The 1928 Lincoln Wheat Penny is a cherished collectible among numismatists and coin enthusiasts. As part of the Lincoln Wheat cent series, which ran from 1909 to 1958, the 1928 penny holds historical significance and varying levels of value based on mint location and condition. Whether you’re a seasoned coin collector or just starting your numismatic journey, understanding the background and worth of this coin can help you make informed decisions.
History of the 1928 Lincoln Wheat Penny
The Lincoln cent was first introduced in 1909 to honor the 100th anniversary of President Abraham Lincoln’s birth. Designed by Victor David Brenner, the obverse (front) features a right-facing portrait of Lincoln, while the reverse (back) showcases two stalks of wheat along the edges, hence the name “Wheat Penny.”
In 1928, the penny was minted at three locations:
- Philadelphia (no mint mark)
- Denver (marked with a “D”)
- San Francisco (marked with an “S”)
The 1928 Lincoln penny was created during a time when the U.S. economy was on the brink of the Great Depression, making it a snapshot of pre-crash American history.
Mintage and Varieties
Here are the mintages for each variety:
- 1928 (Philadelphia): 134,116,000 coins
- 1928-D (Denver): 31,170,000 coins
- 1928-S (San Francisco): 17,266,000 coins
The 1928-S Lincoln Wheat Penny is the scarcer variety, which typically commands higher prices, especially in higher grades.
1928 Wheat Penny Value
The value of a 1928 Lincoln Wheat Penny depends on several factors, including mint mark, condition (grade), and rarity. Here’s a general overview:
1. 1928 No Mint Mark (Philadelphia)
- Good (G-4): $0.15–$0.25
- Fine (F-12): $0.50–$0.75
- Extremely Fine (EF-40): $1.50–$3.00
- Uncirculated (MS-60 to MS-65): $5 to $45+
While not extremely rare, Philadelphia coins are popular due to their high production numbers and accessibility to collectors.
2. 1928-D Wheat Penny
- Good (G-4): $0.50
- Fine (F-12): $1.00–$2.00
- Extremely Fine (EF-40): $5.00–$10.00
- Uncirculated (MS-60 to MS-65): $35 to $150+
Coins from Denver tend to be worth more than their Philadelphia counterparts due to the lower mintage.
3. 1928-S Wheat Penny
- Good (G-4): $1.00+
- Fine (F-12): $2.00–$4.00
- Extremely Fine (EF-40): $15–$30
- Uncirculated (MS-60 to MS-65): $75 to $500+
The 1928-S is considered the most valuable of the three in higher grades. Mint state examples with full details and no wear are sought after by collectors.
Grading the 1928 Lincoln Penny
Grading plays a crucial role in determining the value of a 1928 wheat penny. The Sheldon Coin Grading Scale ranges from 1 (Poor) to 70 (Mint State Perfect).
Key grading points to consider:
- Good (G): Heavy wear; major details visible but faint.
- Fine (F): Moderate wear; Lincoln’s features are clearer.
- Extremely Fine (EF/XF): Minimal wear on high points.
- Uncirculated (MS): No wear; may have original luster.
A professionally graded coin by PCGS or NGC will fetch higher prices, especially if designated as MS-65 or higher.
Rare Errors and Varieties
While the 1928 Lincoln penny is not famous for many major errors, collectors should look out for:
- Doubled Die Errors: Slight doubling in lettering or date.
- Off-Center Strikes: Portions of the design may be missing.
- Repunched Mint Marks (RPMs): Common in early 20th-century coins.
These rare wheat penny errors can significantly boost a coin’s value.
Collecting the 1928 Wheat Penny
If you’re building a Lincoln Wheat Penny collection, the 1928 series is essential. Here are tips for collecting:
- Start with circulated examples for affordability.
- Upgrade to higher grades as your budget allows.
- Store coins in acid-free holders or coin albums to prevent tarnish.
- For investment purposes, seek coins graded MS-63 or higher by a professional grading service.
Where to Buy or Sell
You can buy or sell 1928 Lincoln wheat pennies from:
- Online marketplaces like eBay, Etsy, or Amazon (for common grades).
- Professional dealers or local coin shops.
- Numismatic auctions for high-grade or rare error coins.
- Coin shows and conventions.
Always check reviews and the reputation of the seller or buyer, especially when dealing with rare wheat pennies.
Investment Potential
While the 1928 penny is not the rarest Lincoln cent, it holds solid investment value due to its age, historical significance, and demand among collectors. The 1928-S wheat penny in uncirculated condition can appreciate over time, especially as supplies dwindle.
It’s recommended to diversify your collection with a mix of key dates, low mintage coins, and error coins to maximize long-term value.
Fun Facts About the 1928 Lincoln Penny
- The wheat penny series is one of the longest-running and most collected U.S. coin series.
- In 1928, a penny had much higher purchasing power than today—equivalent to about 15 cents.
- The Lincoln portrait used on the coin is still used on today’s penny, making it the longest-running U.S. coin design.
Conclusion
The 1928 Lincoln Wheat Penny is a fascinating and historically rich coin that belongs in every collector’s album. Whether you’re seeking it for its collectible value, historical significance, or as part of a complete Lincoln cent series, this coin offers both affordability and potential for appreciation.
If you’re new to collecting, start with circulated versions and gradually work your way up to uncirculated or rare error varieties. With proper research and care, owning a 1928 wheat penny can be both a rewarding and educational experience.