Imagine reaching into your pocket for change and pulling out a penny worth $174—or even more. For coin enthusiasts and casual collectors alike, the Lincoln Wheat Penny is a fascinating piece of American history that occasionally turns up in everyday transactions. Known for its iconic design and long production run, this penny has captured the imagination of numismatists for decades. But is it possible that a Wheat Penny valued at $174 is still circulating today?
we’ll dive into the history, value, and rarity of the Lincoln Wheat Penny, explore whether these coins are still in circulation, and provide practical tips for spotting one. Let’s uncover the story behind this small but mighty coin.
What Is the Lincoln Wheat Penny?
The Lincoln Wheat Penny, often simply called the “Wheat Penny,” was first minted in 1909 to commemorate the 100th anniversary of President Abraham Lincoln’s birth. Designed by Victor David Brenner, it was the first U.S. coin to feature a president’s portrait. The obverse displays Lincoln’s profile, while the reverse showcases two wheat stalks framing the words “ONE CENT.” This design remained in use until 1958, when it was replaced by the Lincoln Memorial reverse.
Key Features of the Wheat Penny
- Obverse: Portrait of Abraham Lincoln, with the inscription “IN GOD WE TRUST” and the year of minting.
- Reverse: Two wheat stalks, “E PLURIBUS UNUM,” and “ONE CENT.”
- Composition: Primarily copper (95%) with tin and zinc, except for 1943 steel pennies due to wartime copper shortages.
- Mint Marks: Found below the year, indicating the minting location—Philadelphia (no mark), Denver (D), or San Francisco (S).
Why Are Some Wheat Pennies Worth $174?
While most Wheat Pennies are worth only a few cents, certain rare varieties and high-grade examples can fetch $174 or more. The value depends on factors like rarity, condition, and specific minting errors. Let’s break down what makes a Wheat Penny valuable.
Rarity and Key Dates
Some Wheat Pennies are prized for their low mintage or historical significance. Notable examples include:
- 1909-S VDB: The first year of issue with Brenner’s initials (VDB) on the reverse. Only 484,000 were minted, making it highly sought after. In good condition, it can be worth $700 to $2,000, but circulated examples might fetch around $174.
- 1914-D: With a mintage of just 1.2 million, this penny is rare in higher grades. Values range from $150 to $500 in circulated condition.
- 1922 No D: A famous error coin where the Denver mint mark is missing. In fine condition, it can sell for $500 to $1,000, though heavily circulated ones may approach $174.
- 1931-S: A low-mintage coin (866,000) valued at $60 to $200 in circulated grades.
Condition and Grading
The condition of a Wheat Penny significantly impacts its value. Coins are graded on a scale from Poor (P-1) to Mint State (MS-70). A penny in Very Fine (VF-20) condition, showing moderate wear but clear details, might be worth $174 for certain key dates. Uncirculated coins with a grade of MS-65 or higher can command thousands.
Minting Errors
Errors like double dies, off-center strikes, or repunched mint marks add value. The 1955 Doubled Die Obverse, for example, is a famous error where the date and lettering appear doubled. In circulated condition, it can sell for $800 to $1,800, but lower-grade examples might hover around $174.
| Key Date | Mintage | Circulated Value (VF-20) | Uncirculated Value (MS-65) |
|---|---|---|---|
| 1909-S VDB | 484,000 | $700–$1,000 | $2,000–$4,000 |
| 1914-D | 1.2 million | $150–$500 | $2,500–$10,000 |
| 1922 No D | Unknown | $500–$1,000 | $10,000–$20,000 |
| 1931-S | 866,000 | $60–$200 | $300–$500 |
Are Wheat Pennies Still in Circulation?
Yes, Wheat Pennies can still be found in circulation, though it’s increasingly rare. These coins were minted in the billions, and many remain in piggy banks, old jars, or loose change. However, due to their age (the youngest are over 65 years old) and collector interest, most have been pulled from circulation. Here’s why you might still encounter one:
- Hoarding: Some people unknowingly hold onto old coins in collections or containers.
- Recirculation: Pennies from old stashes occasionally re-enter circulation when spent.
- Low Denomination: As a one-cent coin, Wheat Pennies are less likely to be scrutinized than higher-value coins.
Tips for Finding Wheat Pennies
- Check Coin Rolls: Purchase rolls of pennies from banks and search through them.
- Examine Change: Look closely at pennies in your daily transactions, especially at small businesses or vending machines.
- Visit Flea Markets: Older coins sometimes appear in bulk lots at markets or estate sales.
- Use a Magnet: For 1943 steel pennies, a magnet can help identify them (most Wheat Pennies are copper and non-magnetic).
How to Determine If Your Wheat Penny Is Worth $174
If you find a Wheat Penny, follow these steps to assess its value:
- Identify the Date and Mint Mark: Use a magnifying glass to check for key dates (e.g., 1909-S VDB, 1914-D) and mint marks (D or S).
- Evaluate Condition: Look for wear on Lincoln’s portrait and the wheat stalks. Minimal wear suggests a higher grade.
- Check for Errors: Examine the coin for double dies, missing mint marks, or other anomalies.
- Consult a Price Guide: Use resources like the Red Book or websites like PCGS CoinFacts for current values.
- Get a Professional Appraisal: For potentially valuable coins, consult a numismatist or grading service like NGC or PCGS.
| Condition | Description | Potential Value (1914-D Example) |
|---|---|---|
| Good (G-4) | Heavy wear, details faint | $50–$100 |
| Very Fine (VF-20) | Moderate wear, clear details | $150–$500 |
| Mint State (MS-65) | No wear, original luster | $2,500–$10,000 |
Conclusion
The Lincoln Wheat Penny is more than just pocket change—it’s a tangible link to American history with the potential for surprising value. While finding one worth $174 in circulation is possible, it requires luck, sharp eyes, and knowledge of key dates and errors. Whether you’re a seasoned collector or someone who just stumbled across an old penny, the thrill of discovery is what makes coin hunting so rewarding. Start checking your change, and who knows? Your next penny might be a small treasure.
FAQs
Are all Wheat Pennies valuable?
No, most Wheat Pennies are worth only a few cents. However, rare dates, high-grade examples, or error coins can be worth $174 or more.
How can I tell if my Wheat Penny is rare?
Check the date and mint mark. Key dates like 1909-S VDB, 1914-D, or 1931-S, and errors like the 1922 No D, are rare and valuable.
Can I still find Wheat Pennies in change?
Yes, though it’s uncommon. Search coin rolls, check change at small businesses, or explore flea markets to increase your chances.
Should I clean my Wheat Penny to increase its value?
Never clean a coin, as it can damage the surface and reduce its value. Collectors prefer coins in their original condition.
Where can I sell a valuable Wheat Penny?
Sell through reputable dealers, auction houses like Heritage Auctions, or online platforms like eBay. For high-value coins, consider grading by PCGS or NGC first.