The 1917 Wheat Penny: A Historical Coin with Intriguing Value

The 1917 wheat penny, part of the Lincoln Wheat series, holds both numismatic and historical significance. Crafted over a century ago, this coin emerged during a pivotal time in American history. The United States was entangled in World War I, and societal shifts were underway. This context makes the 1917 wheat penny more than a mere currency; it’s a piece of American heritage.

Design and Specifications

Victor David Brenner designed the wheat penny, debuting in 1909 to celebrate Abraham Lincoln’s centennial birth anniversary. The coin features Lincoln’s portrait on the obverse and two stalks of durum wheat on the reverse, symbolizing prosperity and growth. The phrase “In God We Trust” adorns the top, while “Liberty” and the mint year align the sides of Lincoln’s profile. The coin is made of 95% copper and 5% tin and zinc, with a total weight of 3.11 grams.

Mint Locations and Variants

The 1917 wheat penny was minted in three locations: Philadelphia, Denver, and San Francisco. Coins from Philadelphia bear no mint mark, while Denver’s pennies feature a D and San Francisco’s an S. These mint marks significantly influence the coin’s value, as each location produced different quantities.

Philadelphia Mint

In 1917, Philadelphia minted over 196 million wheat pennies, making them the most common variant for this year. Their prevalence means that Philadelphia mint coins are accessible to collectors, especially in lower grades.

Denver Mint

The Denver mint produced around 55 million wheat pennies in 1917, a much smaller number compared to Philadelphia. This creates moderate scarcity, and as a result, Denver-minted coins often fetch higher prices in the collector’s market.

San Francisco Mint

San Francisco’s output was even lower, producing just over 32 million pennies. This scarcity enhances the value, especially for coins in good condition. Collectors prize these coins for their relative rarity.

Grading the Coin’s Condition

Understanding a coin’s grade is essential in determining its value. Numismatists use a defined scale to grade coins, from Poor (Pr-1) to Mint State (MS-70). The grade reflects the coin’s wear, luster, and overall appearance. Here’s a brief overview:

Poor to Good (Pr-1 to G-4): Heavy wear, with major details worn off. Hard to discern Lincoln’s features.
Very Good to Fine (VG-8 to F-12): Moderate wear. Major details visible, although worn.
Very Fine (VF-20 to VF-35): Light to moderate wear. All major design elements are visible.
Extremely Fine (EF-40 to EF-45): Slight wear on higher points. Clear and bold details.
About Uncirculated (AU-50 to AU-58): Traces of wear, primarily on high points. Luster is nearly complete.
Mint State (MS-60 to MS-70): No trace of wear. Complete luster. Grades higher in this category reflect fewer imperfections.

Market Value Considerations

The market value for a 1917 wheat penny depends on various factors, including its mint mark, condition, and current demand. It’s essential to acknowledge that the numismatic market can fluctuate, affecting projected values.

Philadelphia Mint Value

Coins from the Philadelphia Mint, in lower grades like Good or Very Good, typically hold minimal premiums over face value due to their high mintage. However, those in Extremely Fine to Mint State grades can reach anywhere from $5 to $30, depending on the specific grade.

Denver Mint Value

Denver-minted pennies in lower grades also start around a few dollars. Coins in higher grades, especially Mint State, attract significantly higher premiums. Prices can range from $25 to $60, recognizing the lesser quantity minted.

San Francisco Mint Value

The San Francisco mint variant carries greater premiums across all grades due to its scarcity. Even coins in lower grades can start at $5. In top conditions, they may reach anywhere from $30 to over $100, gaining favor among serious collectors.

Key Factors Influencing Value

Several elements can drive the value of the 1917 wheat penny beyond its mint mark and condition.

Historical Context

The period during which a coin was minted can enhance its desirability. The 1917 wheat penny’s connection to World War I and early 20th-century America adds depth to its story and appeal to collectors passionate about history.

Rarity and Demand

Rarity significantly impacts value. A coin’s demand can also shift based on trends in the numismatic community. A low supply or heightened collector interest can drive prices upward.

Market Conditions

Coin markets are prone to economic forces. Shifts in commodity prices, such as copper, or broader economic conditions can indirectly influence coin value. Collectors and investors may react to these changes, affecting demand.

Preservation and Care

A coin’s preservation impacts its grade and subsequent value. Experts recommend storing coins in proper holders to shield them from moisture, dirt, and physical damage. Cleaning older coins can inadvertently diminish their value, as patina and wear are factors in grading.

Collecting the 1917 Wheat Penny

For those interested in collecting, the 1917 wheat penny offers a tangible link to the past. Starting a collection involves understanding grading, staying informed about market trends, and carefully evaluating potential purchases. Online resources and catalogues can provide valuable insights.

Conclusion

The 1917 wheat penny endures as a beloved collectible within numismatic circles. Its historical significance and varied mint variants make it a coin rich in story and potential investment value. Understanding its factors and market conditions ensures any collector can make informed decisions. Whether for the love of history or investment opportunities, the 1917 wheat penny captivates collectors and enthusiasts alike.