1920 Wheat Penny Value (2026 Guide): Errors List, “D”, “S” & No Mint Mark Worth

Some pennies are worth exactly one cent. Others, like the 1920 wheat penny, can be worth tens of thousands of dollars — and the difference often comes down to a single tiny letter stamped beneath the date.

These Lincoln cents were struck during one of the most turbulent economic stretches in American history. The country was just emerging from World War I and sliding into the sharp downturn now called the “Forgotten Depression.”

Despite the chaos, over 405 million of these coins poured out of three U.S. Mint facilities in a single year. Most are worth only a dollar or two in worn condition — but a 1920-S penny in top mint state can fetch $38,400 or more at major auction houses.

Three factors almost always separate an ordinary coin from a collector’s prize: the mint mark, the coin’s state of preservation, and whether it carries one of several rare striking errors. Read on, and you’ll know exactly where your coin stands.

 

1920 Penny Value By Variety and Mint Mark

Before diving deeper, here’s a snapshot of how 1920 wheat pennies are valued across conditions and mints. If you know the grade of your coin, you can find the exact price below in the Value Guides section.

Also Read: Top 100 Most Valuable Modern Pennies Worth Money (1959 – Present)

 

1920 Penny Value: Top 10 Most Valuable Examples Worth Money

The auction record for 1920 pennies has advanced significantly in recent years. The current high-water mark for the series is the 1920-S MS-67+ RD, which sold for $38,400 at Heritage Auctions in January 2025.

That same month, the 1920-P MS67+ RD set its own benchmark at $16,800 through Heritage Auctions. Just weeks later in February 2025, a 1920-D MS-67 RD realized $19,200 at Heritage — a dramatic jump that illustrates how quickly top-end prices have moved.

Older records still anchor the market at the MS65 level. The 1920-S MS65 Red achieved $48,875 at auction, the single highest known price for this date.

Mid-grade examples from all three mints also attract serious competition, with prices ranging from $564 to $4,560, proving that quality examples remain accessible to collectors at various budget levels.

Also Read: Lincoln Wheat Penny Value (1909-1958)

 

1920 Penny: History and Background

The 1920 penny was born into one of America’s most turbulent economic moments. Just fourteen months after World War I ended, the United States slid into the sharp contraction now called the Recession of 1920–1921, or the “Forgotten Depression.”

Industrial output dropped 31%, commodity prices fell 40%, and unemployment surged to 8.7%. Despite this upheaval, the U.S. Mint kept its presses running, striking over 405 million pennies across three facilities to keep commerce moving.

Victor David Brenner designed this coin in 1909 to honor the 100th anniversary of Abraham Lincoln’s birth. His initials “VDB” appeared briefly on the reverse before public backlash led to their removal.

They were quietly restored to Lincoln’s shoulder truncation in 1918 and remain on all subsequent wheat cents, including the 1920 issue. This means all 1920 pennies carry the tiny “VDB” initials — look for them just below Lincoln’s portrait shoulder.

The 1920 penny retained the traditional bronze alloy of 95% copper with zinc and tin — a composition unchanged since 1909. This formula would not change until World War II forced the famous switch to steel in 1943.

One important note for collectors: the U.S. Mint suspended its proof coin program from 1917 through 1935, partly due to World War I. That means no proof 1920 pennies exist.

Any coin with mirror-like surfaces is either an exceptional early strike from fresh dies or has been artificially altered. Be cautious of any seller describing a 1920 penny as a “proof” coin.

Also Read: Top 100 Rarest Pennies Worth Money (1787 – Present)

 

Is Your 1920 Penny Value Above Average? Check the Rarity

Whether you’re holding a common variety or one of the legendary pieces, knowing exactly what you have is the first step in building a valuable collection. Our CoinValueChecker App provides instant verification and value.

 

1920 Penny Key Features: What to Look For

The 1920 cent carries several defining physical traits. Recognizing these details helps collectors appreciate what makes this issue distinct in U.S. coinage.

The Obverse Of The 1920 Penny

The obverse of the 1920 penny shows the same portrait of Abraham Lincoln that still appears on cents today. The only difference is that modern coins are in slightly lower relief.

The President is shown in profile, facing to the right as the coin is viewed. The artist, Victor David Brenner, said that he had imagined Lincoln as he would have looked if reading to a child. The familiar motto “IN GOD WE TRUST” arches over the portrait, following the curve of the coin edge. “LIBERTY” is inscribed to the left, while the date is on the right.

1920 pennies struck in Philadelphia don’t have a mint mark. But coins made in Denver will have a small “D,” and those in San Francisco a small “S.” If there is one, you’ll find it just beneath the date.

Look closely at the letters in “LIBERTY” using a magnifying glass. Some 1920 pennies show a raised line between the “B” and “E” that looks like an extra letter “I” — this is a die break error called a BIE (explained in the error section below), and it can add value.

The Reverse Of The 1920 Penny

The reverse of the 1920 penny shows a simple design of two ears of durum wheat. These curve to follow the sides of the coin, framing the denomination and country name.

The words “ONE CENT” take center stage. “UNITED STATES OF AMERICA” is inscribed below them in smaller font. And smallest of all is the Latin motto “E PLURIBUS UNUM,” which appears at the top, running parallel to the upper coin edge. The motto means “From the many, one,” and refers to the creation of the country from the union of states.

Other Features Of The 1920 Penny

The penny struck in 1920 is made of bronze — an alloy of 95% copper with the remainder a mixture of zinc and tin. The composition of Lincoln pennies changed a number of times over the years, and today’s coins are made of zinc clad in copper.

Despite the difference in metal, a 1920 penny has exactly the same dimensions as a modern one. It’s 19 millimeters in diameter and weighs 3.11 grams.

The copper content means there’s considerable variation in the color of individual coins. A penny that’s had only minimal handling or exposure to the air will appear bright orange-red. As it circulates or ages, the color dulls toward brown.

Also Read: 100 Most Valuable Wheat Pennies Worth Money (1909 to 1958)

 

1920 Penny: Mintage and Survival Data

Philadelphia dominated 1920 production with 310,165,000 coins — nearly 75% of all pennies that year. Denver came in second with 49,280,000, and San Francisco produced the fewest at just 46,220,000 pieces.

The survival data tells an entirely different story. Philadelphia’s massive mintage left only an estimated 5,000 surviving specimens today — a survival rate of just 0.0016%.

Denver fares slightly better, with about 1,500 pieces extant (0.003%). San Francisco is the scarcest of all, with only approximately 500 coins remaining, a survival rate of 0.0011%.

These numbers reflect the brutal reality of over a century in circulation. The coins were used hard and often, especially in the western states where the San Francisco issue was most common.

Also Read: 100 Most Valuable Indian Head Penny Coins Worth Money (1859 – 1909)

 

The Easy Way to Know Your 1920 Penny Value

The easiest way to know your 1920 penny value is by checking its condition and confirming it instantly with the CoinValueChecker App. Simply scan or upload a clear photo, and the app identifies the grade, wear level, and possible errors within seconds. No complex grading steps — just quick, accurate results showing whether your penny is worth cents or up to $40.

 

1920 Penny Value Guides by Mint Mark

The 1920 Lincoln Wheat Penny was produced at three U.S. Mint facilities, each contributing distinct volumes to meet post-World War I circulation demands.

Philadelphia’s massive output dominated the year’s production, while the branch mints added their characteristic mint marks beneath the date on the obverse.

1920 Penny Varieties:

• 1920 No Mint Mark (Philadelphia Mint)
• 1920-D (Denver Mint)
• 1920-S (San Francisco Mint)

Despite Philadelphia’s overwhelming production numbers, all three varieties have become challenging to locate in higher grades after a century of heavy circulation. The branch mint issues, particularly the San Francisco variety, command premium values due to their lower original mintages and scarcity in preserved conditions.

Also Read: Value Of Old Pennies By Year (1959-Present)

 

1920 No Mint Mark Penny Value (Philadelphia)

The 1920 no mint mark penny stands as Philadelphia’s monumental contribution to post-World War I commerce, with 310,165,000 coins produced. This staggering mintage represented nearly 75% of all pennies struck that year, establishing it as the most common variety among the three mints.

The abundant production directly impacts current market values. A brown 1920 Philadelphia penny in poor condition will be worth around a dollar, with mint state coins starting at about $24 for a brown coin graded MS60 (Mint State 60 — meaning uncirculated but with noticeable contact marks).

PCGS CoinFacts confirms that Philadelphia examples are readily available up to MS65 at reasonable prices. In MS66 they become scarce with a strong premium, and in MS67 or higher they are very difficult to locate.

The MS67+ RD recently sold for $16,800 at Heritage Auctions in January 2025. Fewer than 25 examples across PCGS and NGC combined have been certified at the MS67 RD level for the Philadelphia issue, explaining the dramatic price at that grade.

Auction results illustrate the premium collectors place on pristine specimens, particularly those retaining original mint luster.

The market activity chart reveals consistent collector interest throughout recent months, with notable spikes indicating heightened demand during key auction periods.

 

1920-D Penny Value (Denver Mint)

The 1920-D penny was struck in Denver with a mintage of 49,280,000 coins — about one-sixth of Philadelphia’s output. Notable varieties include rotated reverse errors, where the ears of wheat appeared 15 degrees off their proper position.

Denver coins saw heavy circulation in the western United States, meaning most surviving examples show significant wear. According to PCGS CoinFacts, the 1920-D is common in most circulated grades but becomes very scarce in MS65 or higher.

Anything graded MS66 or above is officially classified as rare by PCGS. That scarcity at the top end is why the best examples command such strong prices.

The coin’s color designation dramatically affects its market value. Current data shows that a brown 1920-D penny at MS65 is valued around $450, while examples showing both red and brown toning fetch approximately $750.

The most recent high record is a 1920-D MS-67 RD that sold for $19,200 at Heritage Auctions in February 2025. An earlier MS66 RD achieved $31,050, demonstrating the exponential price jump at the highest grades.

The 1920-D is also known for a weaker-than-average strike, consistent with NGC’s confirmation that all Denver branch mint cents from 1911–1927 frequently show soft details. When shopping for this variety, prioritize examples with sharp hair definition above Lincoln’s ear and well-defined lines on the wheat stalks.

Historical auction records demonstrate the ceiling values achieved by exceptional specimens in competitive bidding environments.

The market activity chart reveals collector engagement patterns for the 1920-D variety over the year.

 

1920-S Penny Value (San Francisco Mint)

The 1920-S penny is a semi-key date in the Lincoln cent series — meaning it’s significantly harder to find in uncirculated grades than a typical wheat penny. It’s not as rare as absolute key dates like the 1909-S VDB, but serious collectors still pay steep premiums for quality examples.

With only 46,220,000 coins struck, it’s the lowest-mintage 1920 variety by a wide margin. West Coast commerce rapidly absorbed these coins, leaving very few survivors in collectible condition today.

The San Francisco Mint routinely used lower striking pressure and more worn dies than Philadelphia — and the 1920-S is no exception. NGC’s grading guide specifically lists it among dates that frequently show weak details due to die wear, making well-struck examples genuinely challenging to find.

Most uncirculated 1920-S examples survive with Brown or Red-Brown surfaces. Full Red (RD) specimens are very scarce in any condition.

The PCGS population for the 1920-S MS65 Brown shows only 21 examples certified, with 9 more at NGC. The market has recognized this scarcity: 1920-S MS65 RD coins have appreciated approximately 28% in value over the past five years, outperforming most other wheat cents from the same decade.

The highest recent auction record is $38,400 for a 1920-S MS-67+ RD at Heritage Auctions in January 2025. The all-time record for the series remains $48,875 for a 1920-S MS65 Red, sealed at an earlier major auction.

Auction records chronicle the competitive bidding that surrounds appearances of choice 1920-S pennies at major numismatic venues.

Shown below is a chart highlighting the market activity of the 1920-S penny over the past year.

Also Read: Top 100 Most Valuable Modern Pennies Worth Money (1959 – Present)

 

Rare 1920 Penny Value: Complete Error Coin List

The high-speed production of 1920 pennies across three mints inevitably resulted in various minting errors that escaped quality control. These manufacturing anomalies have become highly sought after by error coin specialists, and several types are worth far more than standard examples.

1. 1920-D Penny — Rotated Reverse Error

This error occurs when a coin rotates inside the collar before the reverse design is struck. The result is a misaligned coin where the wheat ears appear at an angle rather than in their correct upright position.

One such 1920-D penny with a 15-degree rotation was graded AU58 Brown by PCGS (AU means “About Uncirculated” — essentially almost no wear at all). It sold on eBay in 2018 for $59. Current market estimates place similar examples at $85–$100 depending on the degree of rotation and overall condition.

2. 1920 No Mint Mark Penny — Clipped Planchet Error

A clipped planchet error happens when the metal blank isn’t positioned correctly when it’s punched from the metal strip. A curved “clip” is sliced from the edge, leaving the finished coin with a missing section.

One 1920 Philadelphia penny with a clip on the right-hand side — slicing the very edge of the “0” in the date — was graded AU53 by ANACS. Current market values for similar clipped planchet errors range from $100 to $150, depending on the severity of the clip and overall condition.

3. 1920 Doubled Die Obverse (DDO) — Philadelphia

A Doubled Die Obverse, often abbreviated DDO, is one of the most prized error types in all of coin collecting. It occurs when the die receives two impressions from the hub at slightly different angles during manufacturing.

The result is a visible “doubling” or ghost-shadow effect on key design elements like the date and lettering. On genuine 1920 DDO specimens, this doubling appears most clearly on the digits “920” in the date and the letters of “LIBERTY.”

A 1920 (P) Doubled Die Obverse graded MS-64 Red-Brown sold for $6,600 at Heritage Auctions in March 2025. Minor DDO varieties typically sell for $50 to $200 depending on how visible the doubling is and the coin’s overall condition.

4. 1920-D and 1920-S — Doubled Die “Extra Eyelid” Variety

The 1920-D and 1920-S each have a known doubled die variety showing an “extra eyelid” on Lincoln’s portrait. The doubling creates what appears to be a second eyelid line just above Lincoln’s eye.

This variety is less famous than major doubled dies like the 1955 DDO, so its market value is more modest. Similar doubled die coins from this era typically trade for $50 to $200 or more depending on grade and the visibility of the doubling.

5. 1920-D and 1920-S — Repunched Mint Mark (RPM) Errors

A Repunched Mint Mark (RPM) occurs when the “D” or “S” mint mark is hand-punched into a die more than once at slightly different positions. This leaves a shadowed or doubled impression of the mint mark visible under magnification.

Before 1990, mint workers hand-punched each mint mark individually into every working die — a process that inevitably caused occasional misalignments. Clear, strong RPM varieties on 1920 pennies typically sell for $15 to $75. Dramatic examples with obvious doubling can bring $100 or more in higher grades.

6. 1920 BIE Die Break Error

The BIE error is a distinctive and beloved variety among Lincoln cent collectors. It occurs when the thin metal area between the “B” and “E” in “LIBERTY” cracks on the die, creating a raised line that looks like an extra letter “I” — making “LIBERTY” appear to read “LIBIERTY.”

This weak point in the die was notoriously prone to cracking during the wheat penny era. BIE errors on 1920 wheat pennies typically sell for $5 to $50 depending on how prominent the raised “I” appears and the coin’s overall condition.

7. 1920 Broadstrike Error

A broadstrike error results when the retaining collar — the ring that holds the planchet in position during striking — fails to contain the blank. Without the collar, the metal spreads outward freely, producing a coin that is noticeably larger in diameter and thinner than normal.

The design elements appear slightly “stretched” across the expanded surface. Broadstrike errors on 1920 Lincoln wheat pennies typically sell for $25 to $300 depending on how dramatic the spreading is.

Also Read: 42 Rare Penny Errors List with Pictures (By Year)

 

Where To Sell Your 1920 Penny Value at the Best Price

With multiple selling venues available — from local coin shops to online marketplaces and professional auction houses — choosing the right platform depends on your coin’s condition, rarity, and your timeline for selling.

Check out now: Best Places To Sell Coins Online (Pros & Cons)

 

1920 Penny Value Market Trend

*Market Trend Chart showing the number of people paying attention to this coin.

 

FAQ About 1920 Penny Value: Your Top 10 Questions Answered

1. How much is a 1920 penny worth today?

A heavily worn 1920 penny (Philadelphia, no mint mark) is worth around $0.15 to $1 in circulated condition. In typical uncirculated brown condition, expect $20–$40.

Red uncirculated examples climb to $100–$9,000+ depending on grade, and the finest known — an MS67+ Red — sold for $16,800 at Heritage Auctions in January 2025.

2. How much is a 1920-D penny worth?

A 1920-D penny ranges from $0.20 to $2 in heavily worn condition, and $70 to $250 for brown uncirculated examples. Red-brown specimens in MS63–MS65 command $250–$750.

The most valuable are full Red (RD) examples. An MS67 RD sold for $19,200 at Heritage Auctions in February 2025, and an MS66 RD previously achieved $31,050 at auction.

3. How much is a 1920-S penny worth?

A circulated 1920-S penny in Fine condition is worth $1.50–$7. In typical uncirculated brown or red-brown grades, values range from $125 to $500+.

Full Red examples are genuinely scarce in any grade. The current auction record is $38,400 for an MS-67+ RD sold at Heritage Auctions in January 2025, and the all-time record for the date is $48,875 for an MS65 Red.

4. What makes a 1920-S penny a “semi-key date”?

A semi-key date is a coin that is significantly scarcer in high grades than most coins in its series, but not as rare as the true key dates like the 1909-S VDB or 1914-D. The 1920-S qualifies because it’s difficult to find in uncirculated condition — especially in full Red (RD) — and extremely rare above MS65.

With only about 500 high-grade survivors estimated across all grades, and the San Francisco Mint’s tendency toward weaker strikes, top-quality examples command serious premiums.

5. Are there any rare 1920 penny errors worth money?

Yes — several documented errors significantly boost value. The most valuable recently confirmed is the 1920 (P) Doubled Die Obverse (DDO), where doubling appears on the date digits and “LIBERTY”; an MS-64 RB example sold for $6,600 at Heritage Auctions in March 2025.

Other valuable errors include Repunched Mint Marks ($15–$100+), the BIE die break ($5–$50), Rotated Reverse errors ($85–$100), Clipped Planchet errors ($100–$150), and Broadstrike errors ($25–$300).

6. Did the U.S. Mint make any proof 1920 pennies?

No. The U.S. Mint suspended its proof coin program from 1917 through 1935. This was partly due to World War I and partly because collectors disliked the matte finish used on earlier Lincoln cent proofs.

That means every 1920 penny is a business strike — made for circulation. Any coin described as a “proof” 1920 penny is either misinformed or intentionally deceptive. Brilliant, mirror-like surfaces on a 1920 cent indicate an exceptional early strike from fresh dies, not a true proof.

7. What do RD, RB, and BN mean on 1920 pennies?

These are color designations assigned by grading services like PCGS and NGC to describe how much original red copper luster remains on the coin.

RD (Red) means 95% or more of the original bright copper color remains — the most valuable. RB (Red-Brown) covers a wide range of mixed toning, from mostly red to mostly brown. BN (Brown) means less than 5% of the original red remains — fully oxidized and the least valuable of the three, though still collectible.

8. How do I find the mint mark on a 1920 penny?

Look at the front (obverse) of the coin, directly beneath the date. Philadelphia coins have no mint mark at all. Denver coins show a small letter “D,” and San Francisco coins show a small letter “S.”

You may need a 5x or 10x magnifying loupe to see it clearly, especially on worn coins. The mint mark is small — about 1–2 millimeters — and can be faint on heavily circulated examples.

9. Should I clean my 1920 penny before selling it?

No — never clean a collectible coin. Cleaning removes the natural patina and micro-surface layer that grading services look for, and it permanently reduces the coin’s value. Even gentle cleaning with soap and water can cut a coin’s value by 50% or more.

Collectors and grading services like PCGS and NGC can easily detect cleaned coins under magnification. A cleaned coin receives a “details” designation rather than a numeric grade, and those coins trade at a heavy discount.

10. Is it worth getting a 1920 penny professionally graded by PCGS or NGC?

Professional grading is worthwhile if your coin appears to be in uncirculated condition (no visible wear) or if it shows a confirmed error like a doubled die or repunched mint mark. Grading costs $30–$150+ per coin when you factor in membership and shipping, so the coin’s potential value should comfortably exceed those fees.

For a 1920-S or 1920-D penny that looks uncirculated with original color, professional grading is a smart investment. PCGS and NGC certified coins consistently sell for 2x to 5x the price of ungraded coins in the same condition.