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What is the rarest wheat penny?

The most valuable Wheat Penny ever auctioned is a unique 1943-D Bronze Cent, sold for $840,000. Other examples of valuable wheat pennies include the 1909-S VDB Lincoln Wheat Penny, the 1944 Steel Penny, and other variations of the 1943 Bronze Penny.

sdbullion.com - Valuable Lincoln Wheat Pennies List (1909-1958) - SD Bullion

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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, replacing the Indian head pennies in production at the time. The first Lincoln pennies released came to be known as the Lincoln wheat penny, or Lincoln wheat cent, which featured two wheat stalks framing the writing on the reverse side.

This article will answer the two key questions about the Lincoln wheat pennies: What are the most valuable wheat pennies to coin collectors (i.e. key dates, low mintage, minting errors), and what are the wheat pennies to look for in your pocket change?

What Is a Wheat Penny?

Wheat pennies refer specifically to Lincoln Cents produced from 1909 to 1958. The obverse featured the Lincoln head design, still present in the one-cent coins minted today, but the reverse portrayed wheat stalks, hence the moniker. President Theodore Roosevelt commissioned a revamp in the American coinage at the time. And the famous sculptor Augustus Saint-Gaudens was the one tasked with the redesigns. However, Saint-Gaudens fell gravely ill and passed away before finalizing the design for the penny. Litvak-American sculptor Victor David Brenner inherited the task. The dies were prepared in the Philadelphia Mint and distributed to the other branches in June of 1909. That initial year 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. Brenner's 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, as a good rule of thumb, all wheat pennies, including common dates, 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 to coin collectors. 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 carry higher premiums and will cost you, well, a pretty penny.

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Here are some of the most valuable wheat pennies updated as of July 2022.

Check out more: What are pennies made of

How Much is a Wheat Penny Worth?

The following list contains the most valuable wheat pennies that were issued into circulation. Their values are based on the latest deals and market updates. They are worth a considerable amount over their copper melt value due to their numismatic interest. Not unlike key dates from silver dimes, quarters, half dollars and dollar coins who are worth much more than what is called "junk silver".

1944 Steel Penny

In 1943, due to the United States' involvement in World War II, the United States Mint had to replace the use of copper for steel for the wheat cents. The change lasted only a year, and in 1944, the bronze alloy returned to the Lincoln wheat cents again. However, some leftover steel blanks ended up in the pressing machines, and these 1944 steel cents ended up in circulation. The reason 1944 Steel Cents are so valuable is precisely because they are extremely rare coins. There are only around 30 samples known. Value: In average condition, this coin is worth about $77,000 and as much as $110,000 if in certified mint state condition by a coin grading service.

1943 Copper Penny

As mentioned above, 1943 cents should have been minted with steel rather than copper due to the country's efforts in World War II. Numismatists believe some bronze planchets were used by mistake. Very few of these pennies were minted and released into circulation. In other words, this is actually an extremely rare error coin. Value: In average condition, many collectors would be willing to pay about $60,000 and as much as $85,000 in mint condition.

1914 D Wheat Penny

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

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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 coin ranges in value from about 35 cents to $3,000 if in mint condition.

1909 S VDB Penny

As previously mentioned, the debut year had V.D.B. and non V.D.B. versions. The VDB pennies minted in the San Francisco Mint are the rarest. Value: In average condition, this penny will be worth around $950 and in mint condition around $2,200. Value: This Lincoln penny is worth around $1.50 and up to $1,800 if in mint condition.