The 1921 Lincoln wheat cent is one of the most sought-after and valuable issues in the entire Lincoln cent series, which ran from 1909 to 1958. Prized for its low mintage and scarcity in high grades, the 1921 penny is a key to the series that even non-collectors recognize as special.
Mintage
With the post-World War I recession taking hold, demand for new coinage slowed considerably in 1921. As a result, the total output of pennies from U.S. Mints that year plummeted to just 54,431,000 pieces – the 6th lowest mintage of any regular issue Lincoln cent:
- Philadelphia (no mintmark): 39,157,000
- San Francisco (S): 15,274,000
- Denver (D): No pennies minted
By comparison, 1920 saw a total output of over 406 million pennies from the three mints. 1922 rebounded to over 74 million struck. So 1921 represents an anomalous year where penny production was drastically reduced.
The effects of this limited mintage are still felt today. Despite being minted over a century ago, PCGS estimates that only 1% of the original mintage of 1921 pennies survives in any grade. This includes a mere 600-1000 uncirculated examples.
Composition and Specifications
1921 Lincoln cents were minted in the standard composition of 95% copper with the balance a mix of tin and zinc. Each blank cent planchet weighed 3.11 grams with a diameter of 19mm. The edge was plain in appearance.
Renowned sculptor Victor David Brenner designed the Lincoln cent. His initials VDB appear on the reverse, although in much smaller lettering compared to the 1909 cents. The obverse features a bust of Abraham Lincoln facing right, with the motto "IN GOD WE TRUST" above and the date 1921 below. The reverse showcases two stylized wheat stalks flanking the denomination "ONE CENT" and country name "UNITED STATES OF AMERICA."
Strike and Die Wear
Many 1921 pennies exhibit poor strikes with mushy details. This resulted from U.S. Mints using dies past their normal lifespan in an effort to cut costs. The improper spacing between dies also caused an uneven flow of metal, leading to further weakness in the designs.
As a result, many 1921 cents show an overall softness, especially on the reverse wheat stalks. The stalks may appear to almost merge together rather than having clear separation. On the obverse, Lincoln‘s hair and coat lines are often faint.
Finding a 1921 penny with sharp strikes and crisp details is challenging. Mint state examples with strong definition rank among the condition rarities of the entire Lincoln series. This is especially true for specimens with original mint red color.
Grading and Condition
As with all coins, grade is paramount to determining the value of a 1921 Lincoln cent. Circulated examples are graded on a numerical scale from 1-59 based on the amount of wear. Uncirculated pieces are graded on the Sheldon scale from 60-70.
Here is a breakdown of the different circulated grades and what to look for:
- Good (G-4): Heavily worn, but date and design elements visible. Rims nearly worn flat.
- Very Good (VG-8): Moderate to heavy even wear. Design bolder but still lacking details.
- Fine (F-12): Noticeable even wear but most details visible. Rims complete and raised.
- Very Fine (VF-20): Light to moderate wear on high points. Most details sharp and clear.
- Extremely Fine (EF-40): Only minor wear on high points. Nearly full details with some luster.
- About Uncirculated (AU-50, 53, 55, 58): Slight friction on high points. Most luster still remains.
For uncirculated examples, the numerical grade is accompanied by a color designation:
- Brown (BN): Coin has toned to a brown color over time.
- Red and Brown (RB): Coin displays a mix of original red color and toning.
- Red (RD): Coin exhibits full original red mint luster with no toning.
Take a close look at the wheat stalks on the reverse of a potential 1921 cent. The grains at the end of each stalk should be fully rounded and separated, not mushy or ill-defined. The stalks themselves should show clear striations rather than appearing flat or lifeless.
Next, examine Lincoln‘s hair and coat on the obverse. There should be crisp definition between individual strands of hair and clear folds in the coat. Any softness in these areas indicates a weakly struck coin.
Of course, red color is the most coveted attribute for a 1921 Lincoln cent. PCGS has graded only two examples in MS68 Red with none finer. Gems in MS65 Red are also highly elusive, with PCGS and NGC combined certifying only 12 coins at that level. Even circulated examples with traces of original red remaining command significant premiums.
Pricing and Auction Records
Pricing for 1921 pennies varies widely based on grade, color, and striking quality. Here are some representative prices:
- G-4: $18-20
- VG-8: $26-32
- F-12: $38-52
- VF-20: $75-100
- EF-40: $175-230
- AU-50: $300-400
- MS-60 Brown: $450-600
- MS-63 Brown: $1,200-1,500
- MS-63 Red and Brown: $1,800-2,200
- MS-63 Red: $3,750-4,200
- MS-65 Red: $12,000-16,000+
Of course, finest known examples have sold for substantially more. In 2005, the sole PCGS MS68 Red example of a 1921 penny realized $55,200. A PCGS MS67+ Red specimen brought $43,200 in 2010. Even a seemingly common 1921-S in MS65 Red sold for $27,600 in 2004.
More recently, a PCGS MS67 Red 1921 cent earned $12,600 in a 2022 auction. An NGC MS66 Red and Brown example commanded $9,000 that same year. These prices underscore the immense desirability of top quality 1921 cents.
Rarity and Survival Estimates
Compared to other Lincoln cent issues, the 1921 is undoubtedly scarce. PCGS CoinFacts estimates the surviving population at just 250,000 pieces in all grades. This is broken down as follows:
- Circulated: 248,000
- Mint State: 1,045
NGC has graded 2,329 examples in all grades with the following breakdown by color designation:
- Brown: 1,875
- Red and Brown: 412
- Red: 42
This data confirms the extreme conditional rarity of uncirculated examples, especially with original red color. With such limited numbers remaining from an already small original mintage, pressure will only continue to build on prices for high grade 1921 cents.
Tips for Collectors
For a collector seeking to add a 1921 Lincoln to their collection, there are a few key things to keep in mind. First, decide what grade range fits your budget. An attractive circulated example in the VF to AU range is an excellent entry point. You‘ll get an appealing, problem-free coin with decent eye appeal for $100-400.
More advanced collectors will likely pursue an uncirculated example. Look for a piece with original luster and minimal marks. Don‘t be afraid of toning – a 1921 cent with mottled red and brown coloring can be spectacular. Avoid any signs of cleaning, which gives the surfaces an unnatural sheen.
If you dream of owning a red uncirculated 1921 penny, prepare to pay up. These coins only come up for auction every so often, and they tend to soar when they do. Expect to shell out at least $10,000 and likely more for a Red example in MS63 or above.
Whether you buy raw or certified, the key to nabbing the best value is to focus on eye appeal within the grade. Don‘t settle for a weakly struck, unappealing coin just because it‘s technically the grade you want. Hold out for a pieces that is boldly executed with attractive color and luster.
Another option for collectors is to cherrypick 1921 cents in lower grades. Even a well-worn example is worth $20, so there is money to be made if you can find them at face value. Check every penny in your change and in any wheat cent rolls or bags you come across. You might get lucky and find a hidden gem!
Putting the 1921 Penny in Context
To fully appreciate the significance of the 1921 Lincoln cent, it‘s important to view it in the broader context of the early Wheat series. The 1921 is one of a handful of recognized key dates that stand far above the rest in terms of scarcity and value.
Other top rarities include the 1909-S VDB, 1914-D, 1922 No D, 1924-D, 1931-S, and 1955 Double Die Obverse. These seven coins stand as the most highly coveted Lincoln cents across all conditions. The 1921 sits near the top of this list as the undisputed key date of the 1920s.
What makes the 1921 penny so fascinating is its mintage anomaly. In 1920, the Mints pumped out pennies by the hundreds of millions. Just two years later in 1922, production jumped back over 74 million. But in between sits the 1921, with a mintage that looks like a mistake compared to surrounding years.
Of course, the onset of the recession in 1921 explains the retrenchment in penny output. Nonetheless, it created the single toughest Lincoln cent of the Roaring Twenties. And thanks to the Mint‘s use of worn dies and improper striking pressure, it inadvertently created a coin whose finest survivors are true condition rarities.
Over a century later, the 1921 Lincoln cent has lost none of its luster among collectors. If anything, it has only gained in stature as more and more collectors vie for the limited pool of attractive survivors. Even well-worn examples are now sought-after as mementos of a turbulent year in American history.
If you are lucky enough to own a 1921 Lincoln cent, cherish it as a key piece of numismatic history. And if you aspire to own one someday, know that you are chasing one of the most prized and elusive coins in the entire Lincoln series. With its low mintage, often weak strike, and extreme rarity in high grades, the 1921 penny is a numismatic treasure that will always command respect.
Frequently Asked Questions
How much is a 1921 penny worth?
The value of a 1921 penny depends on its condition and color. Lower grade circulated examples are worth $20-50. Mid-grade circulated pieces run $75-200. Uncirculated examples range from $500 to over $20,000 for the finest known. Original red color adds significant value in mint state.
How many 1921 pennies were made?
The Philadelphia Mint struck 39,157,000 pennies in 1921. The San Francisco Mint produced 15,274,000. Denver did not mint any pennies that year. The total output of 54,431,000 makes the 1921 Lincoln cent the 6th lowest regular issue mintage in the series.
Why is the 1921 penny so valuable?
The 1921 penny is valuable due to its low mintage and rarity in high grades. With only 54 million minted, the 1921 cent has one of the lowest mintages of the series. Demand for coins fell during the recession, leading to a greatly reduced output. Compounding this is the extreme rarity of well-struck, uncirculated examples with red color. Only 1-2% of the original mintage is thought to survive in any grade.
Is a 1921 penny rare?
Yes, the 1921 Lincoln cent is undoubtedly rare in the context of the series. Only a handful of lower mintage key dates are scarcer. PCGS estimates just 250,000 1921 cents remain in all grades, with only 1,045 uncirculated pieces. This is remarkably low compared to the hundreds of millions that remain of common dates from the 1940s and 1950s. The 1921-S is even rarer, especially in mint state condition.
What makes a 1921 penny valuable?
Several factors make a 1921 Lincoln cent especially valuable. Most important is the grade or condition. A well-worn 1921 penny is still a scarce coin, but one in pristine uncirculated condition is exponentially rarer and commands a huge premium. Color is also critical, with original red examples being the most coveted. Finally, striking sharpness affects value. Many 1921 cents are weakly struck, so a coin with crisp details is particularly desirable.
