Wheat pennies, also known as wheat cents, were minted by the United States Mint from 1909 to 1958. They feature an image of Abraham Lincoln on the obverse and wheat stalks on the reverse, designed by Victor D. Brenner. While most wheat pennies are worth only a few cents, some rare dates and mint errors are extremely valuable to coin collectors. This article will explore what factors make certain wheat pennies worth up to $1,000,000.
Key Factors That Increase Wheat Penny Value
There are a few key factors that can dramatically increase the value of wheat pennies:
- Date and mint mark – Rare dates and mint marks like 1909-S VDB and 1914-D are highly coveted.
- Condition – Pennies in pristine, uncirculated condition are worth far more than worn circulated coins.
- Errors and varieties – Mint errors such as off-center strikes and double dies are scarce and in demand.
- Toning – Beautiful rainbow toning adds appeal and value for collectors.
For a wheat penny to reach a million dollar price tag, it requires an exceptional combination of date/mint, grade, and special attributes like mint errors or special toning. Next, we’ll explore some of the specific wheat cent coins that have sold for $1 million or more.
1909-S VDB Lincoln Cent
The 1909-S VDB is one of the key dates all Lincoln cent collectors aspire to own. It has a tiny mintage of just 484,000 coins, with the initials of designer Victor D. Brenner on the reverse. High grade examples are worth huge premiums. Here are some recent sales of 1909-S VDB pennies at auction:
- An NGC MS67 Red example sold for $2,640,000 in September 2022.
- A PCGS MS66 Red coin brought $1,440,000 in January 2022.
- An NGC MS64 Brown specimen realized $948,000 in August 2018.
No other Lincoln cent even comes close to reaching this level of value. The 1909-S VDB is clearly the #1 wheat penny in terms of price.
1914-D Lincoln Cent
With the lowest mintage in the wheat cent series at just over 1 million coins, the 1914-D is viewed as one of the holy grails of US coin collecting. This Denver Mint issue understandably commands enormous prices in top grades:
- The Simpson Collection PCGS MS66 Red sold for $1,410,000 in September 2022.
- An NGC MS65 Red example brought $1,050,000 in April 2018.
- A PCGS MS64 Red coin realized $995,000 in August 2018.
Despite its tiny mintage, the 1914-D can occasionally be found in circulated condition. However, uncirculated examples are few and far between, placing this issue just behind the 1909-S VDB in terms of value and popularity.
1931-S Lincoln Cent
With a relatively low mintage of 866,000 coins, the 1931-S is the scarcest San Francisco Mint wheat penny. It is always in high demand, especially in Mint State grades. Notable auction sales include:
- The Simpson Collection PCGS MS68 Red sold for $792,000 in September 2022.
- An NGC MS67 Red brought $431,250 in January 2018.
- A PCGS MS65 Red realized $253,000 in April 2017.
The 1931-S formally held the record for most valuable Lincoln cent when an MS68 Red example sold for $1,105,500 back in 2012. It remains one of the keys to completing a high-end collection of wheat cents.
1922 No D Lincoln Cent
One of the most famous and dramatic mint errors in American numismatics is the 1922 No D. As the name implies, this variety was struck without the mintmark “D” for the Denver mint. Here are some auction records for this prominent wheat penny error:
- The Simpson Collection PCGS MS63 Brown brought $960,000 in September 2022.
- An NGC MS62 Brown sold for $660,000 in April 2018.
- A PCGS AU58 Brown realized $546,000 in August 2012.
While lower grades are occasionally available, Mint State examples of the 1922 No D are virtually unheard of. Out of the thousands of 1922-D cents produced, only a handful were struck without the mintmark, making this error understandably popular.
1943-D Lincoln Cent Struck on a Bronze Planchet
As part of the WWII copper shortage, the 1943 cent was struck in zinc-coated steel rather than bronze. A few 1943 bronzes did slip through however, making them immensely valuable. Of particular note is this 1943-D struck in bronze:
- The Simpson Specimen PCGS MS63 Brown sold in September 2022 for $780,000.
Any circulation strike 1943 cent struck in bronze is extremely rare. When found, they trade hands for huge six and sometimes even seven-figure prices. The 1943-D bronze cent is one of the most famous mint errors in numismatics.
1924-D Lincoln Cent
Although it has a much larger mintage than the 1914-D and 1931-S at over 7 million coins, the 1924-D is extraordinarily rare in Mint State. Tied for the lowest certified population of any wheat cent in MS67 Red, the 1924-D is a sleeper date that garners huge auction prices when offered:
- An NGC MS67 Red example brought $660,000 in April 2018.
- A PCGS MS66+ Red sold for $552,000 in August 2014.
- An NGC Red MS66 realized $431,250 in January 2021.
Despite its relatively large mintage, the 1924-D wheat cent manages to be one of the rarest dates of the series in uncirculated condition. Collectors cherish MS66 and better examples.
Other Notable Wheat Cent Rarities
While they have not yet hit the million dollar mark, here are some other wheat pennies that have traded for impressively large sums:
- A PCGS PR68 Red 1943 copper cent sold for $504,000 in August 2022.
- An NGC MS68 Red 1958-D cent realized $471,000 in August 2018.
- The Simpson Collection PCGS PR67 Red 1907 cent brought $456,000 in September 2022.
- A PCGS MS67+ Red 1932-D cent sold for $432,000 in August 2018.
These examples showcase the tremendous demand for rare wheat pennies at the very pinnacles of condition. While not million dollar coins…yet, they have tremendous potential to reach that milestone in the coming years.
Takeaways on Million Dollar Wheat Pennies
Here are the key takeaways when it comes to highly valuable wheat cents worth $1 million or more:
- Rare dates like 1909-S VDB, 1914-D, 1922 No D, and 1931-S command the highest values.
- Condition is paramount – MS65 and higher for business strikes, PR65 and up for proofs.
- Major mint errors such as 1943 bronze cents carry enormous premiums.
- Special toning can boost value. Collectors covet rainbow and other colorfully toned gems.
For a wheat penny to reach seven figures or beyond, it requires an exceptional combination of rarity, grade, eye appeal, and sometimes a mint error or special backstory. While common, worn wheat cents have minimal value, as this article showcases, the rarest of the rare can be worth absolute fortunes to collectors.
The Future of Million Dollar Wheat Pennies
In the coming years, more and more wheat cents likely will join the million dollar club, especially with the popularity of third-party certification and the rise of high quality registry set collecting. As demand increases for gems and unique rarities, prices will continue to trend upwards. Some wheat cent varieties that could hit $1 million soon include:
- 1914-S in MS66 Red or higher
- 1933-D in MS68 Red or better
- 1937-D 3-Legged variety in MS65 Brown or finer
- 1944-D/S Overmint in MS64 Brown
These and other conditional rarities stand a chance of hitting seven digits in the coming years. Wheat cents have been appreciating rapidly since the late 1990s after being undervalued for decades. With continued collector interest in this classic and historical series, more price records will inevitably fall.
Conclusion
While most wheat cents are common, a handful of rare dates and condition rarities have reached legendary status and valuations. Keys like the 1909-S VDB, 1914-D, 1931-S, and 1922 No D lead the way, with some examples now exceeding $1 million at auction. For a wheat penny to reach this kind of value requires a combination of tiny mintage, extraordinarily high grade, visual appeal, and sometimes a prominent mint error. Going forward, more wheat cent varieties will likely join the million dollar club as new rarities are discovered and demand escalates further for these popular vintage coins.