The Lincoln Wheat Penny, minted from 1909 to 1958, is one of the most iconic coins in American history. Designed by Victor David Brenner, it was the first U.S. coin to feature a president’s portrait—Abraham Lincoln—making it a favorite among collectors. While most of these pennies are worth only a few cents, certain rare varieties and errors can fetch thousands or even millions of dollars at auction. Could you have a fortune hiding in your pocket change? This article explores the history of the Lincoln Wheat Penny, highlights the rarest and most valuable varieties, and provides practical tips for identifying a potentially valuable coin.
The History of the Lincoln Wheat Penny
The Lincoln Wheat Penny was introduced in 1909 to commemorate the 100th anniversary of Abraham Lincoln’s birth. The obverse features a bust of Lincoln, while the reverse showcases two wheat stalks flanking the words “ONE CENT.” The coin’s design remained largely unchanged until 1959, when the Lincoln Memorial replaced the wheat stalks. Over its 50-year run, more than 30 billion Wheat Pennies were minted, making them a common find in circulation even today. However, specific years, mint marks, and errors elevate some pennies to extraordinary value.
The coin’s appeal lies in its historical significance and the thrill of discovering a rare variety. Collectors value Wheat Pennies for their age, condition, and scarcity. The most valuable examples are those with low mintages, unique errors, or pristine condition, often graded by professional services like PCGS (Professional Coin Grading Service) or NGC (Numismatic Guaranty Corporation).
Why Are Some Wheat Pennies So Valuable?
The value of a Wheat Penny depends on several factors:
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Rarity: Low mintage numbers or coins from specific years and mints are harder to find.
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Condition: Coins in uncirculated or near-mint condition command higher prices.
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Errors: Minting mistakes, such as doubled dies or off-metal strikes, make coins unique.
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Historical Significance: Certain years or varieties carry a story, like the 1943 bronze penny from World War II.
While most Wheat Pennies are worth $0.01 to $0.50 in circulated condition, rare varieties can sell for thousands or more. Below, we’ll explore the most sought-after Wheat Pennies and what makes them so special.
The Rarest and Most Valuable Lincoln Wheat Pennies
Here’s a look at some of the most valuable Lincoln Wheat Pennies, including their estimated values in high-grade condition:
|
Year |
Mint Mark |
Variety/Error |
Estimated Value (High Grade) |
Notes |
|---|---|---|---|---|
|
1909-S |
S |
VDB |
$1,000–$2,500 |
First year, low mintage (484,000), designer’s initials (VDB) on reverse. |
|
1914-D |
D |
Standard |
$1,500–$7,500 |
Low mintage (1.2 million), highly sought by collectors. |
| 1922 |
None |
No D Mint Mark |
$500–$12,000 |
Error coin with missing “D” mint mark due to die wear. |
|
1931-S |
S |
Standard |
$100–$500 |
Low mintage (866,000), a key date for collectors. |
| 1943 |
None |
Bronze Error |
$100,000–$1,000,000+ |
Rare bronze planchet error; most 1943 pennies were steel due to wartime copper shortages. |
| 1944 |
None |
Steel Error |
$10,000–$100,000 |
Rare steel planchet error; most 1944 pennies were copper. |
| 1955 |
None |
Doubled Die Obverse |
$1,000–$25,000 |
Prominent doubling on date and lettering, a famous error. |
1. 1909-S VDB
The 1909-S VDB is the holy grail for many collectors. Minted in San Francisco with a low mintage of 484,000, it features Victor David Brenner’s initials (VDB) on the reverse. Public outcry over the prominent initials led to their removal later in 1909, making this variety scarce. In uncirculated condition, a 1909-S VDB can sell for $2,500 or more.
2. 1914-D
The 1914-D, minted in Denver, had a mintage of just 1.2 million, making it one of the rarer Wheat Pennies. In high grades (MS-65 or better), it can fetch $7,500 or more. Circulated examples are still valuable, often selling for $200–$500.
3. 1922 No D
The 1922 No D penny is a famous error coin. Due to excessive die wear at the Denver mint, the “D” mint mark was obliterated on some coins, creating the appearance of a Philadelphia-minted penny (which didn’t produce Wheat Pennies in 1922). Values range from $500 in low grades to $12,000 in uncirculated condition.
4. 1931-S
With a mintage of 866,000, the 1931-S is another low-mintage key date. Even in circulated condition, it can sell for $50–$100, while uncirculated examples reach $500 or more.
5. 1943 Bronze Error
During World War II, copper was reserved for military use, so 1943 pennies were struck on zinc-coated steel. However, a few bronze planchets were accidentally used, creating one of the rarest Wheat Pennies. Only about 20 are known to exist, with values ranging from $100,000 to over $1 million for top-grade examples.
6. 1944 Steel Error
Conversely, in 1944, when copper was back in use, a few pennies were mistakenly struck on steel planchets left over from 1943. These are also extremely rare, with values between $10,000 and $100,000 depending on condition.
7. 1955 Doubled Die Obverse
The 1955 Doubled Die Obverse is a striking error where the date and inscriptions appear doubled due to a misaligned die during minting. This error is highly visible to the naked eye, making it a favorite among collectors. Prices range from $1,000 in lower grades to $25,000 for uncirculated examples.
How to Identify a Valuable Wheat Penny
Finding a rare Wheat Penny requires careful inspection. Here’s how to check your coins:
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Check the Date and Mint Mark: Look at the year on the obverse (front) of the coin. The mint mark, if present, is below the date. “S” indicates San Francisco, “D” indicates Denver, and no mint mark means Philadelphia.
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Look for Errors: Use a magnifying glass to inspect for doubled dies (blurry or doubled text/date) or unusual metal composition (e.g., bronze for 1943 or steel for 1944).
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Assess Condition: Coins in better condition are worth more. Look for sharp details, minimal wear, and original luster. Avoid cleaning coins, as this can reduce value.
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Compare to Known Varieties: Use a guidebook like the Red Book (A Guide Book of United States Coins) or online resources from PCGS or NGC to match your coin to known rare varieties.
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Get a Professional Appraisal: If you suspect you have a rare coin, consult a professional grader or coin dealer for authentication and grading.
Tips for Collecting Wheat Pennies
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Start with Common Dates: Build your collection with affordable, circulated Wheat Pennies to learn about grading and varieties.
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Store Properly: Keep coins in protective holders or albums to prevent damage.
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Join a Coin Club: Connect with other collectors through local clubs or online forums to share knowledge and trade coins.
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Beware of Fakes: Counterfeiters target rare coins like the 1909-S VDB or 1943 bronze. Always buy from reputable dealers or have coins authenticated.
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Check Pocket Change: While unlikely, rare pennies can still turn up in circulation, especially in old coin rolls or inherited collections.
Where to Find Wheat Pennies
Wheat Pennies are still found in:
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Coin Rolls: Banks or coin shops sell rolls of pennies that may contain Wheat Pennies.
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Estate Sales and Flea Markets: Old coin collections often surface at these venues.
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Online Marketplaces: Sites like eBay or Heritage Auctions offer Wheat Pennies, but verify authenticity before buying.
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Coin Shows: Local or national coin shows are great places to find rare varieties and meet experts.
The Thrill of the Hunt
The allure of the Lincoln Wheat Penny lies in the possibility that a seemingly ordinary coin could be worth a fortune. Stories of collectors finding a 1943 bronze penny in pocket change or a 1955 Doubled Die in a jar of old coins fuel the excitement. For example, in 2019, a 1943 bronze penny sold for $1.7 million at auction, proving that these treasures are still out there.
Collecting Wheat Pennies is more than a financial pursuit—it’s a connection to history. Each coin tells a story of its time, from the optimism of the early 20th century to the sacrifices of World War II. Whether you’re a seasoned numismatist or a curious beginner, checking your change for a rare Wheat Penny is a thrilling endeavor.
Looking Forward
The Lincoln Wheat Penny is a small coin with a big legacy. While most are worth just a cent, a select few can change your life. By learning about key dates, errors, and proper identification techniques, you can turn a casual glance at your pocket change into a potential windfall. So, next time you find a Wheat Penny, take a closer look—you might just have a penny worth a fortune.
