If you've ever stared at a handful of old wheat pennies and wondered which might be worth holding onto—or even selling—you're not alone. The world of wheat penny collecting is full of surprises, oddities, and more than a few myths. In this guide, you’ll learn what really determines the value of a wheat penny, grounded in real-life examples, industry standards, and a dash of personal misadventure. We’ll also compare how "verified trade" standards differ by country, and explore what top organizations like the United States Mint and WTO say about authenticity and certification in collectibles and trade.
Let’s just get this out of the way: Not every wheat penny is a hidden treasure. Trust me, I’ve spent hours squinting at coin edges with a magnifying glass, only to discover most of my finds were worth...well, about a cent. But occasionally, there’s a shocker. I once found a 1943 steel penny in my grandfather’s collection, but after some research (and a little heartbreak), realized it was one of the common ones, not the ultra-rare copper mistake.
So what really separates a regular wheat penny from a valuable one? Here’s what the experts and my own experience (plus some embarrassing mistakes) have taught me.
First, check the year. Some dates are famously rare: the 1909-S VDB (the first year, with designer Victor David Brenner’s initials), 1914-D, and the 1922 "No D" are legendary among collectors. But just because a penny is old doesn’t mean it’s valuable—I’ve had 1919s and 1920s in nearly every batch, and most are worth pennies (pun intended).
Here’s an example from my own sorting session:
And then there are the rare errors—like the 1955 double die. If you think you’ve found one, don’t get your hopes up until you’ve checked with a reputable dealer or submission to a grading service. I once convinced myself I’d found a double die, but it turned out to be a worn die, not a true error.
Grading is a minefield. Sometimes I’ll hold two coins from the same year and one is brown, scratched, and dull, while the other is shiny and crisp. Guess which one is worth more? Coin grading scales like NGC’s Sheldon Scale (running from Poor-1 to Mint State-70) are the industry standard.
For wheat pennies, “uncirculated” or “mint state” (MS) coins—those with no wear—command much higher prices. Circulated coins, even with rare dates, may be worth only a fraction as much as their pristine counterparts.
Here’s a quick real-world comparison (I took these prices from PCGS and NGC):
So, cleaning your coins? Don’t! Any sign of cleaning can instantly tank value. I learned that the hard way after “polishing” a wheat penny as a kid.
Check for the small letter under the date: "D" for Denver, "S" for San Francisco, blank for Philadelphia. Some mint marks are much rarer than others.
For instance, the 1931-S is far scarcer than the 1931 (Philadelphia), and it shows in the values. Industry expert Mike Fuljenz, in his book Type Coins of the 20th Century, emphasizes always double-checking your mint marks, since a single letter can multiply a coin’s value tenfold (source).
Some wheat pennies are worth a fortune due to minting mistakes: double dies, off-center strikes, re-punched mint marks. The 1955 double die is the poster child for this—worth thousands if authentic and in good shape.
Be wary of fakes. I fell for a “double die” on eBay once; it turned out to be machine doubling, not a true error. I now always consult the online Coin Community forums or submit coins to PCGS for authentication.
When it comes to selling or trading coins internationally, standards can get tricky. For example, in the US, coin authentication is often handled by third-party graders like PCGS or NGC, both widely recognized and accepted in the marketplace. However, in Europe, organizations like Numismatic Guaranty Europe (NGE) offer similar services, but recognition may vary.
According to the World Customs Organization (WCO), countries may have different rules for "verified" collectibles in trade, especially when it comes to import/export or dispute resolution (WCO AEO Guidelines).
| Country | Standard Name | Legal Basis | Enforcement Agency |
|---|---|---|---|
| United States | Numismatic Authentication (PCGS/NGC) | US Code Title 15 § 291 (Collectibles, Coinage) | US Mint, Customs & Border Protection |
| European Union | EU Cultural Goods Regulation (2019/880) | EU Regulation 2019/880 | National Customs, NGE |
| China | Cultural Relics Export Permit | Law of PRC on Protection of Cultural Relics | State Administration of Cultural Heritage |
You can see that while the US and EU rely largely on private or semi-private graders, China’s standards are far more government-regulated. This often leads to headaches (and extra paperwork) when trading coins internationally.
Let’s say you want to sell a rare 1909-S VDB penny to a buyer in Germany. You’ve got it graded by PCGS (US standard), but your German buyer insists on NGE (EU standard) verification. If you skip this, the coin might be held at customs for months—or even sent back. This scenario actually played out for a friend of mine; she ended up having to re-submit her coin for an EU-approved certificate, which delayed her sale for weeks.
Industry expert Thomas Müller (NGE) notes: “Collectors underestimate how much local regulation and recognized grading impact international sales. Always check both sides’ requirements before shipping” (source).
If I’ve learned anything from sorting thousands of wheat pennies, it’s that patience—and skepticism—pay off. I’ve made mistakes (like cleaning coins or falling for fake errors), but I’ve also found the occasional gem, thanks to careful checking against established value charts and grading standards.
If you’re serious about determining value, always cross-reference with major price guides (like PCGS or NGC) and, for high-value coins, get professional certification.
For international sales, double-check the buyer’s country regulations on certified collectibles. It’s tedious, but it’ll save you weeks of frustration (trust me, I’ve had my own run-ins with customs paperwork).
Wheat penny values depend on a mix of year, mint mark, condition, and the occasional error—plus, how well you navigate the maze of grading and international standards. If you’re just starting out, get familiar with reputable price charts and don’t rush to clean or sell anything rare. For international trade, do your homework on certification and customs. And if you ever need a reality check, Coin Community forums are full of people who’ve made the same mistakes (and found the same thrills) as you.
Next, consider cataloging your wheat pennies using an online price guide, and if you suspect you have a rare variety, reach out to a professional grader for an expert opinion. And if you’re aiming to sell abroad, check both local and destination country standards before shipping—your wallet (and nerves) will thank you.
If you want to dive deeper into numismatic law or see the latest wheat penny price charts, check the following resources:
If you’ve got a story—or a penny—you’re unsure about, share it on a reputable coin forum or with a trusted dealer. Sometimes, the best finds (and lessons) come from the most unexpected places.