The 1932 Lincoln Wheat Penny is a key piece in the long-running Lincoln cent series, cherished by both novice and seasoned coin collectors. While 1932 was not a landmark year for the penny in terms of rare errors or ultra-low mintages, it still holds historical and numismatic importance. This article will dive deep into the history, design, mintages, value, and tips for collecting the 1932 Lincoln Wheat Penny.
History of the 1932 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 was the first U.S. coin to feature a real person, designed by Victor David Brenner. The reverse featured two wheat ears, hence the nickname “Wheat Penny.”
By 1932, the coin had already become a staple in American currency. Although 1932 was a year during the Great Depression, the U.S. Mint continued producing Lincoln cents at two facilities: Philadelphia (no mint mark) and Denver (D mint mark).
Notably, 1932 is a famous year for the Washington Quarter, which debuted that year, but the Lincoln cent quietly persisted without any major changes in design or composition.
Mintage Figures
Understanding mintage numbers helps collectors gauge the rarity and potential value of a coin. Here are the mintages for the 1932 Lincoln Wheat Penny:
- 1932 (Philadelphia): 9,062,000
- 1932-D (Denver): 10,500,000
Both mintages are relatively low compared to other Wheat Penny years, especially considering that some later dates had mintages in the hundreds of millions. However, neither is considered a “key date,” but they are semi-key due to the reduced mintage during the Depression era.
Design and Specifications
The 1932 Lincoln Wheat Penny maintains the classic features introduced in 1909:
- Obverse (Front): Portrait of Abraham Lincoln facing right, with the words “IN GOD WE TRUST” above, “LIBERTY” to the left, and the date to the right. A mint mark (“D” for Denver) appears below the date if applicable.
- Reverse (Back): Two wheat stalks flanking the words “ONE CENT” and “UNITED STATES OF AMERICA.” The Latin motto “E PLURIBUS UNUM” arcs above.
Coin Specifications:
- Composition: 95% copper, 5% tin and zinc
- Diameter: 19.05 mm
- Weight: 3.11 grams
- Edge: Plain
How Much Is a 1932 Lincoln Wheat Penny Worth?
The value of a 1932 Lincoln cent depends on its condition and mint mark. Here’s a general guide:
1932 (Philadelphia) Penny Value
- Good (G-4): $1.00
- Very Fine (VF-20): $3.00
- Extremely Fine (EF-40): $6.00
- About Uncirculated (AU-50): $12.00
- Uncirculated (MS-60): $25.00+
- MS-65 Red: $150 – $300
1932-D (Denver) Penny Value
- Good (G-4): $1.50
- Very Fine (VF-20): $4.00
- Extremely Fine (EF-40): $8.00
- About Uncirculated (AU-50): $15.00
- Uncirculated (MS-60): $35.00+
- MS-65 Red: $250 – $500
Red pennies (original mint color) are significantly more valuable than brown or red-brown ones, especially in Mint State condition. The market favors pennies with strong luster, no carbon spots, and full details.
Key Factors That Affect Value
Several variables influence the value of a 1932 Wheat Penny:
1. Mint Mark
The Denver-minted (1932-D) penny typically commands a higher premium in circulated grades.
2. Condition (Grade)
Grading is essential. The better the condition, the higher the value. Use a magnifier to look for wear on Lincoln’s cheekbone and jawline (obverse) and the wheat stalk tips (reverse).
3. Color Designation
- Brown (BN): Most common
- Red-Brown (RB): More desirable
- Red (RD): Highest value, typically uncirculated
4. Strike Quality
Coins with sharp, bold details are preferred. Weak strikes, even in uncirculated condition, may lower the value.
5. Rarity of Condition
Even though 1932 pennies aren’t the rarest, high-grade examples are scarce, especially with a full red finish and no blemishes.
Collectibility and Investment Potential
The 1932 Lincoln Wheat Penny is popular among collectors for several reasons:
- Historical Context: Issued during the depths of the Great Depression.
- Semi-Key Date: Lower mintage adds appeal.
- Copper Composition: Offers intrinsic metal value, though minimal.
Investors often seek out Mint State red examples graded by third-party services like PCGS or NGC, as they tend to appreciate over time.
Tips for Collectors
If you’re collecting 1932 Wheat Pennies, keep these tips in mind:
- Buy from Reputable Dealers: To avoid counterfeits or altered coins.
- Store Properly: Use acid-free holders or slabs to preserve color and prevent spotting.
- Get High-Quality Examples: A single well-preserved MS65 red cent can be more valuable than dozens of circulated examples.
- Join a Community: Forums like CoinTalk or the PCGS Collectors Club offer great insights.
Are There Any Rare Varieties or Errors?
The 1932 Wheat Penny is not known for any major varieties or mint errors like the 1955 doubled die or the 1922 no-D penny. However, always be on the lookout for:
- Die Cracks
- Off-Center Strikes
- Re-punched Mint Marks (RPM)
These errors are rare but can add a significant premium to your coin.
Final Thoughts
The 1932 Lincoln Wheat Penny may not be the rarest or most talked-about coin in numismatics, but its low mintage, Depression-era origin, and copper composition make it a must-have for collectors of the Lincoln series. Whether you’re assembling a complete Wheat Penny collection or investing in key-date coins, the 1932 cent offers solid historical and monetary value.
As with any collectible, condition is king. If you’re lucky enough to find an original, red, uncirculated 1932 penny, you might be holding a small treasure worth hundreds of dollars.