A 1920 Lincoln wheat penny is now over a century old. So, when you find one in an old jar, a coin roll, or your grandfather’s collection, the first thing you want to know is what a 1920 wheat penny is worth, or whether it’s just an old cent.
Honestly, most 1920 wheat pennies are common and sell for pocket change. But certain varieties, mint marks, and errors sell for far more. The value ranges from $15 (for a clipped-planchet cent) to over $1,600 for a Full Red 1920-S; the PCGS auction record for a 1920-S in MS65 Red is a stunning $48,875.
Below is how to check your 1920 Lincoln cent, plus the 1920 cent varieties collectors pay real money for.
About the 1920 Lincoln Wheat Penny
The 1920 wheat penny is part of the Lincoln cent series that started in 1909, replacing the Indian Head design. Victor D. Brenner sculpted it, and the wheat stalks on the back gave the coin its nickname.
By 1920, the country was fresh out of World War I. The Mint was pushing out huge numbers of pennies to keep up with everyday commerce. Three mints struck them that year, and each one made its own version.
Philadelphia with no mint mark, Denver with a small “D,” and San Francisco with an “S.” That mint mark is the single biggest thing you need to check first.
Identifying a Genuine 1920 Wheat Penny: 3 Checks
Before you can figure out what your 1920 wheat cent is worth, you have to know whether it’s an actual antique coin from the 1920s or a forgery. Here’s what to check first:
Confirming the Date and Design
The obverse of a real 1920 Lincoln penny always shows Abraham Lincoln facing right, with “IN GOD WE TRUST” above his head, “LIBERTY” to the left, and the date “1920” to the right. Look at the date carefully; altered dates do exist.
Turn the coin over. You should see two wheat stalks curving up the sides, framing “ONE CENT” and “UNITED STATES OF AMERICA” on the reverse.
If your coin has the Lincoln Memorial on the back, it’s a 1959 or later cent, not a wheat penny.
Where Is the Mint Mark on a 1920 Penny?
The mint mark sits directly below the date on the obverse. Use a magnifying glass. The letters are tiny and often worn flat. That single stamp changes everything about what your 1920 wheat penny is worth.
If you see a small “D,” it was struck in Denver. An “S” means San Francisco. No mint mark means it came from Philadelphia, which never used a mark on cents back then.
The mint mark matters because different mints made different numbers of pennies, which also impacts the value:
- Philadelphia (no mint mark): 310,165,000 pennies
- Denver (D mint mark): 49,280,000 pennies
- San Francisco (S mint mark): 46,220,000 pennies
Philadelphia made the most 1920 pennies, which is why no mint mark coins are the most common survivors today. Denver and San Francisco struck roughly one-sixth as many each, so those mint marks are scarcer, though condition still decides most of the value.
That also means a 1920 penny with no mint mark is not rare; it only becomes valuable in top red mint state grades.
Weight and Composition
A genuine 1920 wheat penny should weigh 3.11 grams. It’s made of 95% copper with a small mix of tin and zinc, so it has that warm reddish-brown color when the surface hasn’t toned over.
If your coin weighs noticeably less or feels wrong, be careful. It might be damaged, cleaned, or worse, a counterfeit. A cheap digital jewelry scale is enough to check.
What Makes a 1920 Wheat Penny Valuable?
Because of its high mintage, not every 1920 wheat penny is a jackpot, and honestly, most aren’t. But a few key factors decide whether one is worth a dime or a small fortune.
- Mint mark and mintage – Philadelphia coins are the most common. Denver and San Francisco issues are scarcer, and the 1920-S is hard to find in high grades because most were weakly struck.
- Grade – The Sheldon scale runs from Poor (P-1) up to perfect Mint State (MS-70). Worn coins bring almost nothing. Uncirculated (MS) pieces hold the highest value, rising as the grade moves up.
- Color – For copper cents, graders use three color designations. Red (RD) coins keep most of the original color and shine. Red-Brown (RB) is a mix, and Brown (BN) coins are fully brown-toned. Full Red 1920 pennies are the most valuable.
- Strike quality – Many 1920-S cents came out weakly struck, with soft, mushy details. A sharply struck 1920-S is genuinely uncommon and always brings a premium.
- Errors & varieties – Doubled dies, off-center strikes, and clipped planchets can turn a common coin into something collectors chase.
Rare and Valuable 1920 Wheat Pennies to Look For
While most 1920 pennies are worth nothing, there are some specific coins collectors actively hunt down. Some are rare mint-state examples; others are dramatic mint errors.
1. 1920 (P) Doubled Die Obverse
A doubled die on a 1920 cent is rare and often confused with machine doubling.
On a true doubled die, the working die received the design from the hub twice, slightly out of line, so every coin from that die shows the same doubling. On a 1920 cent, check the date, “LIBERTY,” and Lincoln’s eye area using at least a 5x loupe.
True doubled-die doubling is raised and rounded, with the two images clearly separated. Flat, shelf-like doubling is machine doubling, which adds no value.
No 1920 doubled die is listed in CONECA’s list of early Lincoln cent doubled dies, so most “doubled” 1920 cents turn out to be machine doubling. To see what strong hub doubling looks like, compare the famous 1955 doubled die penny.
- Estimated Value: Varies; get it attributed first
- What to Check: Doubling on date, LIBERTY, eye
- Quick Notes: Confirm raised doubling, not machine strike
2. 1920-S Wheat Penny in Full Red Mint State
San Francisco struck about 46 million cents in 1920, but nearly all of them came out weakly detailed and toned brown over the decades. So a fully struck, Full Red MS-65 example is genuinely rare.
PCGS estimates that only about 40 survive in MS65 Red or better. The PCGS auction record is $48,875 for an MS65 Red sold by Heritage in January 2006, and the PCGS price guide (2026) lists MS65 Red at $20,000. Because of that scarcity, this is easily one of the most valuable 1920 wheat pennies now.
- Estimated Value: $1,500 to $48,000+
- What to Check: Sharp strike, full red color, “S” mint mark
3. 1920-D Wheat Penny in High Grade Red
The Denver mint made just under 50 million 1920 cents. Denver strikes from this era are known for mushy details. Plus, most 1920 pennies saw heavy use out west, so nice examples are tough to find. Look for crisp hair lines above Lincoln’s ear and clean wheat stalks on the back to spot a gem 1920-D in full Red mint state.
- Estimated Value: $200 to $48,800+ (listed PCGS MS65)
- What to Check: Sharp hair detail, “D” below date
4. 1920 Wheat Penny No Mint Mark (MS-66+ Red)
Philadelphia coins are the most common of the three, and typical survivors are worn and toned. But if it is an MS-66 or 67 or higher Red example, the value climbs faster, because very few coins survived that clean.
The PCGS auction record for a Red (RD) no mint mark 1920 wheat penny is $16,800, paid for an MS67+ Red at Heritage in January 2025. The PCGS price guide (2026) lists an MS66 Red like the one above at $1,380, and an MS65 Red at $300.
- Estimated Value: $100 to $17,000
- What to Check: No mark below date, full original red
5. 1920 Repunched Mint Mark (RPM)
A repunched mint mark happens when the mint worker stamped the “D” or “S” into the die twice, slightly off from the first hit. You can spot it by a faint shadow of the second letter poking out.
Both 1920-D and 1920-S coins are known for RPM varieties. You’ll need a 10x loupe to spot one. The stronger and clearer the doubling of the mint mark, the higher the value.
- Estimated Value: $15 to $100+
- What to Check: Doubled or shifted mint mark
6. 1920 Off-Center Strike Error
Off-center errors happen when the blank isn’t lined up between the dies. Part of the design is missing, so one side shows a blank crescent instead of the original design.
The value depends on how off-center the strike is and the visibility of the mint date. Small shifts under 10% are barely worth anything, but dramatic misalignments of 40% or more, especially with the full date visible, can bring hundreds.
Grade matters too: the coin above is only 10% off center, but it is uncirculated (NGC MS62) and sold for almost $500.
- Estimated Value: $25 to $500+
- What to Check: Blank crescent, date must be visible
7. 1920 Clipped Planchet Error
A clipped planchet has a smooth, curved or straight bite taken out of one edge. It happened during blank cutting, when the punch overlapped an already-cut section of the metal strip.
Check for the Blakesley Effect, which is a weakness in the rim directly opposite the clip. That flaw confirms the coin as a real mint error, not something damaged after leaving the mint.
- Estimated Value: $15 to $150
- What to Check: Curved bite, Blakesley Effect opposite
8. 1920 Penny Cud Error
A cud error occurs when a piece of the die actually breaks off during striking, leaving behind a raised, featureless blob of metal on the finished coin. On this Philadelphia (no mint mark) example, the cud sits right at the base of Lincoln’s bust and connects to the rim.
That connection to the rim is exactly what separates a true cud from ordinary damage. Cuds always feel raised, not sunken, and the surface stays smooth with no design detail.
Bigger cuds in prominent spots are worth more than small rim cuds, but any genuine one is worth a closer look.
- Estimated Value: $30 to $200+
- What to Check: Raised metal blob touching rim
9. 1920 Lamination Error
Lamination errors show up as peeling, flaking, or cracked areas on the coin’s surface. Impurities or gas trapped in the metal strip weakened it, so thin layers of the planchet later separated from the rest of the coin.
Small flaws bring a few dollars, but larger laminations that peel across the design can bring $50 or more from error specialists.
- Estimated Value: $10 to $75
- What to Check: Peeling or flaking metal on surface
- Quick Notes: Bigger the peel, better the value
10. 1920 Penny Struck on Wrong Planchet
Wrong planchet errors are among the rarest 1920 cents you could ever find. These occurred when a foreign or off-denomination blank slipped into the coin press and got struck with Lincoln cent dies.
The color, weight, and diameter are noticeably off on these coins, making them easy to spot; still, professional authentication is a must.
The best-documented example is a 1920 cent struck on an Argentina 10-centavo planchet; the U.S. Mint made coins for Argentina that year.
- Estimated Value: $500 to several thousand
- What to Check: Odd weight, wrong color, off diameter
The 1920 wheat penny isn’t a holy grail key date like the 1909-S VDB cent, but it’s still worth collecting. The rare mint state Reds, sharp San Francisco strikes, and dramatic errors are the ones worth having graded.
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