What is a Wheat Penny?
While most of us are somewhat familiar with the United States wheat penny, its history can make an interesting topic of discussion, nonetheless. Also known as the Lincoln wheat cent or wheatback penny, the wheat penny is a long admired collectible item with rich historical value. In some cases, it may even possess monetary value. Featuring a picture of the sixteenth president of the U.S., Abraham Lincoln, on its front, the wheat penny is so named for the two stalks of wheat on the reverse side.
On 2 August 1909, the first Lincoln pennies were released into circulation. As these unique wheat pennies circulated, however, controversy soon broke out over the initials VDB, which were located on the bottom back side of the coins. These initials were so placed to honor the wheat penny’s designer, Victor D. Brenner. Many people did not feel the New York sculptor’s initials were necessary. They were too prominent, according to some. Other individuals seldom understood the meaning behind the initials; thus, did not understand their purpose.
After much debate over the issue, the VDB wheat penny met its demise. During its annual convention shortly after the wheat penny’s release, the American Numismatic Association decided to eliminate the initials. As slightly less than 500,000 of these wheat pennies were produced by the San Francisco mint, the 1909-S VDB wheat penny soon became a rare commodity compared to the nearly 28 million produced in Philadelphia. For this reason, the 1909-S wheat penny quickly became one of America’s most collectible coins.
While these San Francisco wheat cents can bring hundreds to thousands of dollars depending on their condition, the Philadelphia wheat penny of the same year are far less valuable. Yet, many people today still avidly collect these coins. In fact, other wheat pennies can also be somewhat valuable. Take the 1914-D wheat penny, for example. The Detroit mint produced fewer than 1.2 million of these coins, making them a valuable collector’s item as well. Most wheat pennies, however, are solely collected for nostalgia rather than money.
The wheat penny continued to be produced through 1958 with a few changes. In 1918, the controversial initials were reinstated. This time, however, they were located on the front side of the coin just below Lincoln’s shoulder. Then in 1959, the familiar wheat stalks on the reverse side were replaced with the Lincoln Memorial that we commonly see today, officially ending the wheat penny’s run. This was done to commemorate the 150th anniversary of Lincoln’s birth.
Written by N. Phipps
