The 1920 Lincoln Wheat Penny is a fascinating piece of American numismatic history that continues to capture the interest of coin collectors and investors alike. Minted over a century ago, this small copper coin holds historical significance and, in some cases, surprising value. Whether you’re a seasoned collector or a curious beginner, understanding the value, varieties, and unique attributes of the 1920 wheat penny is essential.
In this guide, we’ll explore the 1920 Lincoln penny value, production details, mint mark varieties, common errors, and how to determine if you have a valuable coin in your collection.
History of the 1920 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. The coin was designed by Victor David Brenner and featured Lincoln’s bust on the obverse, with two wheat stalks on the reverse—hence the name “Wheat Penny.”
By 1920, the United States was transitioning out of World War I, and the economy was stabilizing. The Philadelphia, Denver, and San Francisco Mints all produced the 1920 Lincoln penny to meet the rising demand for coins during this period of economic growth.
Mintage Numbers and Mint Marks
In 1920, over 400 million wheat pennies were struck across three U.S. mints:
- 1920 (No Mint Mark) – Philadelphia Mint
Mintage: 310,165,000 - 1920-D – Denver Mint
Mintage: 49,280,000 - 1920-S – San Francisco Mint
Mintage: 46,220,000
The mint mark, if present, can be found just below the date on the obverse (front) of the coin. Coins minted in Philadelphia do not have a mint mark.
How Much Is a 1920 Penny Worth?
The 1920 wheat penny value depends primarily on three factors:
- Mint location (Philadelphia, Denver, or San Francisco)
- Condition or grade of the coin
- Presence of rare errors or varieties
Here’s a breakdown of approximate values as of 2025:
▸ 1920 (Philadelphia) Wheat Penny Value
- Good (G-4): $0.10 – $0.25
- Fine (F-12): $0.50 – $1
- Extremely Fine (EF-40): $2 – $3
- Uncirculated (MS-60): $8 – $15
- MS-65 Red: $75+
▸ 1920-D Wheat Penny Value
- Good (G-4): $0.50 – $1.50
- Fine (F-12): $2 – $5
- Extremely Fine (EF-40): $12 – $20
- Uncirculated (MS-60): $50 – $90
- MS-65 Red: $500+
▸ 1920-S Wheat Penny Value
- Good (G-4): $1 – $2
- Fine (F-12): $3 – $6
- Extremely Fine (EF-40): $20 – $40
- Uncirculated (MS-60): $100 – $150
- MS-65 Red: $1,000+
👉 Pro tip: Coins graded “Red” (RD) by grading services like PCGS or NGC are the most valuable due to their pristine color and luster.
Rare 1920 Lincoln Penny Errors to Look For
While most 1920 Lincoln pennies are common, some error coins and die varieties can be worth significantly more. Keep an eye out for the following:
1. 1920 Doubled Die Obverse (DDO)
This error features noticeable doubling in the date or Liberty’s letters. Depending on visibility and condition, it can fetch $50 to over $300.
2. Off-Center Strikes
Off-center pennies are coins that were not properly aligned when struck. A 1920 penny that is 10–50% off-center could be worth $25 to $200, depending on how dramatic the error is.
3. BIE Error
A BIE error occurs when a die crack forms between the “B” and “E” in “LIBERTY,” creating the appearance of a small “I.” These are collectible and can range in value from $5 to $50+.
4. Die Cracks and Cuds
These minting anomalies add uniqueness to a coin. Larger die cracks or retained cuds (a piece of the die breaks off, leaving a blob on the coin) can command premiums of $20 to $100 or more.
Tips for Identifying Valuable 1920 Pennies
If you suspect you have a valuable 1920 wheat penny, follow these steps:
- Examine the Mint Mark – Coins from Denver (D) and San Francisco (S) are generally more valuable than those from Philadelphia.
- Check the Coin’s Condition – Use a magnifying glass or coin loupe to inspect wear. Uncirculated coins are worth significantly more.
- Look for Errors – Compare your coin to known errors online or consult a coin expert.
- Consider Professional Grading – If you believe your coin is in mint state or has a rare error, sending it to PCGS or NGC for grading could boost its value and marketability.
Should You Invest in 1920 Wheat Pennies?
The 1920 Lincoln penny is not typically a high-value investment unless it is in uncirculated condition or features a rare error. However, for those building a complete Lincoln cent collection, acquiring all three 1920 mint varieties is a must.
Additionally, prices for higher-grade 1920-S or 1920-D pennies have shown steady appreciation over the years. Collecting these coins can be a fun and educational hobby that may pay off in the long term.
Final Thoughts
The 1920 Lincoln Wheat Penny may seem like a simple copper coin, but it holds immense historical and collectible value. With over 400 million struck, it’s not particularly rare in lower grades—but pristine examples or rare errors can fetch hundreds or even thousands of dollars.
Whether you inherited a jar of old pennies or you’re actively building a coin collection, take the time to inspect your 1920 wheat pennies closely. You might just have a valuable piece of American history in your hands.
Frequently Asked Questions (FAQs)
Q: How much is a 1920 wheat penny worth today?
A: In circulated condition, it’s usually worth between 10 cents and $2, but uncirculated or error coins can be worth $50 to $1,000+.
Q: What is the rarest 1920 Lincoln penny?
A: The 1920-S in mint state red (MS-65 RD or better) is one of the rarest and most valuable.
Q: Where is the mint mark on a 1920 penny?
A: The mint mark is located just below the date on the front (obverse) of the coin.