The 1934 Lincoln Wheat Penny is a fascinating piece of American numismatic history. Minted during the Great Depression, this coin captures a unique era and remains a favorite among collectors for its historical context, classic design, and accessible value. Whether you’re a seasoned collector or a beginner looking to start your Lincoln cent collection, the 1934 Wheat Penny offers a compelling story and investment potential.
History and Background of the 1934 Lincoln Wheat Penny
The Lincoln Wheat Cent, first issued in 1909, was designed by Victor David Brenner to commemorate the 100th anniversary of President Abraham Lincoln’s birth. The obverse features a profile of Lincoln, while the reverse showcases two wheat ears symbolizing national prosperity.
The 1934 Wheat Penny was minted in the aftermath of the economic devastation caused by the 1929 stock market crash. As the U.S. slowly began recovering from the Great Depression, coin production increased. Unlike earlier years in the 1930s when mintage numbers were low due to reduced demand, the 1934 issue saw a substantial rise in circulation, making it more common than many of its predecessors.
Mint Locations and Mintage Numbers
The 1934 Lincoln cent was struck at two locations:
- Philadelphia Mint (no mint mark): 219,080,000 coins
- Denver Mint (D mint mark): 28,446,000 coins
Although both versions are relatively common in circulated grades, the 1934-D Lincoln cent is scarcer and more valuable in higher grades due to lower mintage and fewer surviving specimens in mint state condition.
Key Features and Design Details
- Designer: Victor David Brenner
- Composition: 95% copper, 5% tin and zinc
- Diameter: 19.05 mm
- Weight: 3.11 grams
- Edge: Plain
Obverse
The obverse shows a right-facing portrait of Abraham Lincoln, with the inscriptions:
- “IN GOD WE TRUST” at the top
- “LIBERTY” to the left
- The year “1934” to the right
- A “D” mintmark (if applicable) below the year
Reverse
The reverse displays two wheat stalks curving inward, framing the inscriptions:
- “ONE CENT” in bold at the center
- “UNITED STATES OF AMERICA” below it
- “E PLURIBUS UNUM” above
This reverse design was used from 1909 to 1958, after which it was replaced by the Lincoln Memorial reverse.
1934 Lincoln Wheat Penny Value Guide
The value of a 1934 Lincoln Wheat Penny depends on its condition (grade), mintmark, and demand among collectors. Here’s a quick breakdown:
1934 (Philadelphia) Penny Value
| Grade | Estimated Value |
|---|---|
| Good (G-4) | $0.10 |
| Fine (F-12) | $0.15 |
| Extra Fine (EF-40) | $0.30 |
| About Uncirculated (AU-50) | $0.75 |
| Uncirculated (MS-60) | $2.00 |
| Uncirculated (MS-65 Red) | $15–$35+ |
1934-D (Denver) Penny Value
| Grade | Estimated Value |
|---|---|
| Good (G-4) | $0.25 |
| Fine (F-12) | $0.50 |
| Extra Fine (EF-40) | $1.25 |
| About Uncirculated (AU-50) | $3.00 |
| Uncirculated (MS-60) | $10.00 |
| Uncirculated (MS-65 Red) | $40–$100+ |
Note: Values can vary depending on the coin market and grading service. Red (RD) coins in mint condition are especially prized.
Rare Varieties and Errors
Although the 1934 Wheat Penny doesn’t have as many rare varieties as earlier dates, collectors have identified a few notable errors:
1. Doubled Die Obverse (DDO)
Some 1934 cents exhibit noticeable doubling on the date, motto, or Lincoln’s eye. These can fetch premiums depending on severity and grade.
2. Lamination Errors
Due to imperfections in the planchet, some coins show flakes or peeling. These are valued more as oddities than as major rarities.
3. Off-Center Strikes and Clipped Planchets
Though not unique to 1934, such mint errors are popular with collectors and may increase the coin’s value significantly, especially if dramatic.
Tips for Collecting the 1934 Lincoln Wheat Penny
1. Focus on Condition
While circulated 1934 Wheat Pennies are abundant, finding examples in higher grades (especially MS-65 Red or better) is more challenging and rewarding.
2. Buy Certified Coins
For high-value coins, purchasing those graded by PCGS or NGC ensures authenticity and helps retain resale value.
3. Search Coin Rolls
It’s still possible to find 1934 Wheat Cents in bank rolls or estate collections. Be patient and check bulk penny lots.
4. Build a Date Set
The 1934 Lincoln cent is a great addition to a complete date-and-mintmark set from 1909 to 1958. It’s affordable, common, and essential to any Lincoln series collection.
Historical Significance
The 1934 Lincoln cent serves as a tangible artifact from a pivotal time in American history. The country was recovering from the Great Depression under President Franklin D. Roosevelt’s New Deal. Public trust in institutions was being rebuilt, and coinage production reflected renewed economic activity.
This penny circulated in the pockets of Americans struggling to make ends meet, buy groceries, or take the trolley. Today, it offers collectors a chance to own a small piece of that resilience.
Where to Buy or Sell a 1934 Wheat Penny
You can find 1934 Lincoln Wheat Pennies through various channels:
- Online Marketplaces: eBay, Etsy, and Heritage Auctions
- Coin Dealers: Local or online, preferably members of the American Numismatic Association (ANA)
- Coin Shows: Great places to inspect coins in person and negotiate
- Coin Grading Services: Use PCGS or NGC if you suspect your coin may be worth grading
When selling, make sure to research your coin’s value and consider getting an appraisal if it’s in exceptional condition.
Final Thoughts
The 1934 Lincoln Wheat Penny is not just another copper coin—it’s a collectible piece of American history. Affordable and accessible to most collectors, this cent carries the legacy of President Lincoln, the craftsmanship of early 20th-century coin design, and the spirit of resilience during one of the nation’s most challenging economic periods.
Whether you’re looking to complete your Wheat Penny collection, invest in numismatic history, or simply appreciate the beauty of vintage coins, the 1934 Lincoln cent is a worthy addition.