The value of a 1920 penny, also known as the 1920 Lincoln Wheat Penny, depends heavily on its condition (grade) and the mint where it was produced.
Here’s a breakdown of the typical value ranges based on mint mark and condition:
- Circulated condition: Values typically range from a few cents to a dollar or two.
- Uncirculated condition: Can be worth $10 to $50 and potentially even higher for exceptionally high grades.
- High-end specimens in pristine condition have been valued over $10,000.
- Circulated condition: Worth slightly more than Philadelphia pennies, ranging from $1 to $20 depending on grade.
- Uncirculated condition: Can be worth $20 to $100 or more, with some high-grade examples (e.g., MS-66) valued over $600.
- [Red (RD) mint state pieces according to Bullion Shark] can be worth $150 to $20,000.
- Circulated condition: Generally ranges from $3 to $25.
- Uncirculated condition: Can be worth $40 to $200 and potentially much more for higher grades.
- [Bullion Shark indicates that Red (RD) uncirculated grades] can be worth $1,000 to $10,000, while top-grade pieces (MS-65 RD) have reached nearly $50,000.
- Condition/Grade: The primary driver of value. Uncirculated coins (MS) are significantly more valuable than circulated (worn) ones. The Sheldon scale (1-70) is used to grade coins, with higher numbers indicating better preservation.
- Mint Mark: Pennies from the Denver (“D”) and San Francisco (“S”) mints are scarcer and generally more valuable than those from the Philadelphia mint (no mint mark).
- Rarity: Coins with lower mintages or unique errors tend to be more valuable.
- Demand: Collector interest can influence the market value of specific coins.
- Errors and Varieties: Error coins, such as double dies, off-center strikes, or repunched mint marks/dates, can significantly increase the value, [notes Coin ID Scanner].
Note: These are approximate values. Professional grading by a reputable service like PCGS or NGC is recommended to determine a coin’s precise grade and value, especially for potentially valuable specimens.
Why is a 1920 penny rare?
From my experience, The San Francisco Mint produced the fewest pennies in 1920, making this the most interesting option for collectors in terms of rarity. However, as with other coins, rarity is only one of the factors determining value.
What year is penny worth $7000?
The U.S. minted about 7.7 billion pennies in 1983 but only about 5,000 of them have the doubling error. The mistakes and the rarity is what drives the price up, with some of the coins, known among collectors as the 1983 Penny With No Mint Mark, selling for as much as $7,000.