Collecting coins isn’t just a hobby; it can also be a profitable venture if you know what to look for. Wheat Pennies, minted between 1909 and 1958, are a great place to start for beginner collectors. While most are common, certain variations are incredibly rare and can be worth thousands of dollars. Here’s a guide to the most valuable Wheat Pennies and how to identify them.
What Are Wheat Pennies?
Wheat Pennies are U.S. one-cent coins featuring Abraham Lincoln on the front and two wheat stalks on the back. They were introduced in 1909 to replace Indian Head pennies. While millions of these coins were produced, a few rare editions and errors have made some of them highly sought after by collectors.
1. The 1909-S VDB Wheat Penny
This penny is one of the rarest and most valuable Wheat Pennies. When the U.S. Mint introduced Lincoln cents in 1909, designer Victor David Brenner included his initials, “V.D.B.,” on the reverse side of the coin. However, complaints about the prominence of his initials led to the design being changed shortly after production began.
Only 484,000 of these coins were minted in San Francisco, making them extremely rare. You can identify this coin by the “S” mintmark below the date on the obverse side and “V.D.B.” on the reverse, between the wheat stalks. Its value ranges from $500 to $1,600, depending on its condition.
2. The 1909-S Wheat Penny
After removing Brenner’s initials from the coin, the San Francisco Mint produced 1,825,000 1909-S Wheat Pennies. While not as rare as the 1909-S VDB, they are still valuable to collectors due to their limited mintage.
These coins are identifiable by the “S” mintmark below the date but lack the “V.D.B.” on the reverse. Prices range between $70 and $370.
3. 1909-S Over Horizontal S Error Penny
Errors in minting can significantly increase a coin’s value, and the 1909-S Over Horizontal S is a perfect example. In those days, mint workers applied mintmarks manually using small punches, which sometimes led to mistakes.
This coin has an “S” mintmark that was initially punched horizontally and then corrected to the proper orientation. Faint remnants of the original mark are still visible under magnification. Depending on its condition, this coin can fetch between $80 and $400.
4. 1914-D Wheat Penny
The 1914-D Wheat Penny isn’t as rare as others on this list, but it is still highly valuable due to its limited survival rate. Only 1,193,000 were minted in Denver, and many were taken out of circulation by collectors after its release.
These coins are popular among collectors because they were issued to commemorate the 100th anniversary of Abraham Lincoln’s birth. Their value ranges from $150 to $3,000.
5. 1917 Double Died Reverse Penny
Some of the most valuable coins result from minting errors, and the 1917 Double Died Reverse is no exception. This error occurred when the die struck the coin twice slightly out of alignment, creating a doubling effect.
Look for doubling in the word “TRUST” and on the date. A magnifying glass can help you spot this error. Coins in good condition can sell for $160 to $7,500, making this one of the most profitable Wheat Pennies to find.
Why Are These Coins Valuable?
The value of these Wheat Pennies comes down to rarity, demand, and condition. Coins with low mintages, unique errors, or historical significance are highly sought after by collectors. Their value increases significantly if they are in good condition, with minimal wear and clear markings.
Tips for Identifying Rare Wheat Pennies
- Check Mintmarks: Look for small letters like “S” (San Francisco) or “D” (Denver) under the date.
- Inspect for Errors: Use a magnifying glass to spot minting mistakes like doubled dies or misplaced mintmarks.
- Condition Matters: Coins with fewer scratches, bright luster, and crisp details fetch higher prices.
How to Sell Rare Coins
If you believe you have a valuable Wheat Penny, consider having it appraised by a professional coin dealer. Online marketplaces, auctions, and numismatic conventions are excellent places to sell your coins. Ensure you research their value thoroughly to get the best deal.
Conclusion
Wheat Pennies may seem like ordinary coins, but some variations are worth a fortune. Whether you’re a seasoned collector or a curious beginner, knowing what to look for can turn a simple coin into a valuable treasure. Start checking your collection today—you might be sitting on thousands of dollars without even knowing it!
