1921 Wheat Penny Value: Why the 1921-S is Worth $100+ (P vs. S Compared)

To the casual observer, a 1921 Lincoln Wheat Penny may seem like a modest artifact of American history—commonplace, perhaps even unremarkable. But to numismatists and collectors, this nearly century-old coin can carry a special 1921 penny value today. Under the right circumstances, it might even command a four-figure price tag.

So, how much is a 1921 penny worth today? The Coin ID Scanner team is here to answer you this question. 

1921: Context Matters

The year 1921 marked a return to economic normalcy after the shocks of World War I and the Spanish flu pandemic. Yet in the world of coinage, things were anything but ordinary.

Mintages of Lincoln cents were comparatively low this year, especially in Denver and San Francisco. With only two production sites—Philadelphia (none) and San Francisco (S)—each mint produced distinct varieties with vastly different populations, conditions, and scarcity today.

This sets the stage for value of 1921 penny differences, particularly among high-grade specimens.

How Much Is a 1921 Wheat Penny Worth?

Mint Marks

Philadelphia (None)

• Mark: None (blank under the date)

• Mintage: 39,157,000 coins

• 1921 Wheat Penny No Mint Mark Value: This is the most common 1921 penny. While not rare in circulated grades, Philadelphia coins in high Mint State—especially those with original red color (RD)—can be valuable. Expect strong market interest in MS-64 RD or better.

Denver (D Mint Mark)

The 1921-D Wheat Penny does not exist. Therefore, a 1921-D Lincoln Wheat Penny is not a legitimate U.S. Mint issue.

If You Encounter One: It is either altered (e.g., someone added a fake "D" mint mark). Or it is misidentified, possibly confused with a 1924-D or another close date.

So, there is no 1921 D Wheat penny value.

San Francisco (S Mint Mark)

• Mark: Small “S” beneath the date on the obverse

• Mintage: 15,274,000 coins (same official count as Denver, although surviving populations suggest fewer high-grade examples)

• 1921-S Penny Value: Widely considered the rarest and most desirable of the 1921 series, especially in top-grade RD. San Francisco strikes are known for softer details, making well-struck red examples exceptionally valuable. High-end S-mint coins are frequently featured in major auctions.

Why Is a 1921 Penny Rare?

Several factors drive the worth of any 1921 penny for sale beyond its face value. 

1. Mint Mark Rarity

• Philadelphia: Most common.

• San Francisco: Most sought-after, especially in full red uncirculated condition.

2. Coin Condition and Color

The Sheldon grading scale (from 1 to 70) defines condition, with higher numbers indicating less wear. But collectors go beyond wear—they also consider color, especially in copper coins:

• RD (Red): Bright, like newly minted copper. Highest premium.

• RB (Red-Brown): A mix of red and brown hues.

• BN (Brown): Fully oxidized. Common and lower in value.

What Is a 1921 Penny Worth by Color and Condition?

3. Strike Sharpness and Eye Appeal

1921 Wheat Cents with strong strikes, full wheat stalks, and clear facial features of Lincoln command far more than those with soft or uneven impressions. Even a common-date coin can jump in value if it’s well-struck and has visual charm.

1921 Penny Error List

1. Off-Center Strike Errors

When a coin is misaligned during striking, part of the design is missing—often highly collectible depending on how dramatic the 1921 wheat penny error is.

• Portion of the design is missing, especially on one side

• Date and mint mark must still be visible for premium value

• Errors range from 5% to 90% off-center

1921 Lincoln Penny Value:

• 5–10% off-center: $20–$50

• 25–50% off-center (visible date/mint): $100–$300+

• Over 50% off-center (clear features): Up to $500+

2. Broadstrike Errors

Broadstrikes occur when the coin is struck outside of the collar, resulting in a wider, flatter coin with no reeded or raised rim.

• No defined rim

• Flattened edges with spread-out features

• Coin appears larger in diameter than normal

1921 Wheat Penny Value Today:

• Common broadstrike with date: $30–$100

• Rare ones (S) in broadstrike: $150–$300+

3. Die Crack and Cud Errors

These occur due to fractures or breaks in the die used to strike the coin. A die crack appears as a raised line; a cud is a blob-like feature where part of the design is missing.

• Raised, irregular lines (die crack)

• Missing chunk of design, often near the rim (cud)

• More dramatic = more collectible

How Much Is 1921 Penny Worth?

• Minor die cracks: $5–$20

• Large cuds with missing features: $50–$200+

• S-mint or D-mint cuds: $100–$400+

4. Double Strike Errors

Coins struck more than once in misaligned positions are called double strikes. These are visually impressive and sought-after by error collectors.

• Duplicate impressions of design elements

• Noticeable shift between strikes

• Visible doubling on Lincoln’s head or wheat stalks

Is a 1921 Penny Worth Anything?

• Minor, aligned doubling: $50–$100

• Strong, dramatic double strike: $200–$500+

• With mint mark and full second image: $800+

5. Struck Through Debris

When a foreign object (like wire, grease, or cloth) interferes with the strike, it leaves behind an impression or even missing features.

• Patchy or recessed areas on one side

• Ghost-like missing details

• Often mistaken for post-mint damage

Value of a Penny from 1921:

• Minor strike-through grease: $10–$30

• Clear object impression (wire, cloth): $50–$150

• Major struck-through with design loss: $200+

6. Repunched Mint Marks (RPM)

They occur when the mint mark is struck more than once in a slightly different position—this was hand-punched in 1921, so RPMs do exist.

• Double or triple impression of the mint mark

• Slight offset visible under magnification

• Most often seen with D (= 1921 D penny error, if existed) or S ( =1921-S penny error) marks

Value Range:

• Light doubling (barely visible): $10–$40

• Clear RPM with full separation: $75–$300+

• Certified RPM on RD coin: $500+

Is a 1921 Penny Rare? Notable Auction Records

Authentication & Grading

If you suspect your 1921 penny might be worth more than a few bucks, get it professionally evaluated. Third-party grading companies like:

• PCGS (Professional Coin Grading Service)

• NGC (Numismatic Guaranty Company)

...can certify your coin’s authenticity, grade, and color designation. Coins graded MS-63 RD or higher often gain exponentially in market value.

Common Confusion

The 1921 British One Penny featuring King George V is a notable coin from the post-World War I era. While not exceedingly rare, its 1921 one penny Georgivs value varies based on condition, minting details, and collector demand.

Coin Specifications

• Obverse Design: Uncrowned left-facing portrait of King George V by Bertram Mackennal

• Reverse Design: Seated Britannia holding a trident and shield

• Composition: Bronze (95.5% copper, 3% tin, 1.5% zinc)

• Weight: Approximately 9.45 grams

• Diameter: 30.8 mm

• Edge: Plain

• Mintage: 129,717,999 

Value Overview

• Circulated (Good to Fine): Typically ranges from £0.50 to £2

• Very Fine to Extremely Fine: Approximately £2 to £10

• Uncirculated/Mint State: Can command £15 to £35 or more

Final Verdict: How Rare 1921 Penny Is

Whether you're holding a weathered brown cent or a radiant red gem, your piece carries historical weight—and maybe financial promise. The value of a 1921 penny can range from $1 to over $15,000, depending on condition, color, and strike quality.

The key is knowing what you have. But how?

Use the Coin ID Scanner app!

Just snap a photo, and it will analyze your coin, provide value estimates, and help you understand all numismatic details. It’s the modern collector’s best tool—especially if you want to know the 1921 S Wheat penny value.

Related Coin Value Guides:

• Most Valuable Lincoln Pennies

• 1907 Indian Head Penny Coin Value

• 1909 VDB Penny Coin Value

• 1919 Wheat Penny Coin Value

• 1922 Wheat Penny Coin Value

• 1953 Steel Wheat Penny Coin Value