The Lincoln Wheat Penny is an integral part of mathematics. It was created between 1909 and 1958, which means its story has been part of America’s history for quite some time now. Collectors currently place huge value on these coins. The majority of the Lincoln Wheat Pennies found are worth only a few cents; however, there are exceptional rarities that can be sold for hundreds or thousands. So how do you determine whether the Lincoln Wheat Penny in your collection is one of those needed pieces?
In this article, we will cover the factors that make a Lincoln Wheat Penny value rare, their most prized years and mint marks, and the most secret and useful hints for identifying coins in your collection.
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Details on Lincoln Wheat Penny History For Coin Collectors
Obverse Side of the Coin: Abraham Lincoln’s Portrait
Taking a closer look at the obverse of the coin—the side of the coin that shows a portrait of Abraham Lincoln—you are offered a glimpse of his life through the eyes of sculptor Victor David Brenner. Lincoln’s portrait is accompanied by the phrase, “In God, We Trust,” which is carved above it. “Liberty,” along with the year of minting, is placed opposite the coin.
Reverse Side of the Coin: Wheat Farming Heritage
Let’s examine the reverse side of the Lincoln Wheat Penny. It has a design that portrays the country’s wheat farming heritage in the form of two stalks of wheat on both sides of the coin. Looking closer at the coin’s design, it is clear why it is called the wheat penny, as this design was present from 1909 to 1958 and can be credited with giving the coin its nickname.
Changes in the Economical Valuation of a Lincoln Wheat Penny
The Lincoln Wheat penny has a “certain” value based on factors like mintage, grade, condition, and finally, class.
1. Value and Rarity
Limited Production
Certain years and limited quantity minted coins tend to be of more value. For example, there are fewer coins minted because of the Great Depression or a certain time during the war.
Mint Marks
Coins that only have certain mint marks are also limited and can be of value. For example, “S” for San Francisco mint and “D” for Denver, as opposed to the ones minted in Philadelphia, which have no marks.
2. Condition (Grade)
Coins are given grades ranging in their condition, with poor as the lowest (P-1) and mint state as the highest (MS-70). The better the condition, the higher the value.
Uncirculated Coins
Uncirculated coins emerge with a grade of MS-60 to MS-70 and showcase no signs of wear or damage. The other categories include coins that remain in perfect or near-perfect condition.
3. Errors and Variations
Minting Errors
Generally, when an off-center strike is produced, it leads to the creation of unique coins that can become extremely valuable due to their limited numbers.
Top Rare Lincoln Wheat Pennies and Their Value
1. 1909-S VDB
- Value: $1,000+ (depending on condition)
- Why It’s Rare: One of the most coveted Lincoln Wheat Pennies is definitely the 1909-S VDB. The letter ‘VDB’ refers to the initials of Victor David Brenner, which were minted onto the rear of the coin. However, it was later removed after a few coins were struck due to controversy over it being too small.
- Key Feature: Seek out the extremely fine VDB located just beneath the wheat stalks on the reverse. This specific coin in exceptional condition can sell for many thousands of dollars.
2. 1914-D
- Value: $500+ (depending on condition)
- Why It’s Rare: The mintage level of the 1914-D Lincoln Wheat Pennies is comparatively lower, making it another rare and valuable coin. An estimated 1.2 million of these coins were produced, making them hard to find.
- Key Feature: You’ll find the “D” mintmark on the reverse of the coin, placed directly underneath the wreath.
3. 1922 No D Coin
- Value: $1,000+ (subject to change, dependent on quality)
- Notable Fact: It is widely believed that the 1922 Lincoln Wheat Penny was minted in Denver; hence, it was supposed to have a “D” mintmark. However, there was a blank space on certain coins where the mintmark was embossed. This is an astounding error that is exceedingly treasured by collectors.
- Key Feature: Every 1922 penny devoid of a mintmark on the backside should be sought after. The No. D error is considered one of the most interesting and expensive errors in American coins.
4. 1931-S
- Value: $200+ (subject to change, dependent on quality)
- Notable Fact: One of the reasons why the 1931-S Lincoln Wheat Penny is rare is that it was issued with a very low mintage. Around 866,000 coins were struck by the San Francisco Mint. This is one of the rarest pennies in the 1930s collection.
- Key Feature: The “S” mintmark is located on the reverse side of the coin, below the wheat stalks. The value of this coin increases significantly in higher grades.
How To Identify Lincoln Wheat Penny Value Rare
Below are some hints and tips that will aid you in identifying Lincoln Wheat Penny Value Rare in your collection.
1. Look At The Mint Mark
Look closely for a mintmark (S, D, or none) underneath the wheat stalks on the reverse side. Coins with Denver and San Francisco mintmarks tend to bring more value than those minted in Philadelphia.
2. Look For Errors
Errors that occur during the minting process can increase the value of a coin significantly! Look closely for coins with missing features, off-center features, or even double strikes. If you have a coin that has a defect, it may be worth much more than a standard coin, sometimes even in the thousands.
3. Type of Coin
You can determine the grade of the coin by the condition it is in. For instance, coins that showcase little to no wear, sharper features, and clean surfaces are of greater value than those heavily circulated. Should you come upon a rare coin in decent condition, consider having it graded by an expert such as PCGS or NGC.
4. Important Dates
It is always best to keep in mind and know these key dates: 1909-S VDB, 1914-D, 1922 No D, and their mintmarks. These coins are valuable, and it’s a good idea to double-check any pennies from these years.
How to Buy/Sell Rare Lincoln Wheat Pennies
If you think you have a Lincoln Wheat Penny Value Rare, there are several places where you can sell or buy coins.
1. Online Platforms
Websites like eBay and Heritage Auctions sell rare coins to collectors. Remember to check similar listings to see how much your coin is worth.
2. Coin Shops
Local coin shops are also excellent places to have your rare coins evaluated and sold. Coin dealers will tell you how much your coin is worth.
3. Coin Shows
Coin shows are a great avenue to find collectors and dealers who can assess your collection. You might also meet some dealers who will buy rare Lincoln Wheat Pennies.
Final Thoughts: Evaluating the Value of Lincoln Wheat Pennies
Indeed, the most common Lincoln Wheat Penny is worth little more than a cent. Yet, there are thousands of dollars worth of rare coins. These coins have many factors influencing their value for both seasoned and beginner collectors, such as the fascia, condition, mintmark, errors, and more.
Unlike the standard practice of ignoring pennies, if you want to maximize profits from common coins, you may want to give each one a full examination. Look out for features such as unique mint marks, rare dates, and minting errors, as they could point to a hidden treasure. If by any chance you spot something truly unique, it would be worth seeking professional advice to ensure full value is obtained.
Next time you are out and about trying to find pennies and spare change, just remember there could be a chance that you already own a small fortune waiting to be uncovered.
