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How to Identify the Value of 1920-1950 Red and Silver Pennies

Pennies struck by the U.S. Mint from 1920 to 1950 featured Abraham Lincoln on the front and the words "one cent" surrounded by wheat heads on the reverse, leading to numismatists referring to these coins as "wheat pennies." For all the years of those three decades--except for 1943--the coins were composed primarily of copper, giving them a reddish tint. In 1943, steel was the primary metal used in the manufacturing of wheat pennies, giving them a silvery appearance.

Instructions

- 1
  Examine the coin for blemishes and contact marks made by coming into contact with other objects. Coins free of these flaws can grade as high as uncirculated (MS-60). Issues prior to World War II can be worth $5 to $15 for most years. Post-World War II pennies are easier to find and tend to be worth $1 or less in this grade.
- 2
  Check Lincoln's face for wear. If the jawline is still visible but the coin has other blemishes, the coin can grade as high as uncirculated (AU-50) or extremely fine (EF-40). Pennies in these grades tend to be worth between $1 and $5 prior to World War II and 10 cents to 20 cents each after the war.
- 3
  Flip the coin over and examine the wheat heads. If the lines in the heads are worn but still visible, the coin can grade fine (F-12). If half the lines are gone, the coin can grade as very good (VG-8). If the lines are completely missing, the coin can grade as good (G-4). Wheat pennies in these grades tend to top out at $1, with most post-World War II issues carrying only a slight premium over the 1-cent value.
- 4
  Look at the mintmark, which is located below the date on the front. The wheat penny was minted in Philadelphia, Denver and San Francisco. Pennies from Denver and San Francisco are noted by the letters D and S, while coins from Philadelphia carry no mintmark. Generally, fewer pennies were minted in Denver and San Francisco than in Philadelphia, so they can carry a premium in value. The 1931-S penny is particularly rare, with less than a million pennies minted in San Francisco. A 1931-S penny in good condition can be worth $70 or more.

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