| 1937 (No Mint Mark) |
$0.05 - $0.35 |
Circulated condition |
| 1937 (No Mint Mark) |
$2 - $35+ |
Uncirculated (MS60-MS65) |
| 1937-D |
$0.10 - $0.50 |
Circulated condition |
| 1937-D |
$3 - $45+ |
Uncirculated (MS60-MS65) |
| 1937-S |
$0.15 - $0.75 |
Circulated condition |
| 1937-S |
$5 - $75+ |
Uncirculated (MS60-MS65) |
| 1937 Proof |
$800 - $2,000+ |
Proof specimens (PR63-PR67) |
</tbody>
</table>
For the most valuable specimens, uncirculated 1937 wheat pennies with full red color (designated as RD by grading services) can command premium prices. The highest grades can be worth significantly more:
- MS67 RD: $200 - $1,450
- MS68 RD: $7,200 - $22,500
Historical Background of the 1937 Wheat Penny
1937 Wheat Penny Historical Timeline
-
1909
Introduction of Lincoln Cent
The Lincoln cent was first introduced, designed by Victor David Brenner, replacing the Indian Head cent.
-
1918-1933
Economic Fluctuations
America experienced post-WWI prosperity followed by the Great Depression, affecting coin production and usage.
-
1937
Production Peak
1937 saw substantial penny production as the economy was recovering from the Depression, with nearly 400 million pennies minted.
-
1937-1942
Proof Revival
After a long hiatus, the U.S. Mint resumed production of mirror-like proof pennies, with 1937 being the first year.
-
1958
End of Wheat Design
The wheat penny design was replaced with the Lincoln Memorial reverse, making all wheat pennies collectible.
The 1937 proof pennies are particularly significant as they marked the return of mirror-like proof finishes after nearly 30 years. From 1909 to 1916, the U.S. Mint had produced matte proof pennies, but these were discontinued. When proof mintage resumed in 1936, the Mint adopted the mirror-like finish that collectors prize today.
Features and Identification of 1937 Wheat Pennies
Physical Specifications
- Composition: 95% copper, 5% tin and zinc
- Weight: 3.11 grams
- Diameter: 19 mm
- Edge: Plain (smooth)
Design Elements
Obverse (Front):
- Profile of Abraham Lincoln facing right
- Motto “IN GOD WE TRUST” above Lincoln’s head
- “LIBERTY” to the left of Lincoln
- Date “1937” to the right of Lincoln
- Mint mark (if present) below the date
Reverse (Back):
- Two wheat stalks framing the edges
- “ONE CENT” in large text in center
- “UNITED STATES OF AMERICA” above
- “E PLURIBUS UNUM” at the top
Mint Mark Identification
The mint mark on a 1937 wheat penny can be found on the obverse (front) of the coin, below the date. Here’s what to look for:
- No mint mark: Minted in Philadelphia
- “D” mint mark: Minted in Denver
- “S” mint mark: Minted in San Francisco
Factors That Affect the Value of 1937 Wheat Pennies
Condition and Grading
The condition of a coin, known as its grade, is perhaps the most significant factor affecting its value. Coin grading uses a scale from 1 to 70, with 70 being perfect condition:
1937 Wheat Penny Condition Assessment
Check applicable conditions that match your penny
Color Designations
For copper coins like the 1937 wheat penny, color plays a crucial role in determining value:
- Red (RD): 95% or more of the original mint luster remains (most valuable)
- Red-Brown (RB): Between 5% and 95% of the original red color remains
- Brown (BN): Less than 5% of the original red color remains (least valuable)
A 1937 penny in MS65 RD (Mint State 65, Red) condition can be worth 5-10 times more than the same coin in MS65 BN (Brown) condition.
Mint Mark Premium
Coins from mints with lower production numbers typically command higher prices:
- Philadelphia (no mint mark): Lowest premium due to highest mintage
- Denver (D): Moderate premium
- San Francisco (S): Higher premium due to lowest mintage
Error Coins and Varieties
Error coins and special varieties can be worth substantially more than regular issues:
- Doubled Die Errors: Where design elements appear doubled due to misalignment
- Off-Center Strikes: When the coin was struck off-center
- Repunched Mint Marks: Where the mint mark was stamped multiple times
- Die Cracks and Cuds: Raised lines or bumps caused by damaged dies
Valuable 1937 Wheat Penny Errors to Look For
Off-Center Strikes
Off-center strikes occur when the planchet (blank coin) is not properly centered when struck. The value depends on how far off-center the strike is and whether the date is visible:
- 5-10% off-center: $15-$30
- 20-30% off-center: $50-$100
- 40-50% off-center: $100-$500 (with full date visible)
Doubled Die Errors
While not as dramatic as some other years, some 1937 pennies show minor doubling in the lettering or date:
- Minor doubling: $25-$75
- More pronounced doubling: $100-$300
Repunched Mint Marks
These occur when the mint mark was stamped multiple times at slightly different positions:
- 1937-D with repunched D: $25-$100
- 1937-S with repunched S: $30-$150
Die Breaks and Cuds
Late-stage die breaks can create raised areas on the coin known as “cuds”:
- Minor die breaks: $5-$20
- Major die cuds: $50-$150
Notable 1937 Wheat Penny Auction Sales
Recent auction records for exceptional 1937 pennies
| Item |
Price |
Date |
Auction House |
| 1937 MS68 RD |
$22,500 |
April 2023 |
Heritage Auctions |
| 1937-S MS67+ RD |
$17,000 |
January 2022 |
Stack's Bowers |
| 1937 Proof PR67 |
$4,800 |
March 2024 |
Great Collections |
| 1937-D 50% Off-Center |
$1,150 |
June 2023 |
eBay |
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</table>
How to Properly Store and Preserve Your 1937 Wheat Pennies
Storage Methods
For optimal preservation, consider these storage options:
- Coin Flips: Inexpensive PVC-free plastic flips for individual storage
- Coin Holders: Hard plastic holders that snap together for better protection
- Coin Albums: Pages with designated slots for organizing collections
- Coin Slabs: Professional grading service holders (PCGS, NGC) for valuable specimens
Handling Guidelines
Follow these best practices when handling your coins:
- Always hold coins by their edges
- Avoid touching the faces of the coin with your fingers
- Use cotton gloves when handling uncirculated or valuable specimens
- Never clean your coins (cleaning damages the surface and reduces value)
- Store in a cool, dry environment away from humidity
Where to Sell Your Valuable 1937 Wheat Pennies
Online Marketplaces
- eBay: Largest audience but higher fees and competition
- Heritage Auctions: Specializes in rare coins, good for high-value specimens
- Great Collections: Focused coin auction site with knowledgeable buyers
Local Options
- Coin Dealers: Offer immediate payment but typically at wholesale prices
- Coin Shows: Events where multiple dealers compete for your coins
- Pawn Shops: Convenient but often offer the lowest prices
Considerations When Selling
- For valuable coins (over $100), consider getting them professionally graded first
- Compare offers from multiple sources before selling
- Understand any fees involved in the selling process
- For rare errors or extremely valuable specimens, auction houses may provide the best returns
External Resources for 1937 Wheat Penny Collectors
Frequently Asked Questions About 1937 Wheat Pennies
Common Questions About 1937 Wheat Pennies
How much is a 1937 wheat penny with no mint mark worth?
A 1937 wheat penny with no mint mark (from Philadelphia) is typically worth between 5 cents and 35 cents in circulated condition. Uncirculated specimens range from $2 for lower grades (MS60-MS63) up to $35 or more for higher grades (MS65+). Premium red specimens in pristine condition (MS67-MS68) can be worth significantly more, with an MS68 RD example selling for over $22,000 at auction.
Why is a 1937 penny rare?
Standard 1937 pennies aren't considered rare due to their high mintage (over 309 million from Philadelphia alone). However, certain varieties are indeed rare:
- 1937 Proof pennies are rare with only 9,320 minted
- Perfect condition examples (MS67+ RD) are extremely rare
- Specific error varieties like significant off-center strikes are rare
- The 1937 Proof pennies were historically significant as they were the first mirror-like proof pennies since 1908
How much is a 1937-D wheat penny worth?
A 1937-D wheat penny (minted in Denver) is typically worth between 10 cents and 50 cents in circulated condition. Uncirculated examples range from $3 for MS60-MS63 grades up to $45 or more for MS65+ examples. Premium specimens in MS67 RD condition can sell for $600-$900, while an MS67+ RD can exceed $1,500.
What errors should I look for on a 1937 wheat penny?
The most valuable errors to look for on 1937 wheat pennies include:
- Off-center strikes (especially those more than 30% off-center)
- Doubled die errors showing doubling in the lettering or date
- Repunched mint marks (especially on D and S mint marks)
- Die breaks and cuds (raised irregular areas on the coin)
- Clipped planchets (where part of the coin blank was cut irregularly)
A significant error can increase the value of a 1937 wheat penny from just a few cents to hundreds of dollars.
How can I tell if my 1937 wheat penny is valuable?
To determine if your 1937 wheat penny is valuable, check these key factors:
- Mint mark - S mint pennies tend to be more valuable than D, which are more valuable than no mint mark
- Condition - Coins with no wear and original mint luster are worth much more
- Color - Red (RD) coins are worth more than Red-Brown (RB) or Brown (BN)
- Errors - Look for doubling, off-center strikes, or other irregularities
- Certified grades - Coins professionally graded MS65 or higher can be worth substantially more
For most valuable assessment, consider having important specimens evaluated by a professional numismatist or grading service.
What makes the 1937 proof penny special?
The 1937 proof penny is special because it was part of the first series of mirror-like proof pennies produced since 1908. Before 1909-1916, the Mint made Indian Head proofs with mirror-like finishes, but when the Lincoln cent was introduced, they switched to matte proofs. Proof production was then halted completely until resuming in 1936.
With only 9,320 1937 proof pennies minted, they’re considerably rarer than regular issue pennies. They feature extremely sharp details and mirror-like surfaces. Today, they’re worth $800-$2,000+ depending on condition, with pristine examples selling for much more at auction.
Conclusion: Is Your 1937 Wheat Penny a Hidden Treasure?
While most 1937 wheat pennies you’ll encounter are worth only a few cents, there’s always the possibility of finding a valuable specimen. The keys to determining whether your coin might be worth a significant amount are understanding the importance of condition, mint marks, and potential errors.
For the vast majority of collectors, 1937 wheat pennies represent an affordable entry point into the fascinating world of numismatics. These historic coins connect us to America’s past during the Great Depression era and the subsequent economic recovery.
Whether your 1937 wheat penny is worth a few cents or potentially thousands of dollars, it remains an important piece of American numismatic history. By understanding what makes these coins valuable, you can make informed decisions about collecting, selling, or simply appreciating these small but significant pieces of our economic heritage.
If you believe you have a particularly valuable specimen, consider consulting with a professional coin dealer or submitting it to a reputable grading service like PCGS or NGC for authentication and grading. This small investment could potentially reveal that your pocket change contains a hidden numismatic treasure.
