How Much is a 1937 Wheat Penny Worth (Price Chart)

Collecting the wheat penny set is a great way to get to know the world of numismatics. Coins with the image of the 16th American President, Abraham Lincoln, are in great demand among collectors, especially pieces in the mint state.

The US mints produced these pennies in bulk, making them affordable and easy to find. Still, all Lincoln pennies are worth more than their face value due to the historical and collector’s importance. Let’s see what a 1937 penny value is and the factors that determine it.

1937 Penny History

Three US mints produced a total of 394,109,320 Lincoln pennies in 1937. Many of them survived up to today, and finding them is not a challenge. The Philadelphia mint struck the major mintage part with 309,170,000 regular and 9,320 proof coins.

1937 Lincoln penny value*

Location Year Minted
Philadelphia 1937 309,170,000
Philadelphia 1937 proof 9,320
San Francisco 1937 S 34,500,000
Denver 1937 D 50,430,000
Total / 394,109,320

The 1937 penny is a part of the Lincoln (Wheat) penny series, issued from 1909 to 1958. All credit for designing this $0.01 coin goes to sculptor Victor David Brenner.

He created it by the directive of the 26th US President Theodore Roosevelt to commemorate the 200th anniversary of Abraham Lincoln’s birth.

1937 Lincoln penny
Face value $0.01
Compound Copper (95%), tin and zinc (5%)
Coin weight 0.10970 ounces (3.11 g)
Coin diameter 1.5 inches (38.1 mm)
Coin thickness 0.07677 inches (1.95 mm)
Shape Round
Edge Plain

The 1937 Wheat penny owes its name to the reverse side design. Brenner’s idea included ONE CENT denomination in the middle part with two wheat stalks around it.

A Latin engraving E PLURIBUS UNUM is above the denomination, while the inscription UNITED STATES OF AMERICA is on the coin bottom.

The coin obverse central piece occupies the Lincoln bust. You can see two engravings on this coin side, the motto IN GOD WE TRUST and the word LIBERTY next to the date.


1937 Penny Types

The 1937 Lincoln penny is not a silver coin, so it is without a melt value. Its composition makes copper, tin, and zinc, making its value low in most grades. The exceptions are pieces in the mint state.

1937 Lincoln penny value*

Quality 1937 1937 S 1937 D
Good $0.17 $0.17 $0.17
Very good $0.2 $0.2 $0.2
Fine $0.3 $0.3 $0.3
Very fine $0.6 $0.45 $0.45
Extra fine $1.1 $1.1 $1.1
AU $2.3 $3.3 $3.3
MS 60 $3.3 $5.7 $5.7
MS 65 $4.5 $11 $9.1
PR 63 $74 / /

*by USA Coin book

On the other hand, a whole Wheat penny set can bring you some money. Most coin dealers will pay over $100 for it.

1937 Lincoln penny no mint mark

1937 Lincoln penny no mint mark

As I have already mentioned, the Philadelphia mint struck most of the 1937 total mintage. None of these coins have the mint mark because the P letter first appeared on Jefferson nickels during WWII.

1937 Lincoln penny value*

Year Quality
Good Fine Extra fine Uncirculated
1937 $0.15 $0.3 $1 $2
1937 S $0.15 $0.3 $1 $3
1937 D $0.15 $0.25 $1 $3

*by JM Bullion

Most of the 1937 Lincoln pennies were in circulation, so they often come with numerous scratches and stains.

That is the main reason why their value rarely exceeds $1. However, there are exceptions. One 1937 MS 68 Lincoln penny reached a record value of $7,200 in 2019.

1937 proof Lincoln penny

1937 proof Lincoln penny

In addition to regular coins, the Philadelphia mint was the only one to hit proof coins. The mint produced them solely with numismatists on mind, so those pennies never went into circulation.

They typically have a higher luster, better-defined lines, and were struck stronger than the regular pieces. No wonder many collectors are looking for them, and their value is much higher than circulated ones.

According to the PCGS, the 1937 PR 67 proof Lincoln penny’s record value is an impressive $24,675.

1937 S Lincoln penny

1937 S Lincoln penny

You can quickly sort out 1937 Lincoln pennies produced in San Francisco from others. All you need to do is look for the S mint mark on the obverse side, close to the mintage date.

1937 Lincoln penny value*

Year Quality
Good Fine Extra fine Uncirculated
1937 $0.04 $0.04 $0.05 $3
1937  S $0.04 $0.04 $0.15 $3
1937  D $0.04 $0.04 $0.15 $4

*by CoinStudy

The San Francisco mint struck only 34,500,000 Lincoln pennies in 1937. However, that doesn’t mean their value differs much from pieces produced in Philadelphia.

Some coin dealers slightly advantage pennies with the S mint mark over others produced that year. The difference is typically 5 to 10 cents, but the 1937 S penny auction record is only $2,350.

1937 D Lincoln penny

1937 D Lincoln penny

The Denver mint produced coins with the D mint mark struck below Lincoln’s bust. The difference between the D and S penny values is almost non-existent.

1937 Lincoln penny value*

Quality 1937 1937 S 1937 D
Very good $0.5 $0.5 $0.5
Very fine $1 $1 $1
Extra fine $1.5 $3 $2
AU 55 $2 $4 $3
AU 58 $3 $5 $7
MS 60 $5 $10 $15
MS 63 $35 $22 $18
MS 64 $60 $25 $40
MS 65 $74 $84 $109
MS 66 $84 $161+ $138

*by COIN HelpU

Only a few of over 50 million Lincoln pennies minted in 1937 come close to the record value of 2006. That year, one collector bought a 1937 D MS 68 specimen for $17,250.


1937 Penny Rarities

1937 Penny Rarities

Once mints start to produce coins in bulk, mistakes are inevitable. You can find several rarities and error coins in the 1937 Lincoln penny series, regardless of the mint that made them.

Double die – You can see some of the letters or design detail doubled on a few 1937 Lincoln pennies. This double die error occurred when the hub pressed the coin twice but at a different angle.

The inscription IN GOD WE TRUST on both 1937 and 1937 S pennies have this mistake relatively often, and such coins are worth a little more than $10.

The Denver mint also struck double die coins that year, but the double print is on the Latin phrase E PLURIBUS UNUM.

Off-center error – Another common mistake during coin production was misaligned struck. In this case, the whole design was present but slightly to the side. Many collectors specialize in this kind of coins, and they gladly pay up to $100 for an off-center 1937 Lincoln penny.

Other rarities – Less often, you can come across other rare 1937 Pennies, like those with the re-punched mint mark. Coins with double or even triple letters are worth around $5.

There are also pieces with die cracks, clipped planchet, or die chips. Any of them can bring you $10 to $20, depending on the grade.


1937 Penny Grading

1937 Penny Grading

Although most 1937 Lincoln pennies were in circulation, there are many differences between coins in various grades. As always, their preservation is the crucial element determining the value.

Uncirculated – The original luster is practically intact on an uncirculated coin. All details are perfectly preserved, but some discoloration may appear over time.

1937 Lincoln penny value*

Quality 1937 1937 S 1937 D
Good $0.1 $0.1 $0.1
Very good $0.15 $0.15 $0.15
Fine $0.2 $0.25 $0.2
Very fine $0.25 $0.4 $0.35
Extra fine $0.75 $0.75 $0.75
Uncirculated $0.85 $1.4 $1.5
Brilliant Uncirculated $1.25 $1.6 $2.25

*By Hobbizine

Extra fine – Some collectors snatched these coins after a short period of circulation. Therefore, you can notice only a few scratches on their surface and slight color changes.

The President’s bow and lines in his hair are still visible, but there are typically flat areas on letters and his coat.

Fine – This coin was in circulation for decades, and both its sides show significant signs of wear.

You can notice numerous scratches and stains on the surface while the letters are almost flat. Still, they are readable, and you can also see the mintage year. On the other hand, all delicate details, like a hairline, are gone, and wheat is almost unrecognizable.

1936 Lincoln penny value*

Quality 1936 1936 S 1936 D
Good $0.11 $0.18 $0.2
Very good $0.25 $0.2 $0.3
Fine $0.3 $0.3 $0.3
Very fine $0.6 $0.5 $0.4
Extra fine $1.2 / $1
AU $1.9 / $5.7
Uncirculated $6.7 $12 $6.1

*by Numista

Good – The first thing you will notice about this coin is its flatness. The whole design is smooth, and the rim is no longer clearly separated from the coin field. Most engravings are hardly readable, while some letters are practically disappeared.

The whole President’s bust is one motive with no fine details on his face and figure. Although novice collectors may keep this coin, it is not a particularly desirable piece.



The three mints produced Lincoln pennies in 1937, and most are not worth much except specimens in the mint state. However, DDO and other error pennies can bring you tens of dollars even though they spent time in circulation. Keep in mind that such pieces are scarce, and most collectors look for them regardless of condition.

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