How to Collect Wheat Pennies

Decide where you will look for the coins. Most wheat back collectors use ebay.com because Ebay has a wide selection of wheat back coins from most of the years of production. However, do not limit yourself to Ebay. You should also try asking for rolls of pennies from banks, stores and credit unions. Although most of the pennies will be Lincoln Memorials, if you search hard enough, you will encounter a few wheat backs along the way.

Learn the value of each wheat back. Most wheat backs are worth three times the face value, which is 3 cents. However, a few of them are worth much more. Keep an eye out for the years 1909, 1914 and 1931 because those are important years in penny history.

Be on the lookout for ̶0;mistake̶1; coins, such as the 1943 copper penny and the 1944 steel penny. Those two coins are worth up to $250,000 each. During 1943, World War II was on, and the federal government needed copper to make shell casings for weaponry. Hence, for that year, the government used steel instead of copper for penny production. However, a few 1943 copper pennies were made by accident. During 1944, when the war had already ended, the government switched back to copper pennies. However, the U.S. mint accidentally produced a few steel pennies.

Collect other ̶0;mistake̶1; pennies. When minting wheat back pennies, the U.S. mint erred during 1941, 1946, 1951, 1952, 1955, 1956 and 1958. During those years, the U.S. minted a few double-died or overminted coins. If you find these ̶0;mistake̶1; coins, hold on to them.

Keep the penny in top shape. The value of rusted or worn pennies is significantly less than that of pennies in mint condition. And do not rush to sell the coins you find. Like most antiques, the value of coins increases with time. The oldest wheat back pennies, such as those before 1920, are worth much more than the later ones.