Why the Wheat Penny Is So Collectible?

Every coin collector worth their salt will know of the infamous wheat penny. When you skim through that new coin roll, you search through for pairs of wheat stalks. If you have ever collected coins, you will have been there, but what is it that makes the wheat penny so collectible?

One reason might be the fact that some rare wheat pennies can sell for upwards of $100,000!

The truth is that there is a whole host of reasons the Lincoln cent has become a choice coin for collectors to look out for. The history goes all the way back to the first minting in 1909. 

When was the coin first minted? Why is it called a "wheat penny"? Just why is it so collectible?

An even more important question for a collector might be what a 'vdb' penny is.

There’s a lot to know about this storied circular cornerstone of the world of coin collection.

A History Lesson - The Turn of the Century

The history of these collectible coins takes us all the way back to the first minting in 1909. That brought the first Lincoln cent into circulation some 44 years after his presidential run.

Both of the names that are attached to this single-cent piece (the Lincoln cent and the wheat penny) are fairly easy to understand. What might be a little more confusing is exactly why this coin in particular became famous.

It is because, genuinely, there was no other piece quite like it. It was the first coin displaying the likeness of a specific individual. The Lincoln Cent depicted his portrait because that year was Lincoln's 100th birthday!

Before the Lincoln Cent

The cent piece that was in circulation prior to the wheat penny was the Indian head cent. Aptly named, this coin displayed the visage of a Native American and had been the icon of the cent for almost fifty years.

No other president, or the likeness of any one individual, had ever graced the US minted coin up until this point. According to Founding Father George Washington, the entire concept was monarchial.

Putting a face on a coin was seen as an act that would raise them above the common person, like a King or a Queen. Far too similar to the country they had just severed themselves from.

Theodore Roosevelt, who was president at the time of minting, strongly disagreed. His exasperation with the design of the coins at the time was so thorough that he petitioned the Treasury secretary to design a new one.

The Infamous Initials

Now we begin to touch on the understanding of why some of these coins are so valuable. The man who was given the task of redesigning the cent was Victor David Brenner.

The design that now finds itself on the wheat penny was the final result of Roosevelt's and Brenner's concept. It underwent multiple revisions before eventually becoming the wheat penny you see today.

Do you recognize Brenner's name? Do the initials pluck at something in your mind? They should because VDB is the engraving that you'll find on some of the most valuable wheat pennies.

Of the around 72 million coins that were minted, only 484,000 of them bear Brenner's initials.

Rather than being any kind of modern-style ploy at having one iteration of the coin be a collector's item, the real reason was the reaction to his initials being so prominent.

Accusations were hurled that Brenner had essentially given himself free (and illegal) advertising by displaying his initials so brazenly on the coin. Initially, there was some talk of redesigning the coin again to hide the initials better.

Instead of this, the initials were simply removed. This one simple fact, over a hundred years later, resulted in the birth of the coveted VDB penny.

Brenner's Iconic Design

We'll dive into the exact details of the different designs later. That'll include the way that those subtle differences alter the value of the coin. For now, though, we'll have a closer look at the original classic coin.

The obverse of the coin displays Lincoln, accompanied by the word "Liberty" and the year of minting. "In God we trust" is written above the head.

The reverse is where the term wheat penny is derived from. The monetary value is declared in block capitals on the center of the coin, along with the country. Encircling the text are the eponymous wheat stalks.

Writing that reads "E Pluribus Unum" follows the upper ridge of the coin. A piece of classic Latin that should need no explanation: "From many, one."

If you've got your eyes open for those special initials on the 1909 mints, you'll find them on the reverse, opposite the Latin. Running along the bottom ridge, there will be a clearly written "V.D.B."

Varieties and Oddities

As with anything that is being mass-produced, especially over a long period of time, there has been plenty of changes and mishaps.

For the changes, there are multiple different minted designs depending on the year. For the mishaps, there are all sorts of oddities and errors that increase the value of the coin.

As an example, there are two iterations of the 1909-S coin. The ones with Brenner's initials, and the ones without. They carry the 'S' suffix to the date because of the letter 'S' that can be seen below the date.

The 'S' indicated that it was minted in San Francisco. The cousin to that version of the coin is the 'D' mint, indicating it was made in Denver.

With all of these different pennies and cents jingling around, we'll have to spend some time digging into just how much each variant is worth!

Varying Valuations - Cashing in on Collectible Coins

That was all the history surrounding these collectible coins. Even just on the fascinating account of how they came to be so popular, you can see the value. That's only scratching the surface though.

Due to there being so many varieties, there's a whole world of valuations to uncover with these priceless pennies.

The price differentials are as diverse as the coins themselves. They range from modest sums of $10-$50, all the way up to thousand-dollar estimates. Which coins will give you the most bang for your buck?

Or perhaps we should say the most bang for your cent.

Quality First

First and foremost, the decider on the overall value of the coin will be quality. A penny that looks like it was minted yesterday will naturally carry a far higher value. Do you know by just how much, though?

It's probably a lot more than you'd think. Even using the most common wheat pennies as an example, the price will at least double if it's in somewhat good condition.

That multiplier can become astronomical in some cases. Take the 1915 Lincoln Wheat penny. Worth barely two dollars in poor condition, it can be sold for almost $70 if it is well-kept!

Uncirculated Coins: The True Treasures

If you have been coin collecting for any significant period of time, there's an acronym you'll have seen plenty of already. That acronym is 'BU', or 'B.UNC'.

It's not so much related to the wheat penny as it is to collectible coins in general. It refers to a brilliant uncirculated coin. The brilliant part is fairly self-explanatory, but what about uncirculated?

On one hand, there's the obvious explanation that it was never intended to be used as currency. That's only half the story though, especially in the case of certain coins.

If a coin is brilliant uncirculated, it's generally referring to the quality that the coin will have. This indicates that the coin has undergone a different minting process, one that values the finish over the production rate.

That doesn't necessarily mean the coin will be flawless, however. Just that it will have that special new-coin shine. There can still be chips and marks on the coin.

Just because it's uncirculated doesn't necessarily mean that it will be in "mint" condition.

The Minting Process

Without getting too caught up in the nitty-gritty of the technical details, we can take a quick look at what adds so much value to an uncirculated wheat penny.

Generally, when a coin is minted, it is pressed between two dies. Think of these as the template for the coin.

The dies for an uncirculated coin will typically be hand-crafted, polished to perfection. This means that the minted coin will be of far higher quality right from the get-go.

This is why if you looking for wheat penny collectibles, you'll find yourself facing a price far, far higher than the standard if it's a BU coin.

Since they were never meant to be in circulation, it's unlikely that you'll ever run into one in the wild. It's still a good idea to keep your eyes peeled for that special shine whenever the two stalks of wheat cross your palm, though!

The Most Wanted List - Coins to Watch Out For

Whether you're a coin collecting purist, or you're just looking to cash in on some bounties, this next section will be your go-to.

In truth, there are a lot of potential options for filling out your collection with invaluable coins. With almost fifty years of minting to look through, there's quite the selection on offer.

Not all of these coins were born equal, though.

We're going to have a look at which coins are the cash cows. The special cents to always be aware of.

The Notorious VDB

We've already gone over the history of these 1909 specials, so we'll cut to the chase. If you want one of these, you're going to be paying a premium, probably up to $1000.

A combination of the rarity and the history is the premium factor here, but it's a piece of history more than just a coin.

A Dime a Dozen

Starting out with one of the most common pennies in the coin collecting business - the 1944 wheat penny.

It's the most common for a fairly obvious reason, which is the sheer volume of the coins that got minted. How many, you ask? Oh, only 1.5 billion.

That sounds like such an incredibly huge number that you might be wondering how you aren't tripping over them. Well, they're common enough that you might genuinely stumble across them in your day-to-day!

If you do happen upon one, how much can you expect this to be worth?

Barring any natural price-hikers-like errors, you're probably looking around $0.10 to $50 depending on the quality of the coin.

That's not a bad price for something that there are so many of!

Historically, it has a few interesting tidbits working in its favor.

For starters, it was made from the recycled metal of ammunition shells. It also sports the classic Brenner design and was made entirely of copper and zinc.

Double or Nothing

From most common, to most popular. This wheat penny is without a doubt the oddball of the pack. It's the gem that every coin collector would love to add to their collection.

The 1955 double Wheat Penny was quite the minting mistake.

The assumption would be that whoever was on quality control was sleeping on the job. Or the batch ran overnight. Whatever the case, it gave birth to this sure-fire collector hit.

Ten to twenty thousand of these coins entered circulation, all with a 'doubled' shadow of the words on the obverse. If you ever stumble across one of these, it's not that your vision has gone blurry!

Due to the scarcity, and the quirkiness of how it looks, this one's an expensive collector's item. If you're looking to add one to your set, you'll be running a cost anywhere between $1,000 to $3,000.

The Wrong Time and Place

Steel wheat pennies are the rarest of them all. Even amongst those rare few, one stands alone.

The only year that steel wheat pennies were produced was 1943. Or that was supposed to be the case, at least. One special cent slipped through the cracks.

Well, not one. Seven to be exact.

Whereas the previously mentioned coin had doubled its engravings, this one has doubled its rarity. Not only were there only seven, but they were also all produced in the wrong year! 

The 1944 D Steel Cent is that incredibly rare coin. Managing to add this one to your collection would put you in an exclusive club with only sic other members. It would also cost you upwards of $100,000 for the privilege.

Apparently, there's even a 1944 S lurking out there, somewhere in the midst. You'll probably be paying close to a million dollars for it if you ever find someone who has it, though.

The Biggest Bounty

You definitely won't be finding this one in your newly bought penny roll, since it's a unique item. We thought we should give it a special mention anyway, though.

The 1917 D boasts the most expensive purchase for a Lincoln cent; a staggering $1,700,00.

What separated it from the rest of the pack was the fact that it had been minted with a planchet error. Essentially, a planchet error occurs when there's an issue with the blank.

What made this coin special, however, was the nature of that error. Not only do the traces of zinc suggest that it was used in the wrong hopper, but the quality is also one of the highest.

The stories surrounding this cent are like wheat penny folklore now. As the tale goes, it was none other than John Sinnock (who was the chief engraver with the US Mint at the time) who was responsible for the error.

His reason for creating the erroneous coin was so that he could give it as a present to his girlfriend on Christmas.

What follows is a rollercoaster on dollar-filled rails for the coin. After being found to be a genuine article, it sold for $82,000. Not long after, the valuation jumped, selling for $212,000!

Eventually, a charity sale was what led to the breathtaking $1,700,00.

With all of that craziness in mind, even we're itching to start looking through some penny rolls.

Wheat Pennies Where You Least Expect Them

So, where's the best place to start looking for some wheat pennies? If you're looking to complete a set, then you're probably going to have to do better than checking behind the couch.

The attic of an elderly relative might be a good idea unless you're over the age of 70, then you might want to check your own! You never know what you might stumble across!

Your best bet for finding these in larger quantities, or for getting your hands on the special penny of your choice, is to deal with other collectors or traders.

Since there are still some in circulation, if you're dealing in cash then it's a good idea to rifle through that spare change and see if there are any wheat stalks in there.

Stay Careful and Stay Aware

If you're dealing with private sellers, one thing you should be aware of is keeping an eye out for counterfeits. Doing your homework and brushing up on all the tell-tale markers is of paramount importance.

It's something that takes a lot of practice, so whenever possible you should be dealing with a reputable party. That's doubly true if it's a penny that is meant to be extremely rare.

Unfortunately, it's not as simple as one single sign to look out for. Since error coins fetch such a high value, you'll need to have a keen eye to spot fabricated faults.

Buying in Bulk

A great way to pad out your collection is to buy in bulk, purchasing penny rolls! These stacks of coins will usually have a varied selection of wheat pennies.

You'll stumble across coins you are missing, coins that look better than ones you already have, maybe even a few that you can sell off if you've already got them in your collection!

Plus, nothing beats the thrill of going through a stack and feeling your heart leap out of your chest when you see a rare S or D mark beneath the date of that Lincoln.

You can sometimes find a box of these pennies for around $20-$30. Even if you aren't in it to collect, it can sometimes be an absolute bargain in comparison to what the coins inside are worth.

Even getting lucky with a single decent find will recoup any losses if you sell to a collector. It's a hobby that can almost pay for itself!