It sounds like you have a fascinating collection of wheat pennies! The 1920 wheat penny, while not as rare as the elusive 1943 copper penny, can still hold some value, especially if it’s in good condition. Let’s dive into what you need to know about your coins.
Understanding Wheat Pennies
The Lincoln Wheat Penny, also known as the “Wheat Cent,” was minted from 1909 to 1958. The coins feature Abraham Lincoln on the obverse (front) and two wheat stalks on the reverse (back). While most of these coins are common, certain years, mint marks, and errors can make them quite valuable.
Your 1920 Wheat Penny
The value of a 1920 wheat penny depends on several factors:
- Condition (Grade): Coins in excellent condition (Uncirculated or Mint State) are worth much more than those in circulated, worn condition.
- Mint Mark: Check for a small letter under the year. If it’s just 1920, it was minted in Philadelphia (no mint mark). A “D” indicates Denver, and an “S” indicates San Francisco.
- Estimated Value:
- Philadelphia (No Mint Mark): $0.20 – $5.00 (higher if in pristine condition)
- Denver (D): $0.20 – $7.00
- San Francisco (S): $0.50 – $25.00
Why Some Pennies Are So Valuable
Rare pennies are often valuable due to:
- Minting Errors: Coins struck on the wrong metal, double-struck coins, or other errors can fetch high prices.
- Historical Significance: Certain years or variations are rare due to limited production or errors.
- Condition: The better the condition, the higher the value.
The 1943 Copper Penny – The Holy Grail
During World War II, the U.S. Mint switched to making pennies from zinc-coated steel to save copper for wartime needs. However, 20 to 30 pennies were accidentally struck on leftover copper planchets from 1942. These copper pennies are incredibly valuable, with prices ranging from $200,000 to $2 million.
How to Identify a 1943 Copper Penny
To check if you have a valuable 1943 copper penny:
- Color: It should be reddish-brown, not silver or gray like the common steel cents.
- Magnet Test: The coin should not stick to a magnet. Steel cents will.
- Weight Test: It should weigh approximately 3.11 grams (Steel cents weigh 2.7 grams).
- Professional Authentication: Have it graded by a reputable service like PCGS or NGC.
Other Valuable Wheat Pennies
Some other Lincoln Wheat Pennies that can be worth a lot include:
- 1909-S VDB (San Francisco, with designer’s initials): Over $1,000 in good condition.
- 1914-D: Valued at $200 to over $3,000 depending on condition.
- 1922 (No D): Error coin with missing mint mark, worth hundreds to thousands.
What To Do With Your Wheat Pennies
If you have a collection of wheat pennies, especially older or unique ones, consider these steps:
- Sort and Examine: Look for mint marks, errors, and overall condition.
- Research: Compare your coins’ features with reputable coin valuation resources.
- Authentication: If you suspect you have something valuable, get it professionally graded.
- Sell Smart: Reputable dealers and auction houses like Heritage Auctions or Stack’s Bowers are good options.
FAQs
How much is a 1920 wheat penny worth?
Depending on its condition and mint mark, it’s generally worth between $0.20 to $25. High-grade coins can be worth more.
Can I find valuable wheat pennies in circulation today?
Yes! It’s rare, but some valuable pennies, including the 1943 copper penny, may still be out there.
How do I know if my penny is valuable?
Look for rare dates, mint marks, errors, and check its condition. A professional grading service can help verify its worth.
What is the most valuable wheat penny?
The 1943 copper penny is the most valuable, worth up to $2 million.
