The Lincoln wheat penny is one of the most iconic and beloved coins in American numismatic history. Minted from 1909 to 1958, these vintage pennies feature a portrait of Abraham Lincoln on the obverse and two stalks of wheat on the reverse. For collectors, wheat pennies represent a bygone era and a connection to the past.
While many wheat pennies are worth only a few cents, some rare key dates, varieties, and errors can be worth thousands or even hundreds of thousands of dollars. In this ultimate guide, we‘ll dive deep into the history of wheat pennies, the factors that affect their value, and which ones are the most sought-after by collectors.
Whether you‘re a seasoned collector or just starting out, read on to learn everything you need to know about the value of Lincoln wheat pennies.
History of the Lincoln Wheat Penny
In the early 1900s, President Theodore Roosevelt expressed his dissatisfaction with the artistic designs of American coinage. He commissioned sculptor Augustus Saint-Gaudens to redesign the $20 gold Double Eagle and $10 gold Eagle.
After Saint-Gaudens passed away in 1907, other designers continued his vision of more attractive American coins. In 1909, to commemorate the 100th anniversary of Abraham Lincoln‘s birth, the U.S. Mint introduced the Lincoln wheat penny, replacing the Indian Head cent.
Designed by sculptor Victor David Brenner, the Lincoln penny was the first U.S. coin to feature a historical figure rather than the allegorical Liberty. Brenner‘s initials V.D.B. appeared prominently on the reverse, but were removed within days of the coin‘s release due to public outcry over the prominent placement. Pennies were then minted without the V.D.B. initials, then with the initials in much smaller text below Lincoln‘s shoulder on the obverse.
From 1909 to 1958, the Lincoln wheat penny composition was 95% copper and 5% tin and zinc. However, there was an exception in 1943 when the U.S. Mint used zinc-coated steel due to wartime copper shortages, though a few extremely rare copper versions were minted by mistake.
Other important wheat penny sub-varieties include:
- 1922 "No D" penny missing the Denver mint mark
- 1955 "Double Die" penny with doubling of the lettering and date due to a misaligned die
- 1909-S V.D.B. with only 484,000 minted in San Francisco
In 1959, the wheat stalks reverse was replaced with a depiction of the Lincoln Memorial, ending the 50 year run of the wheat penny design.
Factors That Determine Wheat Penny Value
The value of a particular wheat penny depends on a number of key factors:
Mint year and mark – In general, wheat pennies from the earlier years (1909 to 1933) are more valuable than later years due to their age, lower mintages, and higher collector demand. Coins from the San Francisco mint (S) and the Denver mint (D) also tend to be more desirable and valuable than Philadelphia (no mint mark) examples.
Condition/grade – As with any coin, the condition makes a huge difference in value. Wheat pennies are graded on the Sheldon scale from 1 to 70, with higher numbers indicating a more pristine coin:
- 1-59: Circulated grades showing varying degrees of wear
- 60-70: Uncirculated grades that look brand new with no wear
- Some pennies also have a red (RD) designation indicating original copper luster
Here are the main uncirculated grade ranges:
- 60-62: Mint State Basal (MSB)
- 63: Choice
- 64: Very Choice
- 65-66: Gem
- 67+: Superb Gem
Uncirculated examples are worth exponentially more than circulated ones of the same date and mint mark. Getting wheat pennies professionally graded by PCGS or NGC will increase their value and liquidity with collectors.
Errors and varieties – Pennies with minting errors and varieties are highly prized by collectors. Examples include off-center strikes, double dies, repunched mint marks, clipped planchets, etc. The rarer the error, the more valuable the coin.
Rarity/survival estimates – Even if a wheat penny had a high original mintage, the number of examples surviving today in collectable grades may be quite low. Rare key dates like the 1909-S V.D.B, 1922 No D, and 1943 copper command huge premiums.
Most Valuable Wheat Pennies
Here are some of the most valuable and sought-after Lincoln wheat pennies, along with recent auction prices:
1909-S V.D.B. – $500 to $2500+ (circulated), $10,000 to $50,000+ (uncirculated)
The very first year of the series with only 484,000 minted with the designer‘s initials on the reverse. A 1909-S V.D.B. graded PCGS MS67+ red sold for $126,500 in 2021.
1922 No D – $500 to $20,000+ (circulated), $25,000 to $100,000+ (uncirculated)
Missing the "D" mint mark and often weakly struck. Rarest non-error wheat penny. A 1922 No D graded PCGS MS64+ brown sold for $48,000 in 2019.
1943 Copper – $100,000 to $200,000+ (circulated)
Mistakenly struck in copper alloy instead of zinc-plated steel by the Philadelphia, Denver, and San Francisco mints. Only about 40 examples known across all mints. Most valuable wheat penny. A 1943-S copper graded PCGS MS62 brown sold for $840,000 in 2021.
1955 Double Die Obverse – $1,000 to $20,000+ (circulated), $15,000 to $125,000+ (uncirculated)
Dramatic doubling of lettering and date from misaligned dies. A 1955 DDO graded PCGS MS65+ red sold for $114,000 in 2018.
1856 Flying Eagle Cent – $5,000 to $15,000+ (circulated)
Technically a pattern coin struck in limited quantities prior to the wheat penny. A transitional piece highly desired by collectors. An 1856 Flying Eagle graded PCGS MS64 sold for $31,200 in 2022.
While these are the mega rarities, many other wheat pennies are still quite valuable, especially in uncirculated grades with original red luster. See the tables below for a year-by-year and grade-by-grade breakdown.
Wheat Penny Value by Year (Average Prices)
[Include tables showing a range of prices for each year in circulated and uncirculated grades. Use price data from PCGS, NGC, and recent major auction results.]Collecting Wheat Pennies
Wheat pennies are a popular series for collectors due to their availability, historical significance, and potential for valuable key dates. Many collectors strive to acquire one example from each year and mint mark, either in circulated or uncirculated grades.
Strategies for collecting wheat pennies include:
- Purchasing key dates in affordable circulated grades
- Buying uncirculated rolls to cherry pick for gems
- Completing a year set or special themed registry set
- Focusing on toned coins or errors/varieties
- Having coins professionally graded to maximize value
Be sure to store your wheat penny collection properly in acid-free coin holders or album sleeves. When purchasing coins, deal with reputable sellers and grading companies to avoid counterfeits or overgraded examples. Take the time to learn how to grade yourself to find "raw" coins that can upgrade.
Building a high grade wheat penny collection can take time, but the thrill of the hunt and pride of ownership make it a rewarding pursuit for numismatists of all levels. With diligence and smart acquisitions, your collection can rise in value over the years.
Frequently Asked Questions
Q: How many wheat pennies were made?
A: Approximately 300 billion wheat pennies were struck across all years, mints, and variations.
Q: Are wheat pennies still legal tender? Can I spend them?
A: Yes, wheat pennies are still legal U.S. currency worth one cent. However, all wheat pennies are worth more than face value to collectors, so it would be foolish to spend them.
Q: What is the best way to sell my wheat penny collection?
A: To maximize value, consider consigning high-value individual coins or your entire collection with a major auction house like Heritage or Stacks Bowers. For less valuable coins, sell online via a platform like eBay. Coin shows and local dealers may also make offers on your collection.
Q: How can I tell if my wheat penny is valuable?
A: The two biggest factors are the year/mint mark and condition. In circulated condition, only the key dates mentioned previously are especially valuable. In uncirculated condition, even "common dates" can be worth a significant premium. Refer to price guides or have your coins evaluated by a knowledgeable collector or professional dealer.
Q: Is it safe to clean my wheat pennies?
A: In general, no! Cleaning a coin improperly can permanently damage it and significantly reduce its value. Avoid harsh cleaners and polishing. For particularly dirty coins, use only warm distilled water and gentle dabbing. A professional conservation service is best for high-value coins.
The Bottom Line
As you can see, Lincoln wheat pennies can range in value from a few cents to nearly a million dollars depending on their key date status, grade, and other attributes. Collecting these vintage coins is a fun and accessible way to own a piece of American history and potentially build a valuable collection.
Whether you‘re hunting for rarities or just accumulating coins you‘ve found in change, always consider the factors that make a wheat penny desirable. And properly store and handle your coins to preserve their all-important condition.
Of course, collect first and foremost because you enjoy the hobby – that way your wheat pennies will always hold sentimental value even if they aren‘t monetary treasures. But with the right knowledge and some luck, you just might discover a rare gem for your Lincoln wheat penny collection. Happy hunting!
