The Lincoln Wheat penny, minted from 1909 through 1958, represents one of America’s most beloved and widely collected coin series.
Within this expansive collection spanning nearly five decades, certain issues stand out for their historical significance, genuine scarcity, and exceptional market value.
This examination explores five of the most valuable and sought-after Lincoln Wheat cents, their unique stories, and current market valuations that reveal how these small copper coins can represent substantial numismatic treasures.
The 1909-S VDB: America’s Storied First-Year Rarity
The most famous Lincoln Wheat cent emerged during the very first year of production, when designer Victor David Brenner’s initials (VDB) were prominently placed on the reverse.
Public objection to this perceived “advertising” prompted officials to remove the initials after striking only 484,000 examples at the San Francisco Mint.
This limited production created an instant numismatic classic possessing the perfect combination of historical significance, documented low mintage, and compelling origin story.
The 1909-S VDB represents the quintessential key date coin – immediately recognizable to collectors and non-collectors alike.
The low mintage figure, combined with limited saving by contemporary collectors, created genuine scarcity that has only intensified as decades of collecting removed additional examples from circulation. Today, this iconic issue commands substantial premiums across all condition grades.
Current market values demonstrate consistent appreciation for this storied coin:
In well-worn Good-4 condition, examples trade between $700-$800
Fine-12 examples, showing moderate wear but clear detail, command $950-$1,200
Very Fine-20 specimens realize $1,300-$1,600
Extremely Fine-40 examples, with only light wear on high points, bring $1,900-$2,300
About Uncirculated-50 specimens approach $2,500-$3,000
Uncirculated MS-63 Red Brown examples realize $3,500-$4,500
Uncirculated MS-63 Full Red specimens command $5,000-$6,500
Premium Gem MS-65 Red examples bring $9,500-$12,000
Superb MS-66 Red specimens have realized $18,000-$25,000 in recent auctions
Authentication proves crucial for this valuable issue, as added “S” mint marks and counterfeit examples have targeted this key date.
Diagnostic points include the precise positioning of the mint mark, specific characteristics of the VDB initials, and die markers documented by experienced numismatists.
Professional certification through PCGS, NGC, or other established grading services provides essential protection against misrepresented examples, particularly for high-grade specimens commanding five-figure sums.
The 1914-D: The Overlooked Condition Rarity
While lacking the storied reputation of the 1909-S VDB, the 1914-D represents a genuinely scarcer issue in higher circulated and uncirculated grades.
With a mintage of 1,193,000 pieces struck at Denver, this issue suffered from both extended circulation and limited contemporary collecting interest.
Few examples were saved in mint state, creating a legitimate condition rarity despite a mintage more than double that of the 1909-S VDB.
The market values for this often-overlooked key date demonstrate its true scarcity:
Good-4 examples trade for $200-$275
Fine-12 specimens bring $350-$500
Very Fine-20 examples command $600-$850
Extremely Fine-40 specimens realize $1,200-$1,800
About Uncirculated-50 examples bring $2,200-$3,000
Uncirculated MS-63 Red Brown specimens realize $4,000-$5,500
Uncirculated MS-63 Full Red examples command $9,000-$12,000
Gem MS-65 Red examples have brought $20,000-$28,000 in recent transactions
The 1914-D exhibits several distinctive characteristics that aid authentication, including typically weak striking on Lincoln’s ear and beard area, often accompanied by a slightly rough Denver mint surface texture.
These production characteristics help distinguish genuine examples from altered specimens where mint marks have been added to Philadelphia issues.
Professional certification provides essential protection against such alterations, particularly important as values have increased substantially in recent years.
The 1922 Plain: The Mint Mark Mystery
This famous variety resulted from production anomalies at the Denver Mint during a year when no cents were produced in Philadelphia.
Worn and improperly cleaned dies, combined with grease accumulation, resulted in examples where the “D” mint mark appears extremely weak or entirely absent.
Numismatic research has identified several die pairs that created different variants, with the most valuable being Die Pair 2 showing absolutely no trace of the mint mark but strong reverse details.
Current market values reflect the significant premium commanded by the No D, Strong Reverse variety:
Good-4 examples trade for $500-$750
Fine-12 specimens realize $1,000-$1,500
Very Fine-20 examples command $2,000-$3,000
Extremely Fine-40 specimens bring $4,000-$6,000
About Uncirculated-50 examples realize $7,500-$10,000
Uncirculated MS-63 Brown specimens command $20,000-$25,000
Uncirculated MS-63 Red Brown examples bring $30,000-$35,000
Authentication requires careful examination under magnification, as the area where the mint mark should appear often shows distinctive die polishing lines rather than the mint mark itself.
Professional certification has become increasingly important as counterfeit examples have appeared targeting this valuable variety.
The market distinguishes significantly between true “No D” examples and those showing weak traces of the mint mark, with corresponding value differences between these categories.
The historical circumstances surrounding this variety add to its appeal. During the economic difficulties of the early 1920s, mint production received less rigorous quality control than during more prosperous periods.
The 1922 Plain resulted from these relaxed standards, where worn dies remained in service rather than being replaced. This historical context provides additional collector interest beyond the mere absence of a mint mark.
The 1955 Doubled Die Obverse: The Spectacular Modern Error
The most dramatic doubled die in the series resulted from misalignment during the hubbing process, creating spectacular doubling visible even without magnification.
This dramatic error appears most prominently on the date, “LIBERTY,” and “IN GOD WE TRUST,” with obvious spreading between the primary and secondary impressions.
Approximately 20,000-24,000 examples entered circulation before discovery, creating one of the most sought-after 20th-century varieties.
Current market values reflect both popularity and relative availability compared to earlier key dates:
Very Good-8 examples trade for $950-$1,200
Fine-12 specimens realize $1,200-$1,500
Very Fine-20 examples command $1,500-$1,800
Extremely Fine-40 specimens bring $2,000-$2,500
About Uncirculated-50 examples realize $2,800-$3,500
Uncirculated MS-63 Red Brown specimens command $3,500-$4,500
Uncirculated MS-63 Full Red examples bring $5,500-$7,000
Gem MS-65 Red specimens have realized $18,000-$25,000 in recent transactions
Authentication requires familiarity with the specific doubling characteristics, as other minor doubled dies exist for the same year.
The dramatic Class I doubling shows clear separation between the primary and secondary images, distinguishing it from less significant doubled dies and mechanical doubling that lacks the sculptural, dimensional quality of true hub doubling.
The discovery circumstances add to this variety’s appeal. Many examples were found in cigarette packs purchased from vending machines in the northeastern United States, creating an engaging origin story that continues fascinating collectors.
Unlike many rarities that emerged from banking channels or coin dealer inventories, this variety entered the numismatic marketplace directly from everyday commerce, reinforcing the “treasure hunt” aspect of coin collecting.
The 1931-S: Depression-Era Low Mintage
Economic conditions during the Great Depression dramatically reduced cent production, with the San Francisco Mint striking just 866,000 examples in 1931 – creating the second-lowest regular-issue mintage in the series aside from the 1909-S VDB.
Unlike earlier rarities, collector awareness of this low mintage prompted significant saving, resulting in a relatively high survival rate in uncirculated condition despite the limited production.
This preservation pattern creates an interesting market dynamic:
Good-4 examples trade for $100-$125
Fine-12 specimens bring $110-$140
Very Fine-20 examples command $125-$150
Extremely Fine-40 specimens realize $175-$225
About Uncirculated-50 examples bring $250-$350
Uncirculated MS-63 Red Brown specimens command $350-$450
Uncirculated MS-63 Full Red examples realize $500-$650
Gem MS-65 Red specimens bring $1,000-$1,500
Superb MS-67 Red examples have commanded $7,500-$10,000 in recent auctions
The 1931-S typically exhibits superior striking characteristics compared to earlier San Francisco issues, though the mint mark placement shows some variation.
The relatively high survival rate in uncirculated condition has limited price appreciation compared to genuinely scarcer issues, creating potential value opportunities for knowledgeable collectors.
The historical context of production during the depths of the Great Depression adds collector interest beyond mere rarity considerations.
Market Dynamics and Investment Considerations
These five exceptional Lincoln Wheat cents demonstrate several important principles in numismatic valuation.
First, historical significance dramatically influences collector demand and resulting market values, as evidenced by the premium commanded by the first-year 1909-S VDB despite higher survival rates than the 1914-D in comparable grades.
Second, condition exponentially affects valuation, with dramatic price increases between adjacent grade points at the upper end of the condition scale.
For collectors and investors considering these premier Lincoln cent rarities, several approaches merit consideration.
The 1909-S VDB in mid-range circulated grades has demonstrated remarkable stability with consistent long-term appreciation, making it an excellent “blue chip” numismatic investment.
The overlooked 1914-D may represent better value relative to its genuine scarcity, particularly in higher circulated grades where the greatest rarity disparity exists compared to the 1909-S VDB.
Authentication and professional certification have become increasingly important as values have increased. The modest cost of certification represents prudent insurance against misattributed varieties, counterfeit examples, or altered mint marks.
For valuable varieties like the 1922 Plain, where specific die characteristics determine significant value differences, expert attribution provides essential verification for informed purchasing decisions.
5 Lincoln Wheat Penny worth
These five extraordinary Lincoln Wheat cents demonstrate how seemingly humble one-cent coins can achieve remarkable value through historical circumstances, production anomalies, and the enduring appeal of American numismatics.
From first-year rarities to Depression-era low mintages and spectacular errors, these small copper treasures represent the perfect intersection of historical significance, genuine scarcity, and enduring collector demand.
As modern coin production reaches unprecedented mintage figures with flawless production technology, the distinctive character and genuine scarcity of these early to mid-20th century rarities becomes increasingly apparent.
Their historical significance, combined with documented rarity and established collector demand across multiple generations, suggests continued strength for these five legendary Lincoln Wheat cents that consistently rank among America’s most valuable small denomination coins.