1909–1940 Wheat Penny Price Chart: The initial period of American Lincoln Wheat Pennies, specifically the years 1909 to 1940, is not merely a pivotal chapter in American numismatic history but also signifies a colossal investment potential for collectors in the present day. A large number of coins minted within this frame of time have the ability to attain prices starting from a few dollars and going up to thousands of dollars. Their high worth is attributed to low mintage figures, rare mint marks, unique mint errors, and the historical significance of the first year’s design. This era is like a trip to the funfair for new collectors, whereas seasoned numismatists are ready to shell out big bucks for the rare gems that are buried in these years.
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What makes this early period so special?
There are several reasons that can explain why there is a high demand for Wheat Pennies from these early years. Firstly, the first-year design and the historical significance are the aspects that make them highly collectible. Along with the normal 1909 Lincoln Wheat Penny, very few extremely rare variations were also produced in 1909 and these are currently the most sought after in the world by collectors.
Moreover, a number of key dates with low mintage figures from the S (San Francisco) and D (Denver) mints have limited availability, which is the reason for the increase in their market value. Investors are willing to spend a great deal more than the actual value to obtain Mint State coins, in particular, those with Full Red (RD) color, as their brightness, color, and good condition make them outstanding.
Over time, coins from these early years have consistently appreciated in value, making this period a crucial one for serious collectors.
Which factors determine the highest value?
Four main factors influence the value of Wheat Pennies:
- Year and Mintage Number – Coins with lower production numbers naturally command higher prices.
- Rarity of the Mint Mark – Several key dates from the S and D mints are particularly valuable.
- Condition and Color (BN/RB/RD) – Full Red coins fetch the highest prices, followed by Red-Brown and then Brown.
- Mint Errors and Doubled Die Varieties – Coins with such errors are extremely valuable to collectors.
A common Wheat Penny might be worth a few cents, but a rare coin from the same period can fetch the price of a car.
1909–1919: Value Chart for the Early Decade
The first decade of Wheat Pennies is considered the most significant. Many coins from these years are known to collectors as “key dates.”
- Common Circulated Dates: $0.50 – $10
- Rare Mintmark Coins: $10 – $75+
- Mint State (MS) Coins: $100 – $600+
- The Rarest 1909-S VDB: $600 – $4,500+ (depending on grade)
The 1909-S VDB remains one of the most iconic and sought-after key rarities in the American numismatic world.
1920–1929: Notable Rarities Amidst Increased Production
While coin production increased in the 1920s, some varieties remain very rare.
- Common Circulated Coins: $0.10 – $1
- Mid-Grade Mintmark Dates: $1 – $20
- Mint State RD: $40 – $350+
- 1922 No D (Weak/Strong): $750 – $25,000+
The 1922 No D penny is a variety that every serious collector dreams of owning. Its high price is due to its rarity and unique mint error.
1930–1939: Notable Varieties of the Depression Era
The 1930s were a mixed bag—production was high in many years, but some coins still command high prices in the collector market. Common Circulated Dates:
- $0.08 – $0.75
- Premium Mintmarks: $1 – $25
- Mint State RD: $30 – $300+
- 1931-S (Key Rarity): $65 – $2,100+
The 1931-S is considered the most significant semi-key date of this decade.
The Most Expensive Wheat Pennies of This Period
Some coins from 1909–1940 consistently remain at the top of the list:
- 1909-S VDB
- 1914-D
- 1922 No D
- 1931-S
- 1914-S and other low-mintage S marks
A high-grade Full Red version of any of these coins can fetch record-breaking prices at auction.
Why are Grading and Color Important?
The biggest determinant of a coin’s value is its grade. A better grade means less wear, more luster, and overall beauty.
Main Grade Levels:
- Good (G): Heavy wear but legible
- Fine (F): Light to moderate wear, balanced details
- Extremely Fine (XF): Hair and wheat lines are clear
- Mint State (MS60–MS70): Absolutely no wear, attractive luster
Value Based on Color:
- BN (Brown): Common and lower value
- RB (Red-Brown): Medium value
- RD (Full Red): Highest premium
A Full Red coin can be many times more expensive, especially for varieties from the earlier years.
How to Identify Key Dates and Mintmarks?
Accurate identification is crucial for collectors. The easiest way:
- Look for the S or D mintmark below the date
- Examine the strike quality, rim, and clarity of the center
- Note any doubled dies or weak impressions
- Compare with reference books or certified images
Sometimes a small mintmark can turn your ordinary coin into one worth thousands of dollars.
Final Conclusion
Wheat Pennies from 1909 to 1940 are considered the backbone of American copper coin collecting. These coins are not only historically significant but have also steadily increased in value over time. Coins such as the 1909-S VDB, 1914-D, 1922 No D, and 1931-S are still highly sought after and would be prized additions to any advanced collection.
Understanding this era is crucial for anyone interested in coin collecting or investing. Identifying the correct value, color, grading, and mint mark is essential. You can not only build a strong collection, but also see good financial growth in the long run. If you have a box of old coins, inherited collections, or coin rolls, you might just have a hidden treasure on your hands.
FAQs
Q. What are Wheat Pennies?
A. Wheat Pennies are U.S. one-cent coins minted from 1909 to 1958 featuring wheat ears on the reverse.
Q. Why are early-era Wheat Pennies valuable?
A. Low mintages, rare mintmarks, key dates, and historic first-year issues make them highly collectible.
Q. Which Wheat Penny is the most valuable?
A. The 1909-S VDB, 1914-D, 1922 No D, and 1931-S are among the top high-value coins.
