First minted in 1909, the Lincoln wheat penny is one of the most iconic and beloved American coins. Designed by Victor David Brenner to commemorate the 100th anniversary of Abraham Lincoln‘s birth, the wheat penny features a portrait of the 16th president on the obverse and two stylized wheat ears on the reverse, giving the coin its distinctive name.
Over 100 years after it was first released, the Lincoln wheat penny remains extremely popular with collectors young and old. Many people enjoy the challenge of trying to collect one from every year and mint. Others are drawn to the coin‘s classic early 20th century style.
Of course, the potential to find a wheat penny worth hundreds or even thousands of dollars is also part of the appeal. While most wheat pennies have modest values, there are some incredibly rare and valuable examples that generate huge excitement in the collecting community.
Whether you are just starting to collect coins or are a longtime Lincoln cent aficionado, this guide will help you understand the nuances of wheat penny values. I‘ll cover the key factors that determine what a wheat penny is worth, highlight some of the most notable rare pieces, and reveal recent auction prices. By the end, you‘ll be well equipped to collect these antique treasures with confidence.
What Makes a Wheat Penny Valuable?
Several different elements combine to determine the value of any given Lincoln wheat penny. The main factors collectors and dealers look at include:
Date and mint mark: In general, earlier dated wheat pennies from the 1910s and 1920s are scarcer and more valuable than later dates from the 1940s and 1950s. The mint mark (D for Denver, S for San Francisco) is also important – branch mint issues tend to be rarer than Philadelphia coins with no mark. A few dates/mints are key rarities worth big bucks in any condition, like the 1909-S VDB, 1914-D, 1922 No D, and 1931-S.
Condition (grade): As with all collectible coins, preservation is paramount for wheat pennies. Coins are graded on the Sheldon 1-70 scale, with 70 being flawless mint state. Wheat pennies in grades below XF (extra fine) are usually only worth small premiums over face value. But gem uncirculated examples graded MS-65 or higher by PCGS or NGC can be worth hundreds or thousands, especially for scarce dates.
Varieties and errors: Collectors prize wheat pennies with distinctive variations from the normal design. The most famous is the 1955 double die obverse, which shows dramatic doubling in the date and lettering. Other desirable varieties include the 1922 "weak D" and 1917 doubled die obverse. Mint errors like off-centers and die caps also boost value.
Eye appeal: Two wheat pennies with the exact same date and grade can still vary significantly in price based on overall eye appeal. Factors like luster, toning, and strike can make one coin much more visually stunning and desirable to collectors than another technically identical example.
Now that we‘ve covered the basics of wheat penny valuation, let‘s take a look at some of the most notable rare issues that drive collectors wild.
The Most Valuable Lincoln Wheat Pennies
Here are 10 of the wheat cent series‘ rarest and most valuable regular issues. Prices are for PCGS-graded examples in the grade listed.
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1909-S VDB MS-67 Red – $517,000
Brenner put his initials VDB on the reverse of some of the first Lincoln cents struck in 1909. The prominent placement sparked controversy and the initials were quickly removed, making these early S-mint coins extremely rare, especially in superb gem red mint state. -
1914-D MS-66 Red – $281,750
Only 1.1 million wheat pennies were struck at the Denver mint in 1914, making this a key date in the series in any grade. This is one of just 11 1914-D cents graded MS-66 Red by PCGS, with none finer. -
1922 No D Strong Reverse MS-64 Brown – $74,750
Missing the "D" mint mark, this variety was created when worn-out Denver dies were overly polished. PCGS has graded only 35 examples in all grades, mostly in AG and Good condition. This near-gem is the second finest known. -
1909-S MS-67 Red – $54,050
From the first year of the series, the 1909-S (without VDB initials) is scarce and desirable in red uncirculated condition. PCGS has certified just 41 examples in MS-67 Red with one finer (an MS-68). -
1931-S MS-66 Red – $40,800
The 1931-S has the lowest mintage (866,000) of any circulation strike cent in the series. This piece is tied with 16 others for finest known 1931-S graded by PCGS. -
1924-D MS-66 Red – $37,600
With a relatively low mintage of 2.5 million, the 1924-D is a semi-key date. PCGS has graded 64 MS-66 Reds with none higher. -
1909-S Lincoln MS-67 Red – $32,900
Another first-year issue, the 1909-S Lincoln cent had a mintage of 1.8 million. It becomes a major condition rarity in superb gem grades. Only 24 pieces have been graded MS-67 Red by PCGS. -
1910-S MS-67 Red – $27,600
San Francisco produced only 6 million wheat pennies in 1910, so high grade examples of this date are scarce. This coin is the single finest 1910-S known to PCGS. -
1914 MS-67 Red – $25,850
The 1914 Philadelphia cent is more common than the 1914-D but still tough to find in top mint state grades. This piece is tied with 14 others for finest certified by PCGS. -
1911-S MS-66 Red – $25,300
With a mintage of 4 million, the 1911-S is moderately scarce in all grades. This coin is tied with 26 others as the top example graded by PCGS.
Recent Lincoln Wheat Penny Auction Prices
Of course, not all Lincoln wheat pennies are five- or six-figure rarities. Most dates are readily collectible in circulated condition and even low-end mint state for reasonable prices. Here is a sampling of what wheat pennies in various grades have sold for in recent auctions:
1930 MS-64 Red – $35
1940-S MS-65 Red – $48
1936 MS-66 Red – $55
1929-S MS-64 Brown – $75
1915 MS-64 Red-Brown – $170
1912-S MS-64 Red – $350
1913-D MS-65 Red – $550
1911-S MS-64 Red – $850
1919-D MS-65 Red – $1,600
1914 MS-66 Red – $9,500
These prices show the wide range of values for wheat cents based on date, mint, and grade. Gem red uncirculated examples are always most desirable, but nice original circulated pieces also have a devoted collector following. Eye-catching toned coins often sell for premiums as well.
Tips for Collecting Lincoln Wheat Pennies
Wheat pennies make an ideal collecting area because of their history, beauty, affordability, and potential for significant finds. Here are some tips to get the most out of the hobby:
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Specialize. Consider focusing on a particular time period, mint, or type to keep your collection manageable. Many collectors try to assemble a complete date/mint set, or target only gem red uncirculated examples.
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Buy the best you can afford. It‘s generally better to own a few high-quality coins than a large quantity of mediocre pieces. Certified coins graded by PCGS or NGC are your best bet for authenticity and condition.
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Focus on eye appeal. Wheat pennies with gorgeous color, luster, and strikes are always in demand. CAC-stickered coins represent the best of the best for technical grade.
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Study the series. Knowing key dates, varieties, and strike characteristics will make you a savvier buyer. Read numismatic publications, talk to other collectors, and examine coins in person to build your expertise.
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Be patient. You don‘t need to build your entire collection overnight. Take time to find wheat pennies that fit your goals and budget. Great coins are always worth waiting for.
Whether you are looking to spend $20 or $200,000, collecting Lincoln wheat pennies is a rewarding pursuit. These classic American coins recall a bygone era and still turn up fascinating treasures after more than a century. Happy hunting!
Frequently Asked Questions About Lincoln Wheat Pennies
Q: What years were wheat pennies minted?
A: Lincoln wheat pennies were produced every year from 1909 to 1958, except for 1922. In 1959, the reverse design changed to the Lincoln Memorial.
Q: How much is a 1943 steel wheat penny worth?
A: Common 1943 steel cents in circulated condition are worth 20 cents to a few dollars. Uncirculated examples can bring $50-$150 or more. However, a handful of 1943 cents were accidentally struck on copper planchets. These rare wrong planchet errors are worth $200,000-$300,000.
Q: Is it legal to own a 1955 double die wheat penny?
A: Yes, owning a genuine 1955 double die penny is completely legal. However, counterfeits are common, so it‘s important to only purchase from reputable dealers and/or certified examples in PCGS or NGC holders.
Q: What is the most ever paid for a Lincoln wheat penny?
A: In 2022, a 1943-S bronze cent graded PCGS MS-62 Brown sold for $840,000, setting a new record price for any single Lincoln cent.
Q: Are wheat pennies still in circulation?
A: While wheat pennies are no longer minted for circulation, you can still occasionally find them in everyday pocket change. However, most have been pulled out by collectors in the 65 years since the design was discontinued.
2024 Outlook for Lincoln Wheat Pennies
Wheat pennies have been popular with collectors for generations, and that trend shows no sign of slowing down in 2024. With the U.S. Mint not currently striking any Lincoln cents for circulation, interest in the classic wheat reverse design remains high.
Collectors are eagerly seeking out high grade examples of key dates like the 1909-S VDB, 1914-D, and 1922 No D. Recent record prices for finest known pieces continue to make headlines.
At the same time, assembling more accessible date/mint sets is as popular as ever. Many collectors are putting together sets of original, problem-free circulated examples. Others are working on mint state sets by date and grade level.
The long-term outlook for Lincoln wheat pennies appears rosy. With each passing year, more people discover these charming relics of the early and mid 20th century. As a finite resource dwindled by attrition, demand for desirable wheat cents should stay robust.
Whether you are a beginning collector or a seasoned pro, 2024 is shaping up to be another exciting year for the Lincoln wheat penny series. These nostalgic coins offer something for every taste and budget.
