Is the 1920 Lincoln Wheat Penny Worth $990,000?

The 1920 Lincoln Wheat Penny is an intriguing coin that has captured the attention of collectors and enthusiasts alike. With claims of its value reaching a staggering $990,000, many wonder if this penny is truly worth a fortune or if it’s merely a piece of exaggerated coin lore. Let’s explore the history, characteristics, and factors that influence the value of this iconic penny to understand its true worth.

What is the 1920 Lincoln Wheat Penny?

The 1920 Lincoln Wheat Penny is part of the Lincoln cent series, which was first minted in 1909. These coins are easily recognizable by their wheat ears design on the reverse side and Abraham Lincoln’s portrait on the obverse side.

Why Was the Lincoln Penny Special?

• Historical Significance: The coin marked the first time a U.S. President appeared on circulating currency.
• Designer: It was designed by Victor David Brenner, whose initials (V.D.B.) appeared on some of the earlier coins.

Mintage Numbers for the 1920 Lincoln Wheat Penny

Here’s a breakdown of how many coins were minted in 1920:

Mint Location	Number Minted	Mint Mark
Philadelphia	310,165,000	None
Denver	49,280,000	D
San Francisco	46,220,000	S

Key Features of the 1920 Lincoln Wheat Penny

To determine if you have a valuable 1920 Lincoln Wheat Penny, look for these features:

1. Mint Mark

Coins from the Denver (D) and San Francisco (S) mints tend to have higher value due to lower mintage numbers.

2. Condition

The condition is one of the most critical factors. Grades like Good (G), Fine (F), Extremely Fine (XF), and Mint State (MS) can significantly affect the coin’s value.

3. Errors and Variations

Some pennies have unique errors, such as doubled die strikes, off-center strikes, or clipped planchets. These errors make coins rare and desirable.

Is the $990,000 Value Real?

While some reports claim a 1920 Lincoln Wheat Penny sold for $990,000, such prices are rare and often involve coins in exceptional condition, with unique features like:

• Perfect Mint State Grades: An MS-67+ graded coin can fetch record prices.
• Auction Setting: A high-profile auction with competitive bidding can drive up value.

Most 1920 Lincoln Wheat Pennies are worth between $0.10 to $20, depending on their condition and rarity.

How to Determine the Value of Your 1920 Penny

1. Check the Grade

You can grade your coin using the Sheldon Scale, ranging from 1 (Poor) to 70 (Perfect).

2. Look for a Professional Appraisal

A certified coin grading service like PCGS or NGC can provide an accurate assessment of your penny’s value.

Examples of 1920 Lincoln Wheat Penny Values

Condition	No Mint Mark Value	D Mint Mark Value	S Mint Mark Value
Good (G)	$0.10 – $0.50	$0.50 – $1.50	$1.50 – $3.00
Fine (F)	$0.50 – $1.00	$1.50 – $3.00	$3.00 – $6.00
Extremely Fine (XF)	$5.00 – $10.00	$10.00 – $20.00	$20.00 – $50.00
Mint State (MS)	$50.00 – $200.00	$200.00 – $500.00	$500.00 – $1,000.00

Where to Sell or Buy a 1920 Lincoln Wheat Penny

1. Local Coin Shops

Local dealers often buy and sell Wheat Pennies.

2. Online Platforms

Websites like eBay, Heritage Auctions, and Stack’s Bowers are great for trading coins.

3. Coin Shows and Clubs

Attend a coin show or join a coin club to connect with fellow enthusiasts and experts.

Conclusion

While the 1920 Lincoln Wheat Penny can be valuable, it’s unlikely to fetch $990,000 unless it’s in extraordinary condition and has unique features. For most collectors, it remains an affordable piece of history that adds charm to any collection. If you believe you have a rare penny, consult a professional for an accurate evaluation.

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