The Lincoln penny is an iconic piece of American coinage that is still impacting US currency to this day. The 1934 Lincoln penny is a must-have for any collector. The biggest reason why this is so is due to the coin’s scarcity. Each and every year that passes sees fewer of these coins around, and before long they will no longer be able to be purchased. This is why collectors will do anything to get their hands on these coins.
As for the coin’s appearance, you will see that the obverse side is dominated in the center by the profile of Abraham Lincoln. The image of the former President is beyond reproach and is incredibly detailed. Arching overtop of the President is the phrase “In God We Trust.” To the right of Lincoln’s image is a raised inscription marking the 1934 year of minting, while a raised inscription reading “Liberty” is to the left of the central image.
On the reverse, you will notice that there are two inscriptions in the center. One of those raised inscriptions reads “United States of America,” while the other marks the “One Cent” face value. On both the left and the right of the inscriptions are two individual stalks of wheat, which explain why this penny is sometimes called the “Wheat Penny.” Finally, the Latin phrase “E Pluribus Unum” is arching overtop of the reverse side.
For collectors, the condition a coin is in means absolutely everything. It goes without saying that these folks only want the 1934 Lincoln pennies that have been extremely well-preserved. For this reason, the only coins that people want are those that have been graded. As far as grading the 1934 Lincoln penny is concerned, below will be an outline that describes the different grades as well as what they mean for a penny.
Uncirculated: A coin that is worthy of the Uncirculated grade is one that never spent any time on the open market and never exchanged hands. As a result of this, there will be absolutely no signs of visible damage on either surface of the piece. The coin’s color might have faded due to its age, but other than that there are no flaws whatsoever.
Extremely Fine: If a coin is determined to be Extremely Fine, this means that it was probably not circulated, but still might have a minor flaw or two. Though, to the naked eye, these coins will appear to be in perfect condition, the one or two minor imperfections are why it is Extremely Fine and not Uncirculated.
Fine: A coin that is determined to be of Fine grade is one that definitely spent time exchanging hands, but did not incur a large amount of damage during that time. You will notice a good bit of scratching and smoothing, but none of it is enough to compromise the raised imagery and lettering. Whether you are talking about Lincoln’s image or the wheat stalks, they will all still be intact.
Good: Good is the lowest grade a coin can receive, and is indicative of a coin that has been heavily circulated. The damage on these coins will be severe, sometimes so much so that imagery and lettering might be completely worn away. Still, collectors flock to Good 1934 Lincoln pennies.
If you would like to determine the value of a 1934 Lincoln penny, this is something that will depend upon the type of penny you have as well as its condition. Some years saw up to 3 different types of Lincoln pennies minted, however 1934 only saw 2. Still, the type of penny you have will go a long way in determining its value. Below is a chart that will help you understand the value of a 1934 Lincoln given its type and condition.
|1934 Lincoln Penny||$0.15||$0.20||$1||$4|
|1934 Lincoln Penny (D)||$0.20||$0.50||$2.25||$7.50||Source: Red Book|