1937 Wheat Penny Value: are “D”, “S”, No mint mark worth money?

For the average American, the Lincoln penny might seem boring. It’s been around for over a hundred years, so what makes it so special?

But did you know that the design of the coin in 1937 is very different from what you see in pocket change today? The Lincoln penny back then was referred to as the “wheat penny,” because of its simple design using sheaves of wheat on the tails of the coin.

If you happen to have one of these 1937 wheat pennies, you might be surprised at its value today. Let’s talk about how much these pennies are worth depending on their color and condition.

1937 Wheat Penny Value Details

• Category: Lincoln Wheat Pennies
• Mints: Philadelphia, Denver, San Francisco
• Total mintage: 394,109,320
• 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

The 1937 wheat penny has the same design as the 1909 issue of the penny—the very first of the series. It honors former president Abraham Lincoln on the front and has a simple wheat design on the tail side.

First, let’s talk about the obverse. On this side of the coin sits a regal-looking Abe Lincoln looking to the right. The words “In God We Trust” are written right above his head on the upper rim of the coin.

To Lincoln’s left is the word “Liberty.” On the right side, near his chest, is the year 1937. The numeral “7” on the date wasn’t given a long tail typeface—it would only be granted later in 1947.

Like the obverse, the reverse doesn’t have too many elements. You’ll see “One Cent” on the center of the coin, with “United States of America” engraved underneath in a smaller font. The upper rim of the reverse shows the Latin creed “E pluribus unum.” Two wheat stalks line the sides of the coin.

The 1937 wheat pennies were made of 90% copper, which gave them that bright red tone upon production. But copper is known to oxidize when exposed to elements like oxygen and vapor, so many pennies end up looking brown and spotty after being in circulation.

Wheat pennies that are brown or red-brown in shade are a lot less valuable than those that are graded MS Red. This designation is given when the penny has retained 95% of its original red-orange hue, giving it that signature copper shimmer. MS Red coins are only found in uncirculated, mint conditions.

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

1937 Wheat Penny Value Chart

1937 Wheat Penny Value Chart
Mint Mark	Good	AU58 About Uncirculated	MS63 Select Uncirculated	MS67 Superb Gem Uncirculated	MS68 Superb Gem Uncirculated
1937 Wheat Penny Value for No Mint Mark (P)	$0.15	$1.75	$4 Red Brown: $4.75 Red: $5.75	$25 Red Brown: $40 Red: $115	Red: $8,400
1937 Wheat Penny Value for “D” Mint	$0.15	$2	$7 Red Brown: $8 Red: $8	$29 Red Brown: $85 Red: $165	Red: $10,500
1937 Wheat Penny Value for “S” Mint	$0.15	$2	$8 Red Brown: $9.50Red: $11	$48 Red Brown: $60 Red: $300

1937 Wheat Penny Values and Varieties Guides

1937 Wheat Penny Value for No Mint Mark (P)

• Type: Lincoln Wheat Pennies
• Edge: Plain
• Mint mark: No mint mark (P)
• Place of minting: Philadelphia
• Year of minting: 1937
• Face value: $0.01
• $ price: $0.10 to $8,400
• Quantity produced: 309,179,320
• Designer: Victor D. Brenner

Over 300 million no-mint-mark wheat pennies were struck in Philadelphia in 1937. When they were first distributed to the public, many collectors had the foresight to save rolls of them. So, there are plenty of these 1937 (P) wheat pennies in mint-state today—many of them in MS Red color.

In MS Brown color, the value of 1937 (P) wheat pennies can range from $0.10 in heavily worn and circulated condition to around $25 in grade MS67.

This number rises to $40 for MS67 coins in MS Red Brown color. But of course, the highest-valued Philadelphia pennies are those that are fully Red in tone.

There are tons of MS Red 1937 (P) wheat pennies in existence today. Most of them are between the grades of MS65 and MS67. These can be sold anywhere between $20 to $115. In a near-perfect condition of MS68, you might be able to auction off your penny for $8,400.

1937 Wheat Penny Value for “D” Mint Mark

• Type: Lincoln Wheat Pennies
• Edge: Plain
• Mint mark: D
• Place of minting: Denver
• Year of minting: 1937
• Face value: $0.01
• $ price: $0.10 to $10,500
• Quantity produced: 50,430,000
• Designer: Victor D. Brenner

Not as many wheat pennies were struck in Denver as there were in Philadelphia. Only 50 million of them were minted in 1937.

From 1937 onwards, the Denver Mint became known as the producer of the most well-struck coins. This showed in the 1937 issue of the Lincoln wheat penny, as many of the coins with the signature D mint mark were struck very well.

That said, the price of circulated, MS Brown coins doesn’t differ that much from the Philly-minted coins. They can be sold for anywhere between $0.10 to $2, depending on their luster and condition.

MS Red Brown coins, on the other hand, are more expensive. They range from $3.75 at MS61 to around $85 at MS67.

Like the Philadelphia issue, collectors were quick to save fresh rolls of the Denver pennies of 1937. As a result, there are plenty of fully Red gems in collections today, specifically those in the MS65 to MS67 range. These coins can be valued at $20 to $165.

A fully Red, MS68 wheat penny minted in Denver is arguably the most valuable across the entire 1937 issue. At a pristine, mint state of MS68, this coin can be auctioned off at up to $10,500.

1937 Wheat Penny Value for “S” Mint Mark

• Type: Lincoln Wheat Pennies
• Edge: Plain
• Mint mark: S
• Place of minting: San Francisco
• Year of minting: 1937
• Face value: $0.01
• $ price: $0.10 to $1,125
• Quantity produced: 34,500,000
• Designer: Victor D. Brenner

The Lincoln pennies minted in Frisco in 1937 came from one of two batches. The first batch of coins was produced in the old 1874 San Francisco Mint building before June, while the second batch was minted in the newly built Mint later in the year.

Unfortunately, there’s no way to tell which coins were made in which batch. So, the value of coins from each batch is equal.

Like the Denver coins, 1937 S pennies that were in circulation are valued between $0.10 and $2. In mint condition, the price goes a little higher.

For example, a Brown, MS64 1937 S wheat penny could go for about $10.50 today. Of course, mint errors can increase the price of this. In 2019, an MS64 coin sold for $87 because it was struck 5% off-center.

1937 San Francisco wheat pennies were well-made, so collectors were smart to save lots of rolls of them after mintage. Today, it’s common in fully Red color, most especially in grade MS66. The value of a coin like this is around $65 in the modern age.

MS67+ MS Red 1937 S pennies are quite scarce today. But if you do manage to get your hands on one, you can expect to sell it for about $1,125.

History of the 1937 Wheat Penny

Until the early 1900s, the US Treasury had always followed George Washington’s directive of not depicting US presidents in the nation’s coinage.

But President Theodore Roosevelt had other plans. With the help of Lithuanian designer Victor D. Brenner, the 1909 Lincoln penny with the wheat reverse was born.

But it wasn’t all rainbows when the design came out. Although the public was okay with the design itself, they weren’t accepting of the designer’s initials engraved in a large font on the reverse. Reporters even said it was “illegal advertising” for Brenner. His initials were quickly removed.

The wheat reverse design without the VDB initials was the same one struck on the 1937 wheat pennies. During this year’s issue, tons of fresh rolls were saved by numismatic enthusiasts. As a result, so many MS Red gems are in existence to this day.

A little over 20 years later, the wheat penny’s design was tweaked to show the Lincoln Memorial instead. And in 2010, it was changed further to show a shield with 13 stripes on it.

1937 Wheat Penny Grading

To know the value of your 1937 wheat penny, you must have your coin graded. Grading is a skill that takes years to perfect, so only an expert can know for sure what your coin’s condition is.

But that doesn’t mean you can’t assess your coin’s condition on your own to start. Although you might not be able to pinpoint its exact coin grade, you can practice telling the difference between a circulated and mint-state coin.

The design on a circulated coin in good condition won’t be as legible anymore. Lincoln might look well-work, and some of the intricate design elements (like the wheat sheaves of Lincoln’s hair) might look a little too smooth.

Mint condition coins, on the other hand, will have a nice shine and luster. There may be just a few contact marks on the coin’s surface, but no signs of wear or smoothness.

Check out how the experts grade Lincoln wheat pennies through this in-depth video:

1937 Wheat Penny Errors

1. 1937 Wheat Penny Obverse Struck Through Fragment Error

An error like this occurs when a tiny piece of metal accidentally falls on top of the planchet right before the die strikes it. So, this piece and the planchet are stuck together.

This error was found on an MS63 Brown wheat penny. The fragment went through Lincoln’s face, making his features barely visible. This error added a lot of value to the coin. It ended up getting sold for $515.

2. 1937 Wheat Penny Struck 20% Off-Center Error

Another error that can increase the price of a 1937 wheat penny is an off-center strike. This happens when the planchet is struck slightly more to one side. As a result, one corner of the coin will look blank. The higher the percentage of the off-center strike, the more value it adds to the penny.

This MS64 Brown 1937 wheat penny, for example, was struck 20% off-center. At around seven o’clock on the obverse, a crescent-like portion of the planchet remains blank. On the reverse, this error shows up at around eleven o’clock.

This coin sold for almost $130, even if the value of this grade is usually just $4.75.

Curious to see how these errors look on the 1937 wheat penny? Watch this video to check them out!

1937 Wheat Penny FAQs

How much is a 1937 wheat penny worth today?

In MS Brown, circulated conditions, 1937 wheat pennies can cost anywhere between $0.10 and $2, regardless of where they were minted. In mint-state condition, MS Brown and Red Brown coins can go from $2.25 to $85. And in MS Red, the coins can go to over $10,000.

What is the rarest wheat penny?

The rarest wheat penny to have ever been auctioned off is the 1943 bronze cent. In 1943, the US Mint stopped producing bronze cents and made zinc-plated steel cents instead.

One employee at the Denver mint fed the coining press a bronze planchet to create the only bronze penny minted that year. This coin ended up selling for $840,000.

How do I know if my wheat penny is valuable?

First, you look at its coin grade and condition. If it has high luster, distinct lines, and little to no wear, your coin might be a mint-state, uncirculated coin (grade MS60 and above). This makes it immensely valuable and can end up costing thousands of dollars in the highest grades.

Next, you want to be on the lookout for mint errors. Odd errors like being struck off-center or on another kind of metal can raise the price of your wheat penny. Most errors shoot up the value of a coin since coins with mint errors are seen as collectibles.