Are Your Wheat Pennies Worth Anything?

The Lincoln Wheat Cent, often called a Wheat Penny, is a U.S. one-cent coin minted from 1909 to 1958. It features Abraham Lincoln’s portrait on the front and two wheat stalks on the reverse, giving it its popular name. This coin replaced the Indian Head cent and was the first circulating U.S. coin to feature a real person. While many Wheat Pennies are only worth face value, some can be quite valuable.

Key Attributes Impacting Value

A Wheat Penny’s value is influenced by its year of minting. Certain years are rarer due to lower production numbers or historical events. Coins from years with reduced production tend to be more scarce and thus more valuable.

The mint mark also plays a significant role in a Wheat Penny’s worth. Pennies were produced at three U.S. Mint facilities: Philadelphia (no mint mark), Denver (D), and San Francisco (S). The mint mark, located below the date on the coin’s obverse, indicates production location. Coins from certain mints, especially those with lower mintage for a given year, can be considerably more valuable.

The condition, or grade, of a Wheat Penny significantly affects its value. Coins are categorized by their wear and detail retention. General categories include “Poor” (P), where details are mostly missing, to “Good” (G), where the coin is heavily worn but identifiable. Higher grades like “Fine” (F), “Very Fine” (VF), and “Extremely Fine” (EF) indicate better detail and less wear. “About Uncirculated” (AU) coins show slight wear on high points, while “Uncirculated” (Unc) coins, also known as Mint State (MS), show no circulation wear and retain original luster.

Notable Dates and Varieties

Several Wheat Penny dates and varieties are particularly sought after due to their rarity. The 1909-S VDB is a prime example, with a low mintage of 484,000 coins. Its value stems from the quick removal of designer Victor David Brenner’s prominent initials (VDB) from the reverse. The 1914-D penny is also valuable due to its low mintage of just over 1.1 million pieces, with few surviving in high grades. The 1931-S is a key date, with only 866,000 coins struck at the San Francisco Mint, making it the series’ second-lowest mintage.

Beyond specific dates, certain error varieties command significant premiums. The 1943 copper penny is a famous example, as most pennies that year were zinc-coated steel due to wartime copper shortages. A small number were mistakenly struck on leftover copper planchets, creating a valuable error. Similarly, the 1944 steel penny is a rare accidental striking, as copper production resumed that year, and a few 1943 steel planchets were mistakenly used.

Doubled dies, where design elements appear doubled due to minting misalignment, create valuable varieties. The 1955 doubled die obverse (DDO) is famous, featuring clear doubling on the date and inscriptions like “LIBERTY” and “IN GOD WE TRUST,” often visible without magnification. Other doubled die examples include the 1917 and 1936 DDO. The 1922 “No D” penny is another error, where the Denver mint mark is missing, typically due to a worn die.

Estimating Your Penny’s Worth

Once you have identified the year, mint mark, and condition of your Wheat Penny, you can begin to estimate its worth. Reputable online coin pricing guides are a primary resource. Websites such as PCGS (Professional Coin Grading Service) and NGC (Numismatic Guaranty Corporation) offer comprehensive price guides to compare your coin.

Auction sites, particularly their completed listings, provide insight into recent sales prices for comparable coins. These platforms show what collectors are currently paying for specific dates, mint marks, and conditions. Physical price guides and reference books are another traditional method for researching coin values, offering detailed information.

For potentially high-value coins, seeking a professional assessment is advisable. Coin dealers and professional grading services provide expert opinions on authenticity and condition. Submitting a coin for professional grading, while incurring a fee, provides certified authentication and a precise grade, which can significantly impact its marketability and value.

Preserving Your Coin’s Condition

Maintaining the condition of your Wheat Pennies is paramount to preserving their value. When handling coins, always hold them by their edges to avoid transferring oils and dirt from your skin, which can damage the surface over time and lead to discoloration or corrosion.

Cleaning coins is strongly discouraged, as it almost invariably reduces their numismatic value. Cleaning can remove a coin’s natural patina, known as toning, and can cause abrasions or scratches. Collectors generally prefer coins with their original, unaltered surfaces.

For long-term storage, use appropriate, inert materials. Acid-free paper flips, Mylar holders, or albums designed for coin storage are recommended. Avoid soft PVC (polyvinyl chloride) holders, as they can leach chemicals that damage the coin’s surface, leading to a sticky film or green corrosion. Proper storage protects the coin from environmental damage and physical wear.