What Are Wheat Pennies Worth and How to Find Their Value

The Lincoln Wheat Cent, often simply called the Wheat Penny, was first minted in 1909 to commemorate the 100th anniversary of Abraham Lincoln’s birth. This coin marked a notable departure from previous designs, as it was the first widely circulating U.S. coin to feature the likeness of a real person. This historical distinction makes the Wheat Penny a coin that continues to pique public curiosity.

Recognizing a Wheat Penny

Identifying a Wheat Penny involves observing specific visual characteristics on both sides of the coin. The obverse, or front, prominently displays a portrait of Abraham Lincoln, facing right. This iconic depiction was designed by Victor David Brenner.

The reverse side clearly shows two stalks of wheat, one on each side, flanking the words “ONE CENT” and “UNITED STATES OF AMERICA.” The motto “E PLURIBUS UNUM” is positioned along the top edge. If a coin features these specific design elements, it is a Wheat Penny.

These coins were produced by the United States Mint from 1909 through 1958. A small letter, known as a mint mark, can sometimes be found below the date on the obverse side. A “D” indicates it was minted in Denver, and an “S” signifies San Francisco, while coins from the Philadelphia Mint typically have no mint mark.

Key Elements That Determine Value

A Wheat Penny’s worth is not solely determined by its age; several factors contribute to its overall value, making some coins considerably more desirable than others. Understanding these elements provides a foundation for assessing any coin.

The date and mint mark on a Wheat Penny are primary determinants of its rarity and, consequently, its value. Certain years and mint mark combinations had much lower mintage numbers compared to others, which directly impacts their scarcity. For instance, the 1909-S VDB, the 1914-D, and the 1931-S are known for their lower production figures, making them more sought after by collectors.

A coin’s condition, or grade, significantly influences its market value. Coins are typically graded on a scale of 1 to 70, with higher numbers indicating better preservation. Common terms used to describe condition include:
Poor
Good
Fine
Very Fine
Extremely Fine
About Uncirculated
Uncirculated (also known as Mint State)
A coin showing minimal wear, with sharp details and original luster, will generally command a much higher price than a heavily circulated coin with faded features.

Minting errors and varieties represent another category that can dramatically increase a Wheat Penny’s value. These are coins that exhibit anomalies from the manufacturing process, making them unique. Examples include doubled dies, where the design appears misaligned or duplicated, or re-punched mint marks. Coins struck on the wrong metal planchets, such as the rare 1943 copper pennies or 1944 steel pennies, are also highly valued errors due to wartime material changes.

How to Assess Your Coin’s Value

Determining the potential worth of your Wheat Penny involves a systematic examination of its characteristics, applying the knowledge of factors that influence coin value. First, locate the date and any existing mint mark on the coin’s obverse side.

Examine the coin’s overall condition; observe how much of Lincoln’s facial features are visible, and check the clarity and definition of the wheat stalks on the reverse. For example, sharply defined wheat stalks suggest better preservation, while significant wear on Lincoln’s jawline indicates a lower grade.

Consult reputable numismatic resources to find estimated values. Online price guides, such as those provided by the Numismatic Guaranty Corporation (NGC) or Professional Coin Grading Service (PCGS), offer comprehensive databases of coin values based on date, mint mark, and condition. Reviewing recently sold listings on auction platforms can also provide a realistic indication of current market prices for coins in similar condition.

If your Wheat Penny appears to be a rare date, an error coin, or is in exceptionally high condition, seeking professional assistance is a prudent step. Professional grading services can authenticate your coin and assign a definitive grade, which provides an objective assessment of its quality. This professional evaluation can confirm if your coin warrants a higher valuation than common examples.

Options for Your Wheat Penny

After assessing the potential value of your Wheat Penny, you have several avenues to consider, depending on your objectives for the coin. Each option presents different considerations regarding cost, convenience, and potential return.

One option is to pursue professional appraisal and grading, particularly for coins identified as potentially valuable. Services like PCGS and NGC offer authentication, assign a precise numerical grade, and encapsulate the coin in a tamper-evident holder. To utilize these services, you typically need to purchase an annual membership, which can range from approximately $25 to over $100. Additionally, there is a per-coin grading fee, usually between $20 and $150 or more, depending on the coin’s declared value and the desired turnaround time.

If you decide to sell your Wheat Penny, various channels are available. You can approach reputable local coin dealers, who often offer immediate purchase but typically buy coins at a discount, usually 20% to 40% below their retail market value. Online auction platforms provide access to a broader market, potentially yielding higher prices, though they involve listing fees and commissions. Coin shows also offer opportunities to connect with multiple dealers and collectors. It is generally advised not to clean coins before selling, as improper cleaning can damage their surface and reduce their numismatic value.

Alternatively, you might choose to keep your Wheat Penny as part of a personal collection or as a keepsake. Proper long-term storage is important to preserve its condition and prevent future damage. Coins should be stored in inert, non-PVC holders or capsules, as some plastics can react with metals over time. A cool, dry environment away from direct sunlight, extreme temperature fluctuations, and sources of humidity is ideal. Handling coins by their edges, rather than their surfaces, also helps to protect their integrity from oils and residues.