Wheat pennies are more than just small pieces of metal. They are a piece of history, a symbol of a bygone era. But did you know that some of these pennies could be worth a fortune? Yes, certain Wheat pennies are worth money, a lot of it. Not only that, but a lot of these Wheat pennies are still in circulation, meaning you can find these in the change you get at the store!
This article will go over some of the most valuable Lincoln Wheat Pennies. We will explore what Wheat Pennies are worth money, why they are valuable, and how to identify them. We will also delve into the fascinating stories behind these rare Pennies. From minting errors to low production numbers, each coin has a unique tale to tell.
The Rarity and History of Lincoln Wheat Pennies (Minted 1909-1958)
Wheat Pennies were first circulated in 1909, marking a shift in U.S. coin design. The designer, Victor David Brenner, introduced the iconic Wheat stalks. This coin was the first to honor Abraham Lincoln, celebrating his centennial birth year. It became an immediate collector’s item due to its unique design. Before this, the Pennies produced featured an Indian’s head on the Obverse.
The “VDB” initials were initially placed on the reverse. However, they were quickly removed due to public outcry, making early editions of the 1909 Wheat Cent extremely rare. The San Francisco Mint usually produced fewer coins on average than other Mints, leading to scarcity for certain years. This has made some San Francisco-minted pennies exceptionally valuable, the 1909-S VDB being the most notorious.
World War II led to another fascinating chapter in Wheat Penny’s history. In 1943, Pennies were made of steel, diverting copper for the war effort, but some copper planchet were still struck at the very beginning of the year, creating a very valuable variety of coin. Despite its relatively long minting period until 1958, the Wheat Penny’s allure never waned. Its rich history and design make it a staple for coin enthusiasts.
Understanding A Wheat Penny’s Value
Understanding what makes a Wheat Penny valuable requires taking into account several different factors. These include rarity, condition, and historical significance. Rarity plays a pivotal role. Pennies with low mintages or errors are often worth more. These rare Wheat pennies are highly sought after by collectors. Condition, described by terms like “uncirculated” or “fine,” impacts value significantly. A pristine Wheat Penny fetches a higher price than one that’s worn. Historical events during a Penny’s minting year can also boost its worth. Some coins minted during significant years become more desirable over time.
Additionally, the Mint mark, a small letter on the coin identifying where the coin was produced, is crucial. We’ve already written about the overall significance of Mint marks, be sure to check that out too. Wheat Pennies from specific Mints, often with lower production, are usually more valuable. Lastly, the inherent story behind each Penny can add value. Unique narratives related to their design or minting errors intrigue collectors. Understanding these stories makes assessing Wheat Penny’s value easier and more exciting.
Key Factors That Affect A Wheat Penny’s Overall Value
A Wheat Penny’s value depends on several factors beyond its age. One key aspect is the total amount minted that year. Generally, coins from years with lower production tend to be more valuable. Mint marks also play a crucial role in determining value. Coins from the San Francisco Mint, for example, usually hold higher value due to said limited quantities.
Errors and different varieties of Wheat Pennies can make them especially fascinating. Collectors covet these unusual coins, in turn driving up their value significantly. Known errors include doubled dies and missing or re-punched mint marks.
How does condition, also called grade, affect a wheat Penny’s value?
The condition, or grade, of a Wheat Penny is the number one factor in its value. Coins in uncirculated conditions fetch higher prices. Minimal wear significantly boosts their worth. Rarity is another major factor impacting value. A rare error or variety Penny creates excitement among collectors, making them willing to pay a premium. Lastly, market demand can fluctuate based on collectors’ interests. As interest grows, so does the price potential, making some even more desirable. We have a comprehensive guide to coin grading you may want to check out if you want to learn more.
Are all wheat pennies worth more than face value?
Yes, all Wheat Cents are worth more than face value, but not all Wheat pennies are very valuable. Common dates, especially from the 1940s and 1950s, often have minimal extra value unless in pristine condition. Most Coin shops buy and sell “unsearched” bulk Wheat Pennies, including us.
The Most Valuable Wheat Pennies You Can Still Find In Circulation
Wheat Pennies remain a treasure for collectors, especially when they possess unique characteristics. Their value is often determined by rarity, whether it’s an error or variety, and most importantly, grade. Some specific Wheat Pennies are known to be exceptionally valuable due to their distinctive features or historical significance.
Below you’ll find the most valuable Wheat Pennies you might encounter in circulation, your change, or at your local coin shop. Discover these intriguing coins, including the famous 1943 copper Wheat Penny and other notable high-value examples. Each holds a unique story and potentially significant monetary value.
The 1943 Copper Wheat Penny
The 1943 copper Wheat Penny stands out as a legendary rarity in coin collecting. This Penny is famous for its unexpected material. Although pennies were meant to be made of steel in 1943 due to wartime efforts, a few were accidentally minted in copper.
The rarity of this error makes it incredibly valuable. These pennies can fetch prices upwards of $372,000 at auction for a Philadelphia-struck specimen, over $500,000 for a San Francisco-struck specimen, and over $800,000 for a Denver-struck specimen. If you stumble upon one, you’ll possess not just a rare item but a huge piece of history.
Identifying a 1943 copper Penny requires attention to detail. Look for the weight, which should be closer to that of a pre-1943 Penny. Having it authenticated by a professional is essential due to the coin’s counterfeiting history.
The 1909-S VDB Wheat Penny
The 1909-S VDB Wheat Penny holds particular significance as the first year of issue. It features the designer’s initials, V.D.B., on the reverse, making it distinct. This coin is prized due to its limited production.
San Francisco minted fewer of these pennies, making them scarce. In mint condition, a 1909-S VDB can reach values up to $10,000 at auction. The allure of its origins adds to its desirability.
Collectors should inspect the coin’s reverse for the V.D.B. initials. Authentic examples are those that display minimal wear and retain the original design details.
The 1914-D Wheat Penny
The 1914-D Wheat Penny, referred to as a key date, is another coveted coin among collectors due to its low mintage. This coin, minted in Denver, is especially rare, making it valuable. A “key date” coin is usually the lowest-mintage coin and/or the most expensive coin in a particular set. A particular series can have more than one key date or semi-key date.
Values for a 1914-D Penny can reach $16,000 if the coin is in mint state condition at auction. This scarcity, paired with its historical context, elevates its appeal. For collectors, the condition is crucial. A well-preserved 1914-D Penny will typically exhibit clear mint marks and legible inscriptions. Ensuring authenticity and grading can enhance its market value.
The 1922 “No D” Wheat Penny
The 1922 “No D” Wheat Penny is famous for its missing Mint mark anomaly. During 1922, pennies were produced solely in Denver and featured a “D” mint mark. However, some Cents lack this mark due to what most believe was a die-clashing error, which is when the obverse and reverse Die hit each other without a planchet in between. Because of this error, it’s believed a US Mint employee grabbed an old Obverse Die and filed it down to improve its appearance, accidentally filing down the Denver Mint mark too much.
These error coins are particularly valuable to collectors. The absence of the mint mark adds to their mystique. As a result, their worth can soar, especially in the coin-collecting community.
When seeking a “No D” Wheat Penny, look for coins with smooth surfaces absent of any mint mark. Authentication by experts is highly recommended to confirm its status and prevent falling for counterfeits.
The 1955 Double Die Obverse Wheat Penny
The 1955-P double-die Wheat Penny is very rare and valuable because of its Doubled-Die Mint error, which means the machine that was pressing the coin at the US Mint messed up and damaged it. This coin shows a noticeable doubling on its Obverse, which includes the date and inscriptions. This mistake catapults its appeal among collectors, and thus value.
Due to its rarity and demand, a 1955 double die can be worth well over $20,000 at auction, depending on condition. This coin represents a remarkable moment in minting history. Its fame extends beyond just its error.
To identify this Penny, inspect for obvious doubling. This can be seen without magnification. While it’s a well-known error, having it graded solidifies its value and makes sure it’s an actual DDO, not just a coin showing signs of “machine doubling.”
Extremely Rare Error Wheat Cents Worth Money
Error coins hold a special place in the world of numismatics. They captivate collectors with their unique flaws that resulted during the minting process. The Pennies below are extremely rare, making them appealing and very valuable. While unlikely to be found in your change or circulation, it is still possible.
The 1944 Steel Wheat Penny
What’s basically the opposite of the 1943 Copper Wheat Cent, the 1944 Steel Wheat Penny is an intriguing error. It was born out of a post-war minting anomaly. While almost all of the minted 1944 pennies were copper, a few were struck in leftover steel planchets from 1943. This rare occurrence makes the 1944 steel Penny an extremely sought-after and commonly counterfeited collectible. Few exist, adding to their exclusivity. Prices for these coins can reach significant amounts at auctions.
Identifying a 1944 steel Penny involves checking magnetism, as steel coins attract magnets. Authenticating this professionally is essential, as collectors want to make sure the specimen is genuine. It’s necessary due to the potential for fakes.
The 1958-P Double Die Obverse
The 1958-P doubled-die Obverse Wheat Penny represents one of the last errors of the series. It’s remarkable for its doubled inscriptions, turning a common coin into something extraordinary. Collectors prize this error due to its unmistakable doubling on the date and motto. It’s a captivating piece of history, demanding attention for its rare visual distortion.
Finding this error Penny in excellent condition is extremely rare. Double-checking for crisp doubling is essential for serious collectors, as there is also something called “Machine Doubling” which is much less valuable and commonly confused with actual doubling. Professional grading is basically essential when authenticating this coin, and further substantiates its value on the market.
Grading and Authenticating The Wheat Pennies You Find
Grading is a vital step in determining a Wheat Penny’s value. Professional grading services assign a grade based on condition. Grades range from poor to mint state on a 70-point scale. Authentication ensures your coin’s legitimacy and increases buyer trust. Counterfeits exist, making authentication crucial. Many collectors rely on reputable services for this purpose. Choose professional graders with strong reputations. Their certification adds value and confidence. Generally, only 3 companies are trusted among the Coin collecting community when it comes to professional grading. Those companies are PCGS, NGC, and ANACS. Take any other slabbed coin with a grain of salt, there are tons of “basement” graders that will slab their own coin, slap an extremely inflated grade on it, and sell it to inexperienced collectors. Our comprehensive guide to coin grading goes over getting your coin professionally graded (or doing it yourself for a rough evaluation) in more detail.
Where to Find and Sell Lincoln Wheat Pennies
Finding Wheat pennies can be as simple as checking your change. There are still tons in circulation today, you can go to any bank and get a box of Pennies, and you’re bound to find some Wheat or even older Pennies. They may appear in forgotten collections or inherited coin boxes. Estate sales and garage sales are also treasure troves for old coins. You can also buy coins online! Websites like eBay or Amazon can net you some amazing deals if you do proper due diligence before purchasing. Beyond that, your local (or online) reputable Coin Shop is always the place to be.
When it comes to selling, online marketplaces are popular. Websites like eBay or Amazon offer a vast audience for rare finds. Research current market values before listing your coins to set a fair price. Coin shops and coin shows are also excellent venues. You can actually check out our Digital Coin store, while we don’t buy coins from people directly we do sell coins and other collecting supplies. Local Coin shops provide opportunities to interact with knowledgeable collectors and dealers. This face-to-face interaction can simplify the selling process and build trust.
Conclusion
Raising Awareness of low mintage, varieties, and errors enriches your collecting experience. Once you have these memorized, it’s second nature to check your change for them. You should always keep a keen eye out for these numismatic gems, as hidden treasures might lie in common places.
Michael D. Larsen
IT Administrator, Butterfly Rancher, Co-Owner of Coined Insights and Larsen & Co.
I’m a lifelong coin collector and former professional dealer with a deep passion for numismatics. I have a lifetime of hands-on experience handling rare and historic coins, I created Coined Insights to offer a trustworthy digital coin store, and so I can share my expert knowledge, market trends, and coin-collecting tips. Whether you’re a beginner or an experienced collector, my goal is to make coin collecting more accessible and rewarding. I am also a co-owner of Larsen & Co., a web development company currently operating 3 websites all on topics I am very passionate about. Feel free to learn more on our About page!