The 1949 Lincoln Wheat Penny is a notable mid-century coin that holds a special place in the hearts of collectors. As part of the beloved Lincoln Wheat Cent series (1909–1958), this penny is sought after for its historical value, affordability, and aesthetic appeal. Whether you’re a seasoned numismatist or a new collector, the 1949 Lincoln penny offers an excellent opportunity to expand your collection without breaking the bank.
In this comprehensive guide, we’ll explore the coin’s history, mint varieties, value, rarity, and collecting tips to help you understand why the 1949 Lincoln Wheat Penny remains a collector favorite.
A Brief History of the Lincoln Wheat Penny
The Lincoln Wheat Penny, also known as the Wheat Cent, was first introduced in 1909 to commemorate the 100th birthday of President Abraham Lincoln. Designed by Victor David Brenner, the obverse features a right-facing bust of Lincoln, making it the first U.S. coin to depict a real person. The reverse features two wheat stalks, giving the coin its nickname.
The 1949 Lincoln Wheat Penny was minted shortly after World War II, a time when coinage resumed regular production levels and materials reverted to pre-war standards.
1949 Lincoln Wheat Penny Mintage and Mint Marks
In 1949, the Lincoln Wheat Penny was minted at three different U.S. Mint locations:
1. 1949 (No Mint Mark) – Philadelphia Mint
- Mintage: 217,775,000
- Mint Mark: None (Philadelphia did not use a mint mark for pennies)
- This is the most common variety of the 1949 Lincoln penny.
2. 1949-D – Denver Mint
- Mintage: 153,132,500
- Mint Mark: “D” below the date
- The second most common 1949 penny, typically well-struck and abundant in circulated condition.
3. 1949-S – San Francisco Mint
- Mintage: 64,290,000
- Mint Mark: “S” below the date
- This is the rarest of the 1949 pennies, but still considered common in circulated grades.
Design Details
- Obverse: Portrait of Abraham Lincoln with the inscriptions “IN GOD WE TRUST,” “LIBERTY,” and the date “1949.”
- Reverse: Two wheat stalks surrounding the inscriptions “ONE CENT,” “UNITED STATES OF AMERICA,” and “E PLURIBUS UNUM.”
The 1949 Wheat Penny is composed of 95% copper and 5% tin and zinc, giving it its characteristic reddish-brown appearance when uncirculated.
1949 Lincoln Wheat Penny Value
1. Circulated Condition
Most 1949 pennies in circulation today are worth between $0.05 to $0.25 depending on condition. These are commonly found in pocket change or coin jars.
- 1949 (P): $0.05 – $0.15
- 1949-D: $0.05 – $0.20
- 1949-S: $0.10 – $0.25
2. Uncirculated Condition
In Mint State (MS) condition, the value increases significantly.
- MS60 – MS63: $1 to $3
- MS64 – MS65: $4 to $10
- MS66+: Can range from $15 to $50 or more, especially with red color designation.
3. Color Designations
Uncirculated Lincoln pennies are graded not just by their strike, but also by color:
- RD (Red) – Highest value, fully red copper
- RB (Red-Brown) – Moderate value
- BN (Brown) – Lowest uncirculated value
A 1949-D Lincoln Cent graded MS66 RD by PCGS or NGC can fetch up to $100 or more at auction, depending on eye appeal.
Notable Errors and Varieties
While the 1949 Lincoln cent doesn’t have as many famous varieties as earlier years, there are still a few error types collectors should look out for:
1. Doubled Die Obverse (DDO)
Some 1949 pennies have minor doubling in the date or lettering. These are scarce and can be worth $25–$100+ depending on the severity and grade.
2. Off-Center Strikes
Off-center 1949 pennies (5%–50% off) are popular with error collectors and may be worth $15 to $100+.
3. BIE Error
A small die break between the “B” and “E” in “LIBERTY” forms what looks like an “I.” These minor errors usually sell for $5–$20.
Collecting Tips
Here are a few tips if you’re looking to collect the 1949 Lincoln Wheat Penny:
✅ Focus on Quality
Look for coins with minimal wear and strong details, especially on Lincoln’s hair and the wheat stalks. A high-grade example with a vibrant red color is far more valuable.
✅ Store Properly
Use acid-free coin flips or plastic holders to store your pennies. Copper is prone to oxidation and can lose value if it tarnishes.
✅ Complete a Mint Set
Try collecting all three varieties — 1949, 1949-D, and 1949-S. A complete 1949 mint set in uncirculated condition is affordable and makes for a solid beginner project.
✅ Watch for Bargains
Many circulated 1949 wheat pennies are undervalued. Coin shows, estate sales, and eBay lots often contain hidden gems.
Is the 1949 Wheat Penny Rare?
The short answer is no, the 1949 Lincoln Wheat Penny is not considered rare in most conditions. With over 435 million coins minted across all three mints, most 1949 pennies remain widely available. However, high-grade red specimens, especially with error varieties, can be much scarcer and more desirable to collectors.
Final Thoughts
The 1949 Lincoln Wheat Penny may not be a million-dollar rarity, but it offers significant value to collectors seeking affordable, historically rich coins. Whether you’re building a complete wheat cent set or just starting your collection, the 1949 penny is an accessible and rewarding coin to own.
If you’re lucky enough to find one in exceptional condition, especially with red coloration or a unique error, hold on to it. Its value could appreciate over time as interest in vintage American coins continues to grow.