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

Every coin has a story, but the 1920 wheat penny tells two dramatically different ones—depending on which version lands in your hand.

Minted in the aftermath of World War I, these Lincoln cents emerged during a period of wild economic swings, from record 23.7% inflation to sudden deflation.

At first glance, most Philadelphia issues are little more than everyday pocket change. Yet a small detail—the tiny “S” mark of San Francisco—can change everything. In fact, a 1920-S penny in mint state condition can be worth $1,020.00, while even fine condition examples command $80.91.

What separates ordinary copper from a collector’s prize often comes down to just three things: the mint mark, the state of preservation, and the rare striking errors that slipped past the Mint’s watchful eyes.

 

1920 Penny Value By Variety

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)

 

Top 10 Most Valuable 1920 Penny Worth Money

The auction history from 2005 to present reveals remarkable price achievements for exceptional 1920 pennies, with the 1920-S MS65 commanding an extraordinary $48,875 at auction. This San Francisco issue dominates the value hierarchy, reflecting its combination of low mintage and superior preservation.

Denver specimens also demonstrate strong performance, particularly the MS66 example that realized $31,050, while Philadelphia issues, despite their massive mintage, still achieve respectable prices when preserved in MS67 condition at $16,800.

Mid-grade specimens from all three mints maintain solid collector demand, with prices ranging from $564 to $4,560, proving that quality examples remain accessible to serious collectors at various budget levels.

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

 

History of The 1920 Penny

The 1920 penny was minted against the backdrop of the sharp postwar downturn known as the Recession of 1920–1921. Just fourteen months after World War I ended, the United States—along with the United Kingdom and other nations—slid into a deep but short-lived contraction.

Industrial output dropped 31%, commodity prices fell 40%, and unemployment surged to 8.7%, earning the crisis the name “Forgotten Depression.”

Despite the economic uncertainty, the U.S. Mint maintained substantial production in 1920, striking over 405 million pennies across three facilities to meet ongoing circulation needs.

The 1920 penny retained the traditional bronze alloy of 95% copper with zinc and tin making up the balance—a composition unchanged since 1909 and not altered until World War II shortages forced a modification.

The San Francisco Mint struck just over 46 million pieces, the lowest output of the three facilities that year, explaining why 1920-S cents command higher premiums today.

Designed by Victor David Brenner, the coin featured Lincoln’s profile on the obverse and two wheat stalks on the reverse, symbolizing American agricultural prosperity. These pennies thus stand as witnesses to the nation’s turbulent transition from economic crisis to the prosperity of the Roaring Twenties.

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

 

Is your 1920 Penny rare?

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.

 

Key Features of The 1920 Penny

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.

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. The alloy consists of 95 per cent 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, 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 be red. But as it’s used, the color dulls to brown.

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

 

1920 Penny Mintage & Survival Data

The 1920 penny mintage figures showcase Philadelphia’s dominance with 310,165,000 coins struck without mintmark, dwarfing both Denver’s 49,280,000 and San Francisco’s 46,220,000 outputs. This hierarchical distribution reflects each facility’s varying production capacity during the post-World War I era.

Nevertheless, the survival data paints a very different picture.

Philadelphia’s massive mintage yielded merely 5,000 surviving specimens—a survival rate of 0.0016%. Denver pieces demonstrate slightly better retention at 0.003% with 1,500 examples extant, though this marginally higher percentage stems from their smaller original quantity.

San Francisco coins emerge as the scarcest, with only 500 pieces remaining from their original mintage, representing a 0.0011% survival rate. These remarkably low preservation rates across all three mints highlight the intensive circulation these cents experienced throughout their century-long existence.

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

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 mintmarks 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

The 1920 no mint mark penny stands as Philadelphia’s monumental contribution to post-World War I commerce, with 310,165,000 coins produced at the Philadelphia Mint. 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.

Higher grades command high premiums, as one red 1920 Philadelphia penny known to exist is graded MS67+, and is worth around $16,800.

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

The 1920-D penny features the standard plain edge characteristic of all Lincoln cents, with the penny measuring 19 millimeters in diameter and weighing 3.11 grams. Notable varieties include rotated reverse errors, where the ears of wheat appeared 15 degrees off their proper position.

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

The value jumps dramatically for fully red coins, with red 1920 Denver pennies graded MS66 commanding prices near $21,500. This sharp premium highlights collectors’ strong preference for coins that preserve their original mint luster.

Historical auction r 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

The 1920-S penny represents a critical juncture in San Francisco Mint production techniques, with its lowest mintage of 46,220,000 pieces establishing it as a semi-key date as it is a more difficult coin to find in uncirculated grades, and especially scarce in full red varieties.

The dies used at San Francisco often exhibited wear patterns that affected strike quality, resulting in coins with softer details compared to their Philadelphia counterparts.

The 1920-S Lincoln Cent is considered a semi key date. It is difficult to find in Uncirculated condition. Especially in MS65 grade or higher. Most Uncirculated examples have Brown and Red brown surfaces.

Uncirculated examples with full Red surfaces are very scarce in any condition. This scarcity stems from both limited production and intensive regional circulation, as West Coast commerce rapidly absorbed these coins into daily transactions.

The combination of low mintage and poor survival rates creates exceptional demand among collectors seeking high-grade specimens. Premium examples with sharp strikes and original surfaces command substantial premiums in today’s market.

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 Error List

The high-speed production of 1920 pennies across three mints inevitably resulted in various minting errors that escaped quality control. These manufacturing anomalies, ranging from die rotation issues to planchet feeding problems, have become highly sought after by error coin specialists.

1. 1920-D Penny, Rotated Reverse Errors

Errors that have escaped the notice of the Mint’s quality assurance processes are rare. And that means that collectors are prepared to pay a premium to get their hands on them.

One such error was a 1920 penny struck in Denver. Somehow, the coin rotated in the collar before the reverse design was struck. As a result, the ears of wheat appeared 15 degrees off their proper position.

The coin was in good condition, graded AU58 brown by the PCGS. (The AU stands for “about uncirculated”). It sold on the auction website eBay for $59 in 2018. Today, it’s worth at $85-$100.

2. 1920 No Mint Mark Penny, Clipped Planchet Errors

Sometimes a blank – the piece of metal onto which the coin is struck – isn’t in quite the right pace when it’s cut from the strip of metal. As a result, a curved “clip” is sliced from the edge of the planchet. The more dramatic the loss, the higher the premium added to the value of the coin.

One 1920 penny struck in Philadelphia had a clipped planchet. The clip appeared on the right-hand side with the obverse facing up. It sliced the very edge of the “0” in the date.

It had been graded by ANACS at AU53. Current market values for similar clipped planchet errors range from $100-$150, depending on the severity of the clip and overall condition.

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

 

Where To Sell Your 1920 Penny?

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 Market Trend

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

 

FAQ About The 1920 Penny

1. How much is a 1920 penny worth today?

That depends on its condition and color. But even brown coins in poor condition are worth more than their face value. And if you have a coin in mint state, it can be worth hundreds, or even thousands of dollars.

But coin grading requires meticulous examination of your coin. Even small differences in condition will result in a changed grading. And that can make a huge difference to value.

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

A 1920-D penny’s value ranges from $0.50 in heavily worn condition to over $31,000 for top-grade specimens. Typical circulated examples are worth $1-$50, while uncirculated brown coins range from $100-$450. Red-brown specimens command $250-$750 in MS63-MS65 grades. The most valuable are full red examples, with MS66 specimens valued at $21,500 or more.

3. Are there any 1920 pennies worth money?

Yes, many 1920 pennies hold significant value beyond face value. While heavily circulated examples are worth $0.20 to $7 depending on mint mark, uncirculated specimens command much higher prices.

Red uncirculated coins can reach thousands of dollars, with the 1920-S MS65 Red selling for over $48,000. Even common Philadelphia issues in pristine condition are worth hundreds.