Since 1934 is unofficially the first year of a Lincoln pennies new era, coins minted in that period are considered significant pieces of US coinage that are still in use. Like other pennies in the series, they have a US President on the obverse as the first such case in American minting history.
Even though the 1934 Wheat penny value is not exceptionally high, this piece is unavoidable for any collector. Since the number of coins available decreases over time, you can expect price increases in the future. Let’s take a closer look.
1934 Wheat Penny History
Engraver and coin designer Victor D. Brenner created the Lincoln penny (Wheat penny) in 1909, but its design changed in 1959 when the Lincoln Monument was added to the coin reverse. These bronze cents have contained 95% copper and 5% zinc during the mintage period, but their weight has been reduced over time.
1934 wheat penny |
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| Location | Year | Minted |
| Philadelphia | 1934 | 219,080,000 |
| Denver | 1934 D | 28,446,000 |
| Total | / | 247,526,000 |
Like other coins in the early series, the 1934 Lincoln penny has the Abraham Lincoln profile on the obverse. This coin side also contains the date and inscriptions LIBERTY and IN GOD WE TRUST, arching the image over the top.
You can see the struck Latin motto E PLURIBUS UNUM, the denomination ONE CENT, and words the UNITED STATES OF AMERICA on the reverse. Two wheat ears surround them on both sides.
1934 wheat penny |
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| Face value | 1 cent ($0.01) |
| Compound | 95% copper with 5% tin and zinc mix |
| Coin weight | 0.10970 ounces (3.11 g) |
| Coin thickness | 0.06102 inches (1.55 mm) |
| Coin diameter | 0.75Â inches (19.05 mm) |
| Shape | Round |
| Edge | Plain |
Even though the 1934 year wasn’t something special related to Wheat pennies, the 1934 Lincoln cent was pivotal in these coins’ production. It was the first year with significantly higher mintage to adequately respond to increased demand.
As a result, these coins are not worth much. For instance, you can get only double the nominal value for a piece in fine condition. Only rare MS 67 coins can be worth more.
1934 wheat penny value* |
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| Quality | 1934 | 1934 D |
| Good | $0.1 | $0.2 |
| Very good | $0.2 | $0.3 |
| Fine | $0.2 | $0.5 |
| Very fine | $0.3 | $0.8 |
| Extra fine | $1.1 | $2.5 |
| About uncirculated | $4.4 | $8.3 |
| MS 60 | $11 | $24 |
| MS 63 | $16 | $30 |
*by USA Coin book
1934 Wheat Penny Types
Even though three mints produced most other Lincoln cents, the 1934 Wheat penny was minted only in Philadelphia and Denver.
1934 Wheat penny
The Philadelphia 1934 Lincoln Wheat pennies’ mintage was 219,080,000. This bronze composite cent is pretty common nowadays, and you can buy a piece in decent condition for less than a dollar. When purchasing one in the mint state, be sure to choose a nicely colored coin without stains.
1934 wheat penny value* |
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| Year | Quality | |||
| Good | Fine | Extra fine | Uncirculated | |
| 1934 | $0.15 | $0.2 | $1 | $4 |
| 1934Â D | $0.2 | $0.5 | $2.25 | $7.5 |
*by JM Bullion
Even uncirculated pieces have a price of $1.5 to $20, depending on the preservation levels. Interestingly, one coin in MS 67 grade is worth about $70, but an almost perfect MS 68 RD Wheat penny will cost you $2,000 to $3,000.
1934 D Wheat penny
1934 Wheat pennies minted in Denver have the D mint mark on the obverse, below the date. This mint struck 28,446,000 coins this year, which is pretty low mintage compared with the Philadelphia mint production.
1934 wheat penny value* |
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| Year | Quality | |||
| Good | Fine | Extra fine | Uncirculated | |
| 1934 | $0.04 | $0.04 | $0.05 | $5 |
| 1934Â D | $0.04 | $0.04 | $0.05 | $15 |
*by CoinStudy
Older Wheat pennies, including pieces minted in 1934, are highly collectible since most numismatists tend to complete the entire series.
1934 wheat penny value* |
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| Quality | 1934 | 1934 D |
| Very fine | $1 | $1 |
| Extra fine | $1.5 | $3 |
| AU | $6 to $8 | $8 to $9 |
| MS 60 | $15 | $20 |
| MS 63 | $30 | $26 |
| MS 64 | $40 | $42 |
| MS 65 | $50 | $84 |
| MS 66 | $60 | $172 |
| MS 67 | $138+ | $1.500+ |
*by COIN HelpU
Novices and collectors on the budget don’t hesitate to buy pieces in fine and extra-fine conditions for approximately $0.8 to $2.5. Even coins in MS 63 are cheap, and you can purchase one for only $30.
On the other hand, rare MS 67 RD specimens are worth an impressive $2,000. Experts from PCGS believe that only 4,600 Wheat pennies minted in Denver in 1934 still exist in MS 65 RD or higher grade.
1934 Wheat Penny Rarities and Key Dates
Errors are scarce, and collectors are prepared to pay more for such pieces. The most common Wheat penny examples are lamination error and die crack. Unfortunately, coins minted in 1934 have no known rarities or key dates.
1934 Wheat Penny Grading
For most collectors, the coin condition is everything, and they give their best to find pieces in the mint state. However, novices will even appreciate lower-quality pennies to complete the series.
Uncirculated – This penny wasn’t in circulation at all, so you can’t see any signs of wear on its surface. The texture and luster are still preserved, but some pieces can change their color over time. It is expected for copper coins, and you can find them in three shade varieties.
1934 wheat penny value * |
|||
| Quality | 1934 | 1934 RB | 1934 RD |
| Good | $0.2 | / | / |
| Very good | $0.2 | / | / |
| Fine | $0.21 | / | / |
| Very fine | $0.21 | / | / |
| Extra fine | $0.22 to $0.23 | / | / |
| AU | $0.23 to $0.24 | / | / |
| MS 60 | $1.5 to $1.8 | / | / |
| MS 61 | $2.6 to $3.2 | / | / |
| MS 62 | $4 to $4.9 | / | / |
| MS 63 | $5.4 to $6.5 | $9.4 to $11.3 | / |
| MS 64 | $6.7 to $8.1 | $10.8 to $13 | $13.5 to $16.2 |
| MS 65 | $10.8 to $13 | $24.3 to $29.2 | $33.7 to $40.5 |
| MS 66 | $17.5 to $19.7 | / | $54 to $65 |
| MS 67 | $54 to $68 | / | $260 to $358 |
| MS 68 | / | / | $2,380 to $2,880 |
*by Greysheet
Extra fine – In this case, you can see visible light wear on the penny surface. Lincoln’s jaw is bold, with a clear separation between the jaw and ear, but with a few minor flattening. Since it spent a short time in circulation, you can see only slight flaws barely visible to the naked eye.
Fine – Since this penny spent significant time exchanging hands, you can see flattening along Lincoln’s jawline on the coin obverse and the most prominent details on the reverse.
The coin surface is a bit scratched without compromising Lincoln’s image, wheat stalks, and letterings. If you find a light brown specimen with deep shades, you can be happy and satisfied.
1934 D wheat penny value* |
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| Quality | 1934 D | 1934 D RB | 1934 D RD |
| Good | $0.2 | / | / |
| Very good | $0.2 | / | / |
| Fine | $0.21 | / | / |
| Very fine | $0.21 | / | / |
| Extra fine | $0.22 to $0.23 | / | / |
| AU | $0.23 to $0.24 | / | / |
| MS 60 | $2.65 to $3.24 | / | / |
| MS 61 | $4 to $4.86 | / | / |
| MS 62 | $5.4 to $6.5 | / | / |
| MS 63 | $8.1 to $9.72 | $13.5 to $16.2 | / |
| MS 64 | $10.8 to $13 | $23 to $27.5 | $32.4 to $38.9 |
| MS 65 | $13.5 to $16.2 | $43.2 to $52 | $68 to $81 |
| MS 66 | / | / | $195 to $260 |
| MS 67 | / | / | $1,500 to $2,120 |
*by Greysheet
Good – This piece is always heavily worn with flattening of most design’s parts. You can see only Lincoln’s image outline, but the date and inscriptions are decently defined. Sometimes, you can find a severely damaged penny, but collectors on the budget will appreciate getting even such a heavily circulated piece.
Determine the 1934 Wheat Penny Value
The crucial things that directly affect a coin’s price are its condition and the interest of collectors. Most numismatists prefer specimens in the mint state, so your first step is to estimate the penny you have before offering it on the market.
Evaluate 1934 Lincoln penny by determining:
The date – You should check whether the date is visible on the coin obverse, on the right side of Lincoln’s bust.
The mint mark – Two mints produced this particular coin in 1934, so you should look for the D mint mark below the date. That will confirm this piece came from Denver. The absence of this letter means the specimen was minted in Philadelphia.
The coin condition – As you know, the coin’s price will vary, depending on its condition. The cheapest are pieces in the good grade, while highly-rated coins can reach a few hundred or even a thousand dollars.
Unique qualities – There are no errors or key dates among pennies minted in 1934. However, their price will vary depending on the mint mark and grade.
Summary
The 1934 Wheat penny is not an expensive piece, and most collectors can purchase it at an affordable price. The crucial thing is to estimate the coin value by checking its mint mark and condition.
Unlike most Lincoln pennies, this one was minted only in Philadelphia and Denver so that you can recognize only pieces with the D mint mark and those without it.
