1935 Wheat Penny Value: are “D”, “S”, No mint mark worth money?

You might be more familiar with today’s US penny that has the Lincoln Memorial on its reverse. But before that design came another that honored Lincoln—the wheat penny.

First minted in 1909 and ending production in 1958, the wheat penny had quite a simple design but did the job of honoring Abe Lincoln and symbolizing bounty quite well.

But how does the 1935 wheat penny fare in terms of its value today? Keep scrolling to read more about the different kinds of Lincoln wheat pennies minted in the year 1935, and whether they’re worth anything if you sell them today.

1935 Wheat Penny Value Details

• Category: Lincoln Cents
• Mints: Philadelphia, Denver, and San Francisco
• Total mintage: 331,040,000
• Obverse designer: Victor D. Brenner
• Reverse designer: Victor D. Brenner
• Edge: Plain
• Diameter: 19 mm
• Content: 95% copper, 5% tin or zinc
• Weight: 3.11 grams

Pennies minted in 1935 have the same design as the original Lincoln penny first minted in 1909.

On the obverse, you’ll see the side profile of Abraham Lincoln, the 16^th US president, looking to his right. It was said that this specific portrait of Abe was inspired by the thought of the late president reading to a child, giving him a soft but regal appearance.

Above his head, the words “In God We Trust” are engraved in an arc formation. To his left is the word “Liberty,” and to the right, is the year 1935. Right below the year, you’ll find the mint mark.

Coins minted in Denver will have a small D, and San Francisco coins have the mark S. Philly-minted wheat pennies did not have a mint mark.

The reverse of the coin appealed to the public as soon as it was launched because it was so straightforward. In the very center, you’ll find the words “ONE CENT” in a large font, and “United States of America” beneath it. Around it, there are two sheaves of wheat, framing the words.

At the very top, the American creed “E pluribus unum” is written in an arc formation.

While all 1935 Lincoln wheat pennies are made of 95% copper, they differ in color, depending on wear and how long they were in circulation. A coin can either be graded Brown, Red Brown, or Red—the latter being the most lustrous and valuable. Here’s how each color is designated:

• Brown: Less than 5% of its original red luster
• Red Brown: Between 5-95% red in tone
• Red: 95-100% red luster preserved

Also Read: Top 20 Most Valuable Old Pennies Worth Money (Penny Collection)

1935 Wheat Penny Value Chart

1935 Wheat Penny Value Chart
Mint Mark	Good	Extremely Fine	AU55 About Uncirculated	MS63 Select Uncirculated	MS67 Superb Gem Uncirculated
1935 Wheat Penny Value for No Mint Mark (P)	$0.10	$0.50	$1.50	$7 Red Brown: $10 Red: $11.50	$50 Red Brown: $65 Red: $235
1935 Wheat Penny Value for “D” Mint	$0.15	$0.75	$2.25	$8.50 Red Brown: $12.50 Red: $13.50	Red Brown: $85 Red: $500
1935 Wheat Penny Value for “S” Mint	$0.15	$2	$5.50	$18.50 Red Brown: $22 Red: $27.50	$150 Red Brown: $450 Red: $6,100

1935 Wheat Penny Values and Varieties Guides

1935 Wheat Penny Value for No Mint Mark (P)

• Type: Lincoln Cents
• Edge: Plain
• Mint mark: No mint mark (P)
• Place of minting: Philadelphia
• Year of minting: 1935
• Face value: $0.01
• $ price: $0.05 to $10,500
• Quantity produced: 245,338,000
• Designer: Victor D. Brenner

With the 1935 issue of the Lincoln wheat penny, the scarcer they were in the year of production, the more valuable their worth is today.

In 1935, the Philadelphia mint produced the most pennies, creating almost 250 million of them. So, compared to their cousins from the Denver and San Francisco mints, they’re less expensive today (but still very valuable when in excellent condition).

Many of the Philly-minted pennies that year were well-struck, which means the design was given justice through distinct, bold lines. So, they’re worth a lot more than their face value of one cent.

A 1935 (P) wheat penny in good to extremely fine condition can cost anywhere from $0.10 to $0.50. And in about uncirculated condition, it can go up to around $1.50 (AU58). In uncirculated condition, MS Brown coins can be worth $1.75 to $50.

Of course, the price can even go beyond that for near-perfect, high-grade issues. For example, the most valuable 1935 (P) wheat penny in history is an MS68+ Red coin that sold for a crazy amount of $34,075 back in 2018. Only 12 of these insanely rare coins exist.

Red 1935 (P) wheat pennies are quite common—you just have to look out for them. And when you do, you’ll be rewarded by their immense value.

A 1935 (P) penny with grade MS67 is worth $50 in MS Brown, $65 in MS Red Brown, and $235 in MS Red. Meanwhile, an MS68 Red coin is valued at a whopping $7,000.

1935 Wheat Penny Value for “D” Mint Mark

• Type: Lincoln Cents
• Edge: Plain
• Mint mark: D
• Place of minting: Denver
• Year of minting: 1935
• Face value: $0.01
• $ price: $0.10 to $8,000
• Quantity produced: 47,000,000
• Designer: Victor D. Brenner

Although the Denver mint struck only about 20% of the number of pennies the Philadelphia mint did in 1935, these coins with a “D” mint mark are still quite common in collections. That said, they’re a bit more valuable than the Philly-minted ones.

Even at poor or average circulated conditions, a 1935 D wheat penny is valued at $0.10—that’s ten times its original face value. This price goes up to $0.75 in extremely fine condition and from $2 to $2.75 in about uncirculated condition.

Like the Philadelphia issue, Denver 1935 wheat pennies are plentiful in the MS Red grade, especially through MS65 to MS67. However, these pieces will likely have heavy erosion. That said, they’re still immensely valuable.

For example, an MS66 1935 D wheat penny in MS Brown might be valued at around $17.50. This price goes up to $42.50 for Red Brown pieces and $95 for fully Red coins. At a brilliant, magnificent grade of MS68, these MS Red wheat pennies might have a value of $8,000.

1935 Wheat Penny Value for “S” Mint Mark

• Type: Lincoln Cents
• Edge: Plain
• Mint mark: S
• Place of minting: San Francisco
• Year of minting: 1935
• Face value: $0.01
• $ price: $0.10 to $6,100
• Quantity produced: 38,702,000
• Designer: Victor D. Brenner

At just below 39 million coins minted, San Francisco produced the fewest Lincoln wheat pennies in 1935. Because they’re the most scarce, they’re also the most valuable of the three.

The 1935 S pennies were also the first mintage of cent coins at the San Francisco mint since 1931. That makes them more special, even if there are a ton of coins to go around across all grades, from circulated to uncirculated and from Brown to Red.

These San Francisco-minted pennies are very valuable, even in circulated condition. An extremely fine piece is valued at $2, which more than doubles at a grade of AU50 at $4.50. At mint state, this coin can go anywhere from $12.50 at MS60 to $150 at M67—and that’s just in MS Brown.

Red Brown Frisco-minted 1935 pennies are worth around $13 at MS60, which goes up to $30 at MS64, and then $450 at MS67. Meanwhile, the Red coins can be valued at up to $6,100 for a high-grade, lustrous MS67 piece.

History of the 1935 Wheat Penny

In 1909, America celebrated the 100^th anniversary of the birth of a much-loved former president—Abraham Lincoln. There were events held, speeches given, and a penny minted just to honor this respectable historical figure.

Up until that point, US coinage designs were poetic and allegorical. They never depicted a real, historical person. But that was about to change, thanks to Theodore Roosevelt.

The Lincoln wheat penny became one of the first-ever US coins to show the face of a president on them. Many critics were skeptical about the move, but it pushed through anyway, and the wheat penny with Abe Lincoln on the obverse was born.

As soon as the public saw the design for the first time, all skepticism was squashed. People loved it! It was simple and honored a man the nation truly cared about.

However, people did seem to have a problem with the initials of the designer, Victor D. Brenner, plastered in large text on the coin, saying it was too prominent and unnecessary. So, the initials “VDB” were cut out after the first mintage.

In 1959, the Lincoln penny shifted to its new reverse design showing the Lincoln Memorial—which is just fitting for a more modern look. But the clean, classic aesthetic of the wheat penny minted in 1935 will always remain a collectors’ favorite.

1935 Wheat Penny Grading

To judge the true value of your 1935 wheat penny, you must have an expert grade it. Determining the amount of luster and brilliance requires the knowledge of an expert, so it’s not easy to do it by yourself.

However, if you want to get a rough idea of your coin’s condition on your own, the key is to look at the highest points of the design for wear. This would be Lincoln’s face and the wheat sheaves on the obverse and reverse, respectively.

Here’s how an expert would grade Lincoln wheat pennies to better understand their true value:

1935 Wheat Penny Errors

1. 1935 Wheat Penny Doubled Die Obverse Error

A doubled-die error happens when the die strikes the planchet two times. This can happen if the coin wasn’t properly ejected after the first strike. The result is a faint second image of the design on the coin.

In the case of the 1935 wheat penny, this error will likely be most obvious on the date. Check to see if your coin has a stark double strike on the date 1935 to see if it’s of the doubled-die variety.

In AU53, a coin like this could cost about $60. Of course, the value rises in mint state. An MS63 double-die 1935 wheat penny can sell for about $165, while an MS65 Red can go for an immense amount of $500.

2. 1935 D Wheat Penny Struck 30% Off-Center Error

In 2019, an MS60 Brown, Denver-minted 1935 wheat penny was auctioned off for $264—a far cry from its usual $5 value. Why? All because it was struck 30% off-center.

On the obverse, the words “In God We Trust” aren’t visible at all because the coin was struck off-center towards the top. The bottom area of the coin is blank and smooth. This rarity was exciting for many collectors, especially since the percentage of the off-center strike is quite high.

1935 Wheat Penny FAQs

How much is a 1935 penny coin worth?

It mostly depends on the condition and grading of the coin. A 1935 wheat penny today can be valued anywhere between $0.05 to $6.50 in circulated condition, or up to over $10,000 when in mint-state condition and MS Red designation.

The most valuable 1935 Lincoln wheat penny ever sold was a Red, MS68+ penny, which went up by over $34,000 in 2018.

What is the rarest wheat penny?

The rarest wheat penny in history is the 1909 VDB Lincoln wheat penny.

It’s called the VDB penny because it’s the only year there were ever the initials of designer Victor D. Brenner on the coin’s reverse. It was later put back on the obverse in 1918 but was removed once again because the public thought it was too prominent.

How can you tell if a wheat penny is rare?

You can tell if your wheat penny is rare if it has an error or is of a special variety or grading.

Errors include being double died (aka struck twice, creating prominent lines in the design), and being struck off-center.

Rare grading could mean a mint-state condition (MS60 and above) or having that coveted MS Red designation, which means it has retained most of its original, red, copper luster.

What year is the oldest wheat penny?

The first ever Lincoln wheat penny was minted in 1909. That makes the wheat penny issue from that year incredibly valuable and sought-after by serious coin collectors.