1934 Penny Value – The Lincoln penny, which still has an impact on American coinage today, is a renowned part of American currency. Any collector should have the 1934 Lincoln penny. The coin’s scarcity is the primary reason for this. Each and every year, fewer of these coins are available, and they will be unable to be bought soon. As a result, collectors are willing to go to great lengths to acquire them.
The obverse side is dominated in the center by Abraham Lincoln’s profile, as you can see. The old President’s portrait is impeccable and extremely detailed.
The motto “In God We Trust” is overtopped of the President, while a raised inscription reading “Liberty” is to the left of Lincoln’s picture.
Two inscriptions can be found in the center of the reverse, as shown on the right. The “United States of America,” one of the raised inscriptions, denotes the One Cent face value.
The Latin phrase “E Pluribus Unum,” which translates to “Out of Many, One,” is arcing above the reverse side of both inscriptions.
The phrase stands for the fact that this penny is sometimes referred to as the “Wheat Penny.”
Although there were just two distinct Penny types in 1934, a coin collector will have tons of fun collecting 1934 Wheat Penny coins since both the Philadelphia Mint and the Denver Mint produced no mintmark.
It’s important to recall that in 1934, Philadelphia produced 219,080,000 Lincoln Pennies and Denver produced 28,446,000. As a result, there are still millions of these coins on the market.
The 1934 wheat penny, as well as the 1934 D wheat penny, were struck by the US Mint without a mint mark. On the obverse side of the coin, below the date, a mint mark may be seen if present.
But what’s the value of a 1934 penny? Are 1934 pennies worth looking for? We’ll answer these and other questions about the 1934 penny value, how many 1934 pennies were made, and more in this post.
History Of The 1934 Lincoln Wheat Penny
The 1934 Wheat Penny was a pivotal point in the production of wheat pennies, despite the fact that nothing particularly noteworthy happened with coins during the year 1934. Before 1934, the mint produced far fewer Wheat Pennies because they were not minted until then.
The mint started producing a much larger number of Wheat Pennies to keep up with demand in 1934. The number of wheat pennies produced increased dramatically after 1934.
In 1934, the Philadelphia mint produced 219,080,000 wheat pennies, according to reports. In 1934, a 95% copper and 5% zinc composition was used to make Wheat Pennies.
This was a significant increase in manufacturing compared to prior years. Each coin has a diameter of 19.05mm and weighs 3.11 grams with this composition. On the coin’s edge, there is no reeding.
1934 Wheat Penny Value: Types
The 1934 Wheat penny was only minted in Philadelphia and Denver, despite the fact that three mints produced the majority of other Lincoln cents.
1934 Penny Value With No Mint Mark
In excellent condition, the 1934 wheat penny without a mint mark is worth around $0.15. The value is roughly $0.30 in excellent circumstances. The value may be about $1 in superb weather conditions.
Coins with an MS 60 grade are worth around $7 in uncirculated condition. Uncirculated coins with an MS 63 grade might sell for around $8.
1934 D Penny Value
The D mint mark is on the obverse of the 1934 Wheat pennies made in Denver, just below the date. In comparison to the Philadelphia mint’s output, this mint produced 28,446,000 coins this year, which is a relatively low number.
Since most numismatists tend to complete the entire series, older Wheat pennies, including pieces minted in 1934, are highly collectible.
Novices and collectors on a tight budget are comfortable buying fine and extra-fine quality items for $0.8 to $2.5 per piece.
Even though coins in MS 63 are priced at just $30, they are still available. Rare MS 67 RD specimens, on the other hand, may sell for up to $2,000.
Just 4,600 Wheat pennies believed to be in MS 65 RD or better quality are thought to exist by experts at PCGS.
Are 1934 Pennies Collectible?
While they aren’t particularly valuable in circulated grades, 1934 pennies are still worth keeping because they aren’t especially rare coins. 1934 Lincoln cents are deemed obsolete as wheat pennies, and finding them in circulation is becoming increasingly difficult.
Interestingly, the first year of a new era for wheat pennies is represented by 1934 pennies. Prior to 1934, the series is more difficult to find, and from then until the end of the series in 1958, they are even rarer.
All of the semi-key and rare wheat pennies were minted before 1934, with the exception of the 1943 bronze penny, 1944 steel cent, and 1955 doubled die.
Old wheat pennies are most likely dated from 1934 and earlier if you find them in pocket change or bankrolls. Nonetheless, finding a 1934 penny in circulation is a wonderful find, and it’s worth keeping these ancient pennies safe. They may become much more rare and valuable one day than they are today!
See Also: How Much Is 1937 No Mint Penny Worth, 1930 Wheat Penny Error List, 1939 Wheat Penny No Mint Mark
1934 Penny Value with Condition:
The degree of preservation that coins have is referred to as a condition. The grade is a collectors’ term for this and the coin deposit module is used to value a coin.
These various stages of the illness may be seen in the photos below. Use a single light source while inspecting your coin during the grading process.
A 100-watt light should be held a short distance away and tilted at a modest angle to reveal small aspects.
– Uncirculated Grade: No wear to the surface of an uncirculated coin. Copper coins do not indicate circulation wear because they range in hue from brown to brown. The region around Lincoln’s jaw, which extends to his ear, is noted for its smoothness and lack of shine.
Take a look at Lincoln’s chin and jaw, which are still completely intact. It has a beard that covers most of it and reveals details. There are a few high and low regions that extend to the lower ear. The entire surface must be covered in a luster texture that sits on top of the small details. The metal appears to have been smoothed.
If a coin enters circulation, Wear would show up at Lincoln’s jaw very quickly. The 1934 mint state coin shown has a bright luster. There is no dulling of shine or marks on the surface, and wear has had no effect.
– Good: This item is usually worn and flattened in most design components, making it look good. The date and inscriptions are reasonably discernible, although only Lincoln’s image outline is visible. Collectors on a budget will appreciate getting even a heavily circulated penny, as you may sometimes find one that has been severely damaged.
– Extra Fine: In this instance, the penny surface has visible light wear. The jaw Lincoln is strong, with a clear separation between the jaw and ear, although there is minor flattening. You can only detect minor flaws that are barely discernible to the naked eye since it was in circulation for a brief period.
– MS 60 Uncirculated: There are no obvious signs of wear on the MS 60 Uncirculated. There may be a few stains, abrasions, or surface marks on the coin, but it has luster.
– MS 63 Choice Uncirculated: There are minor flaws or contact marks in the major focal points. The coin’s luster may be less visible.
- The high price for Lincoln Cent (Wheat Reverse), 1934-D MS in Auction Record by DAVID LAWRENCE RC MS67+RD sold for $20,350 in 2018.
- The high price for Lincoln Cent (Wheat Reverse), 1934 MS in Auction Record by Heritage Auctions MS68 sold for $12,650 in 2003.
- The high price for Lincoln Cent (Wheat Reverse), 1934-D/D MS in Auction Record by Heritage Auctions MS67RD sold for $3,745 in 2018.
1934 Wheat Penny Value: Error List
Minting errors are uncommon and coveted by collectors since they occur so rarely. Error coins are almost one of a kind and are the consequence of a government mistake, which attracts the majority of collectors.
On virtually every date in a sequence, there are certain mistakes that are more prevalent than others. Wheat pennies are commonly found with the following errors.
– Die Crack: This happens when a piece of the die that strikes the coin breaks off, leaving a tiny crack. The crack is then moved to the coin during striking, resulting in a tiny raised line. Die crack errors tend to occur more frequently in areas of the coin with small details, such as the lines in the wheat stalks.
Small elevated sections in the wheat stalks, as well as between the letter “B” and the letter “E,” are common Cracke errors.
– Lamination Error: Gas and other materials can sometimes get trapped in the metal during the minting process, causing the laminate error. As a result of this, sections of the metal might break off, resulting in a gouge. The design is then shown in faint, jagged parts by this gouge.
Most of the time, laminate mistakes will be found on empty fields, although they may be seen practically anywhere on the coin. Wheat pennies are the most likely to make both of these mistakes.
They are less frequent than other mistakes, yet they may be seen in a limited number of instances. The severity of the mistake is reflected in the worth of a currency that includes them.
Looking for More Information About Coins? Check Other Years From This Lincoln ( Wheat ) Penny Series:
1909 1910 1911 1912
1913 1914 1915 1916
1917 1918 1919 1920
1921 1922 1923 1924
1925 1926 1927 1928
1929 1930 1931 1932
1933 1934 1935 1936
1937 1938 1939 1940
1941 1942 1943 1944
1945 1946 1947 1948
1949 1950 1951 1952
1953 1954 1955 1956
Is a 1934 Penny Worth Anything?
Wheat penny values peaked in 1934. Large quantities of circulated coins below the Extremely Fine grade are now available. Uncirculated coins in good condition are worth a few cents apiece. In comparison, any date prior to 1934 has a similar condition and is much higher than this minimum value.
Is a 1934 D Penny Rare?
There is no definite answer to this question since there are so many factors that can influence its rarity, such as the condition of the penny when it was issued, how often it will be circulated, and whether or not people are aware of its existence. Nevertheless, if you’re looking for a rare penny (or any coin for that matter), it’s always best to invest in quality over quantity.
This means buying coins from reliable and reputable dealers who have a deep knowledge of numismatics. You also need to take measures like keeping your coins clean and protected from humidity and tarnish. In addition, research which nickels or dimes feature coins before making your purchase so you know what you’re getting into.
A higher-quality coin is identified by paying attention to eye appeal and grading for wear. Young and newcomer collectors are drawn to these above-average condition coins from the mid-1930s.
The year 1934 marks a turning point in the 1934 wheat penny value. It is now common to find circulated coins below the Extremely Fine grade. Circulated coins are worth a few cents each in the average circulated condition. In comparison, in similar circumstances, any date before 1934 is significantly above this minimum value.