Understanding the 1917 Wheat Penny Value
The 1917 wheat penny is a fascinating piece of American numismatics. Understanding its value involves looking at its history, features, and demand among collectors. This penny is part of the Lincoln cent series, initially minted in 1909. This series marked the first time a U.S. president was depicted on regular circulating coins. The wheat penny enjoyed a production run until 1958, after which it was succeeded by the Lincoln Memorial reverse.
History and Context
The 1917 penny was minted during a time of global upheaval. The United States had entered World War I, marking a shift in its international posture. This wartime context sometimes adds a layer of historical intrigue for collectors. Its large mintage numbers reflected the economic demands of the era, with over 196 million minted in Philadelphia alone. Denver and San Francisco mints produced significantly fewer coins, contributing to the relative rarity of their mintmarks.
Design and Features
Victor David Brenner designed the Lincoln wheat penny. The obverse features a profile of Abraham Lincoln, a design chosen to honor the centennial of his birth. The reverse depicts two wheat stalks, symbolizing prosperity. Collectors often examine these features for wear when assessing value. The condition of the coin, judged by its grade, significantly influences its market price. Coins are graded on a scale from 1 to 70, with a higher number indicating better condition.
Grading and Its Impact on Value
A 1917 wheat penny in good condition (G4) might show significant wear. However, the details of Lincoln’s face should still be visible. In very fine condition (VF20), the coin exhibits slight wear but retains good detail, particularly in areas like Lincoln’s cheek and jaw. Extremely fine specimens (EF40) showcase minimal signs of circulation. AU (about uncirculated) grades imply near-mint condition with full detail and slight surface marks. Uncirculated (MS) grades, notably MS60 and above, indicate high value, especially if the original mint luster is intact.
Mintage and Scarcity
The mintage numbers vary for the three production sites. The Philadelphia mint, without a mintmark, produced over 196 million coins. The Denver mint, marked by a D, produced approximately 55 million. The San Francisco mint, with the S mintmark, contributed around 32 million pieces. Lower mintage numbers generally increase scarcity, reflected in higher collector interest and value. The S mintmark coins are particularly sought after due to their relative rarity.
Market Demand and Prices
The 1917 wheat penny’s value is primarily influenced by its condition and mintmark. Coins without mintmarks (Philadelphia) in average condition may be worth a modest sum, while high-grade pieces can fetch impressive amounts. Denver mint pieces, bearing a D, command higher prices due to their scarcity. San Francisco coins, with the S mintmark, tend to be the most valuable in comparable conditions. Current market trends and auction results guide these valuations extensively.
Error Coins and Varieties
Collectors particularly seek error coins or varieties for their uniqueness. A common allure of the 1917 wheat penny is the doubled die variety. In this case, a mistake during production leads to a doubled image. Such errors are valued well above standard pieces due to their rarity. Collectors should be vigilant when identifying these errors, as traits like offset lettering or numbers can be subtle.
Tips for Collectors
When collecting 1917 wheat pennies, ensure authenticity. Counterfeits exist, and professional appraisal can prevent costly mistakes. Storing coins properly, avoiding damage from moisture or handling, helps preserve value. Coin holders or albums are popular storage solutions. Regularly checking the market can inform when to buy or sell, ensuring maximum return on investment. Building relationships within the numismatic community can provide access to valuable insights and rare finds.