The 1929 Lincoln Wheat Penny is a prized piece among collectors of early 20th-century U.S. coinage. Minted during a significant period in American history—the year of the infamous stock market crash—the 1929 penny offers both historical intrigue and numismatic value. Whether you’re a seasoned collector or a curious beginner, understanding the background, varieties, and current market value of this coin is essential.
History of the 1929 Lincoln Wheat Penny
The Lincoln Wheat Penny, officially known as the Lincoln cent, was introduced in 1909 to commemorate the 100th anniversary of Abraham Lincoln’s birth. Designed by Victor David Brenner, the obverse features a right-facing bust of Lincoln, while the reverse displays two stalks of wheat—earning it the nickname “Wheat Penny.”
The 1929 penny was struck at three different U.S. Mint facilities:
- Philadelphia (no mint mark)
- Denver (D mint mark)
- San Francisco (S mint mark)
With the onset of the Great Depression in October 1929, this year’s Lincoln cent holds added significance as a relic of a turning point in American economic history.
1929 Lincoln Wheat Penny Mintage Figures
The total number of 1929 Lincoln Wheat Pennies produced is substantial, yet lower than some neighboring years. Here’s the breakdown by mint:
- 1929 (Philadelphia): 185,262,000
- 1929-D (Denver): 41,730,000
- 1929-S (San Francisco): 50,148,000
Despite these high mintage figures, finding a 1929 penny in high-grade condition—especially with full wheat stalks and original red luster—is considerably rarer.
1929 Wheat Penny Value (By Mint and Condition)
The value of a 1929 penny depends heavily on its condition and mint mark. Circulated coins in lower grades typically sell for under a dollar, while uncirculated specimens can fetch significantly more.
▸ 1929 No Mint Mark (Philadelphia)
- Good (G-4): $0.10 – $0.20
- Fine (F-12): $0.25 – $0.35
- Extremely Fine (EF-40): $1 – $2
- Uncirculated (MS-60 to MS-65): $5 – $35+
▸ 1929-D Penny Value
- Good: $0.30 – $0.50
- Fine: $0.60 – $1.00
- EF-40: $2 – $4
- MS-60 to MS-65: $15 – $60+
The 1929-D is generally more valuable than the no-mint Philadelphia issue, especially in higher grades.
▸ 1929-S Penny Value
- Good: $0.35 – $0.75
- Fine: $1.00 – $1.50
- EF-40: $4 – $6
- MS-60 to MS-65: $20 – $75+
The 1929-S penny is slightly scarcer in high grades compared to the D and no-mint varieties, making it a more desirable find among collectors.
Key Factors Affecting the 1929 Penny’s Value
1. Condition / Grade
Coin grading plays the most significant role in determining a coin’s worth. Red (RD) uncirculated coins with original mint luster are the most valuable, followed by Red-Brown (RB) and Brown (BN) coins.
2. Mint Mark
As discussed, the Denver and San Francisco mint marks (D and S) add scarcity, particularly in higher grades, which increases value.
3. Strike Quality
Some 1929 Lincoln cents exhibit weak strikes or worn dies, which can affect collector desirability. Sharply struck examples with full details fetch a premium.
4. Rarity of Error Coins
Errors and varieties are always in demand. Known errors for the 1929 Lincoln cent include:
- Off-center strikes
- Die cracks
- Repunched mint marks (RPMs)
A 1929 wheat penny with such errors can be worth significantly more, depending on the severity and visibility of the error.
How to Identify a Genuine 1929 Wheat Penny
With interest in vintage pennies rising, counterfeit coins do exist. To confirm authenticity:
- Compare with genuine coins under magnification
- Verify weight (approx. 3.11 grams)
- Look for proper edge reeding and die details
- Use a certified grading service like PCGS or NGC for high-value coins
Tips for Collectors
If you’re looking to collect or invest in a 1929 Lincoln penny, here are a few expert tips:
- Buy certified coins if you’re spending more than $50.
- Prioritize condition over quantity—one MS-65 red coin is often worth more than 20 average circulated ones.
- Store your pennies properly in acid-free holders or albums to prevent tarnish.
- Consider assembling a full 1929 set with all three mint marks in matching grades for added value and visual appeal.
Where to Buy or Sell a 1929 Lincoln Wheat Penny
You can find 1929 wheat pennies for sale through:
- Online marketplaces (eBay, Etsy)
- Numismatic auctions (Heritage Auctions, Stack’s Bowers)
- Local coin shops and coin shows
- Facebook groups and collector forums
When selling, it’s advisable to have your coin graded or at least appraised by a professional to ensure you receive fair market value.
Conclusion: Is the 1929 Lincoln Penny Worth Collecting?
Absolutely. The 1929 Lincoln Wheat Penny is not just an old coin—it’s a historical artifact from a defining year in U.S. history. Whether you’re collecting for fun or investment, the 1929 penny adds depth to any numismatic portfolio. With three mint varieties to pursue and the potential for high-value specimens in top condition, it’s a smart coin to keep your eye on.