What Is The Value Of A Wheat Penny?
Wheat pennies, also known as Wheat Back cents or Lincoln Wheat cents, generally have a value ranging from a few cents to several dollars, depending on their condition, rarity, and presence of specific errors. Some extremely rare varieties can be worth thousands.
The History and Significance of the Wheat Penny
The Lincoln Wheat cent, designed by Victor David Brenner, was introduced in 1909 to commemorate the 100th anniversary of Abraham Lincoln’s birth. Its initial design, featuring Brenner’s initials “V.D.B.” on the reverse, was quickly modified due to public outcry. While the initials were briefly removed and later restored in a smaller form on Lincoln’s shoulder, the distinctive wheat stalk design on the reverse remains a symbol of American numismatic history. The Wheat penny circulated from 1909 until 1958, representing a significant period in American history and reflecting the artistic styles of its era. Its long run and distinctive design have made it a popular and accessible entry point for coin collectors.
Factors Determining the Value of a Wheat Penny
Several factors influence the value of a Wheat penny:
- Year and Mint Mark: Certain years and mint marks are scarcer than others. The 1909-S VDB, 1914-D, and 1931-S are among the most sought-after dates. The “S” mint mark indicates the coin was struck in San Francisco, “D” in Denver, and coins with no mint mark were struck in Philadelphia.
- Condition (Grade): A coin’s condition, ranging from “Poor” to “Mint State” or “Uncirculated,” significantly impacts its value. Coins with little or no wear and original luster are worth considerably more. Professional grading services like PCGS (Professional Coin Grading Service) and NGC (Numismatic Guaranty Corporation) assess and certify a coin’s condition, providing a standardized and trusted assessment.
- Errors and Varieties: Errors during the minting process, such as double dies, off-center strikes, and repunched mint marks, can create highly collectible varieties. These errors can significantly increase a coin’s value. For example, a 1955 doubled die Lincoln cent can be extremely valuable.
- Demand and Market Trends: The coin market, like any market, is subject to supply and demand. A particular date or variety that is highly sought after by collectors will command a higher price. Interest in certain coins can fluctuate based on media coverage, auction results, and collector preferences.
Identifying Valuable Wheat Pennies
To identify potentially valuable Wheat pennies, follow these steps:
- Check the Date and Mint Mark: Examine the date and mint mark (located below the date) closely. Some dates and mint mark combinations are inherently rarer. Consult a reputable coin guide or website for rarity information.
- Assess the Condition: Carefully inspect the coin for wear and tear. Look for details like Lincoln’s hair, the lettering on the reverse, and the sharpness of the wheat stalks. Use a magnifying glass for closer examination.
- Look for Errors and Varieties: Research common errors and varieties for Wheat pennies. Online resources and coin collecting books provide detailed information and images to help identify these rare finds.
- Consider Professional Grading: If you believe you have a potentially valuable coin, consider submitting it to a professional grading service for authentication and grading. This can add significant value to the coin.
Common Mistakes When Evaluating Wheat Pennies
- Overestimating Condition: Many people overestimate the condition of their coins. Even slight wear can drastically reduce the value. Learn to accurately assess coin grades by comparing your coin to grading standards.
- Ignoring Minor Damage: Small scratches, cleaning marks, or corrosion can negatively impact a coin’s value. Even seemingly minor damage can make a significant difference.
- Failing to Research Errors: Not recognizing and researching potential errors is a common mistake. Many valuable Wheat pennies have their value tied to specific errors.
- Cleaning Coins: Cleaning coins is almost always a mistake. It can damage the coin’s surface and drastically reduce its value. Professional graders can often detect evidence of cleaning.
Resources for Further Research
- PCGS (Professional Coin Grading Service): Provides grading services, coin values, and educational resources.
- NGC (Numismatic Guaranty Corporation): Another reputable grading service offering similar services to PCGS.
- Red Book (A Guide Book of United States Coins): A comprehensive guide to U.S. coins, including values and historical information.
- Online Coin Forums: Online communities dedicated to coin collecting where you can ask questions and learn from experienced collectors.
- Local Coin Dealers: Local coin shops can provide valuable advice and appraisals.
Value Chart: Key Wheat Penny Dates
| Date/Mint Mark | Approximate Value in Good Condition | Approximate Value in Uncirculated Condition | Notes |
|---|---|---|---|
| 1909-S VDB | $800 | $10,000+ | Key date, scarce, VDB initials on reverse |
| 1914-D | $150 | $2,000+ | Another key date, Denver mint mark |
| 1931-S | $5 | $100+ | Scarce, San Francisco mint mark |
| 1943 Steel Cent | $0.10 | $1 | Common, made of steel due to wartime metal shortages |
| Other common dates (1940s-1950s) | $0.05 – $0.25 | $1 – $5 | Depending on condition |
Note: These values are estimates and can vary based on market conditions and specific coin details.
Frequently Asked Questions (FAQs)
What is the most valuable Wheat penny ever sold?
The most valuable Wheat penny ever sold was a 1943-D Lincoln cent struck on a bronze planchet. This error coin, resulting from the wartime use of steel planchets, realized a price of over $1.7 million at auction. Its rarity and the story behind its creation contribute to its exceptional value.
How can I tell if my Wheat penny is made of steel?
A 1943 steel cent will be attracted to a magnet. This is because the steel planchet contains iron, unlike the usual copper composition of other Wheat pennies. You should also observe the color; it will have a gray, metallic appearance rather than the reddish-brown of a copper cent.
What does “VDB” stand for on a Wheat penny?
“VDB” stands for Victor David Brenner, the designer of the Lincoln cent. His initials originally appeared on the reverse of the 1909 cent but were quickly removed due to public criticism. They were later restored in a smaller form on Lincoln’s shoulder in 1918.
What is meant by “doubled die” on a coin?
A doubled die occurs when the die used to strike the coin is improperly hubbed, resulting in a doubling of the design elements. On a Wheat penny, this can appear as a doubling of the date, mint mark, or lettering. Doubled die coins are highly sought after by collectors.
Should I clean my Wheat pennies?
Absolutely not! Cleaning Wheat pennies, or any coins, can damage the surface and drastically reduce their value. Cleaning often removes the natural patina and leaves behind scratches, making the coin less appealing to collectors.
Where is the mint mark located on a Wheat penny?
The mint mark is located below the date on most Wheat pennies. Coins struck in Philadelphia did not have a mint mark, while coins struck in Denver have a “D” and San Francisco have an “S.”
What is the difference between “Good” and “Uncirculated” condition?
“Good” condition indicates significant wear, with details worn smooth, but major features still visible. “Uncirculated” means the coin has never been in circulation and retains its original mint luster with no signs of wear. This significant difference greatly impacts a coin’s value.
Are all Wheat pennies worth more than one cent?
Generally, yes. Most Wheat pennies are worth more than their face value due to their age and collectible appeal. However, very common dates in low grades may only be worth a few cents.
What is the significance of the 1909-S Wheat penny?
The 1909-S Wheat penny is significant because it was the first year of issue for the Lincoln cent and was struck at the San Francisco Mint, resulting in a lower mintage figure. The 1909-S VDB is even more valuable due to the “VDB” initials.
How can I protect my Wheat pennies from damage?
Store your Wheat pennies in acid-free coin holders, sleeves, or albums designed specifically for coins. Avoid storing them in humid environments or exposing them to extreme temperatures, as this can cause corrosion.
What is the best way to sell valuable Wheat pennies?
Consider selling through reputable coin dealers, auction houses, or online platforms specializing in numismatics. Before selling, get an appraisal from a professional to ensure you receive a fair price.
How do I research the value of specific Wheat pennies?
Use online resources like PCGS Price Guide and NGC Coin Explorer. Research recent auction results for similar coins to get an idea of current market values. Consultation with a reputable coin dealer is also recommended.