What Are Lincoln Wheat Pennies Worth?

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Plus a list of the rarest and most valuable Lincoln wheat pennies
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Lincoln “wheat” pennies were first produced in 1909—exactly 100 years after Abraham Lincoln’s birthday. They were produced all the way through 1958, meaning that these coins have seen the Great Depression, World War I, World War II, and the birth of the Civil Rights movement. Given their elegant design and historical nature make them an extremely popular target for coin collectors, which is good news if you have any of these lying around! Here, we’ll walk through why wheat pennies are valuable, how you can interpret the value of wheat pennies you own, and even cover the most expensive wheats on the market.

Lincoln Wheat Penny Value

Wheat pennies tend to be very desirable. Many of the mints and years fetch $10-20, while some of the more obscure variants, like the steel or bronze wheat, can easily earn over $200,000 at auction.

Section 1 of 4:

What are wheat pennies worth?

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  1. Wheat pennies are valuable and generally worth between $10-$200. Wheat pennies generally rank very high among coin collectors when it comes to demand. In fact, some coin enthusiasts might say they’re the single most popular coin for collectors. [1] While especially common or damaged wheats aren’t worth much, many Lincoln wheat pennies are worth $10-20 or even $100-200! [2]
    • Are wheat pennies rare? No, and that’s part of why they’re so popular to collect. They aren’t like 1797 Brasher Doubloonswhere the coins are so obscure you can’t even find them, but they also aren’t so common (like, say, a Kennedy half dollar ) to the point that they aren’t worth anything. They’re right in that sweet spot of valuable and easy to collect.
    • Why is it called a “wheat” penny? On the back of the coin, Lincoln pennies say “ONE CENT UNITED STATES OF AMERICA.” Framing that lettering are two stalks of wheat. Ergo, the “wheat” penny!
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Section 2 of 4:

Determining the Value of Wheat Pennies

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  1. 1
    Note the year above the mint mark. The specific year that a given wheat penny was minted means a lot when it comes to the value of the coin. Note the year at the bottom right of Lincoln’s portrait. [3] Some of the most sought-after years include:
    • 1909
    • 1914
    • 1922
    • 1931
    • 1943
    • 1944
    • 1958
  2. 2
    The coin’s origin is denoted by a letter (called a mint mark). The wheat penny was produced at three different facilities. You can tell where a wheat penny came from by looking at the letter located directly under the date on the face of the coin. Here’s what the different mint marks mean: [4]
    • No mint mark - Philadelphia
    • D - Denver
    • S - San Francisco
  3. 3
    Look for the designer’s initials to spot rare mints. Inspect the reverse side of the coin and look at the bottom where the two wheat stalks meet. If you see “VDB,” your coin’s value just increased exponentially. These are the initials of the coin’s designer, Victor D. Brenner. He designed and sculpted the wheat penny, but chose to include his initials in the die. Americans were upset he took up such prominent space on the coin, and his initial design was altared shortly thereafter. [5]
    • There are three basic variants of the VDB penny:
      • 1909-P VDB
      • 1909-S VDB
      • 1909-P Proof VDB
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Section 3 of 4:

Factors Impacting Wheat Penny Prices

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  1. Wheat pennies aren’t unlike other rare coins when it comes to the factors that impact their pricing. In general, you’re looking at the following elements:
    • Rarity. The fewer copies there are of a given coin, the more likely it is that the coin fetches a premium.
    • Provenance. Provenance refers to the historical record of an artifact. If you can track exactly where the coin has been in the past, it increases the overall value.
    • Condition. The quality of the coin matters a lot. A mint or uncirculated copy will be worth more than a worn-out or weathered variant.
    • Errors. Unique printing errors typically increase a coin’s value, and that’s absolutely the case with wheat pennies.
    • Historical Importance. If the coin is tied to a distinct moment in history, or if there’s some fascinating historical reason for the coin’s existence (like 1943-44 steel wheats), it will generally earn more at auction.
Section 4 of 4:

Most Valuable Wheat Pennies

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  1. 1
    1909-P VDB Proof The 1909 proof is the rarest Lincoln penny series. Only a handful of these pennies exist. Only 28 million pennies were made with these initials, so if you have one, you own a piece of rare history! [6]
    • Value: Around $150,000.
    • The non-proof version of these coins are worth around $12 on the low end, and $375 for more pristine mints.
    • What’s the difference between proof and non-proof coins? Proofs are minted on a polished die, which creates a mirror-like finish you don’t see in non-proof coins. [7]
  2. 2
    1917 Doubled Die The “double die” refers to a printing error that occured on one mint run of Lincoln pennies. The die was punched twice for these coins resulting in a double layer of the lettering. You can spot these coins by looking for two layers of printing, located basically on top of one another.
    • Value: Anywhere from $180 for lower-quality coins and up to $8,500 for uncirculated copies.
  3. 3
    1955-P Double Die Obverse(DDO) The 1955 double die error is potentially the most infamous double-die error in the history of rare coins. The doubled text is so prominent and visible that you don’t even need to inspect it carefully. [8]
    • Value: $750-18,500
  4. 4
    1922-D No D Strong Reverse These coins were minted on an extremely dirty die that caused the lettering on the obverse (front) of the coin to be very dull and blurry. So much so, in fact, that the D for “Denver” is entirely missing. [9]
    • Value: $700-1,450
  5. 5
    1944 Steel The 1944 steel wheat penny is one of the most valuable varieties of the coin, with some speculating that an uncirculated mint version could fetch up to 1 million dollars one day. [10] Steel pennies are the result of a minting error where the workers at the die plant accidentally used the wrong steel, making these extremely unique coins. [11]
    • Value: $400,000-1,100,000
  6. 6
    1943 Steel The 1943 steel wheat penny is a bit different from the 1944 version. While the 1944 mint was a mistake, the 1943 move to steel was intentional. During World War 2, the US wanted to preserve copper for the war effort, so they shifted to steel for about a year. [12]
    • Value: $11-15,500.
  7. 7
    1958-P DDO While the 1955-P DDO is perhaps the most infamous double-die error, the 1958 DDO is the rarest. This print error resulted in a very distinct double-printing on the word “WE” on the “IN GOD WE TRUST” lettering on the front of the coin. [13]
    • Value: These are rare enough that the range is kind of wild. They can sell for anywhere up to $240,000.
  8. 8
    1943 Bronze As another attempt at preserving precious metals for the war effort, the US Mint temporarily switched to a bronze mint for part of 1943. These unique coins have a distinct sheen and shine that make them especially sought after by fans of the wheat penny. [14]
    • Value: $10,000-1,000,000
  9. 9
    1943-S Bronze Probably one of the rarest coins of the 20th century, there are only 5 confirmed S bronze wheats from 1943 in existence. [15] Needless to say, you’re going to be rich if you find the sixth one.
    • Value: Previous sales totalled around $250,000, but if you find a new coin, who knows what it could fetch!
  10. 10
    1943-D Bronze There is exactly one specimen of the 1943-D bronze. It is believed that it was made by a single Denver Mint employee as a keepsake, so it’s not even clear there’s another copy in circulation. [16]
    • Value: As one of a kind, it’s hard to know what the value of it would be today. It most recently sold in 2010 for 1.7 million dollars. That’s actually a record for any penny!
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      References

      1. ↑ https://www.americasantiquemall.com/post/7-types-of-must-have-united-states-coins-to-add-to-your-collection
      2. ↑ https://www.govmint.com/coin-authority/post/complete-guide-to-collecting-wheat-pennies
      3. ↑ https://www.govmint.com/coin-authority/post/complete-guide-to-collecting-wheat-pennies
      4. ↑ https://www.usmint.gov/learn/collecting-basics/mint-marks
      5. ↑ https://www.coinvaluechecker.com/how-much-is-a-1909-vdb-penny-worth/
      6. ↑ https://www.yahoo.com/lifestyle/10-most-valuable-wheat-pennies-180200634.html
      7. ↑ https://www.usmoneyreserve.com/news/executive-insights/how-to-tell-if-a-coin-is-proof/
      8. ↑ https://www.usacoinbook.com/coins/480/small-cents/lincoln-wheat-cent/1955-P/doubled-die-obverse/
      9. ↑ https://www.ngccoin.com/coin-explorer/united-states/cents/lincoln-cents-wheat-reverse-1909-1958/12540/1922-no-d-strong-reverse-1c-ms/
      1. ↑ https://youtu.be/BPDJ6H7fago?t=45
      2. ↑ https://www.herobullion.com/1944-penny-value/
      3. ↑ https://thesilverpicker.com/coin-collecting/how-much-are-1943-steel-cents-worth/
      4. ↑ https://www.usacoinbook.com/coins/489/small-cents/lincoln-wheat-cent/1958-P/doubled-die-obverse/
      5. ↑ https://www.pcgs.com/coinfacts/coin/1943-1c-bronze-bn/82709
      6. ↑ https://www.govmint.com/coin-authority/post/complete-guide-to-collecting-wheat-pennies
      7. ↑ https://www.pcgs.com/coinfacts/coin/1943-d-1c-bronze-bn/82712

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