The 1927 Lincoln Wheat Penny is a sought-after coin among collectors and investors in U.S. numismatics. Part of the famed Lincoln cent series, this coin holds historical significance, moderate rarity, and an accessible price point for most collectors. Whether you’re a seasoned numismatist or just starting your coin-collecting journey, understanding the features and value of the 1927 Wheat Penny is essential.
History of the Lincoln Wheat Penny
The Lincoln Wheat Penny, also known as the Lincoln cent, was first issued in 1909 to commemorate the 100th birthday of President Abraham Lincoln. It marked a significant milestone in American coinage, being the first circulating U.S. coin to feature a real historical figure.
Designed by Victor David Brenner, the coin featured Lincoln’s bust on the obverse and two stylized wheat stalks on the reverse, symbolizing prosperity and agricultural heritage. The wheat design remained until 1958, after which it was replaced by the Lincoln Memorial reverse in 1959.
1927 Lincoln Wheat Penny Mintage and Mint Marks
In 1927, Lincoln Wheat Pennies were minted at three U.S. Mint facilities:
- Philadelphia (no mint mark)
- Denver (D mint mark)
- San Francisco (S mint mark)
Here’s a breakdown of the mintage numbers:
- 1927 (Philadelphia): 144,440,000 coins
- 1927-D (Denver): 27,170,000 coins
- 1927-S (San Francisco): 14,276,000 coins
While the Philadelphia mint struck the highest number, the 1927-S has the lowest mintage, making it more valuable and harder to find in higher grades.
Obverse and Reverse Design
Obverse (Front):
- Portrait of Abraham Lincoln, facing right
- Inscription: “IN GOD WE TRUST” at the top
- “LIBERTY” to the left of Lincoln
- Date “1927” to the right, with or without a mint mark beneath the date
Reverse (Back):
- Two wheat ears framing the words “ONE CENT” and “UNITED STATES OF AMERICA”
- The motto “E PLURIBUS UNUM” at the top
This classic design is admired for its simple yet dignified tribute to one of America’s greatest presidents.
Metal Composition and Weight
The 1927 Lincoln Wheat Penny is composed of:
- 95% copper
- 5% tin and zinc
- Diameter: 19.05 mm
- Weight: 3.11 grams
Due to its high copper content, the coin is sometimes mistakenly valued based on its metal alone. However, its true worth lies in its numismatic value, especially in higher grades or rare mint marks.
Grading and Condition
Like all coins, the value of a 1927 Wheat Penny depends heavily on its condition or grade. Coins are graded on a scale from Poor (P-1) to Mint State (MS-70) by professional grading services such as PCGS and NGC.
Here’s a quick look at what each grade typically means:
- Good (G-4): Heavy wear; major features are visible but flat
- Very Fine (VF-20): Moderate wear with clear details
- Extremely Fine (EF-40): Light wear on high points
- About Uncirculated (AU-50): Very slight wear
- Mint State (MS-60 to MS-67+): No wear, often with original luster
Coins in mint state condition fetch significantly higher prices than those that show wear.
1927 Lincoln Wheat Penny Values
Here’s a general pricing guide based on average market values as of 2025:
1927 (Philadelphia, no mint mark):
- Good (G-4): $0.25
- Very Fine (VF-20): $1
- Extremely Fine (EF-40): $3
- MS-60: $15
- MS-65 RD: $75–$150+
1927-D (Denver):
- Good (G-4): $1
- Very Fine (VF-20): $4
- Extremely Fine (EF-40): $10
- MS-60: $50
- MS-65 RD: $250–$400+
1927-S (San Francisco):
- Good (G-4): $1.50
- Very Fine (VF-20): $6
- Extremely Fine (EF-40): $20
- MS-60: $100
- MS-65 RD: $500–$1,200+
Note: “RD” refers to Red coins, which retain their original copper color and command a premium over “RB” (Red-Brown) and “BN” (Brown) coins.
Key Factors That Affect Value
Several factors influence the value of a 1927 Wheat Penny:
- Mint Mark – The San Francisco and Denver issues are generally more valuable due to lower mintages.
- Grade – The higher the grade, the more the coin is worth.
- Color Designation – Red coins are more desirable.
- Luster and Eye Appeal – Sharp strikes and well-preserved surfaces boost the coin’s marketability.
- Certified Grade – Professionally graded coins by PCGS or NGC can sell for more.
Errors and Varieties
While the 1927 Wheat Penny does not have any major recognized varieties like doubled dies or repunched mint marks (RPMs), some minor errors may exist:
- Die cracks
- Off-center strikes
- Clipped planchets
These mint errors can add a premium, especially if they are visually dramatic and certified by a reputable grading service.
Is the 1927 Wheat Penny Rare?
The 1927-S is considered relatively scarce in uncirculated grades, while the Philadelphia and Denver issues are more common. However, finding any 1927 penny in MS-65 Red condition is a challenge and can be a valuable addition to any Lincoln cent collection.
If you’re assembling a full set of Lincoln Wheat Pennies from 1909–1958, the 1927 coins are essential pieces — not especially rare but important for completing the series.
Where to Buy or Sell
You can buy or sell 1927 Lincoln Wheat Pennies through:
- Online marketplaces: eBay, Etsy, Amazon
- Coin dealers and numismatic shops
- Coin shows and conventions
- Auction houses: Heritage Auctions, Stack’s Bowers
- Coin forums and collector groups
When selling valuable specimens, consider getting the coin graded and authenticated to maximize your return.
Final Thoughts
The 1927 Lincoln Wheat Penny is a timeless piece of American history and a staple for any Lincoln cent collector. With its rich heritage, beautiful design, and moderate scarcity—especially in higher grades—it offers excellent value and collectibility.
Whether you’re investing in rare pennies or building a full Lincoln cent set, the 1927 Wheat Penny remains a rewarding find. Keep an eye out for high-grade specimens or those with the “S” mint mark, and consider certification if you come across a well-preserved coin.