Wheat pennies are an important part of US history, and these coins were made at the 100th anniversary of President Lincoln. These pennies come with two wheat stalks on the backside, so they are known as wheat pennies. The 1924 pennies are also part of these Lincoln pennies started in 1909. The composition of these pennies is 95 percent copper and five percent zinc and tin. In this post we will discuss its features, value, and other factors that help find the value of a penny. Let’s get started with How much is a 1924 penny worth?
1924 Penny History
The first wheat penny was made in 1909 at the 100th birthday of Lincoln, president, and their design was made by designer Victor David Brenner. These pennies were made as replacements for Indian Head pennies that were made from 1859 to 1909. The wheat pennies were made from 1909 to 1958 and then replaced with Lincoln Memorial pennies. The 1924 penny is a wheat penny that comes with two wheat stalks on the back side.
On this penny, the photo of person Abraham Lincoln was first added on a coin. Before that, the portrait of a person on coins was used as a monarchical symbol and is now used for positive attention.
The Lincoln pennies were made with the use of bronze, and at the time of WWII, there were changes made to the composition since copper was used for war materials. In 1943 pennies were made with zinc-coated steel planchets. In 1944, steel pennies were made. In 1959 the design of coins changed from wheat pennies to the 1959 Lincoln Memorial reverse.
1924 Penny Value Chart
|
Grade
|
Good | MS-61 | MS-62 | MS-63 | MS-65 | MS-66 |
|
1924 No Mint Mark Penny Value
|
$0.25 | $30 | $35 | $50 | $80 | $200 |
|
1924 D Mint Mark Penny Value
|
$40 | $333 | $360 | $600 | $1,350 | $3,000 |
|
1924 S Mint Mark Penny Value
|
$2.00 | $170 | $190 | $340 | $1,650 | – |
1924 No Mint Mark Penny Value
The Philadelphia Mint made about 75,178,000 pennies in 1924 without a mint mark, and they are now commonly available. The value of these pennies is based on their color combinations, and they come with three common colors and have value for these combinations. Such as brown, red-brown, and red colors toning. The 1924 brown wheat penny is of lower value than other colored coins.
Red-brown pennies are of high value and have good shine since they are not used for circulation. The red 1924 wheat penny is high value that comes with 95 percent real minting colors and has shining of surface. The 1924 no mint mark penny in all color combinations comes with a composition of 95 percent copper and five percent tin and zinc.
| Grade | 1924 brown penny value | red-brown 1924 pennies |
1924 RD pennies
|
| Good | 25 cents | ||
| Fine | 75 cents | ||
| Extremely Fine | $7 | ||
| MS-50 | $12 | ||
| MS-55 | $18 | ||
| MS-60 | $22 | ||
| MS-61 | $37 | $30 | |
| MS-62 | $55 | $40 | $58 |
| MS-63 | $75 | $80 | $100 |
| MS-64 | $80 | $105 | $150 |
| MS-65 | $180 | $225 | $535 |
|
MS66
|
$700 | $1,600 |
1924 D Mint Mark Penny Value
The Denver mint made 2,520,000 pennies in 1924, and these pennies come with a D mint mark. These coins numbers were lower as compared to Philadelphia mint coins. That makes these coins rare. The look and composition of these coins are as 1924 no-mint-mark pennies. These coins also come in different colors, and that defines their values
| Grade | 1924 D brown Penny value | 1924 D Mint Mark penny Red Brown |
Red 1924 D Penny
|
| Good | $30.00 | ||
| Very Good | $40 | ||
| Fine | $50.00 | ||
| Very Fine | $70 | ||
| Extremely Fine | $125 | ||
| MS-50 | $170 | ||
| MS-53 | $190 | ||
| MS-55 | $250 | ||
| MS-58 | $270 | ||
| MS-60 | $290 | ||
| MS-61 | $340 | $350 | |
| MS-62 | $380 | $450 | $450 |
| MS-63 | $575 | $670 | $1,100 |
| MS-64 | $850 | $1,180 | $2,900 |
| MS-65 | $1,550 | $3,400 | $13,000 |
| MS66 | $3,000 | $6,250 | $70,000 |
1924 S Mint Mark Penny Value
The San Francisco Mint made 11,696,000 pennies in 1924, and these are the same in design and composition as the other two mints made with the S mint mark. There were 11,696,000 coins made in the 1924 S mint. These coins also have different colors for different values.
| Grade | 1924 S brown Penny value |
1924 pennies red-brown
|
| Good | $1.50 | |
| Very Good | $2 | |
| Fine | $4.00 | |
| Very Fine | $24 | |
| Extremely Fine | $40 | |
| MS-50 | $85 | |
| MS-53 | $90 | |
| MS-55 | $95 | |
| MS-58 | $115 | |
| MS-60 | $125 | |
| MS-61 | $165 | $200 |
| MS-62 | $200 | $270 |
| MS-63 | $385 | $500 |
| MS-64 | $825 | $1,150 |
| MS-65 | $1,600 | $3,950 |
1924 Penny Error List
Double Die Error
The double die error is the result of when doubling affects the design of coins that result from misalignment of design printing on coins. When coins are minted, the die is punched double for adding details on coins, and the doubling effect can be seen on different letters and numbers on coins, and these coins are about 900 dollars in mint state.
Repunched Error
This error has occurred more than one time, and overlapping of design can be seen on coins. The mint mark of coins seen has repunching and an error called the 1924 RPM error, and these coins have a value of about 80 dollars or higher according to grade and condition.
Thinning Error
The 1924 thin error coins may not have required coin thickness. In this error there is a thin marker and points in coins that is due to an improper minting process.
A thinning error occurs when the thickness of the coin is not uniform. It causes thin spots and areas on the coin and is a result of improper metal flow during the minting process. Usually, collectors pay a premium price for this type of error.
Cracked Die Error
The regular use of a die can cause wear and make cracks on the surface that is used for coin making, making cracks on coins as a result of the 1925 penny crack die error that comes with different value conditions.
Off-Center Error
During design printing of coins, it is not accurately printed in the middle of the coins and makes off-center designs on coins. That error is a 1924 off-center error, and pennies with less percentage off-center are low value, like ten to 15 percent, and 50 percent off-center coins and clear mint marks are high value.
Features of the 1924 Wheat penny
1924 penny obverse
The front side of the 1924 penny comes with a photo of President Lincoln facing left. The word liberty, also written on this side, and the mint date, 1924, can be seen. The motto IN GOD WE TRUST is written on the front side of the 1924 penny.
Reverse of 1924 penny
The back side of the 1924 penny has the ONE CENT denomination in the middle. The country name is the UNITED STATES OF AMERICA. The motto E Pluribus Unum is also written on this side. The two wheat stalks added there
1924 Penny Grading
The grade defines a coin’s value. Low-grade coins are low-grade, and high-grade coins are high value. Different grades of numbers are used for defining coin values that are mentioned here for coin conditions.
| Number | Grade |
| 1 | Basal State-1 |
| 2 | Fair |
| 3 | Very Fair |
| 4, 5, 2006 | Good |
| 7, 8, 10 | Very Good |
| 12, 15 | Fine |
| 20, 30 | Very Fine |
| 40 | Extremely Fine |
| 50 |
About Uncirculated
|
| 60 to 70 | Mint State |
Most valuable wheat pennies
- The 1944 S and D wheat pennies with steel composition are worth more than $50,000.
- The 1958 P wheat penny with DDO error is worth over $100,000.
- 1943 S bronze wheat penny = $500,000.
- 1955-P with DDO error = $4000 to $16,000.
- A 1917 wheat penny with a double die error = $6000.
- 1943 bronze wheat penny = $300,000.
FAQs
How much is the 1924 S penny worth?
| DATE | GOOD | XF |
| 1924 Lincoln Penny | $0.20 | $5 |
| 1924 Lincoln Penny (D) | $40 | $125 |
| 1924 Lincoln Penny (S) | $1.30 | $20 |
Does the 1924 wheat penny have a mint mark?
The pennies made through D or S minutes have mint marks on the front side. Philadelphia mint does not have mint mark
What is a 1924 penny worth with no mint mark?
The circulated 1924 no mint mark wheat penny is about two dollars. Uncirculated conditions or mint states have a value of about 100 dollars based on grade and conditions.
What is the rarest wheat penny?
The 1944-D steel is rare and high value for a penny. This penny is a high-value sine steel planchet used in place of a bronze planchet for striking coins.
Some of the rarest and most valuable wheat pennies are
- 1931 San Francisco Mint Abraham Lincoln Wheat Penny
- 1943 Copper Penny:
- 1922 D Lincoln Wheat Cent.
- 1909 S VDB Wheat Penny.
- 1955 Doubled Die Penny. .
- 1914 D Wheat Penny
- 1944 Steel Cent—Rare Steel Wheat Penny.
How to know if a penny is rare?
The penny type, minting year, conditions, and grade define the rarity of pennies. The coins that have low mintage are rare and high value. The 1944 steel wheat penny is rare and can have a value of about $10,000 in average condition.
Is the proof 1924 penny made?
A very small number of 1924 proof pennies were made, and 4 are known to exist.
How many 1924 pennies were made?
| (P) | 75,178,000 |
| D | 2,520,000 |
| S | 11,696,000 |
How valuable is a penny from 1924?