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    1928 Lincoln (Wheat) Penny

    To this day, the Lincoln penny has an incredibly small, almost negligible, face value. Despite this, the Lincoln pennies that were minted in 1928 are worth far more than their face value. The reason for this is the age of the coin, the condition they are in, and the historical significance. Once you factor in these items, it is easy to understand why 1928 Lincoln pennies are a must-have for most every collector.

    On the obverse side of the 1928 Lincoln you will see the profile image of former President Abraham Lincoln. His image is depicted in detail and is raised from the face of the coin. The President’s left is a raised inscription which reads “Liberty,” while the 1928 year of minting is listed to his right. Arching overtop will be a raised inscription which reads “In God We Trust.”

    The coin’s reverse is dominated in the center by a raised inscription marking the “One Cent” face value of the coin. Also in the center is another inscription which reads “United States of America.” To the left and to the right of the central inscriptions will be two stalks of wheat, one on either side. These wheat stalks are how the Lincoln penny was nicknamed the “Wheat Penny.” Finally, the Latin, and classically American, phrase “E Pluribus Unum” arches over the top outer edge.

    Grading the 1928 Lincoln Penny

    Being that these coins were minted all the way back in 1928, their condition is variable. As such, collectors strive to get their hands on coins that have been well-preserved through the years. With that being said, even those coins that show their age are still quite desirable. Regardless of their condition, most collector-worthy 1928 Lincoln pennies will be graded. Below is a grouping of the different grades as well as what they mean for the Lincoln penny’s condition.

    Uncirculated: If a 1928 Lincoln penny is graded as being Uncirculated, this means that the coin never exchanged hands and, as a result, avoided the wear and tear commonly associated with pennies. Uncirculated Lincolns are the best of the best and their condition exemplifies that perfectly. Though the coin’s color might have faded due to age, its imagery and inscriptions are perfectly intact.

    Extremely Fine: A coin that receives an Extremely Fine grade is one that might have a small scratch or other minor imperfection, but will still appear to be mostly flawless. To the naked eye the imperfections on this coin might be nearly impossible to pick out, but upon closer inspection the minor flaws will be able to be noticed.

    Fine: A Fine grade is the grade given to coins who have seen a good bit of damage, but not so much that their imagery and lettering is compromised. Though you will definitely be able to tell that the coin exchanged hands for an extended period of time, the coin will have avoided major wear and tear.

    Good: A graded coin receiving a Good grade is one that was in circulation for an extended period of time. These coins will accurately show their age via scratching and significant smoothing. Even in poor condition, these pennies are highly desirable and a perfect addition to any collection.

    Pricing the 1928 Lincoln Penny

    As for the value of a 1928 Lincoln penny, this is something that can be determined by analyzing the condition of the coin as well as the type. Most years saw up to 3 different types of Lincoln pennies minted, and the exact type you have will help determine the value. Below is a chart that will help you determine the value of a 1928 Lincoln given its grade and type.

    Lincoln Pennies

    DATE GOOD FINE EXTREMELY FINE UNCIRCULATED
    1928 Lincoln Penny $0.20 $0.30 $2 $3
    1928 Lincoln Penny (D) $0.75 $1.75 $5.50 $17
    1928 Lincoln Penny (S) $1 $2.75 $9.50 $30
    Source: Red Book

    All Market Updates are provided as a third party analysis and do not necessarily reflect the explicit views of JM Bullion Inc. and should not be construed as financial advice.