The Wheat (Lincoln) pennies commenced in 1909 and remained in circulation until 1958 when the obverse design was altered. The coin’s obverse featured a single authentic figure for the first time in American history; the U.S. Mint has retained that design to the present day.
Cents are diminutive coins with nominal face values, and in most instances, the 1934 Wheat penny will have a relatively low value. Unexpectedly, certain one-of-a-kind items of exceptional quality can fetch unfathomably high prices.
The History Of The 1934 Wheat Penny
The term “Wheat Penny” originates from the inscription that appears on its reverse: two stalks of durum wheat. The series may also be known as Lincoln pennies, so-called due to the obverse portrait of Abraham Lincoln.
When they were first struck in 1909, Lincoln pennies represented a turning point in the annals of United States coins. It was the first time an actual person’s image had been utilized; until then, Lady Liberty had typically been depicted on the “heads” side.
The shift in strategy was precipitated by public support for the notion of minting a coin in remembrance of Abraham Lincoln, the former president of the United States. Lincoln was one hundred years old when he was born in 1909.
Since 1959, the initial reverse design has been maintained. However, fifty years later, it was deemed necessary to make a change. Instead, the original was the Lincoln Memorial in Washington, D.C.
In 2009, observing the bicentennial of Lincoln’s birth, it underwent another transformation. Four distinct reverses were produced that year, each depicting a scene from a separate period in Abraham Lincoln’s life.
Value Of 1934 Wheat Penny No Mint Mark
After many years, the United States Mint produced 247,526,000 Lincoln penny coins in two mints as part of a high-volume Lincoln penny mintage. It was the first time since 1920 that more than 200 million pieces were minted.
1. 1934 No Mint Mark Wheat Penny Value
Over the years, most of the 219,080,000 pennies struck in Philadelphia in 1934 have significantly deteriorated. However, their value is almost always more significant than what they appear to be. For example, circulated cents are typically available for $0.05 to $0.09, whereas pristine cents can cost over a dollar.
Aside from condition, toning always influences the price of a 1934 Lincoln dime. Thus, pieces with an MS 67 grade are approximately $40 to $50, whereas crimson ones are considerably more valuable.
Depending on their grade, these coins may cost anywhere from $10 to $275; the highest-rated ones may even be worth a fortune. MS 68 students who possess a crimson penny have the potential to earn between $1,900 and $2,300.
Notably, the most expensive brown penny minted in 1934 possesses an X.F. 40 grade. In 2001, a collector purchased it for $1,265. As anticipated, the most costly Philadelphia coin is an exceptional specimen with crimson hues and an MS 68 grade. The price attained is $12,650.
2. 1934 Proof Wheat Penny Value
From 1916 to 1936, there were no Lincoln cent proofs; therefore, only coins from conventional strikes with the minting year 1934 are available. Although specific items have been meticulously conserved, none are designed with collectors in mind.
3. 1934 D Wheat Penny Value
Because only 28,446,000 Lincoln pennies were struck in Denver in 1934, specimens bearing the mint mark D are more expensive than those from Philadelphia. One circulated penny is valued at approximately $0.25 to $2.50, whereas the most affordable example in its mint state costs around $3.
The value of brown-toned wheat pennies varies by rating, spanning from $3 to $150—conversely, reddish-brown parts of superior quality range in price from $260 to $325.
Beautiful red-surfaced cents are frequently purchased at a premium, but there is a substantial price variation between coins of different grades. Thus, a penny can be valued between $25 and $265, whereas uncommon specimens graded MS 67 can fetch between $1,800 and $3,000 at auction.
In this mint, the most expensive cent in a series was struck. A remarkable $20,350 was paid by one collector to add a magnificent red specimen to his collection in 2018.
Consider the fact that brown coins invariably fetch more affordable prices. 2020, for example, one brown cent was sold on eBay for $128. Conversely, as of 2003, the value of the 1934 D MS 63 red-brown cent stood at $299.
1934 Wheat Penny Errors
Typical errors occur in the Wheat Dime series. Consequently, numerous collectible 1934 Lincoln cents are likely to be available for purchase, the extent to which they differ in quality due to error size and placement.
- Die Clip: Clip errors manifest when a clipped planchet is utilized to strike a coin. In general, they cost between $7 and $10, depending on the style of the clip.
- Die Cut: This is a common occurrence when a faulty die imprints a depression on the periphery of the coin. A Lincoln cent bearing such an imperfection is available for around $10.
- Die Chip: A small portion may detach from the die and create a void, producing a coin featuring an asymmetrical bump on its surface. A penny will only buy you about $3, with the exact amount contingent on the magnitude of the error.
- Lamination: Lamination is the process by which metal particles adhere to the surface of a coin after peeling off a planchet. The price of these commonplace pennies is determined by the magnitude of the error and the mint from which it originated. The objects in question are priced between $1 and $25.
- Doubled Die Obverse: 1934 cents, produced in both mints, contain this error. You can locate them on the open market for anywhere from $20 to $445, demonstrating that their value is highly variable. Auction records can occasionally yield unexpected outcomes, as with the 1934 MS 65 DDO brown penny, which was acquired for $1,035 in 2004. In contrast, despite possessing the same flaw, red-toned, more aesthetically pleasing, and refined coins garnered $600 in 2022.
- Re-Punched Mint Mark: The 1934 Denver-minted pennies occasionally contain so-called D/D RPM errors. On average, their cost ranges from $10 to $12. Nevertheless, their auction prices can be considerably greater. The current records for a single brown piece and a 1934 D RPM red-brown dime are $748 and $164, respectively. The distinctive coin variety is the one in which DDO and RPM defects are combined. In 2018, one of these specimens achieved auction record status by selling for USD 3,745.
Is A 1934 Wheat Penny Rare?
An ample supply of 1934 Wheat pennies remains in circulation. According to the PCGS, which grades coins, more than 22 million Philadelphia pennies are in circulation (those needing a mint mark below the date). Approximately 2.9 million Denver pennies (denoted with a “D” below the date) exist.
However, red, uncirculated, and coins bearing Mint errors are significantly more uncommon.
How To Identify 1934 Wheat Penny?
According to the U.S. Mint, there was a surge in the demand for coins in 1934. In response, a sum of 247,526,000 cents was marked in total output. Optimal wheat production persisted for the duration of the design, which concluded in 1958.
The year 1934 initiated the second period of wheat cents, which lasted until 1958.
1. 1934 Lincoln Penny
No Mintmark Under Date: Philadelphia Mint Struck the Coin
On the rarity scale, the value of 1934 Philadelphia cents is proportional to their abundant supply. A subtly tarnished coin classified as Extremely Fine contains a premium, which necessitates a more thorough examination.
Collectors are intrigued by the distinctive design of the “3” in the date. 1934, only a block “3” was replaced with a more stylized “3.” Its popularity is assured with a contemporary, more refined appearance and a distinctive design.
2. 1934-D Lincoln Penny
“D” Mintmark Under Date: Denver Mint Struck the Coin
The second variety is represented by 1934 Denver cents, with 28,000 fewer strikes than Philadelphia. The value is not affected by the original numbers in the following instance and is seen as abundant in terms of rarity. Numerous are accessible to collectors; consequently, they prefer examples in superior condition.
Premiums are granted for undamaged coins without obtrusive marks and exhibit vivid details. The coat of Lincoln is an area where boldness tends to diminish. A solid line distinguishes bow ties of superior quality from coats.
Are There Any Rare 1934 Wheat Penny?
Similar to other pennies in the series, 1934-minted pennies are not uncommon. Most are standard and affordable, except for a few error coins and those with the highest prices. They are principally valuable due to their historical significance.
Which 1934 Wheat Penny Is Worth A Lot Of Money?
- 1934 D MS 67+ red penny – sold for $20,350 in September 2018
- 1934 MS 68 red penny – sold for $12,650 in July 2003
- 1934 D/D MS 67 RPM red penny – sold for $3,745 in June 2018
- 1934 X.F. 40 brown penny – sold for $1,265 in August 2001
- 1934 MS 65 DDO brown penny – sold for $1,035 in March 2004
- 1934 MS 65 DDO red-brown penny – sold for $949 August 2004
- 1934 MS 63 red-brown penny – sold for $805 July 2002
- 1934 D MS 64 RPM red-brown penny – sold for $748 July 2013
- 1934 D MS 65 DDO red penny – sold for $600 October 2022
- 1934 D MS 63 red-brown penny – sold for $299 January 2003
- 1934 D A.U. 53 RPM brown penny – sold for $164 December 2014
- 1934 D/D MS 63 RPM brown penny – sold for $164 August 2018
- 1934 D MS 63 DDO brown penny – sold for $159 July 2019
- 1934 D MS 65 brown penny – sold for $128 February 2020.
In conclusion, the 1934 Wheat Penny, which lacks a mint mark, represents an intangible artifact of American history. Although it may not possess the highest financial value or be the rarest coin, its intrinsic worth transcends mere monetary worth. It symbolizes a time of American grit and recuperation, encapsulated within a diminutive copper coin.
The inherent worth of a 1934 Wheat Penny for collectors transcends its potential monetary value; it also consists of the pleasure derived from safeguarding a fragment of history.
Thank you for reading…..
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