1921 Penny Value: The Rare Key Date Lincoln Wheat Cent

As a coin collector and numismatic expert, I‘ve long been fascinated by the 1921 Lincoln wheat cent. This unassuming penny, minted 100 years ago, is one of the most desirable and valuable issues in the entire Lincoln series that spanned from 1909 to 1958. Choice examples regularly sell for five figures at auction, and even well-worn pieces are worth a significant premium over face value.

In this comprehensive guide, I‘ll explore what makes the 1921 penny so special from a collector‘s perspective. We‘ll delve into the coin‘s historical origins, its key design features and variations, and the reasons behind its limited production. I‘ll also provide detailed grading and valuation insights so you can determine if a 1921 Lincoln cent in your possession might be a rare treasure.

Origins of the Lincoln Cent

The story of the 1921 penny really begins in 1909 with the birth of the Lincoln cent series. Prior to that year, no real person had ever appeared on a circulating U.S. coin – only stylized depictions of Liberty. President Theodore Roosevelt, a longtime admirer of Abraham Lincoln, sought to honor the 16th president on a coin for the centennial of his 1809 birth.

Roosevelt commissioned sculptor Victor David Brenner to design a new one-cent coin featuring Lincoln‘s portrait. Brenner, who had previously created a Lincoln plaque, quickly produced a striking obverse design showing a thoughtful bust of Lincoln based on an 1864 photograph. The reverse featured two wheatears flanking a central inscription, a clear departure from the previous Indian Head cent‘s wreath and shield motif.

The first Lincoln cents were released on August 2, 1909 to much public fanfare. Americans lined up outside banks to exchange old Indian Head pennies for the new Lincoln coins. The 1909 pennies also featured Brenner‘s initials prominently on the reverse, but many considered this placement too ostentatious, so the initials were removed within days of release. Both versions of the 1909 cent with and without Brenner‘s initials are now prized collector‘s items.

The Rarity of 1921 Lincoln Cents

Fast forward to 1921 and the Lincoln cent had been in circulation for over a decade. However, that year saw a significant drop in penny production across all U.S. mints. Only 54.4 million Lincoln cents were struck in 1921 compared to 288 million the previous year in 1920. In fact, the Denver Mint produced no pennies at all in 1921, leaving only the Philadelphia and San Francisco facilities to meet the decreased demand.

Several factors contributed to this low mintage. The American economy experienced a sharp recession in 1920-1921 in the aftermath of World War I, resulting in reduced commerce and less need for coinage. The U.S. Mint still held substantial reserves of cents from the high-volume years of the mid-1910s, so striking new coins was a low priority, especially as silver dollar production ramped up to satisfy provisions of the Pittman Act.

Furthermore, by 1921 the Lincoln cent dies were reaching the end of their lifespan. Many 1921 cents exhibit weak strikes, particularly on Lincoln‘s hair and coat and on the wheatears. The Philadelphia Mint produced 39,157,000 pennies that year and the San Francisco Mint struck 15,274,000. Both issues are considerably scarcer than the other mintmarked Lincoln cents of the 1910s in all grades.

Characteristics of 1921 Pennies

A 1921 Lincoln cent has the same overall design as the other wheat pennies issued from 1909 to 1958. Lincoln‘s profile dominates the obverse with the date 1921 to the lower right. The motto "IN GOD WE TRUST" arcs along the top border and the word "LIBERTY" appears behind Lincoln‘s neck. Unlike on the 1909 VDB cents, Brenner‘s initials are absent.

The reverse features the unique wheatear design that gives the series its common name. Two wheatears bend along the left and right margins and nearly touch at the top. Between them is the denomination "ONE CENT" on two lines with "UNITED STATES OF AMERICA" in an outwardly curving formation above. The motto "E PLURIBUS UNUM" runs along the top edge.

1921 pennies also have a plain edge, a diameter of 19mm, and a composition of 95% copper with the balance made up of tin and zinc. This bronze alloy gives uncirculated coins a warm reddish luster that can transform into rich brown and mahogany tones over time.

One notable aspect of 1921 Lincoln cents is the relatively crude and inconsistent die preparation compared to other years. Elements like the date and lettering often have a fuzzy or mushy appearance, especially on the Philadelphia Mint issues. The San Francisco coins tend to have a slightly stronger strike and more defined central details, which becomes important when evaluating grade.

The presence or lack of a mintmark on a 1921 cent is critical for determining value. Philadelphia coins have no mintmark and were produced in larger quantities than their San Francisco counterparts. 1921-S cents have a distinct "S" mintmark below the date denoting their origin at the San Francisco Mint. Because of their much lower mintage, 1921-S cents are rarer and command higher premiums than 1921 coins without a mintmark in all grades.

Grading and Valuation

Now let‘s get to the crucial matter of how much a 1921 Lincoln cent is worth. The value depends primarily on two factors: the coin‘s mintmark or lack thereof, and its grade or level of preservation. Grading a coin involves evaluating the amount of wear on its surfaces, its luster and color, and the severity of any marks or damage. Numeric grades from 1 to 70 are assigned by certification services like PCGS and NGC, with higher numbers indicating better condition.

Heavily worn 1921 pennies in grades below Fine 12 are relatively common and sell for around $1 to $20 depending on mintmark. These coins will have lost most of the fine details in Lincoln‘s hair and on the wheatears with just the basic design visible. The rims may be worn into the lettering.

Moderately worn examples grading Very Fine 20 to Extra Fine 40 show more definition in Lincoln‘s features and the wheatears but still have obvious friction on the high points. These are considered collectible grades and retail for around $30 to $50 for the 1921 (Philadelphia) cents and $60 to $200 for the 1921-S.

The real jump in value occurs when you reach the About Uncirculated (AU 50+) and Mint State (MS 60+) grades. At this level, a 1921 penny will have nearly complete details with either traces of rub (AU) or no wear at all (MS). Expect to pay around $100 for a nice AU 1921 cent and $250 for the 1921-S. In Mint State, the 1921 starts at $500 while the 1921-S can bring $1,000 or more.

Among Mint State coins, the color and luster become increasingly important value factors. A bright blazing red penny with full original luster is the ideal and brings the highest prices. The Red (RD) designation is assigned to coins with at least 95% original red color. Next is Red-Brown (RB) for coins with 5% to 95% red, and then Brown (BN) for those with under 5% red. Many collectors prefer a little toning on their pennies so Red-Brown examples are very popular.

Here are some representative values for certified 1921 Lincoln cents in various grades and color categories from recent auction records:

Grade	1921 (P)	1921-S
MS67+RD	$36,000	none known
MS66RD	$16,000	none known
MS65RD	$4,000	$20,000
MS64RB	$500	$1,500
MS63BN	$300	$750
AU58	$150	$400
XF40	$50	$150
VF30	$30	$75
F12	$10	$25
VG8	$2	$10

As you can see, 1921-S Lincoln cents are significantly more valuable than their Philadelphia counterparts in all grades, especially at the gem Mint State level. PCGS has graded just 7 examples of the 1921-S in MS65RD with none finer. Even the most worn 1921-S penny is worth more than a high-grade 1921 (P).

These values reflect the extreme conditional rarity of the 1921 issue. Points like the wheatears and Lincoln‘s coat and jaw are prone to rapid wear, so finding an example with sharp details is very challenging. The 1921 cents also tend to have subdued luster and unappealing surfaces compared to the earlier teens dates, making high-grade examples even more of a prize.

Noteworthy 1921 Penny Varieties

While there are no major die varieties for the 1921 Lincoln cent, there are a few interesting anomalies to look for. Some 1921 (P) cents show dramatic die breaks on the obverse in the form of raised lines across Lincoln‘s portrait or between letters. These cracks result from dies that are worn out and on the verge of shattering after intense use. Die break errors are popular with collectors and can add a small premium to a coin‘s value.

Another variety is the so-called "Wide AM" reverse on some early die states of the 1921-S cent. The letters "AM" in "AMERICA" appear farther apart than normal with the leg of the "A" extending over the right side of the "M." This variety is scarce but not rare, so it only commands a modest premium over a regular 1921-S reverse.

One important issue to be aware of are counterfeit 1921 pennies, particularly the 1921-S. Because of their high value, 1921-S cents are frequently targeted by counterfeiters who alter more common dates like 1941-S by removing part of the "4" and re-engraving it as a "2." These fakes can be very deceptive, so it‘s crucial to buy any costly 1921-S Lincoln cent from a reputable dealer or certified by a top grading service.

Market Trends and the Future of 1921 Penny Values

The market for high-quality 1921 Lincoln cents has been consistently strong over the past few decades with values rising steadily. A gem 1921-S that might have sold for $1,000 in the 1980s is now worth over $20,000. Even low-grade examples have increased substantially in value as more collectors pursue the early Lincoln cent series by date and mintmark.

I expect the demand for choice 1921 pennies to remain robust in the future as the coin‘s centennial approaches. Registry Set collecting, where enthusiasts compete to build the highest graded set of a particular series, has focused more attention on key dates like the 1921-S. Collectors are also becoming more condition conscious and seeking out coins with superior eye appeal, which favors the scant few attractive 1921 cents.

One potential factor that could impact future values is the number of 1921 pennies that get discovered and certified in high grades. While most have likely been found, there‘s always the chance that an old original roll or bag of choice Mint State coins could turn up. If any 1921-S cents grade higher than the 7 currently known in MS65RD, it would be a newsworthy event in numismatic circles. Still, I believe the 1921 pennies are undervalued compared to other classic U.S. key date coins.

Tips for Collectors

If you think you might have a valuable 1921 Lincoln cent, here are a few tips for assessing your coin:

1. First determine if you have a 1921 or 1921-S by looking for the "S" mintmark below the date. Remember the 1921-S is much rarer in all grades.

2. Next evaluate the amount of wear on the surfaces. Look for visible details in Lincoln‘s hair, facial features, and coat. On the reverse, check the wheatear kernels and the letter tops. Refer to grading guides for comparison images.

3. Consider the color and luster of your coin. Does it still have some original red tone or is it mostly brown? Is the surface glossy or frosty or is it dull and grainy? The more luster and brighter color, the better.

4. Inspect the coin for any unusual errors or variations like a die break or a wide "AM." These are not necessarily valuable but are interesting to collectors.

5. If your 1921 penny grades AU or higher, it‘s a good idea to submit it to PCGS or NGC for certification. This will maximize its value and marketability, especially if it receives a high grade.

6. When buying a 1921 cent, stick to certified coins from reputable sources to avoid counterfeits. Review auction records to make sure you‘re paying a fair price for the coin‘s grade and appearance.

Whether you‘re an experienced Lincoln cent aficionado or a new collector, the 1921 penny is a classic rarity that deserves a place in your collection. Even a heavily worn survivor serves as a tangible link to the year that marked the coin‘s transition from a novelty to a familiar icon of American commerce. If you‘re lucky enough to own a choice Mint State gem, you possess one of the most sought-after treasures in all of U.S. numismatics. The 1921 penny may be small in size but it looms large in the fascinating story of our nation‘s coinage.

Do you have a 1921 Lincoln cent in your collection or have you ever found one in circulation? Share your stories and photos in the comments! Happy collecting!