If you’ve ever come across an old penny in your drawer or pocket change, it might be worth more than you think. The Lincoln Wheat Penny, also known as the Wheat Cent, is not just a relic of the past—it could be your ticket to a small fortune. Some rare variations of these coins have been known to fetch thousands—and in total, collectors estimate rare coins like these could be worth up to $50 million.
Whether you’re a seasoned collector or just starting out, understanding the history and value of the Lincoln Wheat Penny can help you spot treasures hiding in plain sight.
What Is a Lincoln Wheat Penny?
The Lincoln Wheat Penny is a one-cent coin minted by the U.S. Mint between 1909 and 1958. It features President Abraham Lincoln on the obverse (front) and two wheat stalks on the reverse. This iconic coin replaced the Indian Head Cent and was succeeded by the Lincoln Memorial Cent in 1959.
What made the Wheat Penny groundbreaking? It was the first U.S. coin to feature a real person—President Lincoln—setting a new standard for American coinage.
Table of Contents
- What Is a Lincoln Wheat Penny?
- History of the Wheat Cent
- Key Design Features
- The Transition to the Lincoln Memorial Cent
- What Makes a Wheat Penny Valuable?
- Common vs. Rare Wheat Pennies
- Identifying Rare and Error Coins
- Where to Buy and Sell Wheat Pennies
- Final Thoughts
History of the Lincoln Wheat Penny
The coin was designed by Victor David Brenner, a renowned sculptor, to commemorate Lincoln’s 100th birthday in 1909. The introduction of Lincoln’s portrait marked a significant shift in U.S. coin design.
Brenner’s initials—VDB—initially appeared prominently on the reverse of the 1909 coin, but due to controversy, they were quickly removed. This limited release created one of the rarest Wheat Pennies: the 1909-S VDB.
In 1959, to celebrate Lincoln’s 150th birthday, the reverse was changed to feature the Lincoln Memorial, marking the end of the Wheat Penny era.
Design Highlights of the Lincoln Wheat Penny
Obverse (Front):
- Portrait of President Abraham Lincoln (right-facing).
- Inscriptions: “IN GOD WE TRUST” above, “LIBERTY” to the left, and the mint year to the right.
Reverse (Back):
- Two wheat stalks, one on each side.
- Inscriptions: “E PLURIBUS UNUM” at the top, “UNITED STATES OF AMERICA” in the center, and “ONE CENT” at the bottom.
Mintmarks:
- No mintmark = Philadelphia
- D = Denver
- S = San Francisco
Look for the mintmark just below the year on the obverse.
The Transition to the Lincoln Memorial Cent
The Wheat Penny’s design was retired in 1958, replaced in 1959 by the Lincoln Memorial reverse. While Lincoln’s profile remained on the front, the change marked a new chapter in U.S. numismatics.
What Makes a Lincoln Wheat Penny Valuable?
Not all Wheat Pennies are worth a fortune—but some can sell for thousands of dollars, especially in top condition. Here’s what to look for:
1. Rarity
Certain years and mintmarks had low production numbers, making them more valuable. For example:
- 1909-S VDB – Only 484,000 minted
- 1914-D – Just over 1 million minted
- 1922 No D – A rare minting error
2. Condition (Grade)
Grading is crucial. Uncirculated coins or those in MS-65+ condition (per the Sheldon scale) command the highest prices.
3. Mintmark
Coins from the San Francisco (S) and Denver (D) mints are often more sought-after than those from Philadelphia.
4. Collector Demand
Popularity and demand among collectors also influence prices. High-quality rare coins are always in demand.
Common Lincoln Wheat Pennies
Most Wheat Pennies you’ll find in circulation are from common years, like:
- 1941
- 1944
- 1945
These are generally worth a few cents to a dollar, depending on condition.
Rare and High-Value Wheat Pennies
Some of the most valuable include:
- 1909-S VDB – Often valued between $700 and $2,000+, depending on condition.
- 1914-D – Sells for $300 to $5,000+ in higher grades.
- 1922 No D – This error coin can be worth $500 to $10,000+.
- 1931-S – Low mintage makes this coin worth $75 to $1500, based on grade.
How to Spot Valuable Wheat Pennies
Here’s what to check when evaluating your coins:
- Date: Key dates like 1909-S VDB, 1914-D, 1922 No D, and 1931-S stand out.
- Mintmark: Look carefully below the date.
- Errors: Misstrikes, double dies, and missing mintmarks can add serious value.
- Grade: Use a magnifier to check for scratches, wear, and luster.
Where to Buy and Sell Wheat Pennies
Buying:
- Reputable coin dealers
- Coin shows and expos
- Online platforms: eBay, GreatCollections, Heritage Auctions, etc.
Selling:
- Get your coins professionally graded (e.g., PCGS, NGC).
- Sell through certified dealers, auctions, or online marketplaces.
Pro tip: Never clean your coin—cleaning can significantly reduce its value!
Final Thoughts
The Lincoln Wheat Penny is more than just spare change—it’s a piece of American history. Whether you’re in it for the fun of collecting or hoping to cash in on a rare find, these coins offer an exciting opportunity.
With some rare versions commanding five-figure prices, it’s worth digging through your closet, coin jar, or old family keepsakes. You might just discover a hidden treasure worth thousands—or even help contribute to the estimated $50 million value tied up in rare U.S. coins.