Probably one of the most famous penny series among numismatists, these Lincoln coins are included in all popular and expensive tops, and it is from them that most collectors begin to develop their appreciation.
Most rare Lincoln Wheat Penny coins were minted at three major mints: Philadelphia, Denver, and San Francisco.
The main factors that turn an ordinary penny into a collector’s rarity are:
- Coins issued in limited quantities, especially during difficult economic years
- Doubling, shifting, clogging of the stamp and other anomalies
- The use of metal that does not match the year of manufacture
- Preservation of the coin in its perfect, untouched form (Mint State — MS) with full preservation of the copper color (Red — RD)
| Year or Feature | Mint Mark | Mintage | Value |
| 1943 Copper | P, D, S | ~40 | $100,000 – $1.7 Million |
| 1955 Doubled Die | P | 20,000–30,000 | $1,000 – $50,000+ |
| 1909-S VDB | S | 484,000 | $700 – $20,000+ |
| 1914-D | D | 1,193,000 | $200 – $30,000+ |
| 1931-S | S | 866,000 | $75 – $5,000+ |
| 1922 No D | D | Unknown | $500 – $20,000+ |
| 1944 Steel | D, S | ~50 | $100,000 – $400,000+ |
The Most Expensive Rarities
1909-S VDB
Year of Minting: 1909
Mint: San Francisco (S)
Mintage: 484,000 copies
Designer Victor David Brenner placed his initials “VDB” on the reverse, between the lower ears — the public and officials considered this placement to be too large and conspicuous, which caused a scandal.
The initials were quickly removed from the postmarks, and as a result, less than half a million pennies with initials were minted at the San Francisco Mint alone, making this coin an instant rarity.
The price of this coin starts from $800-1000 even in worn condition, and copies in perfect condition (MS-65 Red) are regularly sold for tens of thousands of dollars.
1943 Copper Cent
Year Of Minting: 1943
Mint: Everything (Philadelphia, Denver, San Francisco)
Circulation: No more than 40 copies for all mints
In 1943, the United States faced an acute shortage of copper, necessary for the production of ammunition during World War II. It was decided to mint pennies from galvanized steel, which gave them a distinctive silvery appearance.
A small number of 1942 copper blanks mistakenly remained in the bunkers and were used for minting 1943 coins.
One of the 1943-D Copper Cent copies sold for $1.7 million dollars, but collectors need to be very careful, as steel pennies coated with copper are common.
1944 Steel Cent
Year Of Minting: 1944
Mint: Everything
Circulation: Several dozen
In 1944, penny production returned to copper alloy. However, a small number of steel blanks from 1943 mistakenly entered the stamping machines in 1944.
1914-D
Minted Year: 1914
Mint: Denver (D)
Circulation: 1,193,000 copies
In the absence of a minting error, this penny has the lowest circulation in the series. Its rarity is compounded by the fact that the coin was minted before collecting became really popular.
Most of the 1914-D coins are in active circulation, and it is very difficult to find a copy in good condition.
In average condition, the price is $200-500. Ideal coins (MS-65 Red) can easily exceed $30,000.
1931-S
Minted Year: 1931
Mint: San Francisco (S)
Mintage: 866,000 copies
The low volume of coinage was a direct consequence of the Great Depression, when demand for coins fell — unlike the 1909 VDB, most of the 1931 edition was not immediately withdrawn from circulation by collectors.
Despite the extremely low circulation, this coin is relatively affordable in average condition ($75-150).
Other Significant Low S-Mint Print Runs
- 1910-S: Circulation of 6.04 million
- 1911-S: Circulation of 4.03 million
- 1912-S: Circulation of 4.43 million
- 1913-S: Circulation of 6.10 million
- 1915-S: Circulation of 4.09 million
All of these coins have a high value, ranging from $2,000 to $10,000 per copy in MS-65 Red condition.
Doubled Die Obverse (DDO)
1955 Doubled Die Obverse (DDO)
Year Of Minting: 1955
Mint: Philadelphia
Circulation: About 20,000-30,000 copies
It can be seen with the naked eye on the inscriptions “LIBERTY”, “IN GOD WE TRUST” and the numbers of the year “1955”.
Due to a malfunction in the stamp preparation process, a significant number of these coins were minted and released into circulation before the error was noticed. Legend has it that the coins were issued due to haste or lack of time for re-minting, as well as because the mint employees did not want to admit a mistake.
1955 DDO coins, even when worn, cost between $1,000 and $2,000.
Copies in perfect, pristine condition (MS-64/65 Red) are regularly sold for $50,000 and above.
Less Well-Known but Valuable Ddo
- 1917 Doubled Die Obverse: The value of which can reach $ 10,000 in a high grade.
- 1936 Doubled Die Obverse: A more subtle but stable doubling that makes the coin valuable in the MS-65 Red state up to $5,000.
Rare Variations
1922 No D (No Mint Mark)
Year of Minting: 1922
Mint: Denver
This one is the result of the stamp used at the Denver Mint becoming clogged or worn out in the place where the “D” mark should have been located — as a result, the coin was minted without a mint mark.
The value starts at $500 and can easily reach $20,000 in a high grade.
RPMs and OMMs
Re-punched Mint Mark and OMM are variations that occur when the mint mark is applied to the stamp manually and:
- The mark is applied twice with an offset (RPM)
- One sign is applied on top of the other
Although most RPMs are moderately priced, some variations are very rare and can cost hundreds of dollars. For example:
- 1949-S S over D (OMM)
- 1909-S Over Horizontal S
Condition Factor: Grade and Color of Metal
Sheldon Scale
Coins are rated on the Sheldon scale from 1 as poor condition to 70 as ideal condition.
- Circulated (G, VG, F, VF, EF) tokens that were in circulation
- Uncirculated (AU, MS) tokens that were not in circulation
The most valuable coins have a grade of MS (Mint State), usually from MS-63 to MS-67.
Metal Color (Red, Red-Brown, Brown)
| Classification | Description |
| RD (Red) | The coin has retained 90–100% of its original red copper color |
| RB (Red-Brown) | The coin is a mix of red and brown (5%–90% red) |
| BN (Brown) | The coin is completely or almost completely oxidized to a brown color |
Advice to the Collector
Focus on finding low-circulation coins, especially all the S-coins from the beginning of the series, 1914-D and 1931-S.
Learn to recognize the 1955 DDO.
Never purchase Legendary coins like 1943 Copper, 1944 Steel without certification from recognized agencies such as PCGS or NGC.
If you find or buy a coin in Red condition, store it in sealed, oxygen-free capsules to prevent further oxidation and preserve its value.
