The Lincoln Wheat Penny remains one of the most iconic and widely collected coins in American history. First issued in 1909 to honor the 100th birthday of President Abraham Lincoln, it marked the first time a real historical figure appeared on a standard U.S. coin. Its reverse design – two wheat stalks framing the denomination – paid tribute to America’s agricultural roots.
Although billions of Wheat Pennies were struck between 1909 and 1958, certain key dates, mintmarks, and rare errors have become highly sought-after treasures in the numismatic world. This guide outlines the most notable Wheat Penny values and offers collectors essential insights into building or expanding a collection.
Table of Contents
Key Lincoln Wheat Pennies With Notable Values
| Year | Mintmark | Key Feature | Approx. Value (AG-3 to EF-40) | Relative Rarity |
|---|---|---|---|---|
| 1909 S VDB | S | First-year San Francisco issue with designer’s initials | $600 – $10,000+ | Extremely High |
| 1914 D | D | Low-mintage Denver issue | $175 – $4,000+ | Extremely High |
| 1922 (No D) | None | Denver “Plain” issue missing mintmark | $400 – $8,000+ | Extremely High |
| 1931 S | S | Scarce Depression-era coin | $70 – $900+ | High |
| 1955 P | P | Famous Doubled Die Obverse error | $1,200 – $20,000+ | Extremely High |
| 1909 P VDB | P | First-year Philadelphia coin with initials | $12 – $400+ | Moderate |
| 1924 D | D | Low-mintage Denver issue | $25 – $300+ | High |
| 1943 P/D/S | P/D/S | Steel cents made during WWII | $0.20 – $75+ | Low (but popular) |
| 1958 P/D | P/D | Final year of Wheat reverse | $0.05 – $30+ | Low |
Why the Wheat Penny Is Historically Significant
The Lincoln Cent marked a major shift in American coinage. Before 1909, U.S. coins traditionally featured symbolic figures like Lady Liberty. Victor David Brenner’s portrait of Lincoln broke that tradition and set a new standard for future designs.
The Wheat Penny series spanned nearly five decades—through World War I, the Great Depression, and World War II—turning it into a historical timeline in pocket change. Each coin represents a piece of American heritage, making the series especially meaningful to collectors today.
What Determines the Value of a Wheat Penny?
Several major factors influence a Wheat Penny’s collectible value:
1. Mintmarks and Key Dates
Mintmarks show where a coin was produced—Philadelphia (no mintmark), Denver (D), or San Francisco (S). Some years saw very low mintages, creating key dates that command high prices today. Error coins, such as the 1955 doubled die or the 1922 No D, are exceptionally desirable due to their rarity.
2. Condition and Professional Grading
The condition of a coin significantly impacts its price. Professional grading agencies use a 70-point scale ranging from Poor (P-1) to Mint State (MS-70).
High-grade Wheat Pennies with sharp lines in the wheat stalks and Lincoln’s portrait can be worth hundreds or thousands more than heavily circulated examples.
Collectors are strongly advised not to clean coins, as this can permanently damage surfaces and dramatically reduce value.
3. Today’s Collecting Market
Demand for certified, high-quality Wheat Pennies remains strong. Coins authenticated and graded by services like PCGS or NGC generally trade at higher premiums thanks to guaranteed authenticity and better long-term preservation. Rare dates consistently perform well at auctions, reflecting enduring interest in the series.
How to Start or Grow a Wheat Penny Collection
If you’re new to collecting, a great starting point is to build a date-and-mintmark set, aiming to gather one example of each year and mint. Here are a few tips:
• Choose coins with natural surfaces rather than polished or cleaned pieces.
• Consider certified coins when buying key dates or high-value specimens.
• Build slowly and deliberately-quality is more important than speed.
• Research each coin’s background; the story behind the piece enhances the enjoyment of collecting.
With patience and careful selection, a Wheat Penny collection becomes more than just a set of coins – it becomes a historical journey through America’s past.
