10 Rarest and Most Valuable Wheat Pennies in U.S. History – Few coins in American numismatic history capture the imagination quite like the Wheat Penny. Minted from 1909 to 1958, these humble one-cent pieces—officially known as Lincoln cents—bear the iconic portrait of President Abraham Lincoln on the obverse and two stalks of wheat on the reverse, hence their popular nickname.
Designed by Victor David Brenner, they were the first U.S. circulating coins to feature a real historical figure and remain beloved by collectors for their nostalgic charm and historical significance.
But not all Wheat Pennies are created equal. While billions were struck over five decades, certain dates, mint marks, and errors have become extraordinarily rare—and extraordinarily valuable. For collectors, stumbling upon one of these elusive coins can be a life-changing event.
Below, we delve into the 10 rarest and most valuable Wheat Pennies in U.S. history, exploring their origins, what makes them special, and why they command staggering prices at auction.
1. 1943 Copper Penny
The holy grail of Wheat Pennies, the 1943 Copper Cent, is arguably the most famous error coin in American history. During World War II, the U.S. Mint switched from copper to zinc-coated steel to conserve copper for the war effort. However, a small number of 1943 pennies were accidentally struck on leftover copper planchets. Only about 20 to 40 are known to exist.
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These coins are instantly recognizable: they don’t stick to magnets (unlike steel cents) and have a distinctive reddish-brown hue. In 2010, a 1943-D Copper Penny graded MS64BN by PCGS sold for $1.7 million. Even well-worn examples fetch six figures. Beware of counterfeits—many fakes exist, often made by coating steel cents or altering dates on 1945 or 1948 pennies.
2. 1944 Steel Penny
The mirror image of the 1943 Copper, the 1944 Steel Penny is another wartime anomaly. After switching back to copper in 1944, some leftover steel planchets from 1943 were mistakenly used. These coins are magnetic and weigh less than copper cents. Only about 35 are confirmed to exist.
A 1944-S Steel Cent graded MS66 sold for $408,000 in 2021. Like its copper counterpart, it’s frequently counterfeited, so authentication by a major grading service (PCGS or NGC) is essential.
3. 1914-D Lincoln Cent
With a mintage of just 1,193,000, the 1914-D is the key date of the early Wheat Penny series. While not an error, its scarcity in high grades makes it immensely valuable. Many were heavily circulated, so uncirculated specimens with original red luster are exceedingly rare.
The finest known, graded MS67 Red by PCGS, sold for $150,000 in 2018. Even in lower uncirculated grades (MS63), prices start around $5,000. Collectors prize this coin for its historical significance and low survival rate.
4. 1922 “No D” Lincoln Cent
Struck at the Denver Mint during a year plagued by die deterioration, the 1922 “No D” is not a true mint error but the result of excessive die polishing that erased the “D” mint mark. The coin was meant to bear a “D,” but most surviving examples show none.
True “No D” specimens must show no trace of the mint mark and exhibit weak details on the date and lettering. High-grade examples are scarce; an MS65 Brown sold for $107,000 in 2022. Beware of altered 1922-D coins or 1920/1922 counterfeits.
5. 1955 Double Die Obverse
Perhaps the most famous die variety in U.S. coinage, the 1955 Double Die Obverse (DDO) features dramatically doubled lettering and date on the front. The doubling is visible to the naked eye, especially in “LIBERTY” and “IN GOD WE TRUST.”
Over 20,000 were struck before the error was caught, but most entered circulation. Today, uncirculated red examples are highly coveted. A PCGS MS66 Red sold for $25,500 in 2023. Lower-grade circulated examples still fetch $1,000–$5,000, making this one of the few “affordable” rarities for serious collectors.
6. 1909-S VDB Lincoln Cent
The inaugural year of the Lincoln cent also produced its first major rarity: the 1909-S VDB. Designed by Brenner, the coin originally bore his initials “VDB” on the reverse. Public outcry led to their removal mid-year, making early strikes with VDB extremely rare—especially from the San Francisco Mint, which produced only 484,000.
High-grade examples are museum-quality treasures. A PCGS MS67 Red sold for $170,000 in 2021. Even well-worn specimens start at $700–$1,000, making this a cornerstone of any Wheat Penny collection.
7. 1917 Doubled Die Obverse
Lesser-known than the 1955 DDO but equally fascinating, the 1917 Doubled Die Obverse features subtle doubling in “IN GOD WE TRUST” and Lincoln’s ear and bowtie. It’s a Class II doubled die, meaning the hub was misaligned during die creation.
Only a few hundred are known, mostly in circulated grades. A PCGS MS65 Red example sold for $20,400 in 2020. Due to its subtlety, many go unnoticed—making it a “sleeper” rarity with growing demand.
8. 1931-S Lincoln Cent
With a mintage of just 866,000, the 1931-S is the scarcest regular-issue Wheat Penny of the 1930s. The Great Depression meant few people saved coins, so high-grade survivors are exceptionally rare.
An MS66 Red sold for $25,850 in 2021. Even in Good-4 condition, it’s worth $100–$150. Collectors seek original red color and minimal marks—key traits that separate the ordinary from the extraordinary.
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9. 1943-S Copper Penny
Another 1943 copper cent, this time from the San Francisco Mint. Even rarer than the 1943-D, only five to six 1943-S Copper Cents are confirmed. Each is a seven-figure coin.
One graded MS62 Brown sold privately for over $1 million in 2012. Like its Denver counterpart, authentication is critical. These coins are national treasures, often displayed in museums or elite private collections.
10. 1926-S Lincoln Cent
Often overlooked, the 1926-S is the rarest S-mint Wheat Penny in Gem Red condition. While over 4 million were struck, nearly all entered circulation. Finding one with full original red luster and minimal contact marks is a numismatic miracle.
A PCGS MS67 Red sold for $20,315 in 2019. In circulated grades, it’s common and worth face value—but in MS65 Red or higher, it becomes a trophy coin for registry set collectors.
Why These Coins Matter
Beyond their monetary value, these 10 Wheat Pennies represent fascinating chapters in American history: wartime production errors, artistic controversy, economic depression, and the quirks of mechanical minting. Each coin tells a story—not just of rarity, but of survival against the odds.
Modern technology and population reports from PCGS and NGC have made tracking these rarities easier, but finding one in circulation today is nearly impossible. Most reside in private collections, museums, or are traded among elite dealers at major auctions.
Tips for Collectors
- Authentication is key. Many of these coins are counterfeited. Always buy certified examples from PCGS or NGC.
- Condition matters. A single grade point can mean thousands of dollars. “Red” coins (full original color) command the highest premiums.
- Research varieties. Doubling, repunched mint marks, and overdates can turn common dates into rarities.
- Patience pays. Building a collection of rare Wheat Pennies takes time, knowledge, and sometimes deep pockets—but the thrill of the hunt is half the fun.
Final Thoughts
The Wheat Penny series is a microcosm of American resilience, innovation, and imperfection. From the bold debut of Lincoln’s portrait to the accidental masterpieces born of minting mishaps, these coins are more than currency—they’re artifacts of a nation’s journey.
Whether you’re a seasoned numismatist or a curious newcomer, the hunt for these 10 rarities is a captivating adventure. Who knows? That old penny in your grandfather’s jar might just be the next million-dollar discovery. Keep looking. Keep learning. And above all—keep collecting.
