The word penny has been around since medieval times, and the name of the U.S. penny comes from the British coin with the same name.
First minted in 1787, the U.S. penny has been one of the mainstays of American coinage. The official U.S. Mint name for the coin is the “cent,” and the official U.S. Treasury name for it is “one-cent piece.”
Although pennies have been around since the late 1700s, the penny did not take its now-familiar form until 1909, when its design began featuring President Abraham Lincoln — to celebrate the centennial of his birth.
The first Lincoln head pennies debuted what became known as the Lincoln wheat penny, which featured two wheat stalks framing the writing on the reverse side.
This article will answer the two key questions about the wheat pennies: What are the most valuable wheat pennies, and what are the wheat pennies to look for?
What Is a Wheat Penny?
Wheat pennies made their debut at the same time as the Lincoln head design. However, although the Lincoln head remains the obverse side’s design, wheat pennies were only produced from 1909 to 1958.
The initial year, 1909, had two versions. One version had the engraver’s initials, Victor David Brenners (V.D.B.), on the reverse side, and the other did not. The initials would be brought back in 1918, but they were much smaller and were placed on the front of the coin near Lincoln’s shoulder.
Although a wheat penny’s face value is one cent, all wheat pennies are worth more than their face value. Even those in poor condition are worth at least 3 or 4 cents, and some can be worth six figures.
Most wheat pennies in good condition will be worth about $10 on average and are fairly easy to find and purchase. Of course, the rarest wheat pennies will cost you, well, a pretty penny.
Here are some of the most valuable wheat pennies in order from most valuable to least.
How Much is a Wheat Penny Worth?
The following list of most valuable wheat pennies were issued into circulation, so their values are not based on minting errors.
1944 Steel Penny
Source: PCGS
Only a few 1944 Steel pennies were minted, and those released into circulation were done in error.
Value: In average condition, this coin is worth about $77,000 and as much as $110,000 if in certified mint state condition at the auction.
1943 Copper Penny
Source: Gainesville Coins
Very few of these pennies were minted and would have been released into circulation by error. Due to supply, pennies of this year were supposed to be steel or war pennies.
Value: In average condition, this would be worth about $60,000 and as much as $85,000 in mint condition.
1914 D Wheat Penny
Source: USA CoinBook
This year and mintage (Denver) is considered a key date and is the most valuable of the non-error Wheat pennies.
Value: The value ranges from $280 to as much as $5,500 in mint condition.
1922 D Wheat Penny
Source: USA CoinBook
Value: This penny’s value ranges from about $20 to as high as $5,000 if in mint condition.
1926 Wheat Penny
It has no mintmark.
Value: This penny ranges in value from about 35 cents to $3,000 if in mint condition.
1909 S VDB Penny
Source: PCGS
As previously mentioned, the debut year had V.D.B. and non V.D.B. versions. The VDB pennies minted in San Francisco are the rarest.
Value: In average condition, this penny will be worth around $950 and in mint condition around $2,200.
1925 S Wheat Penny
Source: USA CoinBook
Value: It is worth around $1.50 and up to $1,800 if in mint condition.
1914 S Wheat Penny
Source: USA CoinBook
Value: The 1914 S is worth an average of $28 and as high as $1,500.
1924 S Wheat Penny
Source: USA CoinBook
Value: It is valued from $1.55 to as much as $1,500.
1915 S Wheat Penny
Source: USA CoinBook
It is worth significantly more than its face value in any condition.
Value: Anywhere from $30 to as much as $1,200.
1924 D Wheat Penny
Source: USA CoinBook
This penny is also worth much more than face value.
Value: The value of this penny ranges from $35 to $1,200.
1923 Wheat Penny
Source: USA CoinBook
There is no mint mark on this penny.
Value: This penny is worth anywhere from 75 cents up to $1,000.
1927 Wheat Penny
Source: USA CoinBook
Value: Without a mint mark, it ranges in value from about 35 cents to $1,000.
1918 D Wheat Penny
Source: USA CoinBook
Value: The value ranges from $1.25 to about $900.
1920 S Wheat Penny
Source: USA CoinBook
Value: This penny is worth anywhere from 75 cents to as much as $900.
1921 S Wheat Penny
Source: USA CoinBook
Value: The value of this penny ranges from $1.95 to around $850.
1916 S Wheat Penny
Source: USA CoinBook
Value: It ranges in value from about $8 to $800.
1917 S Penny
Source: USA CoinBook
Value: The value of this coin ranges from 95 cents to as much as $700.
Other Wheat Pennies to Look For
In addition to the pennies mentioned above, keep an eye out for wheat pennies with double dies and other errors — they’re rare.
Here are five that are valuable due to errors in manufacturing.
1909 S Over Horizontal S
Source: PCGS
Until recently, mint marks were punched by hand, and thus the position tended to vary slightly. Mistakes also happened, and rather than scrapping the coin, the coin was usually re-punched with the correct mark. With this coin, the S was originally punched horizontally and was re-punched vertically.
Value: The value of this coin ranges from $50 up to $240 for uncirculated coins
1917 Double Die Obverse
Source: PCGS
Double die errors result from two impressions being made that are slightly offset from one another. The error can be seen in the word “Trust” and on the date.
Value: The value of a coin with this error ranges from $80 to as much as $3,000 if uncirculated.
1922 No D
Source: PCGS
For some reason, the Denver Mint produced around 500,000 pennies without the “D” mint mark this mintage year.
Value: Values range from $350 to about $12,000 for this coin.
1944 D D Over S
Source: USA CoinBook
Another example of a re-punched coin, an S was originally punched and then covered up with a D.
Value: The value of this coin ranges from $40 to about $260.
1955 Doubled Die Obverse
Source: PCGS
These coins have been given the designation “King of Lincoln Cent Varieties” due to the doubling’s dramatic extent.
Value: The value ranges from $500 to around $1,900.
Final Thoughts
While not all wheat pennies will fetch a high price tag, all wheat pennies are worth more than their face value and are thus a sought-after coin for collectors.
With this list of the most valuable wheat pennies in mind, you can now be on the lookout for wheat pennies to add to your collection.
Looking for more? See the 19 Most Valuable Pennies Ever Sold here.
