In the world of numismatics, few coins capture the imagination quite like the 1917 Wheat penny. This small copper disc, over a century old, holds a special place in American history and can be worth far more than its face value. Let's dive into the fascinating world of 1917 Wheat pennies and uncover their true potential.
Historical Context: The Penny in 1917 America
The World at War
1917 was a pivotal year for the United States. As the country entered World War I, the economy was in flux, and every coin mattered. The humble penny played a crucial role in daily commerce, from buying a newspaper to making change for a streetcar ride.
The Lincoln Cent's Early Years
Introduced in 1909 to commemorate Abraham Lincoln's 100th birthday, the Wheat penny was still relatively new in 1917. Designed by Lithuanian-born sculptor Victor David Brenner, it represented a significant departure from previous cent designs.
Physical Characteristics of the 1917 Wheat Penny
Obverse Design
- Abraham Lincoln's profile facing right
- "IN GOD WE TRUST" above
- "LIBERTY" to the left
- Date "1917" below
- Mint mark (if present) under the date
Reverse Design
- Two wheat stalks framing the edges
- "ONE CENT" in large letters
- "UNITED STATES OF AMERICA" above
- "E PLURIBUS UNUM" below
Technical Specifications
- Diameter: 19.05 mm (0.75 inches)
- Weight: 3.11 grams
- Composition: 95% copper, 5% tin and zinc
- Edge: Plain
Mintage Figures and Mint Marks
Understanding mintage is crucial for assessing rarity and potential value. In 1917, three U.S. Mints produced pennies:
- Philadelphia: 196,429,785 (no mint mark)
- Denver: 55,120,000 (D mint mark)
- San Francisco: 32,620,000 (S mint mark)
The San Francisco mint produced the fewest coins, making the 1917-S potentially more valuable to collectors.
Grading the 1917 Wheat Penny
Coin grading is an essential skill for any serious collector. The Sheldon Scale, ranging from Poor (P-1) to Perfect Mint State (MS-70), is used to grade coins. Here's a simplified breakdown for 1917 Wheat pennies:
| Grade | Description | Approximate Value Range |
|---|---|---|
| Good (G-4) | Heavily worn, but major features visible | $0.50 – $5 |
| Fine (F-12) | Moderate wear, all lettering clear | $1 – $15 |
| Extremely Fine (EF-40) | Light wear, sharp details | $5 – $40 |
| About Uncirculated (AU-50) | Slight wear on high points | $12 – $100 |
| Mint State (MS-60 to MS-70) | No wear, varying levels of luster | $30 – $35,000+ |
Value Guide for 1917 Wheat Pennies
Values can vary significantly based on mint mark, condition, and other factors. Here's a more detailed breakdown:
1917 (Philadelphia – No Mint Mark)
| Grade | Value Range |
|---|---|
| Good to Very Fine | $0.50 – $3 |
| Extremely Fine | $5 – $10 |
| About Uncirculated | $12 – $25 |
| MS-60 to MS-63 | $30 – $75 |
| MS-64 to MS-65 | $100 – $300 |
| MS-66 and above | $500 – $5,000+ |
1917-D (Denver)
| Grade | Value Range |
|---|---|
| Good to Very Fine | $1 – $15 |
| Extremely Fine | $25 – $40 |
| About Uncirculated | $50 – $100 |
| MS-60 to MS-63 | $150 – $400 |
| MS-64 to MS-65 | $600 – $2,000 |
| MS-66 and above | $5,000 – $20,000+ |
1917-S (San Francisco)
| Grade | Value Range |
|---|---|
| Good to Very Fine | $1 – $10 |
| Extremely Fine | $20 – $35 |
| About Uncirculated | $40 – $100 |
| MS-60 to MS-63 | $125 – $500 |
| MS-64 to MS-65 | $1,000 – $5,000 |
| MS-66 and above | $10,000 – $35,000+ |
Factors Influencing Value
Several key factors can significantly impact a 1917 Wheat penny's value:
- Mint Mark: San Francisco (S) coins generally command higher prices due to lower mintage.
- Condition: Higher grades naturally fetch premium prices.
- Color: Copper coins are graded as Brown (BN), Red-Brown (RB), or Red (RD). Red coins are most desirable and valuable.
- Strike Quality: Well-struck coins with sharp details are more sought after.
- Preservation: Original surfaces without cleaning or damage are preferred.
Notable Errors and Varieties
Errors and varieties can dramatically increase a coin's value. Here are some to look out for in 1917 Wheat pennies:
1917 Doubled Die Obverse (DDO)
The most famous and valuable error for 1917 pennies is the Doubled Die Obverse. This error shows noticeable doubling on the obverse lettering and date.
| Grade | Value Range |
|---|---|
| Circulated | $100 – $2,500 |
| Uncirculated | $3,000 – $100,000+ |
Other Errors and Varieties
- Off-center strikes: $10 – $100 depending on severity
- Die cracks and cuds: $5 – $150
- Repunched mint marks: $5 – $50
The Importance of Preservation
Proper preservation is crucial for maintaining a coin's value. Here are some expert tips:
- Handle coins by their edges to avoid leaving fingerprints
- Store in non-PVC holders or albums to prevent chemical damage
- Keep coins in a cool, dry environment to prevent corrosion
- Never clean coins, as improper cleaning can severely damage the surface and value
Market Trends and Investment Potential
The market for 1917 Wheat pennies has shown steady growth over the past few decades. According to data from the Professional Coin Grading Service (PCGS), here are some notable price trends:
- A 1917-S in MS-65 Red condition sold for $3,450 in 2000. By 2020, similar examples were selling for over $5,000.
- The record price for a 1917 Doubled Die Obverse was set in 2019 at $126,500 for an MS-67 Red example.
While past performance doesn't guarantee future results, high-grade 1917 Wheat pennies have shown potential as long-term investments.
Where to Buy and Sell 1917 Wheat Pennies
For those looking to add a 1917 Wheat penny to their collection or sell one they own, consider these options:
- Reputable coin dealers: Local coin shops or online dealers like APMEX or David Lawrence Rare Coins
- Online auction sites: eBay or specialized numismatic auction platforms
- Major auction houses: For rare, high-value specimens, consider Heritage Auctions or Stack's Bowers
- Coin shows and exhibitions: Great for networking and finding rare pieces
Always research current market values and get multiple opinions before buying or selling. The Red Book (A Guide Book of United States Coins) is an excellent resource for up-to-date pricing information.
The Thrill of the Hunt
Part of the excitement in collecting 1917 Wheat pennies lies in the possibility of finding a valuable coin in everyday circulation. While most 1917 pennies have long since been removed from circulation, there's always a chance of discovering one in an old coin jar or estate sale.
Conclusion: More Than Just a Penny
The 1917 Wheat penny is more than just a cent from a bygone era. It's a tangible piece of American history, a window into the past, and potentially a valuable numismatic treasure. Whether you're a seasoned collector or just starting out, these coins offer an exciting blend of history, artistry, and investment potential.
Remember, the key to finding that rare gem is patience, knowledge, and a keen eye for detail. As you embark on your journey into the world of 1917 Wheat pennies, you're not just collecting coins – you're preserving a piece of American heritage for future generations.
Happy collecting, and may you find that elusive 1917-S in Mint State Red condition!
