The 1937 Lincoln Wheat Penny is a cherished coin among numismatists and collectors alike. As part of the iconic Lincoln Wheat Cent series, this coin not only carries historical significance but also serves as a valuable asset in many coin collections. Whether you’re a beginner collector or a seasoned investor, understanding the background, value, and key features of the 1937 penny can help you make informed decisions.
History of the 1937 Lincoln Wheat Penny
The Lincoln Wheat Penny, also known as the Lincoln Cent, was first introduced in 1909 to commemorate the 100th birthday of President Abraham Lincoln. Designed by Victor David Brenner, it was the first U.S. coin to feature a real person’s portrait.
The 1937 Lincoln Penny was struck during a time of recovery from the Great Depression. While no major design changes occurred that year, the coin reflects an era of economic transition in the United States. Its availability, along with relatively high mintage numbers, makes it an accessible and attractive coin for collectors.
Key Specifications
- Designer: Victor D. Brenner
- Composition: 95% copper, 5% tin and zinc
- Weight: 3.11 grams
- Diameter: 19.05 mm
- Edge: Plain
- Mint Marks: None (Philadelphia), D (Denver), S (San Francisco)
Mintages of the 1937 Penny
Understanding the mintage numbers helps collectors assess the rarity and potential value of the coin:
- 1937 (Philadelphia): 309,170,000 minted
- 1937-D (Denver): 50,430,000 minted
- 1937-S (San Francisco): 34,500,000 minted
The Philadelphia mint produced the most coins in 1937, while the San Francisco mint had the lowest mintage, making the 1937-S penny more desirable to some collectors.
How Much Is a 1937 Wheat Penny Worth?
The value of a 1937 Lincoln Wheat Penny depends on its mint mark, condition, and rarity. While common in circulated grades, uncirculated or mint state coins command higher premiums.
Here’s a general price breakdown:
| Coin Variety | Good (G-4) | Fine (F-12) | Extremely Fine (EF-40) | Uncirculated (MS-60 to MS-65) |
|---|---|---|---|---|
| 1937 (no mint mark) | $0.10 | $0.20 | $0.50 | $2 to $10+ |
| 1937-D | $0.15 | $0.25 | $0.75 | $3 to $12+ |
| 1937-S | $0.20 | $0.40 | $1.00 | $5 to $15+ |
Coins in MS-65 Red condition (bright red luster with no wear) can fetch $30 to $50 or more, especially if graded by reputable services like PCGS or NGC.
Proof Versions?
Unlike other years, no proof versions of the 1937 Lincoln Wheat Penny were minted. Proof production was suspended between 1916 and 1939, making only regular circulation strikes available.
Rare Errors and Varieties
Some 1937 Lincoln Wheat Pennies are worth significantly more due to mint errors. While not as famous as the 1955 doubled die or 1943 copper penny, 1937 does have some notable errors:
1. Die Cracks and Cuds
Cracks in the die can leave raised lines or blobs on the coin surface. These are usually minor errors but still collectible.
2. Off-Center Strikes
When the planchet is not properly aligned, the design appears off-center. Depending on the severity, these errors can range from $10 to $200+.
3. Clipped Planchets
A portion of the coin may appear missing due to a miscut planchet. These errors are fairly rare and collectible.
Coins with these errors should ideally be authenticated by a professional grading service to confirm value.
Grading the 1937 Wheat Penny
Grading plays a significant role in determining a penny’s value. Here’s a quick overview:
- Good (G-4): Heavy wear; major details worn flat
- Fine (F-12): Moderate wear; Lincoln’s hair and jawline visible
- Extremely Fine (EF-40): Light wear on high points; clear details
- Uncirculated (MS-60 to MS-70): No wear; full mint luster
- Red vs. Red-Brown vs. Brown: Refers to the color of copper coins; red coins are worth more
To preserve or increase value, high-grade coins should be stored in airtight holders and kept away from humidity and direct light.
Tips for Collectors
If you’re planning to add the 1937 Lincoln Wheat Penny to your collection, keep the following in mind:
- Aim for condition: Higher grades appreciate in value over time.
- Look for full steps: Well-struck coins show more detail on Lincoln’s profile.
- Buy certified coins: Graded coins offer authenticity and resale assurance.
- Store properly: Use acid-free coin flips or coin albums to protect from oxidation.
- Avoid cleaning: Cleaning can damage the coin’s surface and reduce its value.
Where to Buy or Sell 1937 Wheat Pennies
- Local Coin Shops (LCS): A great place to inspect coins in person.
- Online Marketplaces: eBay, Etsy, and NumisBids offer many buying options.
- Auction Houses: For high-grade or rare error coins.
- Coin Shows: Excellent venues for face-to-face trading and learning.
When selling, be sure to check recent auction prices or use price guides like the Red Book to determine fair market value.
Why Collect Lincoln Wheat Pennies?
The Lincoln Wheat Cent series (1909–1958) is one of the most beloved coin series in U.S. history. They are:
- Affordable for beginners
- Historically significant
- Easy to find in rolls or old coin jars
- Available in a wide range of varieties and errors
The 1937 Lincoln Penny fits perfectly into any collection, whether you’re assembling a year set, a mint mark set, or a collection of unique error coins.
Final Thoughts
The 1937 Lincoln Wheat Penny may not be the rarest coin, but its historical value and collecting appeal remain strong. Whether you’re looking to complete a set or simply invest in collectible U.S. coinage, this penny is a smart and accessible choice.
As with all coin collecting endeavors, knowledge is your best investment. Take time to research, grade, and authenticate your coins, and enjoy the journey of building a collection that tells a story of America’s rich past.