Are you among the few people who still have the rare 1924 penny? Would you love to know how much you will gain when you sell this coin?
Stick around for more info about this coin. We’ll cover everything about the 1924 penny value.
This penny is one of the precious Lincoln wheat ears coins. Various mints made these coins using different marks. The penny also has many features that make it unique from other wheat coins.
You should know the coin’s value because it’s worth a great fortune. Besides the specs, other factors determine the penny’s value.
Once you understand the coin’s worth, it will be easy to market your 1924 penny. So, let’s start with the meaning of this coin.
What’s the 1924 Penny?
The 1924 penny is part of the Lincoln wheat coin family. Its art idea came from Victor Brennan David in 1924.
Also, many collectors love this coin because of its beautiful design. The quality will vary with the firm that struck the coin. But here are the key features of this penny.
Specs of the 1924 Penny
You have to look at what’s on the coin before calling it a 1924 penny. So, these aspects will guide you.
1. Weight and Size
The 1924 penny comes from three metals. It has 5% tin and zinc and 95% copper. If it’s in good condition, the coin weighs 3.11 grams and has a 19-millimeter diameter.
2. The Head
Victor David designed the penny with the profile of President Abraham Lincoln on the head. Still, the coin has the sign of the legend liberty on the front side.
On the right, there’s the year and label of mintage. Don’t forget the “In God We Trust,” motto on the head.
3. The Tail
At the center, Victor David designed the United States of America Legend. You’ll also see wheat stalks on the sides and an “E Pluribus Unum” motto.
4. The Mint Mark
This penny comes in three types of mint marks. It depends on the firm’s location.
The coin’s design changed as mint firms replaced Victor’s initials with their locations. Read on as we look at which places made these coins.
Which Mints made the 1924 Penny?
Only three mints made the 1924 pennies. These mints are in Philadelphia, Denver, and San Francisco. Here is what the details about these mints.
1. Philadelphia Mint
The coins from this mint had no letter mark. During this year, the firm made over 75 million coins. You can also call them the Philadelphia mints.
Today, the 1924 pennies from this mint are the most common. Also, the 1924 Philadelphia mint pennies have unique strikes and a smooth luster if you take care of them.
2. The Denver Mint
Coins from this mint firm have the name 1924-D Lincoln penny. It’s because the mint in Denver struck the coin. Remember, 1924-D came in after the Philadelphia mint had started to mint coins in 1924.
1924 Denver wheat cents have the 5th lowest mintage. The firm only struck 2.52 million coins.
Among the three types of the 1924 wheat penny coins, the ones from Denver are the scarcest today. Expect the coins to be brown and with a letter mark D.
Many collectors love these coins more than any other 1924 wheat pennies. They’ll have a high value and sharp details in any condition.
3. The San Francisco Mint
When it comes to San Francisco’s mint, they marked their 1924 pennies with a letter mark “s.” Like the Denver mint, most collectors love the coin because of the value it carries in all grades.
So, when you inspect the coin in reverse and obverse, the lettering is separate from the rim. This penny from the San Francisco mint is beautiful, even if it’s old. In 1924, the mint struck over 11.7 million 124-S pennies.
When you maintain the coin well, the value will always be high. Also, this wheat penny isn’t as rare as the Denver one.
Reasons for Minting the 1924 Penny
Like the other wheat coins, the 1924 penny came in as part of the Lincoln cents. So, the key goal was to honor the president’s birth year.
President Roosevelt pushed the idea. He wanted every person to uphold the true figures of US history like Abraham Lincoln.
Besides honoring the nation’s history, the penny also boosted other coins. It brought a nice change in US history.
The three mint firms struck many forms of these coins. It was to ensure that the coins were enough for trading. Remember, all had quality specs like the copper body, which made it last for a long time.
Value of the 1924 Penny
Let’s come to the real meat, the penny’s value. In 1924, these pennies were available in large numbers. Expect all these 1924 wheat pennies to sell from 8 cents to even over $100.
The Philadelphia 1924 penny has the lowest value among the three. You can sell the coin from 8 cents to at least $15.
If you have 1924-D in an average state, expect it to go for about $30. But when it’s in a better state with few wears, the coin goes for about at least $125.
So, you can sell your 1924-D penny even at $1200 if it’s in the best state. The face value of this coin is $0.01.
As for the 1924-S penny that’s in a poor state, it goes for 68 cents. When in the best condition with few wears, you’ll sell it for at least $92. This coin has a face value of 0.01 USD.
Your 1924 penny will only trade at a higher value if it has light wear. So, ensure that you keep them well if you have such coins.
Factors Influencing the Value of the 1924 Penny
When you want to know the exact range of your 1924 penny, there are several things to consider. These aspects will help you whether you are a seller, collector, or buyer.
1. Errors
Most 1924 pennies have perfect looks because the mint firms struck them to last for many years. Still, some 1924 pennies have some mistakes.
So, how will you know that your 1924 wheat penny has some errors? When you look at the coin’s tail, you’ll see that it has a double die.
A double die coin has a light doubling on wheat stalks the tail. Also, there will be a double light in the word “One” (in the word One Cent) and “Of America.” You’ll see this spec, especially on the 1924-S pennies.
Sometimes, the double die aspect will be on the date. It happens on the coin’s head side.
Also, your coin can have a clip, off-center, and letter mark errors. The errors can reduce your penny’s value.
Expect coins with such errors to sell from $20 to $100. Remember, your coin will be in this range depending on looks and type.
2. Rarity
As for the coin’s rarity, it varies with how scarce its features are today. Also, if the number of coins the mint made in 1924 is low, expect the coins to be hard to find.
The rare pennies are the costly ones. So, for example, if you have the 1924-D penny, know that the coin is rare and expensive.
3. Grading of the coin
Every collector will complete the coin’s value by identifying its grade. Here, you’ll look at the coin’s surface and the care you give it.
Once a coin gets into the market, the surface begins to wear. Ensure you avoid touching your 1924 penny’s surface.
The value varies with three types of grading. When the luster is continuous, even over Lincoln’s portrait, your coin will be in the uncirculated grade. These pennies have the highest value.
Also, the coin’s high areas are critical. When you look at Abraham’s chin, it should be smooth. Your coin’s color should have a smooth blend.
As for the extremely fine grade coins, expect to have a lesser value than the ones in the uncirculated grade. The coin will be bold with finer details in the key areas.
You’ll know that your coin is a fine grade when you see the circulation wear. Also, the flattening areas are moderate.
These specs show that the coin has moved for a long time but has minor damages. They are less costly than the excellent ones.
Your 1924 penny will be good when it has lost much beauty, has several errors, and has many damages. Such coins have a low market value. Below is a chart with the values of the 1924 pennies.
| 1924 Penny | Good in USD | Fine in USD | Extremely Fine in USD | Uncirculated in USD |
| Philadelphia (1924) | 0.08 | 0.37 | 3.98 | At least 15 |
| 1924-D | 16 | 30 | 87 | At least 500 |
| 1924-S | 0.68 | 1.92 | 29 | At least 92 |
4. Cleanliness
Besides your 1924 penny having great specs, you should handle it well. Expect collectors to buy a clean 1924 penny at a better price than the old and dirty one.
Conclusion
The 1924 penny has a high market value. It will depend on the type and its grading condition.
Expect the 1924 Philadelphia pennies to have the lowest market value. 1924-D has the highest market value.
These coins have the same specs on both their heads and tail. You’ll see the difference only in the letter marks.
In 1924, the Philadelphia mint made the highest number of these coins. The pennies honor Abraham Lincoln’s reign.
If you have any 1924 penny, ensure you keep it well. It’s the best way to retain the coin’s value.
So, can you estimate the value of your 1924 penny? How much do you think it’s worth today?
