Old coins are some of the most valuable items anyone can own. They may not look like much, but they can fetch a reasonable sum when carefully ad correctly evaluated. This is especially true if you have quite several rare coins, such as wheat pennies.
The 1934 wheat penny is only one in a long line of the wheat penny or Lincoln cent coinage. But while this coin is rare and carries the face of the beloved President Lincoln on the obverse side, it is typically not worth much. However, this depends on mint marks, unique marks, or coin condition.
This article explores the various aspects of this particular Lincoln one-cent coin and how you can determine its value. You have the option of using a professional coin grader, but this guide provides all the information you require.
1934 Wheat Penny Details
This section talks about the details of the wheat pennies minted in 1934. These details explain how to tell these coins apart because there are many Lincoln cent coins in circulation. So, details such as the mint mark are crucial.
- Category: Wheat Pennies
- Mint: Denver and Philadelphia
- Mintage: 247,526,000
- Obverse designer: Victor D. Brenner
- Reverse designer: Victor D. Brenner
- Composition: 95% copper and 5% tin and zinc alloy
- Edge: Plain
- Weight: 3.11 grams
- Diameter: 19 mm
- Thickness: 1.55 mm
The 1934 wheat penny was minted out of a demand for more coins in that year. However, only two mint branches struck the coins for that year: the Philadelphia mint and the Denver mint. That means some of the coins do not have a mint mark, while others have a distinct mint mark.
The Philadelphia mint struck a remarkably higher number of wheat pennies that year. Because of that, the Philly coins with no mint mark are more in circulation which reduces their value. The Denver mint coins are not so much in circulation, making them a little more valuable than the Philly coins.
This increase in the number of minted coins ran from 1934 to 1958, with the number increasing as the years went by. 1934 to 1958 is an era of minting a high volume of coins due to demands, but that ended after 1958.
The wheat pennies are mainly made of copper, with a little mixture of zinc and tin. With a plain edge, this special coin is smooth all around and easy to handle. It is also distinctly wide, with a diameter of 19 mm. The coin looks the same as other wheat pennies, except for the mint marks and minting year.
Also Read: Top 20 Most Valuable Old Pennies Worth Money (Penny Collection)
1934 Wheat Penny Value Chart
The following value chart is a detailed look at each mint coin’s value. In other words, the value of coins from the Denver mint is not the same as the value of the coins from the Philadelphia mint.
| Mint Mark | Good | Fine | Extremely Fine | Uncirculated |
| 1934 No Mint Mark Wheat Penny Value | $0.04 | $0.28 | $0.52 | $4 |
| 1934 ‘D’ Wheat Penny Value | $0.04 | $0.36 | $0.88 | $8 |
From the chart, it is clear that the 1934 wheat pennies are not as valuable as the rest of them. They are probably one of the least valuable of these coins in the same series. The value is only about two times the coin’s face value, which is one cent.
However, the Denver coins have a little more value than the Philly coins, although the difference is only a small margin. This does not mean that a good collection of these wheat pennies will not get a good sum, but it truly depends on the buyer, mint mark, and the coin’s actual condition.
Sometimes, the more unique markers there are on a coin, the more value it has. For example, some minting errors typically increase the value of the wheat pennies because of the uniqueness they provide the collector knows no one else has such a coin, so they are willing to pay much more.
Also, some coin collectors want coins with a little wear, not necessarily in mint condition. It does not mean they want coins in completely worn condition, but they do not mind buying those in extremely fine or fine condition, especially if there is a back story. To them, it gives the coins some character.
Grade
You can tell if a 1934 wheat penny in your possession is in great condition by inspecting the lettering. A good one should not have debris or dirt stuck within the letters, no matter how much it has been handled. Dirt within the lettering only reduces the value in the eyes of any collector.
The wear and tear should be even, without dark tones or markers in any areas. Dark tones only mar the beauty, even on coins in good condition. It may only sell for the coin’s face value if anyone wants to buy it. More times than not, collectors avoid such coins.
If your coin is uncirculated or in extremely fine condition, it will fetch better money than if it is in fine condition. In excellent condition, the coin shows no wear and the color is still bright. Turning it at different angles under any light only brings out the full luster. This type is not common, which does not necessarily improve the value.
In extremely fine condition, the color is not as bright as before and there are visible signs of wear. However, several areas, such as the jaw and chin with the beard, should still be visible enough to be distinguishable. But they are not in sharp relief like the uncirculated coin.
A fine-grade 1934 coin may not be in the best condition, but the details are not all flat yet. In other words, they are distinguishable. While the hair of the image on the obverse is obvious, the beard is usually not visible anymore. In good condition, there is obvious flattening of the image. All that’s visible are the image’s outline and barely distinguishable facial features.
1934 Wheat penny Value and Varieties Guides
Since there are two types of the 1934 wheat penny, differentiating each with specific details is crucial. It will help in narrowing the value based on these details.
1934 No Mint Mark Wheat Penny Value
- Type: Lincoln wheat penny
- Edge: Plain
- Mint mark: None
- Minting Location: Philadelphia
- Year of minting: 1934
- Face value: One cent
- $ Price: $0.04 to $4 (or more)
- Quantity produced: 219,080,000
- Designer: Victor D. Brenner
- % Composition: 95% copper and 5% tin and zinc
- Mass: 3.11 grams
- Diameter: 19 mm
Philadelphia is the main mint that struck the 1934 pennies. For that reason, it produced a significantly higher number than the Denver mint, accounting for more than 80% of the coins produced that year.
The coin from that mint has no mint mark, which is typical for most Phill-minted coins. Collectors only find these coins in circulated condition because they are Abundant on the rarity scale. There are hardly any uncirculated or mint-state coins, but the few ones available are in high demand.
However, the coin must be in MS 67 or more to be worth anything reasonable. You may find an MS 68 wheat penny selling for about $2,000 or more.
1934 ‘D’ Wheat Penny Value
- Type: Lincoln wheat penny
- Edge: Plain
- Mint mark: D
- Minting Location: Denver
- Year of minting: 1934
- Face value: One cent
- $ Price: $0.04 to $8 (or more)
- Quantity produced: 28,446,000
- Designer: Victor D. Brenner
- % Composition: 95% copper and 5% tin and zinc
- Mass: 3.11 grams
- Diameter: 19 mm
From this list, you can see that the Denver coins are significantly fewer in number than the Philadelphia coins. This was not a regular occurrence because wheat pennies that came in the late forties had more struck at the Denver mint than at the Philadelphia mint.
The value is only marginally more than Philly coins, and this is because the Denver coins are not as abundant as the Philly coins. Because of that, they are more in demand, and those in circulation are quickly snapped up by collectors.
The actual worth of these coins depends on the collector and other unique markers. The coin condition can also bear heavily in how much you get or pay for it. PCGS experts postulate that only a little over 4,500 1934-D wheat pennies MS 65 RD condition remain today. And MS 67+ RD can sell for above $11,000.
1934 Wheat Penny History
The history of the 1934 wheat penny is long because it is only one year out of many years of the Lincoln cent production. The first coin was minted in 1909 and began as a result of then President Theodore Roosevelt wanting to design a coin with artistic merit.
He requested the engagement of a private artist to design the new coin, but the artist came up with the design of a flying eagle for both sides. This was against the law, and the artist had to go back to the drawing board. Because he was terminally ill with cancer, he had to rely on his assistants for the actual design and only supervised their work for a few minutes a day.
The cent was not the only coin commissioned to be redesigned; the president asked the artist to design four gold pieces. But by the time the artist died in 1907, he had only succeeded in submitting designs for the four gold pieces but nothing for the cent.
By the time the other pieces went into circulation in 1908, the cent was still in the design stage and the president turned his attention to it. Since it was close to the 100th year of the birth of former President Lincoln, which was to be in 1909, souvenirs by private citizens were already out and there was a call to honor the beloved assassinated president with a new coin.
The president liked the suggestion and demanded that the coin be designed with the bust of Lincoln on one side. It was a unique coin because it was the first with an actual person on it. The president selected sculptor Victor D. Brenner after he sat for the sculptor to design a specific medal.
It was clear Roosevelt liked the sculptor’s work because, in 1909, he commissioned him to design the coin. When commissioned and revealed, the public loved the coin and it was always well received, even though it is one of the longest-running designs.
The 1934 wheat penny features the bust of President Lincoln on the obverse. Near the rim at the top of the coin, you will find IN GOD WE TRUST, and to the left, near the rim, and behind the president is the word LIBERTY.
The date is to the right, in front of the bust of the president, and the mint mark is typically under the date for coins bearing mint marks. On the reverse is the phrase ONE CENT and UNITED STATES OF AMERICA under it, with two wheat sheaves bracketing everything. The words E PLURIBUS UNUM appear at the top of that side, near the rim.
1934 Wheat Penny Grading
The grading of a coin means checking its actual condition. We used this grading by condition on our value chart, so a coin can be good, fine, extremely fine, or uncirculated (mint state plus).
Also, there is a grading scale from 1 to 70; an MS 63 coin is less valuable than an MS 68 coin. The higher the number on the grading scale, the better the condition is.
Here is a video showing the grading of this particular coin.
List of 1934 Wheat Penny Errors
There are no readily visible errors on the 1934 wheat pennies, but a few have been detected by the eagle’s eyes of several experts.
1. 1934 Wheat Penny Doubled Die Error
A doubled die error may occur during the hubbing process. This error refers to the die striking the coin planchet more than once at slightly different angles, which may cause the design to appear at different angles, with the main image being the sharpest.
A rare 1934 wheat penny has this error where another but faint image of the date appeared slightly lower than the main date image. The entire date is not visible; only the 3 and 4 show partially on the coin.
2. 1934 Wheat Penny Repunched Mint Mark Error
For some coins with mint marks, the marks may appear as if they are double or triple. In other words, the mint mark will appears at slightly different angles from the main one. This is not a common error and only appears on a few 1934-D wheat pennies.
However, this error may increase the value, especially if it is in an uncirculated condition, which is rare. You may get between $400 and $1,000 for such coins.
1934 Wheat Penny FAQs
What is a 1934 wheat penny made of?
A 1934 wheat penny is made up mostly of copper, with about a 5% mixture of zinc and tin. The copper gives the coin its slightly reddish-brown color, but the mixture of other metals reduces its purity.
Is a 1934 wheat penny rare?
The coin is not as rare as some of its predecessors or successors, but it is rare enough to draw attention. Collectors love including it in their coin collections because of its relative scarcity. This is especially true for 1934 pennies with the D mint mark.