1918 Lincoln (Wheat) Penny Value

The 1918 Lincoln Wheat Penny represents a piece of American history, reflecting a nation in recovery from the turbulence of World War I. Understanding its value, mintage, rarity, and grading nuances is crucial for collectors and numismatists. Let’s dive into the details of this iconic coin.

How much is a 1918 Pennies Worth?

The value of a 1918 Lincoln Wheat Penny can vary significantly depending on several factors, including its condition, any errors or varieties, and the presence of a mint mark. In a well-circulated condition, the coin might fetch a few dollars. However, the value can escalate into hundreds or even thousands of dollars in uncirculated or near-mint conditions, particularly those with sharp, clear features and minimal wear. The presence of a mint mark, indicating where the coin was minted—Philadelphia (no mark), Denver (D), or San Francisco (S)—can also impact its value, with certain mint marks being more scarce and, thus, more valuable.

Date and Mintmark Combination

For the 1918 Lincoln Wheat Penny, the date and mint mark combination is pivotal in determining the coin’s value. The penny was produced at three different mints: Philadelphia, Denver, and San Francisco. Each mint produced different quantities, contributing to their varying rarity:

  • 1918 Lincoln Penny (Philadelphia): This variant had the highest mintage, and without a mint mark, it’s the most common of the three, rendering it less valuable than its counterparts, albeit still collectible.
  • 1918-D Lincoln Penny (Denver): The Denver mint marked its coins with a ‘D’ and had a lower mintage than the Philadelphia variant. This scarcity increases the coin’s value, especially in higher grades.
  • 1918-S Lincoln Penny (San Francisco): Marked with an ‘S’, this variant had the lowest mintage, making it the most sought-after 1918 penny among collectors and consequently, the most valuable.

Grading the 1918 Lincoln Penny

The condition or grade of a 1918 Lincoln Penny significantly influences its value. Collectors often turn to grading services like the Numismatic Guaranty Corporation (NGC) or the Professional Coin Grading Service (PCGS) to have their coins assessed. Here’s a glimpse at how grading can impact value:

  • Good (G-4): The coin shows considerable wear in this grade, but the main features remain identifiable. The value at this grade is relatively modest.
  • Fine (F-12): A penny in Fine condition exhibits moderate wear but retains more details, resulting in a higher value.
  • Extremely Fine (EF-45): Coins graded Extremely Fine have light wear and strong, clear details, enhancing their desirability and value.
  • Mint State (MS-60 and above): Pennies in Mint State condition exhibit no signs of wear and retain their original luster. These coins command premium prices, with value increasing with the grade.

How Rare are 1918 Pennies?

The 1918 Lincoln Wheat Penny is a rarity primarily depending on its mint mark and condition. The 1918-S variant, with its lower mintage, is considered the rarest of the three, with values escalating significantly in higher grades. Error coins and those with distinctive features or anomalies further contribute to the rarity and, subsequently, the coin’s value. A keen eye for details and professional grading can help identify these rare specimens, making them prized additions to any collection.

What is the Mintage on a 1918 Penny?

The mintage figures for the 1918 Lincoln Wheat Penny vary by mint. The Philadelphia Mint produced the highest number, resulting in the most common variant, while the San Francisco Mint, with its lower production, created the rarest version. Understanding the mintage figures is essential for collectors as it impacts the coin’s availability and value:

  • 1918 Lincoln Penny (Philadelphia): Approximately 288,104,634 coins minted.
  • 1918-D Lincoln Penny (Denver): Around 47,830,000 coins minted.
  • 1918-S Lincoln Penny (San Francisco): Approximately 34,680,000 coins minted.


The 1918 Lincoln Wheat Penny encapsulates a moment in American history and remains a symbol of numismatic intrigue. Whether you’re an avid collector or an enthusiast with an appreciation for historical artifacts, recognizing this coin’s value, rarity, and grading nuances is essential. Armed with knowledge and a discerning eye, uncovering the hidden gems among 1918 pennies can be a rewarding endeavor.

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