Whether you are a coin collector or have found a rare 1924 penny from your grandfather’s belongings, it’s a valuable find. However, only the pennies in pristine condition sell for hundreds and even thousands of dollars.
Keep scrolling for info related to the 1924 wheat penny, making you determine the coin type, and value and identify particular errors that make the penny more valuable.
1924 Penny Details
The 1924 wheat penny is from the Lincoln wheat penny series and depicts Lincoln’s portrait on one and the denomination one cent with some other phrases on the opposing coin surface. The 1924 penny consisted of three metals which included 95% copper and 5% zinc and tin.
The exact weight of the penny is 3.11 grams and has a 19 mm diameter. The pennies were minted in three different mints. Let’s read about their varieties, different features, and value.
- Mintage: 89,394,000
- Obverse Designer: Victor D. Brenner
- Category: Lincoln Wheat Penny
- Composition: 95% copper, 5% zinc, and tin
- Weight: 3.11 grams
- Mint: Philadelphia, San Francisco, Denver
- Fineness: 0.9
- Reverse Designer: Victor D. Brenner
Obverse Design
The front surface of the coin has Abraham Lincoln’s portrait, a notable figure from history and the 16th president of the United States. While it might be difficult to appreciate the details on a circulated penny, a piece in mint condition will have detailed lines on the figure’s coat, hair, and face.
On the left side, the legend liberty is written in block letters, whereas the phrase In God We Trust is written on the coin’s top rim. The year 1924 is struck to the right side of the coin. If the coin has a mint mark, it’s also located below the written date.
Reverse Design
It’s a simple yet meaningful design where you’ll see two wheat ears curving around both sides of the coin. Around the top rim, the phrase E Pluribus Unum is written in bold letters with a dot between each word. Just above the coin’s center, One Cent is struck and below it, the United States of America is written in upper case letters.
1924 Wheat Penny Value Chart |
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| Mint Mark | Good | Fine | Extremely Fine | Uncirculated |
| 1924 Penny | $0.08 | $0.37 | $3.9 | $15 |
| 1924 D penny | $16 | $30 | $87 | $500 |
| 1924 S penny | $0.68 | $1.92 | $29 | $92 |
1924 Penny Value and Varieties Guides
1924 Penny No Mint Mark Value
- Edge: Smooth
- Mint Mark: No mint mark
- Type: Wheat Penny
- Face Value: $0.01
- Year of Minting: 1924
- Quantity: 75,178,000
- Diameter: 19 mm
- Mass: 3.11 grams
- Price: $0.75 to $500
- Place of Minting: Philadelphia
The Philadelphia mint produced the most pennies. Nearly 75 million coins were minted and brought into circulation in 1924. The pennies minted in the Philadelphia mint are the most common and range between a few cents to $20 or above.
1924 S Penny Value
- Year of Minting: 1924
- Quantity: 11,696,000
- Face Value: $0.01
- Diameter: 19 mm
- Edge: Smooth
- Mass:3.11 grams
- Place of Minting: San Francisco
- Price: $4 to $12000
- Type: Wheat Penny
- Mint Mark: S
The San Francisco mint struck 11,696,000 coins in 1924, adding their mint mark S below the year struck on the coin’s obverse side. The San Francisco mint had a low mintage, increasing the value of the penny. The pennies have a dark brown appearance and will have the mint mark S below the date.
These coins are elegant and minted with perfection but don’t have a higher value like the pennies minted in the Denver mint. A 1924 penny in poor condition is not worth more than a dollar, but the good condition coins are $90 and upwards.
1924 D Penny Value
- Type: Wheat Penny
- Quantity: 2,520,000
- Place of Minting: Denver
- Price: $35 to $2000
- Mass: 3.11 grams
- Mint Mark: D
- Edge: Smooth
- Face Value: $0.1
- Diameter: 19 mm
- Year of Minting: 1924
The Denver mint produced the least amount of pennies, making the 1924 pennies from this mint the most valuable. The mint only produced 2.52 million coins. Due to this low mintage, this variety of the 1924 wheat penny is the most sought after by collectors. The 1924 D penny in good condition sells starting from $15, a fine condition penny is worth $125, whereas the pennies in mint state are $1200.
Also Read: Top 20 Most Valuable Old Pennies Worth Money (Penny Collection)
1924 Penny History
The 1924 penny is from the wheat penny series which started minting in 1909. The design for the wheat penny was created by Victor David Brenner, a famous artist. He came up with the illustration of two wheat ears which was approved and used from 1909 to 1958. However, Brenner was not the first artist to be hired by the treasury.
Their first hire was Augustus Saint Gaudens who was asked to redesign four gold coins and the cent. Unfortunately, the authorities didn’t approve the redesigns submitted by the artist. After some tweaking and revising, two of his designs were accepted but the artist was suffering from a terminal illness that took his life in August 1907.
The mint after two years decided to hire Brenner to create a portrait of Abraham Lincoln, commemorating the centennial year of 1909. Before that, the idea of putting a portrait on the currency was seen as monarchical, but the authorities at the time pushed this idea to put the portrait which got an appraisal and positive attention.
Although the design got approval, the artist’s initials he placed on the reverse side of the coin became a controversy. Many treasury officials opposed the idea of placing these initials on the coin and saw it as a form of advertising. Some even declared the pennies illegal to use due to the presence of the initials.
Secretary MacVeagh intervened in the situation and ordered the production of the coin to cease until the coin was redesigned with smaller and inconspicuous initials. However, changing to smaller initials would require at least two weeks while not putting the initials would need only three days.
Finally, the Assistant Director of the treasury, Eliot Norton ordered the pennies to be printed without the initials. The authorities also clarified that the removal of these initials was not a design change, which could only happen once every 25 years, after approval from congress. Brenner opposed these changes but his opposition had no positive results.
1924 Penny Grading
The grading of a coin tells its value. The higher the grade of the coin, the greater its value. While you will find 1924 pennies in circulation to be only a few dollars, the coins graded on a higher scale are worth more. We’ve shared a video to assist you in grading 1924 pennies. However, please remember that official grading is necessary if you want to exactly find out the coin’s grade.
1924 Penny Errors
1. 1924 Penny Double Die Error
During coin minting, the die is always punched twice on the coin to make a detailed outline. However, if the die strikes the coin when misaligned, it will produce a double die error. You’ll see the images with a double outline visible to the human eye. These coins can sell for more than $900 in mint condition.
2. 1924 Penny RPM Error
The re-punched error in coins occurs when the coin or the mint marking device misaligns when the coin is punched the second time. While you won’t see any evident changes in details, the difference will be on the mint mark. The pennies with the re-punched error have a more visible mint mark with distinct boundaries. These coins require expert analysis to be graded and valued.
3. 1924 Penny Cracked Die Error
Due to continuous minting, the coin dies can wear and develop small cracks on their surface. While dies like these are quickly replaced, the coins produced by the faulty die are seen as a valuable find. The cracks on the die can leave impressions on the penny, giving it a distinct appearance.
4. 1924 Penny Off-Center Error
When minting coins, the die or the coin can slip, striking an off-center image on the coin. Depending on the off-center percentage, the value of the penny is determined. For example, a 15% off-center penny will cost less than a penny that’s 30% off-center.
5. 1924 Penny Thinning Error
The thinning error occurs when the collars holding the coin slip and fall. These collars are kept in place to maintain the coin’s shape when striking it. Without collars, the coin can become flat. This thinning of the coin makes it a rare find and a pricey collectible.
1924 Penny FAQs
Why is the 1924 D wheat penny rare?
The 1924 D wheat penny was minted in the Denver mint, which had the lowest mintage that year. Therefore the D mint mark piece is much rarer than the S and no mint mark 1924 pennies. While the 1924 pennies in lower grades are affordable, the 1924 D’s in higher grades and errors are the most valuable and can sell for thousands of dollars.
How much is the 1924 S penny worth?
The 1924 S penny is quite rare than the no mint mark variety and can sell for $3 to $5 even for the pieces in average condition. Surprisingly, the mint condition 1924 S pennies can sell from $500 and upwards.
What are the most valuable wheat pennies?
Here’s a short list of the most valuable pennies in the wheat penny series:
- 1955-P with DDO error is valued between $4000 to $16,000.
- A 1917 wheat penny with double die error costs from $3000 to $6000.
- The 1944 S and D wheat pennies with steel composition have a value above $50,000.
- The 1958 P wheat penny with DDO error is valued at more than $100,000. There are even some pieces that are double the value mentioned earlier.
- 1943 S bronze wheat penny is valued at a whopping $500,000.
- 1943 bronze wheat penny sells for around $300,000.
Where is the mint mark on the 1924 wheat penny?
The mint mark on the 1924 pennies is located on the obverse side of the coin, notifying users, collectors, and institutions where the coin was minted. These mint marks can either be a D, S, or a P.
How much is 1924 no mint mark penny worth?
The no mint mark 1924 wheat pennies were minted in Philadelphia, which at the time had the highest mintage of coins. These coins were produced in millions, lowering their value when compared to coins from other mints. You can easily purchase a 1924 penny in average condition for under a dollar. However, the mint state coins can sell for above $500 in an auction.
Please remember that price changes can occur, depending on the market, and will determine the coin’s final value.
What is the rarest wheat penny?
Although several wheat pennies like the ones produced during wartime are seen as rare, the rarest of the series is the 1909 wheat pennies with the initials VDB struck on the coin. These initials were removed after some time as the general public and authorities didn’t like the idea of having these initials on the coin.
How can you tell if a penny is rare?
It depends on several factors like the type of coin, the year it was minted, the category, its condition, and whether the coin has any errors. The coin mintage also affects the rarity of the coin. Typically, the coins with the lowest mintage and with particular errors are rare finds.