Crafted to commemorate Abraham Lincon’s birth, the first batch of 1918 Lincoln wheat pennies holds great value for collectors. Although three mints produced the penny, the coins with more distinct details are highly sought after. Although the pennies minted in 1918 look similar to the ones circulated today, you can see glaring differences, making the penny a must-have addition to their collection.
Let’s explore the 1918 wheat penny’s history, review the value chart, grading, list of errors, and relevant information to understand its value better when you look at one.
1918 Penny Details
- Category: Lincoln Cents
- Reverse Designer: Victor D. Brenner
- Fineness: 0.9
- Composition: 99% copper with 1% zinc and tin
- Mintage: 370,614,634
- Mint: Philadelphia, Denver, San Francisco
- Obverse Designer: Victor D. Brenner
- Weight: 0.1097 ounces or 3.11 grams
The 1918 Lincoln penny has almost seen a century pass by and holds tremendous value for collectors, especially if the penny is in mint condition.
Obverse Design
The obverse side is practically covered with a side portrait of America’s former president, Abraham Lincoln. On one side of the portrait, you’ll see the word liberty written in upper case letters and the date 1918 struck on the opposite side.
‘In God we trust’ is also written over the rim above the portrait’s head in capital letters. Depending on the mint they were produced, the date 1918 can have the letter S, D, or a no-mint mark below.
Reverse Design
The design here is kept simple, with the center of the coin covered by the words ‘United States of America’ and ‘one cent’ in block letters. The top rim also has a saying ‘E · PLURIBUS · UNUM’.
1918 Penny Value Chart |
||||
| Mint Mark | Good | Fine | Extremely Fine | Uncirculated |
| 1918 no mint mark penny | $0.22 | $0.56 | $3.30 | $8 |
| 1918 D penny | $0.85 | $2.81 | $13 | $35 |
| 1918 S penny | $0.56 | $2.28 | $13 | $32 |
1918 Penny Value and Varieties Guides
1918 No Mint Mark Lincoln Wheat Penny Value
- Type: Wheat Penny
- Place of Minting: Philadelphia
- Price: 45 cents to $550 and more
- Diameter: 19.05 mm
- Mint Mark: No mint mark
- Quantity Produced: 288,104,000
- Year of Minting: 1918
- Face Value: $0.01
- Edge: Smooth
- Mass: 3.11 grams
Produced by the Philadelphia mint, the no mint mark 1918 Lincoln wheat pennies were two-thirds of the total mintage. This high number makes these coins inexpensive, especially those with brown toning. These pennies range from $10 to more than $200 for pennies in mint condition.
Pennies with a red-brown tone are rare and can fetch up to $325, whereas red-toned pennies with sharp dimensions can go up to almost $1000.
1918 Lincoln pennies with an MS 67 rating range between $2200 to $3000 while MS 68 can even go for a whopping $60000 and more. The latest MS 69 1918 wheat penny auction rate was $55200.
1918 D Lincoln Wheat Penny Value
- Type: Wheat Penny
- Diameter: 19.05 mm
- Price: $1.25 to more than $1000
- Face Value::$0.01
- Year of Minting: 1918
- Place of Minting: Denver
- Edge: Smooth
- Quantity Produced: 47,830,000
- Mint Mark: D
- Mass: 3.11 grams
47,830,000 1918 pennies were produced in the Denver mint with the letter D struck below 1918. It’s a must-have coin for every collector due to its availability and affordability. Lower-grade coins with brown tones are the most budget-friendly, ranging from $0.50 to $450.
In contrast, pennies with a red-brown tone can cost $150 to $4000 and more. The highest-rated 1918 D Lincoln pennies can even go to $55000. Recently, an MS 67-rated 1918 D penny was sold at an auction at $45600.
1918 S Lincoln Wheat Penny Value
- Type: Wheat Penny
- Mass: 3.11 grams
- Face Value: $0.01
- Year of Minting: 1918
- Diameter: 19.05 mm
- Mint Mark: S
- Place of Minting: San Francisco
- Price: 85 cents to more than $2000
- Edge: Smooth
- Quantity Produced: 34,680,000
The Lincoln S 1918 penny was the least minted that year in San Francisco. Their value depends on the coin’s color and its grade. For example, a brown-red penny has a value between $200 to $1500 and above, whereas a penny with a brown tone starts from $ 0.5 to $680.
The most sought-after and valued pennies are with a red tone and fall in a price range starting from $450 all the way to $6000. One MS 65-rated Lincoln S penny even fetched $37950.
Also Read: Top 20 Most Valuable Old Pennies Worth Money (Penny Collection)
1918 Penny History
The Lincoln cent was first struck in 1909. Although Augustus Saint-Gaudens sculpted the initial design, it was finished by the designer Victor David Brenner, depicting two wheat stalks. This wheat symbolism gave the coin its distinct name, wheat pennies.
It all started in 1905 when Augustus Saint-Gaudens was recruited to redesign existing coins. He died of a terminal illness after submitting two of the sculptor’s designs that were used for gold pieces. The unfinished design of the cent was later finished by Brenner, who was hired by the mint in 1909.
The mint commemorated Abraham Lincoln by depicting the first president’s face. Before the Lincoln cent, the U.S. treasury had no notable figure on any circulating coin. The public became interested in the newly minted cents depicting the assassinated president’s face.
The mint further fueled this interest by not allowing the cent’s pictures to be shown in newspapers then. On August the 2nd, 1909, the treasury released the coin. While some people got the number of coins they wanted, their limited supply from the three different mint locations increased demand.
Soon the treasury started rationing the pieces. A New York sub-treasury allowed 100 coins per person, whereas the Philadelphia mint only gave out two coins for each person. Although the treasury and relevant authorities approved the design by Brenner at the time, the designer placed his initials at the base of the reverse, sparking controversy within the general public.
Later on, secretary MacVeagh ordered the previous design to be tweaked and struck with the letter B, representing the artist’s initials. However, several issues arose during the time, initiating a coin redesign with the initials removed. However, Brenner protested against this act but it had no positive outcomes.
The new redesign was thicker, which led to problems for vending and slot machine businesses at the time. Still, the industry had to eventually adapt to the size of the penny rather than the other way around.
The coin’s design was further modified in 1916 when Abraham Lincoln’s coat and cheek were revamped to appear less wrinkly. Since then, the designs have changed and new pennies have been released, commemorating prominent figures and highlighting historical heritage.
1918 Penny Grading
While 1918 is undoubtedly a collectible coin, the most well-preserved coins are valuable for the collector. Grading the penny makes it easier to define the coin’s condition and provide a conclusive description. Let’s read more about the grading of the Lincoln 1918 wheat penny.
Good: A coin graded as good has spent most of the time in circulation and might have visible signs of damage like chipping and scratching around the edges. Despite showing wear, the coin grade is still desirable for collectors.
Fine: These coins have spent little time in circulation and might have general imperfections in the coin’s imagery, texture, and lettering but don’t have a compromised general outlook. The most wear can be seen on the edges of these coins.
Extremely Fine: This grade has minimal signs of wear and can be found in a pristine condition. Only an experienced grader is able to identify minor imperfections using relevant instruments. However, it’s nearly impossible to spot imperfections to the naked eye.
Uncirculated: This grade is never circulated and has a mint condition. Uncirculated pennies have untouched lettering, imagery, and edges, making the coin remain just like it was minted a while ago. However, the color fade is evident in these coins.
MS Coin Grading: You might have seen coins with an MS rating written with their name which can go to thousands of dollars. You can review the PCGS website for coin grading information to understand the grading process better.
List of 1918 Penny Errors
While pennies from this period are worth collecting or trading, several errors can further increase the coin’s value manifolds.
1. 1918 Penny Off-center Error
This rare error occurs when the printing on either or both sides of the penny is off the center. The more the print is off-center, the more value it can get. For example, if a print is off-center by 5 to 10 percent, the penny might be valued at $20 or $30, whereas a print over 50% off-center can go to a couple of hundred dollars, depending on its condition.
2. 1918 Penny Die Crack Error
A die cud or a crack occurs when the die gets too old and wears off, developing bumps on its surface. These bumps and cracks leave an altered print on the coin. Small bumps on a penny cost around $5 while pennies with significant cracks and bumps can go as high as $30.
The most valuable error in this category is when the die crack is attached to the rim. Pennies with this die cud error are worth $100 and more.
3. 1918 Penny Repunched Mintmark Error
A re-punched error happens when the die is punched twice on the same coin. This leaves prominent re-punching marks that collectors find unique and worth collecting. Coins with re-punched errors are valued at around $10 to $20.
4. 1918 Penny Lamination Error
It’s a rare error among Lincoln wheat pennies and significantly increases their value. However, the price is still reasonable for many collectors to find one. The lamination error occurs when the metal alloy for the coin is being prepared.
A problem with the mixing causes the coin to form lamination flakes and visible splits. Although finding a laminated 1918 wheat penny is rare, only the pennies with the preserved Lincoln image and the date are preserved.
1918 Penny FAQs
How much is a penny from 1918 worth today?
It depends on the rarity, grading, and whether the coin has any unique errors, making it a valuable collectible. The coin was minted in three different locations and has three different price ranges.
For example, a good quality 1918 Lincoln D penny is worth $0.75, the uncirculated penny can go even higher than $35. Prices of these pennies can change, depending on the market. Therefore, it’s always feasible to review the current market and then make a move to achieve better outcomes.
Are 1918 pennies rare?
In the year 1918, a record number of coins were minted across the U.S.A. Three mints were involved in producing 1918 pennies, each with a varying volume of coins. While the coins were minted in a limited number, a 1918 penny is not that hard to find. However, pennies with particular errors or those in pristine condition are rare.
Which 1918 Lincoln penny holds the most value?
Here’s a small list of different grades of 1918 wheat pennies with their value in dollars.
- An MS RD 67 1918 Lincoln penny was sold at $45600 at Heritage auctions in 2019.
- Recently at Stack’s Bowers, a 1918 MS 68 RD Lincoln penny made an auction record of $55200.
- One MS 65 RD 1918 wheat penny is recorded to be sold at an auction of $37950 in 2007.
- The MS 66+ RB Lincoln penny in Heritage auction in 2019 went to a new coin collector for $7200.
What is the most valuable Lincoln wheat penny?
Although coins from 1909 and onwards were mostly copper, the U.S mint changed the material from copper to steel in 1943, amid world war 2. Surprisingly, bronze pennies were introduced the next year, making the 1944 minted coins rare.
The steel coins are also very valuable as a collector in 2021 paid $840000 for a 1943 D bronze Lincoln penny. Likewise, another 1943 steel coin fetched $408000 in an auction in San Francisco.