The 1917 Lincoln Wheat Penny is a cherished artifact among numismatists and casual collectors alike. While many of these coins are common, certain rare variations have fetched prices as high as $35,000 at auctions.
Understanding the factors that contribute to such high valuations can help you determine if your penny is a hidden treasure.
Historical Context of the 1917 Lincoln Wheat Penny
Introduced in 1909 to commemorate the centennial of Abraham Lincoln’s birth, the Lincoln Wheat Penny features the 16th president’s profile on the obverse and two wheat stalks on the reverse, symbolizing prosperity.
The 1917 edition was minted across three facilities: Philadelphia (no mint mark), Denver (‘D’ mint mark), and San Francisco (‘S’ mint mark).
Mintage Numbers
| Mint Location | Mint Mark | Mintage Quantity |
|---|---|---|
| Philadelphia | None | 196,429,785 |
| Denver | D | 55,120,000 |
| San Francisco | S | 32,620,000 |
Factors Influencing the Penny’s Value
Several key factors determine the value of a 1917 Lincoln Wheat Penny:
- Condition (Grade): The coin’s state of preservation is paramount. Coins are graded on a scale from Good (G-4) to Mint State (MS-65) and higher.
- Mint Mark: Coins from Denver and San Francisco typically command higher prices due to their lower mintage compared to Philadelphia.
- Color Designation:
- Brown (BN): Coins that have toned over time.
- Red-Brown (RB): Coins retaining about 50% of their original red luster.
- Red (RD): Coins that have maintained their original red appearance, often the most valuable.
- Errors and Varieties: Coins with minting errors, such as the Double Die Obverse (DDO), are highly sought after.
Valuation Chart
| Coin Variation | Grade | Estimated Value |
|---|---|---|
| 1917 (No Mint Mark) | MS-65 RD | Up to $1,250 |
| 1917-D | MS-65 RD | Up to $1,930 |
| 1917-S | MS-65 RD | Up to $3,650 |
| 1917 DDO | MS-65 RD | Up to $17,000 |
Note: Values can fluctuate based on market demand and the coin’s specific attributes.
The Coveted Double Die Obverse (DDO) Error
The 1917 DDO Lincoln Wheat Penny is among the most prized errors. This variety exhibits noticeable doubling in the inscriptions, particularly in “IN GOD WE TRUST” and the date “1917.”
In lower grades, these coins can fetch between $100 to $2,640. However, in Mint State 65 Red (MS-65 RD) condition, they have been known to reach up to $17,000. Exceptional specimens have even surpassed $35,000 at auctions.
Record-Breaking Sales
One of the most remarkable sales occurred in 2019 when a 1917 MS-67+ RD DDO penny sold for $120,000, underscoring the immense value of high-grade error coins.
Identifying a Valuable 1917 Penny
To determine if your 1917 penny is of significant value:
- Examine the Date and Lettering: Look for signs of doubling, especially in the inscriptions.
- Assess the Coin’s Color: A red designation (RD) often indicates higher value.
- Check for Mint Marks: A ‘D’ or ‘S’ mint mark can increase the coin’s worth.
- Evaluate the Condition: Minimal wear and strong details suggest a higher grade.
The 1917 Lincoln Wheat Penny holds a special place in U.S. coinage history. While many are common, certain variations, especially those with errors like the Double Die Obverse, can be exceptionally valuable.
If you believe you possess such a coin, consulting with experts and obtaining a professional appraisal is advisable. Who knows? You might be holding a piece of history worth $35,000 or more.
FAQs
How can I authenticate a 1917 DDO penny?
Consult a professional coin grading service or a reputable numismatist for verification.
Does cleaning my penny increase its value?
No, cleaning can diminish the coin’s value. It’s best to preserve its original state.
Where can I sell a rare 1917 penny?
Consider reputable coin dealers, auction houses, or online platforms specializing in numismatics.