If you’ve ever emptied your change jar and found an old penny with wheat stalks on the reverse, you may have stumbled upon a small fortune. The Lincoln Wheat Penny, minted from 1909 to 1958, is one of the most collected coins in American numismatics. While most wheat pennies are worth only a few cents to a few dollars, some rare varieties can fetch thousands—or even hundreds of thousands—of dollars at auction.
In this article, we’ll explore what makes a Lincoln Wheat Penny valuable, highlight the top rare wheat pennies, and provide tips for identifying and appraising these historic coins.
What Is a Lincoln Wheat Penny?
The Lincoln Wheat Cent was introduced in 1909 to commemorate the 100th birthday of President Abraham Lincoln. Designed by Victor David Brenner, it was the first U.S. coin to feature a real person rather than a symbolic figure like Liberty. The coin features Lincoln’s profile on the obverse (front) and two stylized wheat stalks flanking the words “ONE CENT” and “UNITED STATES OF AMERICA” on the reverse—hence the nickname “wheat penny.”
Lincoln wheat pennies were minted until 1958, when the design was replaced by the Lincoln Memorial reverse in 1959.
What Makes a Lincoln Wheat Penny Valuable?
Not all wheat pennies are rare, but certain features can make them valuable to collectors:
- Minting errors (such as double dies or off-center strikes)
- Low mintage years
- Condition and grade (MS-65 or higher can command a premium)
- Historical significance
- Mint mark (coins from the San Francisco and Denver mints are often scarcer than Philadelphia issues)
Let’s now look at some of the most valuable Lincoln wheat pennies ever discovered.
10 Most Valuable Lincoln Wheat Pennies
1. 1943-D Bronze Cent – Up to $2.3 Million
During World War II, the U.S. Mint switched from copper to zinc-coated steel to conserve copper for the war effort. However, a few 1943-D wheat pennies were accidentally struck on bronze planchets. These ultra-rare coins can fetch over $1 million in pristine condition.
2. 1944 Steel Penny – Up to $200,000+
In 1944, the Mint returned to copper, but a few steel planchets from 1943 were mistakenly used. These 1944 steel cents are rare and highly sought after, with prices exceeding $100,000 at auction.
3. 1909-S VDB Lincoln Cent – $700 to $60,000+
This is the holy grail of Lincoln wheat pennies. The “VDB” initials refer to designer Victor David Brenner. Only 484,000 of these coins were struck at the San Francisco Mint before public backlash over the prominent initials led to their removal. A mint-state 1909-S VDB can bring $50,000+ at auction.
4. 1914-D Wheat Penny – $300 to $25,000+
With only 1.2 million minted, the 1914-D is one of the rarest regular-issue wheat cents. High-grade examples are hard to find and are worth thousands.
5. 1922 No D Wheat Penny – $500 to $20,000+
In 1922, only the Denver Mint produced pennies. However, a die polishing error caused some coins to appear without a “D” mint mark. These “No D” cents are extremely collectible.
6. 1931-S Lincoln Penny – $100 to $5,000+
This Depression-era penny had a mintage of only 866,000, making it the second-lowest mintage in the wheat series. It’s a key date for collectors.
7. 1955 Doubled Die Obverse – $1,000 to $15,000+
Perhaps the most famous error penny, the 1955 DDO (Doubled Die Obverse) features extreme doubling on the date and inscriptions. Even worn examples can sell for over $1,000.
8. 1924-D Lincoln Penny – $100 to $3,000+
The 1924-D has a relatively low mintage and is hard to find in high grades. Collectors will pay a premium for well-preserved versions.
9. 1917 Doubled Die Obverse – $150 to $3,000+
This early doubled die error is a favorite among specialists. The doubling is prominent on “IN GOD WE TRUST” and “LIBERTY.”
10. 1936 Doubled Die Obverse – $100 to $2,500+
Less dramatic than the 1955 variety, the 1936 DDO still offers clear doubling, especially in higher grades.
How to Identify a Valuable Wheat Penny
To determine if your Lincoln wheat penny is valuable:
- Check the date and mint mark
Look under the date for a D (Denver) or S (San Francisco) mint mark. Some dates and mint combinations are much rarer than others. - Look for errors
Use a magnifying glass to check for doubling (especially on the date and lettering) or unusual metal compositions (such as a 1943 bronze or 1944 steel). - Assess the condition
Coins with minimal wear, original luster, and no damage are worth significantly more. Use the Sheldon coin grading scale to estimate the grade. - Use a coin guide or app
Use trusted resources like the Red Book (A Guide Book of United States Coins) or apps like PCGS CoinFacts for price estimates and authentication help.
Tips for Selling or Collecting Wheat Pennies
- Keep coins in protective holders to prevent damage from handling.
- Avoid cleaning your coins, as this can significantly reduce their value.
- Join a coin club or online community to learn from other collectors.
- Get your coin graded by a professional service like PCGS or NGC if you suspect it may be rare or valuable.
- Sell through reputable dealers or auction houses for the best prices.
Final Thoughts
The Lincoln Wheat Penny is more than just pocket change—it’s a gateway into American history and a potential treasure trove for sharp-eyed collectors. Whether you’re just starting out or you’ve inherited a coin collection, it pays to know which wheat pennies are worth money and why.
From the legendary 1909-S VDB to the elusive 1943 bronze cent, the world of Lincoln wheat pennies is full of valuable surprises. Start searching your change, checking garage sales, or exploring estate auctions—you never know when a single penny could be worth thousands.