The Wheat (Lincoln) pennies were released in 1909, and the minting continued by 1958 when the reverse was changed. It was the first time in American history to see one genuine man on the coin obverse, and the US Mint kept that design until today.
Cents are small coins of low face value, and you can expect that the 1934 Wheat penny value is relatively low in most cases. Surprisingly, some unique pieces of superb quality can reach unimaginably high sums of money. Let’s see.
1934 Wheat Penny Value Chart
|Condition||1934 No Mint mark penny||1934 D penny|
1934 Wheat Penny Value Guides
After numerous years, the US Mint came with a high Lincoln penny mintage and produced 247,526,000 coins in two mints. It was the first time after 1920 to mint over 200 million pieces.
1934 No Mint mark Wheat penny Value
Most pennies of 219,080,000 struck in Philadelphia in 1934 have heavily worn out over the years. Still, they are almost always worth more than their face value. For instance, you can buy circulated cents for $0.05 to $0.09, while those in the mint state typically cost over a dollar.
Besides condition, the 1934 Lincoln penny’s price always depends on toning. So, you can expect pieces in an MS 67 grade to be worth about $40 to $50, while red ones are much more valuable.
Depending on the grade, these coins can cost $10 to $275, while the best-rated ones can bring you a fortune. If you have a red penny in an MS 68 grade, you can earn about $1,900 to $2,300.
1934 No Mint mark Wheat penny value
|Condition||1934 BN penny||1934 RB penny||1934 RD penny|
|Extra fine||$0.07 to $0.08||/||/|
|AU||$0.08 to $0.09||/||/|
|MS 60||$1 to $1.20||/||/|
|MS 61||$2 to $2.40||/||/|
|MS 62||$3 to $3.60||/||/|
|MS 63||$4 to $4.80||$7 to $8.40||/|
|MS 64||$5 to $6||$8 to $9.60||$10 to $12|
|MS 65||$8 to $9.60||$18 to $21.60||$25 to $30|
|MS 66||$13 to $14.60||/||$40 to $48|
|MS 67||$40 to $50||/||$200 to $275|
|MS 68||/||/||$1,900 to $2,300|
Interestingly, the most expensive brown penny struck in 1934 is with XF 40 rating. One collector bought it for $1,265 in 2001. As expected, the most costly coin from Philadelphia is an extraordinary red-toned specimen in an MS 68 grade. Its reached price is $12,650.
1934 proof Wheat penny Value
There were no Lincoln cent proofs from 1916 to 1936, so you can find only coins from regular strikes with the minting year 1934. Some pieces are excellently preserved, but none are intended exclusively for collectors.
1934 D Wheat penny Value
Since the Lincoln penny mintage in Denver was only 28,446,000 coins in 1934, pieces with the mint mark D are more costly than those coming from Philadelphia. You should count on approximately $0.25 to $2.50 per circulated penny, while the least expensive specimen in the mint state costs about $3.
Brown-toned Wheat pennies come in a price range from $3 to $150, depending on rating. On the other hand, the best-quality red-brown pieces cost $260 to $325.
Cents with beautiful red-colored surfaces often bring a premium, but the price range for coins in different grades is significant. So, your penny can be worth $25 to $265, while rare specimens with an MS 67 rating can reach approximately $ 1,800 to $3,000 at auctions.
1934 D Wheat penny value
|Condition||1934 D BN penny||1934 D RB penny||1934 D RD penny|
|Good||$0.25 to $0.42||/||/|
|Very good||$0.40 to $0.54||/||/|
|Fine||$0.50 to $0.66||/||/|
|Very fine||$0.60 to $0.81||/||/|
|Extra fine||$0.70 to $0.90||/||/|
|AU||$1 to $2.40||/||/|
|MS 60||$3 to $3.60||/||/|
|MS 61||$3.50 to $4.20||/||/|
|MS 62||$5 to $6||/||/|
|MS 63||$8 to $9.60||$19 to $23||$24 to $29|
|MS 64||$10 to $12||$27 to $32.50||$36 to $43|
|MS 65||$15 to $18||$46 to $55||$80 to $96|
|MS 66||$36 to $43.20||$108 to $130||$220 to $264|
|MS 67||$125 to $150||$260 to $325||$ 1,800 to $3,000|
The most expensive penny in a series was struck in this mint. In 2018, one collector added a fantastic red specimen to his collection for an impressive $20,350.
Be aware that brownish coins always reach more modest prices. For instance, one brown penny was paid $128 on eBay in 2020. On the other hand, the 1934 D MS 63 red-brown cent reached $299 in 2003.
1934 Wheat Penny Errors
Errors are typical for the Wheat penny series. Therefore, you can expect to find numerous more or less collectible 1934 Lincoln cents on the market, depending on the error size and position.
Clip errors appear when a coin is struck on a clipped planchet. Their price is about $7 to $10, depending on the clip type.
Such an error typically occurs when a die is defective and leaves a bump on the coin edge. You can buy a Lincoln cent with such an imperfection for approximately $10.
In this case, a small piece can fall out from the die and leave a void resulting in a coin with a featureless lump on the surface. You can only get about $3 for such a cent, and the price depends on the error size.
The lamination occurs when metal flakes peel off a planchet and attach to the coin surface. This error type is typical for pennies, and their price depends on the error size and the mint where a particular coin was minted. The price range for these pieces is from $1 to $25.
Doubled die obverse
You can find 1934 cents with this error among pieces struck in both mints. Their value can significantly vary, and you can find those that cost anywhere between $20 and $445 on the open market.
Sometimes, auction records can bring surprises, like in the case of the 1934 MS 65 DDO brown penny that was paid $1,035 in 2004. On the other hand, more beautiful and elegant red-toned coins with the same imperfection reached $600 in 2022.
Re-punched mint mark
The 1934 pennies struck in Denver sometimes come with so-called D/D RPM errors. Their price is typically around $10 to $12.
However, their prices can be much higher at auction. Current records are $748 for the 1934 D RPM red-brown penny and $164 for one brown piece. The unique coin type is the one that combines DDO and RPM errors. One such specimen won the auction record after being sold for $3,745 in 2018.
History of the 1934 Wheat penny
The first Wheat pennies were released in circulation on 2nd August 1909 and intrigued Americans right away.
It was the first coin in American history with a historical person depicted on the obverse. Despite fears and doubts, the first quantities were snapped up on the first day.
Designer Victor D. Brenner put wheat stalks on the reverse, which was why this penny got its famous nickname. After half a century, the US Mint decided to change the coin’s reverse.
While the Wheat cent was created to celebrate Lincoln’s 100th birthday, a new Memorial penny appeared to mark the 150th anniversary of the President’s birth.
1934 Wheat penny (Lincoln penny)
|Philadelphia||1934 No Mint mark penny||219,080,000|
|Denver||1934 D penny||28,446,000|
The entire series is easily collectible nowadays, thanks to availability and affordability. You can complete the collection of circulated coins for a couple of hundred dollars. Be aware that the one with pennies in the mint state and included key dates can be pricey.
How to Identify 1934 Wheat Penny?
The Lincoln penny is a coin that replaced the Indian Head penny in 1909 and immediately became one of the favorite American coins. It happened despite fears that the public wouldn’t accept it because of the actual person depicted on the obverse.
The obverse of the 1934 Wheat penny
The 1934 Wheat penny obverse shows Abraham Lincoln’s bust framed by the inscription IN GOD WE TRUST along the top cent edge. The designer placed the DATE on the right, in front of the President right facing image, while the LIBERTY is struck behind his back.
You can notice the letter D under the date on coins minted in Denver, representing the mint mark. This space is blank in pieces coming from the Philadelphia mint.
The reverse of the 1934 Wheat penny
The penny reverse is elegant in its simplicity. Centrally placed denomination (ONE CENT) and the country name (UNITED STATES OF AMERICA) are framed with two wheat ears. As you can guess, these stalks are responsible for the popular name of this coin. Finally, the top rim is reserved for the motto E·PLURIBUS·UNUM.
1934 Wheat penny (Lincoln penny)
|Compound||An alloy of 95% copper with zinc or tin|
|Face value||One cent ($0.01)|
|Coin diameter||19.05 millimeters (0.75 inches)|
|Coin weight||3.11 grams (0.10969 ounces)|
|Coin thickness||1 millimeter (0.03937 inches)|
Other features of the 1934 Wheat penny
The 1934 Wheat penny with a plain edge is a small round cent coin made of copper alloy with tin or zinc. Each piece weighs precisely 3.11 grams (0.10969 ounces). This penny is always thick 1 millimeter (0.03937 inches) and has a diameter of 19.05 millimeters (0.75 inches).
Are there any rare 1934 Wheat penny?
Like other pennies from the series, those minted in 1934 are not particularly rare. In fact, most are common and inexpensive nowadays, besides a few error coins and those with the highest rates. Their primary value is in 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 XF 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 AU 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
How much is the 1934 No Mint mark Wheat penny worth?
Typically, the 1934 penny price depends on condition and surface toning. While circulated pieces cost a modest $0.05 to $0.09, brown specimens in the mint state are worth over a dollar. Red cents are more expensive and cost $10 to $2,300, depending on the preservation level.