1920 Wheat Penny Value Guide

1920 Wheat Penny Value Guide

1920 Wheat penny values have gotten complicated with all the wildly varying online estimates and questionable grading flying around. As someone who’s been collecting early Lincoln cents for years and spent a memorable afternoon at a show haggling over a 1920-S in VF, I learned everything there is to know about what these Roaring Twenties pennies are actually worth. Today, I will share it all with you.

The 1920 penny comes from one of the most dynamic decades in American history. The Roaring Twenties brought jazz, flappers, economic boom, and Prohibition. These little copper cents were in everyone’s pocket, and the ones that survived in nice condition are genuinely collectible today.

The Design You’re Looking At

Victor David Brenner’s Lincoln portrait graces the obverse — the same design that debuted in 1909 for Lincoln’s centennial. The reverse features wheat stalks, giving the series its “Wheat Penny” nickname. By 1920, this design was already a familiar fixture of American commerce. Brenner’s work has held up remarkably well — there’s a reason the Lincoln portrait is still on pennies over a century later.

Minting Numbers and Locations

Probably should have led with this section, honestly. Three mints produced the 1920 penny:

• Philadelphia (no mint mark): Over 310 million struck. The most common by far.
• Denver (D): About 49 million. Noticeably scarcer than Philly.
• San Francisco (S): About 46 million. Similar production to Denver but often more sought-after.

The mint mark sits on the obverse below the date. Philadelphia coins don’t have one (the Mint didn’t mark Philly coins until 1980 for pennies). The Denver and San Francisco coins carry higher premiums, especially the 1920-S in upper grades.

What Affects the Value

Three things drive 1920 penny prices:

• Condition: Graded on the Sheldon Scale from Poor (P-1) to Mint State (MS-70). A coin in MS condition is rare and valuable. Common circulated grades include VG, F, VF, and EF.
• Mint Mark: Denver and San Francisco coins typically command higher prices, particularly in higher grades.
• Luster and Color: The original copper color matters. Red (RD) designated coins — ones that retain their original copper luster — are worth more than Brown (BN) or Red-Brown (RB) examples. I always look for that warm reddish glow.

How to Assess Condition

Start by checking the high points. On the obverse, Lincoln’s cheekbone and jaw show wear first. On the reverse, the tops of the wheat stalks and the lettering are your indicators. Use a magnifying loupe for detail — I never examine a coin without one. Compare what you see against reference images of graded coins to estimate where yours falls on the scale.

That’s what makes early Wheat pennies endearing to us Lincoln cent collectors — there’s genuine skill involved in evaluating them, and you get better with practice.

Professional Grading

For coins that might be VF or better, professional grading is worth the investment. PCGS and NGC are the two services that matter. They’ll authenticate the coin, assign a grade, and seal it in a protective holder with a label. The cost is modest compared to the confidence it provides — and slabbed coins consistently sell for more than raw ones.

What They’re Selling For

Common circulated 1920 pennies from Philadelphia run a few cents to a few dollars depending on condition. Denver and San Francisco coins in the same grades can be worth more — sometimes significantly more for scarce mint-mark combinations in higher grades. An MS-65 Red 1920 from any mint is going to command attention and serious dollars. Auction platforms give you the best real-time picture of what buyers are actually paying.

Watch Out for Fakes

As interest in vintage coins grows, so does the counterfeiting risk. The 1920-S in particular can be worth enough to make faking worthwhile for dishonest sellers. Always verify authenticity before buying, especially at prices that seem too good. Professional grading eliminates this risk, which is another reason I recommend it for any significant purchase.

Why People Collect These

Collecting 1920 Wheat pennies is more than a financial play. It’s a connection to a transformative decade in American history. I’ve met collectors who are drawn to the era’s history, others who love the challenge of assembling complete date-and-mint sets, and some who just enjoy the satisfaction of upgrading coins over time. The hobby deepens your knowledge of history, economics, and art in ways you don’t expect when you start.

Looking Forward

Interest in classic Wheat cents continues to hold steady. As younger generations discover numismatics through social media and online communities, coins like the 1920 penny benefit from fresh demand. These aren’t flashy modern coins with colored finishes — they’re genuine pieces of early 20th-century America, and that authenticity resonates with collectors of all ages.

Where to Learn More

• American Numismatic Association (ANA): Educational resources and courses for all levels.
• Coin grading guides: Both online and print references help you learn to evaluate condition accurately.
• Online forums: CoinTalk, Reddit’s coin communities, and collector groups on social media are great for discussion and advice.