Wheat Penny Overview
Known as the coin with “Honest Abe” on the front, the Lincoln Wheat Penny is a popular coin among collectors and non-collectors alike.
Designed to replace the Indian Head Penny in 1909, the Wheat Penny became an instant hit with consumers across the country. The Wheat Penny would continue to be produced until 1958 when the coin was updated to include the Lincoln Memorial on the reverse.
Designed by Victor D. Brenner, the Lincoln Wheat Penny was designed to honor President Lincoln and America’s farming background.
The obverse of the coin features a bust of President Lincoln facing right and was the first time that a president was featured on US coinage. The word “LIBERTY” and the date can be found on the left and right fields respectively. Centered directly above Lincoln’s bust is the motto, “IN GOD WE TRUST”.
Brenner’s design for the reverse featured two wheat ears and was included to pay homage to America’s early upbringing through farming. Centered between the two wheat ears is the words, “ONE CENT” and “UNITED STATES OF AMERICA”. The motto “E PLURIBUS UNUM” can be found on the top of the reverse.
If you want to learn more about the Lincoln Cent or other rare and collectible cents, be sure to read our Ultimate Guide to Pennies.
History of the 1934 Wheat Penny
Although nothing really notable related to coins happened during the year of 1934, the 1934 Wheat Penny was a pivotal point in the production of wheat pennies.
Wheat Pennies that were minted before 1934 were produced in much smaller quantities. 1934 was the first year that the mint started producing a much larger number of wheat pennies to help keep up with demand. All years after 1934 also saw a huge increase in the number of wheat pennies produced.
It is reported that 219,080,000 wheat pennies were struck at the Philadelphia mint during 1934. This was a huge jump in production compared to previous years.
1934 Wheat Pennies were made of a 95% copper and 5% zinc composition. With this composition, each coin weighs 3.11 grams and has a diameter of 19.05mm. Reeding is not present on the edge of the coin.
Image Source Flickr user Navarr Barnier
Common Wheat Penny Errors
Errors that occur during the minting process tend to be very scarce and sought after by collectors. Most collectors are drawn to error coins as they are almost one of a kind and are the result of a mistake on the government's part.
Some errors are more common than others and examples can be found on almost every date in a series. Here are some common errors that are commonly found on wheat pennies.
Die Crack - This error occurs when part of the die used to strike the coin, breaks away, leaving a small crack. During striking, the crack is then transferred to the coin, resulting in a small raised line. Areas of the coin that have small details, like the lines in the wheat stalks, tend to have a higher rate of die crack errors occurring.
Die Crack errors can commonly be found as small raised parts in the wheat stalks and between the “B” and “E” of “LIBERTY”.
Lamination Error - During the minting process when unstruck planchets are made, gas and other materials can sometimes get trapped in the metal. This can later lead to parts of the metal breaking off, creating a gouge. This gouge then shows faint and jagged parts of the design.
Lamination errors can be found almost anywhere on the coin, but most of the time will be found on empty fields.
Both of these errors are the most common for wheat pennies. Although more common than other errors, they are still quite rare and will not be found on many examples. The value of a coin that shows these examples is based on how severe the error is.
Value of the 1934 Wheat Penny
As discussed earlier, the 1934 Wheat Penny was a turning point in the number of wheat pennies minted per year. Since the amount increased, most 1934 examples are worth only a small premium over face value.
Lower grades, such as Fine 12, see a price of just $0.20. Prices do rise to about $1.00 for examples in Extremely Fine condition.
Higher grade examples in Uncirculated condition is where the price increases the most. MS-60 examples are valued at $7 while MS-63 examples retail for $15. MS-65 is where a huge price jump from $15 to $40 occurs. This jump in price occurs due to the low amount that is remaining in MS-65 or better condition.