECORD: $904

1960-D Small D Over Large D

$200 - $500

1983-P Doubled Die Reverse

AUCTION RECORD: $7,050

1992-D Close AM

AUCTION RECORD: $3,525

1999-P Wide AM

AUCTION RECORD: $2,300

1972-P Doubled Die Obverse

AUCTION RECORD: $14,400

1971-P Doubled Die Obverse

AUCTION RECORD: $10,925

The Lincoln Cent with the Lincoln Memorial reverse design was first released in 1959, on February 12th to commemorate the sesquicentennial of Abraham Lincoln's birth. (150th anniversary) The reverse was designed by Frank Gasparro, who won the internal competition the Mint held amongst the Mint's engravers.

The design features the Lincoln Memorial from straight on, with a tiny Lincoln Memorial statue in the center, meaning Lincoln is actually featured on both sides of the coin!

FAQs

How does one accurately assess the condition of a Lincoln Wheat Penny?

Assessing the condition of a Lincoln Wheat Penny involves examining the coin for signs of wear, damage, and overall appearance. The grading system for coins, which ranges from Poor (PR) to Mint State (MS), is commonly used. To accurately assess a coin's condition, collectors look at the coin's luster, strike, and details. For example, a coin in Mint State has no signs of wear and retains its original mint luster, while a coin graded as Good may have significant wear but still shows the major designs and lettering.

What specific characteristics should collectors look for in identifying valuable error pennies?

Identifying valuable error pennies requires knowledge of common minting errors and variations. Errors such as doubled dies, off-center strikes, or wrong metal types can significantly increase a penny's value. Collectors should familiarize themselves with known errors for specific years and mint marks, and carefully inspect the coin's details, such as doubling of letters or numbers, misalignments, or unusual colors indicating a different metal composition. Resources like numismatic guides, websites, and collector forums can provide valuable information on known errors and how to spot them.

Are there any restoration or preservation tips for Lincoln Wheat Pennies to maintain or improve their value?

For preservation and restoration, it is crucial to handle Lincoln Wheat Pennies with care to maintain their condition. Collectors are generally advised against cleaning their coins, as improper cleaning can damage the coin's surface and reduce its value. Instead, storing coins in a cool, dry place away from direct sunlight in appropriate holders or albums that protect them from environmental damage is recommended. If a coin needs cleaning, it is best to consult a professional conservator who specializes in numismatic items to prevent accidental damage.

By understanding how to assess their condition, identifying valuable errors, and properly preserving their Lincoln Wheat Pennies, collectors can enhance their collections and potentially increase the value of their coins.