What to Do With Wheat Pennies: Sell, Keep, or Collect?

Wheat pennies, officially known as Lincoln Wheat Cents, are one-cent coins minted in the United States from 1909 to 1958. Many people encounter these coins as change, inherited collections, or through childhood hobbies. Understanding their characteristics and potential value helps individuals decide how to manage them. This article guides identification, worth assessment, and future options.

Identifying Your Wheat Pennies

Recognizing a wheat penny involves examining design elements on both sides. The obverse features a bust of Abraham Lincoln facing right, with the year of mintage below. The reverse displays “ONE CENT” and “UNITED STATES OF AMERICA,” flanked by two stylized wheat stalks, which give the coin its name. This design was used for all Lincoln Cents produced between 1909 and 1958.

Determining Their Value

Several factors influence a wheat penny’s value beyond its face value, with market demand playing a role. Mint marks, found below the date on the obverse, indicate production location: “D” for Denver, “S” for San Francisco, or no mark for Philadelphia. These marks affect rarity and price.

Certain years are sought after by collectors due to lower mintage or errors, such as the 1909-S VDB (referring to the designer’s initials), the 1914-D, and the 1931-S. The 1943 steel cents (made during wartime due to copper shortages) and the 1955 doubled die variety (which features doubling of the date and lettering) also command higher prices. Understanding these dates and mint marks aids initial assessment.

Physical condition also determines market value. Coins are categorized as “circulated” (showing wear) or “uncirculated” (retaining original luster). Scratches, dents, or corrosion diminish value, while an unblemished surface and sharp details enhance it. Condition directly impacts desirability and the price it can fetch from collectors or dealers.

To ascertain market value, consult reputable numismatic resources. Online coin dealer websites provide price guides based on condition and rarity, offering a starting point for research. Established numismatic price guides, such as the “Red Book” (A Guide Book of United States Coins), list coin values. Reviewing completed sales on online auction sites offers insights into recent transaction prices. Using multiple sources allows for cross-referencing and accurate valuation.

Deciding What to Do

Once a wheat penny’s value is determined, individuals can decide on the best course of action. For valuable coins, seeking a professional appraisal is a step. Certified appraisers, found through national numismatic associations, assess a coin’s authenticity, grade, and market value. This evaluation offers a basis for financial decisions.

If appraisal confirms value, selling options include reputable coin dealers or auction houses. Coin dealers provide immediate offers, while auction houses facilitate broader reach to collectors, leading to higher prices. Both offer structured processes for liquidating numismatic assets, ensuring a fair transaction.

Many wheat pennies, especially from later mintage years (1940s-1950s) and in circulated condition, hold little value beyond face value or a small premium. For these common coins, alternatives exist beyond selling.

They can be kept for sentimental value or as a family heirloom. Incorporating them into a personal collection is another choice, allowing enthusiasts to build a set of historic coins. Alternatively, common wheat pennies can be used as currency or deposited at a bank. These options provide practical uses for coins not commanding a premium in the collector’s market.

Preserving Your Collection

Proper preservation is important for individuals who keep their wheat pennies, whether for value or enjoyment. Storing coins in appropriate materials helps prevent environmental damage and maintain their condition. Recommended storage options include Mylar flips (chemically stable) or non-PVC coin slabs or holders. These materials are inert and will not react with the coin’s surface, unlike soft PVC flips that can leach chemicals and cause damage.

Storing coins in a stable environment is important for preservation. Extreme fluctuations in temperature and humidity can accelerate corrosion and tarnish. Maintaining a consistent, moderate environment helps protect the coin’s metallic composition and luster. When handling coins, always grasp them by their edges to avoid transferring oils, dirt, and acids from your skin onto the coin’s surface. These residues can cause discoloration and damage, diminishing the coin’s appearance and value.