Do Wheat Pennies Have Value? Here’s How to Tell

The Lincoln Wheat Cent, minted from 1909 to 1958, is a familiar coin. While many are common and worth little more than face value, certain wheat pennies can command substantial prices from collectors. This guide will help you understand the factors that determine if your wheat penny possesses significant value.

Identifying a Wheat Penny

A wheat penny is identified by specific visual characteristics. The obverse features Abraham Lincoln’s profile. The reverse displays two wheat stalks flanking “ONE CENT” and “UNITED STATES OF AMERICA,” giving the coin its nickname.

The mintage date is on the obverse, below Lincoln’s bust. Mint marks, indicating production location, are also on the obverse, below the date. Philadelphia coins have no mint mark; Denver coins have a “D,” and San Francisco coins an “S.”

Factors Determining Value

Several factors influence a wheat penny’s market value. Rarity is a primary factor, often linked to mintage numbers; lower production correlates with higher value. The specific year and mint mark indicate a coin’s rarity.

The physical condition, or grade, also impacts its worth; well-preserved examples fetch higher prices. Beyond rarity and condition, errors and varieties can increase a coin’s value. These are accidental anomalies from the minting process, such as double dies, where the design appears doubled.

Key Dates and Mint Marks

Certain wheat penny dates and mint mark combinations are sought after due to scarcity or unique characteristics. The 1909-S VDB is a prominent example, valued for its low mintage (484,000) and the designer’s initials, “V.D.B.,” on the reverse. The 1914-D wheat penny is another valuable coin, with a low mintage of just over 1.1 million, making high-grade examples rare.

The 1931-S is also a key date, with only 866,000 minted, a decrease influenced by the Great Depression. The 1943 copper pennies are prized error coins; most pennies that year were steel to conserve copper for World War II, but a small number were mistakenly struck on copper planchets. 1943 steel pennies, while common, reflect this wartime change. The 1955 Doubled Die Obverse is another error where the date and inscriptions appear distinctly doubled due to a minting mishap; fewer than 20,000 are known to exist.

Assessing Coin Condition

The physical condition, or “grade,” of a wheat penny is a key determinant of its market value. When evaluating a coin, observe wear on its surfaces; significant wear reduces value by obscuring original detail. Look for any scratches, dings, or signs of corrosion and environmental damage, as these detract from a coin’s appearance and worth.

A common mistake is cleaning coins, which almost always significantly reduces their value. Cleaning can cause irreversible damage to the coin’s surface, removing its natural patina and creating microscopic scratches. For potentially valuable coins, professional grading services offer objective condition assessment.

What to Do With Your Wheat Penny

After assessing your wheat penny, your next steps depend on its potential value. If your coin is a common date in circulated condition, its value is likely minimal. You might choose to keep it as a historical novelty or simply spend it. These coins are often abundant and hold little premium for collectors.

If you suspect your wheat penny might be valuable due to a rare date, a discernible error, or exceptional condition, protect it. Avoid cleaning the coin and store it properly in a non-PVC holder to prevent further damage. Seek an expert opinion from a reputable coin dealer or appraiser, or attend a local coin show. If the coin proves valuable, selling avenues include local coin shops, online auction platforms, or specialized coin auctions.