The 1950 wheat penny is a historical coin with its value depending on its condition and its rarity. While some 1950 pennies might not be more than a few cents, several pieces are worth quite a lot.
Keep reading to learn more about the value of the 1950 wheat penny in detail.
1950 Wheat Penny Details
- Composition: 95% copper and 5% tin
- Face Value: $0.01
- Weight: 3.11 grams
- Category: Lincoln wheat penny
- Year of Minting: 1950
- Price: $0.01 to $80
- Reverse Designer: Victor D. Brenner
- Fineness: 0.9
- Obverse Designer: Victor D Brenner
- Mintage: 726,090,000
- Mint Mark: No mint mark, S and D
- Edge: Smooth
- Mint: Philadelphia, San Francisco, Denver
- Diameter: 19 mm
Obverse Design
The front side of the coin shows the portrait of Abraham Lincoln to commemorate and pay tribute to the President. The portrait is facing to the right of the coin and has visible details on the coat, hair, and face. Above the portrait’s head, you’ll see a legend In God We Trust written around the edge.
The word Liberty is struck to the left of the coin, behind the portrait’s neck, whereas the right side shows the year of minting and a mint mark below the date. Most of the original design is still used in pennies with slight modifications.
Reverse Design
The reverse side of the 1950 wheat penny shows two wheat stalks around the coin’s edges, depicting prosperity and growth. Just above the coin’s center, you’ll see the words one cent written, and below that, the phrase the United States of America is written.
Over the top rim of the coin, the legend E Pluribus Unum is also visible. While these design descriptions are based on coins in pristine condition, the design details can vary with increasing wear.
1950 Wheat Penny Value Chart |
||||
| Mint Mark | Good | Fine | Extremely Fine | Uncirculated |
| 1950 no mint mark wheat penny | $0.01 | $0.05 | $0.35 | $0.95 to $2.28 |
| 1950 D wheat penny | $9.65 | $9.65 | $11 to $15.65 | $0.6 to $2.28 |
| 1950 S wheat penny | $9.65 | $9.65 | $11.65 to $17 | $0.9 to 2.8 |
| 1950 proof wheat penny | n/a | m/a | n/a | $79 |
1950 Wheat Penny Value and Varieties Guides
In this section, we’ll be exploring different varieties of the 1950 wheat penny and their value according to the coin’s condition. The better the coin’s condition, the more it’s valued.
1950 Wheat Penny No Mint Mark Value
- Edge: Smooth
- Price: $0.15 to $20+
- Mass: 3.11 grams
- Year of Minting: 1950
- Diameter: 19 mm
- Mint Mark: No mint mark
- Face Value: $0.01
- Type: Lincoln wheat penny
- Place of Minting: Philadelphia
- Quantity Produced: 272,635,000
270 million 1950 Lincoln wheat pennies were minted in the Philadelphia mint in 1950. Because of the coin’s massive production and lower face value, the coin is not rare and can be easily bought. However, coins in uncirculated and higher grades are worth a lot more.
A coin in good condition sells for no more than a few cents, whereas a coin in fine condition sells for five times its value. The 1950 wheat pennies in mint and pristine condition range from 90 cents to $3.
Recently, a high-grade penny was sold at an auction for over $4000. Therefore, the value purely depends on the market, the coin’s condition, and its value in the collector’s mind.
1950 S Wheat Penny Value
- Edge: Smooth
- Face Value: $0.01
- Type: Lincoln wheat penny
- Quantity Produced: 118,505,000
- Diameter: 19 mm
- Mint Mark: S
- Mass: 3.11 grams
- Year of Minting: 1950
- Place of Minting: San Francisco
- Price: $0.15 to $25
The 1950 S wheat penny was produced in the San Francisco mint. A total of 118,505,000 S pennies were minted, which was a low number compared to pennies produced by the mint in earlier years. The average value of the coins is similar to the 1950 no-mint mark wheat penny.
A 1950 S penny in good condition will cost a little more than the face value, whereas fine condition coins are worth five cents or more. While the extremely fine condition coins are sold for an average of 8 to 10 cents, the uncirculated pennies fall between 90 cents to $2.3 and upwards, depending on the coin’s condition. Surprisingly, several uncirculated coins with rare errors are reported to reach more than $9000.
1950 D Wheat Penny Value
- Place of Minting: Denver
- Edge: Smooth
- Price: $0.15 to $23
- Quantity Produced: 334,950,000
- Mint Mark: D
- Mass: 3.11 grams
- Diameter: 19 mm
- Type: Lincoln Wheat Penny
- Face Value: $0.01
- Year of Minting: 1950
1950 wheat penny with a D mint mark was produced in Denver with a total quantity of 334,950,000. The D mint mark 1950 wheat pennies are also similar in range to the no mint mark 1950 penny.
Good condition coins go for a value of $0.01, fine quality sells for around 22 cents, whereas uncirculated pennies are worth $0.66 to $2.9. Uncirculated wheat pennies in pristine condition are reported to fetch more than $15,000.
1950 Proof Wheat Penny Value
These wheat pennies are rare and minted in limited quantities, mostly for collectors. These pennies are valuable and have a shiny mirror finish. Wheat pennies are made with higher detail and are worth money if they are in mint condition.
During World War 2, the US Treasury made no proof coins. However, in 1950, around 51000 of these coins were minted, making them very rare. The proof coins in uncirculated condition sell for over $79.
1950 Wheat Penny History
The design of the 1950 Lincoln penny is the same as the original 1909 Lincoln penny. The design depicted Abraham Lincoln and commemorated his 100th birthday. The 16th President of the US was commemorated due to his efforts in keeping the people of the United States under one banner during the civil war period.
The designer, Victor David Brenner, put his initials, VDB, on the coin on the front side of the pennies, which was later removed. The initials proposed by Brenner had a large font and were seen as a method of advertisement, and not welcomed by the general public. Within the first weeks of minting, the coin was not appreciated by the public and the Secretary of treasury Franklin MacVegan due to the use of initials and was stopped from production.
On 6th August, the pennies were withdrawn from circulation. Although the first dies had his full initials, the new dies made didn’t include the artist’s initials.
The design of the 1950 Lincoln penny was the same as previous pennies, with Abraham Lincoln’s portrait on the front side and two wheat ears on the reverse side. The portrait of Lincoln in the wheat penny represents unity and acceptance, the two wheat ears represent prosperity, courage, and strength. The same design for the Lincoln penny was used from 1909 to 1959.
The wheat penny has also seen several changes in its composition. The coin’s composition changed during the war to save valuable metals like copper. Steel pennies were introduced at the time, which were covered with a thin layer of copper.
Fortunately, after the end of the war, the minting of copper pennies began once again. The coins with the VDB initials are considered the most valuable coins, especially the ones minted in the San Francisco mint. The mint at the time only produced 484,000 coins.
Also Read: Top 20 Most Valuable Old Pennies Worth Money (Penny Collection)
1950 Wheat Penny Grading
Different graded coins have varying values. Higher-grade coins always sell more and are the most sought-after. Although several professional coin grading services are available, coin collectors often follow a grading system to evaluate the value themselves.
1950 Wheat Penny Errors
Although the 1950 wheat penny doesn’t have much value, the coins with errors fetch more than just a few dollars. Let’s read the errors in the 1950 wheat penny that make it unique and valuable.
1. 1950 D Wheat Penny With Broadstruck Error
The faulty striking of the coin results in this error During the minting process the broadstruck error results in missed details. These pennies are reported to be sold at an auction price of $28 and can even go above $100.
2. 1950 D Wheat Penny Struck on Ten Cent Planchet
When a larger planchet is used to strike a smaller coin, either imprinting the wrong details or changing the diameter and thickness of the coin. Recently, a 1950 D coin with this error was sold for $430, and prices can even go higher.
3. 1950 D Wheat Penny Off Center
The off-center error occurs when the die, coin, or planchet moves from the original position, imprinting an off-center portrait. The more the image is off-center, the higher its value will be. Depending on the off-center percentage, the auction value of an off-center 1950 wheat penny ranges between $180 to $225.
4. 1950 S Wheat Penny Repunched Mint Mark
Typically, the mint mark on the coin is struck once or twice while keeping the coin steady and the die in the right direction. However, if the coin moves, the mint mark can get punched twice or multiple times, resulting in this error. A 1950 wheat penny with this error is reported to be sold at an auction for more than $120.
1950 Wheat Penny FAQs
Are 1950 wheat pennies worth any money?
No matter how poor the condition, these pennies can still be traded or sold for their face value of one cent. The pieces in fine condition are worth five cents, whereas the extremely fine coins sell for eight to ten cents.
The uncirculated 1950 pennies have the most value and can sell for an average price of $2.3. While the 1950 pennies with the S mint mark are worth more than other mints, the pennies with rare errors are valued the most. On average, a 1950 wheat penny with an error can easily sell for more than a hundred dollars.
What’s the worth of a 1950 D wheat penny?
The Lincoln wheat penny with the D mint mark sells for a range of $0.7 to $2.3. The higher the grade, the more valuable the coin is.
Which year has the rarest wheat pennies?
The first Lincoln pennies minted during the first few weeks is the rarest penny among the Lincoln coin series. At the time, the designer, Victor David Brenner added his initials to the coin. The authorities and the public opposed this representation of the artist’s initials in a large font.
Later, the mint authorities ordered to stop the minting of the 1909 coin as the artist’s initials were not welcomed as a part of the design. The 1909 S and 1914 D are the most valuable wheat pennies in the series. These two coins are the most valuable in the wheat penny series.
Is there a penny worth a million dollars?
The 1942 wheat penny is valued at one million dollars as the coin is not made of steel. At the time, steel was the metal that replaced the copper used in coins to conserve the precious metal and use it in the war.
The use of steel for coins was implemented in 1943. However, several pennies were minted using bronze planchets instead of steel planchets. This resulted in bronze planchets coated with zinc. These rare coins were reported to be sold at auction for a million dollars and more.
Where can I sell my pennies for money?
Start with your local coin shop as it is a feasible place to sell your old coins falling in the low and mid-range. These coins include buffalo nickels, wheat pennies, silver dollars, and other coins that have a melt value more than their face value.