1918 Wheat Penny Value Guide: What Makes This Coin Worth Money

If you’ve discovered a 1918 penny in your collection, you might be wondering about its true value. In this comprehensive guide, we’ll explore the factors that determine the worth of a 1918 wheat penny, including mint marks, condition grades, errors, and current market trends.

Let’s begin by understanding what makes these small copper coins so appealing to collectors more than a century after they were minted.

In 1918, the United States Mint produced pennies at three different facilities:

1. Philadelphia Mint (no mint mark): 288,104,000 coins
2. Denver Mint (D mint mark): 47,830,000 coins
3. San Francisco Mint (S mint mark): 34,680,000 coins

The 1918 wheat penny was struck at a time when the United States was focusing much of its resources on the war effort. Despite the wartime economy, the Mint still managed substantial coin production to meet the circulation needs of the growing American economy.

These pennies were composed of 95% copper and 5% tin and zinc, which gave them the characteristic reddish-brown appearance. However, the copper content alone makes them intrinsically valuable today, as each coin contains about 3 cents worth of copper at current metal prices.

The Lincoln penny design by Victor David Brenner replaced the Indian Head cent.

Despite wartime resource constraints, over 481 million pennies were minted across three facilities.

Copper was temporarily replaced with steel to conserve metal for the war effort.

The Lincoln Memorial design replaced the wheat stalks on the reverse.

Obverse (Front) Design

The obverse features a right-facing portrait of Abraham Lincoln designed by Victor David Brenner. Around the top edge is the motto “IN GOD WE TRUST.” At the bottom edge, in front of Lincoln’s chest, appears the date “1918.” On Denver and San Francisco issues, the mint mark (D or S) appears below the date.

Reverse (Back) Design

The reverse side displays two wheat stalks framing the inscriptions “ONE CENT” and “UNITED STATES OF AMERICA.” Above these appears the Latin motto “E PLURIBUS UNUM” (“Out of many, one”).

Specifications

• Diameter: 19.05 mm
• Weight: 3.11 grams
• Composition: 95% copper, 5% tin and zinc
• Edge: Plain (smooth)

1918 Philadelphia (No Mint Mark) Penny

The Philadelphia Mint produced the highest number of pennies in 1918, with over 288 million struck. Because of this high mintage, these are the most common 1918 wheat pennies you’ll encounter.

Value in Circulated Condition: In average circulated condition, a 1918 no-mint-mark penny typically sells for around $0.20 to $0.50. In Extremely Fine condition, values increase to approximately $3.

Value in Uncirculated Condition: The value rises significantly for uncirculated specimens. At MS64 (Mint State 64), a 1918 Philadelphia penny is worth around $200. At MS65, the value jumps to approximately $550, and at MS66 or better, prices can exceed $4,000.

1918-D (Denver) Penny

With a mintage of approximately 47.8 million, the 1918-D penny is less common than its Philadelphia counterpart.

Value in Circulated Condition: A circulated 1918-D penny in Good condition is worth about $0.75 to $2.50. In Extremely Fine condition, values increase to approximately $12-$35.

Value in Uncirculated Condition: The value increases substantially in Mint State. An MS64 1918-D penny can fetch around $500, while MS65 examples are valued at around $1,250. At MS66 and above, prices can exceed $6,000.

1918-S (San Francisco) Penny

The San Francisco Mint produced the fewest 1918 pennies, with just 34.68 million struck.

Value in Circulated Condition: A circulated 1918-S penny in Good condition is worth about $0.50 to $1.50. In Extremely Fine condition, values increase to approximately $11-$30.

Value in Uncirculated Condition: As with other mint marks, the value increases significantly in Mint State. An MS64 1918-S penny is worth around $250, while MS65 examples can fetch $750 or more. At MS66 and above, prices can exceed $5,500.

Grading Scale Explained

1. Good (G-4): Heavy wear with major features still visible but flattened. Rim may be worn to the tops of letters.
2. Fine (F-12): Moderate to considerable even wear. All major features clear and bold.
3. Extremely Fine (EF-40): Light wear on high points. All lettering and details clear.
4. About Uncirculated (AU-50 to AU-58): Minimal wear, at least 50% of original mint luster present.
5. Mint State (MS-60 to MS-70): No wear, graded on quality of strike, luster, and presence of marks or blemishes.

Color Designations for Copper Coins

Lincoln cents also receive a color designation that affects their value:

• Red (RD): Coins retaining at least 95% of original mint red color
• Red-Brown (RB): Coins with 5% to 95% original red color
• Brown (BN): Coins with less than 5% original red color

Full “Red” specimens command the highest premiums, often selling for many times more than similar-grade “Brown” examples. For example, a 1918 penny in MS65 Brown might be worth $150, while the same coin in MS65 Red could fetch $550 or more.

Common 1918 Penny Errors and Their Values

1. Double Die Obverse (DDO): Shows doubling on the obverse inscriptions or Lincoln’s features. Value: $50-$250+ depending on the strength of doubling.

2. Double Die Reverse (DDR): Shows doubling on the wheat stalks or lettering on the reverse. Value: $50-$200+.

3. Off-Center Strikes: Coins struck partially off-center, with a portion of the design missing. Value varies by percentage off-center:

   • 10% off-center: $15-$30
   • 20-50% off-center: $50-$150
   • 50% or more (with full date visible): $100-$300+

4. Repunched Mint Mark (RPM): Shows evidence of the mint mark being punched multiple times in slightly different positions. Value: $25-$150.

5. Die Cracks and Cuds: Raised lines or bumps resulting from damaged dies. Value: $5-$100 depending on size and location.

6. Lamination Errors: Flaws in the metal composition causing layers of the coin to peel or separate. Value: $10-$50.

7. Struck Through Grease: Areas where grease in the die prevented full detail from being struck. Value: $5-$30.

Identifying Authentic Errors vs. Post-Mint Damage

It’s important to distinguish between genuine mint errors and damage that occurred after the coin entered circulation. Authentic errors were created during the minting process and can significantly increase a coin’s value. Post-mint damage like scratches, corrosion, or intentional alterations generally decreases value.

A magnifying glass (at least 5x magnification) is essential for examining potential error coins. When in doubt, consider having valuable specimens authenticated by a professional grading service like PCGS or NGC.

1. Rarity and Mintage

While all 1918 pennies had relatively high mintages, the Denver and San Francisco issues are less common than the Philadelphia coins. This relative scarcity contributes to their higher values, especially in better conditions.

2. Historical Significance

As a coin minted during the final year of World War I, the 1918 penny has historical significance that adds to its appeal among collectors interested in wartime numismatics.

3. Market Demand

The Lincoln cent series remains one of the most popular collecting areas in U.S. numismatics. Strong collector demand helps maintain and increase values over time.

4. Metal Value

Each 1918 wheat penny contains approximately 3 cents worth of copper at current metal prices. While it’s illegal to melt U.S. coins for their metal, this intrinsic value provides a floor for even the most worn specimens.

5. Certification

Coins professionally graded and authenticated by PCGS, NGC, or ANACS typically command higher prices than ungraded specimens, especially for higher-grade or error examples.

Options for Selling Your Coin

1. Coin Dealers: Local coin shops can offer immediate payment, though typically at wholesale prices (60-80% of retail value).

2. Online Marketplaces: Platforms like eBay or specialized coin forums allow you to reach a wider audience of collectors, potentially realizing higher prices.

3. Coin Shows: Events where collectors and dealers gather to buy, sell, and trade coins.

4. Auction Houses: For particularly valuable specimens (generally $500+), established auction houses like Heritage Auctions or Stack’s Bowers can help you reach serious collectors.

Tips for Getting the Best Price

• Get Your Coin Graded: For potentially valuable examples (generally worth $100+), professional grading can increase buyer confidence and realize higher prices.

• Research Recent Sales: Check recent auction results and retail listings for similar coins to understand current market values.

• Proper Presentation: Use quality photos that accurately represent your coin’s condition.

• Be Patient: For maximum value, be prepared to wait for the right buyer, especially for rarer varieties or higher grades.

Storage Recommendations

1. Coin Holders: Use inert, PVC-free holders designed specifically for coins. Options include:

   • Mylar flips
   • Hard plastic capsules
   • Cardboard holders with Mylar windows

2. Albums and Folders: Specialized Lincoln cent albums provide organization and some protection, though they may not prevent all environmental damage.

3. Environmental Controls: Store your collection in a cool, dry environment with stable temperature and humidity.

Handling Tips

• Always handle coins by their edges
• Wear cotton gloves when possible
• Never clean coins with chemicals or abrasives
• Avoid touching the coin’s surfaces with bare fingers

Proper preservation ensures that your 1918 wheat penny will maintain its condition and potentially increase in value over time.

The value of your 1918 penny depends primarily on:

1. **Mint mark** - Look below the date for a small "D" (Denver) or "S" (San Francisco). No mint mark means it was made in Philadelphia.

2. **Condition** - Uncirculated coins with original "red" color are worth significantly more than worn examples.

3. **Errors** - Look for doubling in the lettering, off-center strikes, or repunched mint marks.

Even in circulated condition, 1918-D and 1918-S pennies are worth more than their Philadelphia counterparts. For a precise valuation, consider having your coin examined by a professional dealer or submitting it to a grading service.

The record auction price for a 1918 Lincoln Cent was $55,200, realized on April 5, 2022, for a coin certified MS68 Red by PCGS. This exceptional specimen represents the absolute pinnacle of quality for this issue, with virtually perfect surfaces and full original mint luster.

For comparison, most uncirculated 1918 pennies grade between MS60-MS65, and even these can be worth hundreds of dollars if they retain their original red color.

The mint mark on a 1918 wheat penny is located on the obverse (front) side of the coin, below the date. If your penny was minted in Denver, it will have a small "D." If it was minted in San Francisco, it will have a small "S."

Pennies produced at the Philadelphia Mint during this period do not have a mint mark. So if you don't see a letter below the date, your coin was made in Philadelphia.

The mint mark is quite small, so you may need a magnifying glass to see it clearly, especially on worn coins.

The 1918 wheat penny is not considered rare in absolute terms due to relatively high mintage numbers across all three mints:

- Philadelphia: 288,104,000 (no mint mark)
- Denver: 47,830,000 (D)
- San Francisco: 34,680,000 (S)

However, finding examples in high-grade uncirculated condition, especially with full red color, is quite challenging. These high-grade specimens are legitimately rare and command significant premiums.

The 1918-S is generally considered the scarcest of the three mint marks due to its lower mintage and tendency to be poorly struck.

For a wheat penny to reach the $10,000+ price level, it typically needs one or more of these factors:

1. **Extreme rarity** - Such as the 1909-S VDB or 1914-D

2. **Exceptional grade** - MS67 or higher with full red color

3. **Major error** - Like a 1943 copper cent or 1944 steel cent

For 1918 pennies specifically, only the most perfectly preserved examples (MS67+ Red) or those with significant errors might approach this value threshold. The record price for a 1918 cent is $55,200, but most 1918 pennies, even uncirculated ones, sell for considerably less.

Some wheat pennies worth $10,000+ include the 1909-S VDB, 1914-D in high grade, 1922 plain (no D), and 1943 copper cents.

Comprehensive information on 1918 Lincoln cents, including auction prices, grading standards, and authentication services.

Detailed pricing information for 1918 wheat pennies in various grades and mint marks.

Educational resources for coin collectors, including articles on collecting Lincoln cents.

In-depth article on the history and current market for 1918 Lincoln cents.

Search past auction results to see what similar 1918 pennies have sold for.

Detailed guide on 1918 penny values, including error listings and price charts.

For the average collector who finds a 1918 wheat penny in pocket change or an inherited collection, you likely have a piece worth between $0.20 and $3, depending on condition and mint mark. However, if you’re fortunate enough to possess a high-grade uncirculated example or one with a significant error, your coin could be worth hundreds or even thousands of dollars.

Remember that the numismatic market fluctuates based on collector demand, metal prices, and economic conditions. The values provided in this guide represent current market conditions as of 2024, but prices may change over time.

Whether your 1918 wheat penny is a modest treasure or a significant find, it represents an enduring piece of American history from a pivotal time in our nation’s development. Its value extends beyond mere dollars to include the historical connection it provides to the past.