1921 Penny Value (Errors List, “S” & No Mint Mark Worth)

Only 54.43 million pennies were minted in 1921, making it the sixth-lowest mintage year in Lincoln cent history. Most ordinary people assume all 1921 pennies trade for pocket change, missing the dramatic value spread that separates ordinary finds from numismatic treasures. While worn examples start between $1-3, pristine specimens command five-figure prices that continue climbing.

The numbers tell the complete everything, Philadelphia examples range from $4.88 in Good condition to an impressive $1,415 in Mint State, while San Francisco coins span $17.53 to $957.50 across similar grades.

The key lies in distinguishing between common pocket change and genuine treasures. Here’s everything collectors need to know about 1921 penny values and their essential characteristics.

 

1921 Penny Value By Variety

Market valuations for 1921 wheat penny fluctuate based on two critical factors: which U.S. Mint facility produced and current condition grade, as detailed in the accompanying chart. 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 1921 Penny Worth Money

This ranking demonstrates the extraordinary impact of condition and color designation on 1921 penny valuations. The chart reveals a dramatic hierarchy where even slight grade differences translate into thousands of dollars in market value.

The MS68 Red specimen leading at $55,200 represents the absolute pinnacle of 1921 penny preservation, while the 1921-S MS65 Red at $36,000 underscores how San Francisco mint marks consistently command premium prices throughout the top tier.

Notably, the steep value drop from 1921 MS67 to MS66 grades illustrates the exponential pricing curve that defines high-end numismatics, where each grade level can mean the difference between a modest collectible and a major investment piece.

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

 

History Of The 1921 Penny

The early 1920s marked a pivotal transition in American coinage history as the nation struggled through the severe post-World War I recession. The 1921 penny emerged during this economic turmoil, when unemployment soared to 11.3% and manufacturing production plummeted by 22%.

This recession dramatically reduced demand for new coinage, causing the U.S. Mint to slash penny production to just 54.4 million pieces. The 1921 mintage represented the sixth lowest total in Lincoln cent history, a stark contrast to the previous year’s 406 million coins.

For the first time in over a decade, the 1921 penny was struck at only two facilities. Philadelphia produced 39.2 million specimens, while San Francisco contributed 15.3 million pieces. The Denver Mint made the unprecedented decision to completely suspend penny production in 1921, instead dedicating its resources to striking the newly designed Peace Dollar.

The 1921 production faced significant quality control challenges due to recession-era cost-cutting measures. Overused dies and improper striking pressure resulted in many 1921 pennies exhibiting weak strikes and “mushy” details, particularly affecting Lincoln’s hair and the wheat stalks on the reverse.

These production difficulties, combined with the drastically reduced mintage, created what numismatists now recognize as a true condition rarity. The 1921 penny stands as one of the most challenging and valuable early Lincoln cents to collect in high grades, with its scarcity directly reflecting America’s economic struggles during this turbulent period.

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

 

Is your 1921 Penny rare?

Evaluate the specific rarity tier and market positioning of your wheat penny through our CoinValueChecker App‘s specialized wheat cent assessment tools.

Key Features of The 1921 Penny

Understanding the physical characteristics of the 1921 penny helps collectors identify authentic specimens and assess their condition accurately. These design elements, created during the recession year when production quality varied significantly, determine both authenticity and market value.

The Obverse Of The 1921 Penny

The obverse showcases Abraham Lincoln’s right-facing portrait, designed by renowned sculptor Victor David Brenner based on his 1907 plaque. The inscription LIBERTY appears to Lincoln’s left, while the date 1921 sits to the right of his profile. Above Lincoln’s head, the motto IN GOD WE TRUST follows the coin’s curved edge, framing his portrait.

On San Francisco specimens, the “S” mint mark appears directly below the date, while Philadelphia coins bear no mint mark. 

The Reverse Of The 1921 Penny

The reverse features two stylized durum wheat stalks flanking both sides of the coin, giving the series its “Wheat Penny” nickname. The denomination ONE CENT dominates the center, with UNITED STATES OF AMERICA inscribed below. The Latin motto E PLURIBUS UNUM (“Out of Many, One”) arcs gracefully across the top edge.

Other Features Of The 1921 Penny

The 1921 penny maintains the standard wheat cent specifications: 95% copper composition with 5% tin and zinc, weighing 3.11 grams and measuring 19.05mm in diameter. The edge remains completely smooth with no reeding or decorative elements.

Color designation proves critical for valuation—circulated examples typically show brown oxidation, while uncirculated specimens may retain original red copper luster or display red-brown transitional toning.

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

 

1921 Penny Mintage & Survival Data

The 1921 penny mintage data reveals significant disparities across different mint facilities. Philadelphia led with 39.2 million coins, while San Francisco contributed 15.3 million pieces.

Survival rates present a striking contrast to original mintage figures. Despite Philadelphia’s overwhelming mintage advantage, only 2,250 examples survive today, representing a mere 0.0057% survival rate. San Francisco shows an even lower preservation rate at 0.0043%.

These survival patterns underscore the extreme rarity of well-preserved 1921 pennies relative to their original production numbers. The dramatic attrition reflects both the economic hardships of the 1920-1921 recession period and the coin’s immediate entry into heavy circulation.

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

 

The Easy Way to Know Your 1921 Penny Value 

The easiest way to know your 1921 wheat penny value starts with understanding its rarity. This low-mintage year features weak strikes and heavy circulation wear, making well-preserved examples exceptionally valuable—worth ranges from pocket change to potentially hundreds of dollars.

our CoinValueChecker App simplifies the evaluation process. Simply photograph your coin, and the app analyzes strike quality, wear patterns, and color designation within seconds, delivering professional-grade assessment instantly.

 

1921 Penny Value Guides

Two distinct varieties emerged from the recession-era mints of 1921, each reflecting the economic constraints and production decisions that shaped American coinage during this turbulent period. Understanding these varieties helps collectors navigate the significant value differences within this low-mintage series.

1921 Penny Types:

• 1921 No Mint Mark Penny (Philadelphia)
• 1921-S Penny (San Francisco)

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

 

1921 No Mint Mark Penny Value

The Philadelphia 1921 penny represents the largest portion of the year’s production. The Philadelphia variety shows particular weakness in striking quality due to overused dies and budget constraints. Well-struck examples with sharp Lincoln portrait details and clear wheat stalk definition command substantial premiums across all grade levels.

With 39,157,000 pieces struck without mint marks. Despite this higher mintage, most examples entered immediate circulation during the economic downturn, leaving few specimens in superior condition.

Brown (BN) examples in circulated grades remain affordable at $1-3, while uncirculated pieces range from $45-250. Red-Brown (RB) specimens command moderate premiums, typically trading between $70-400 in mint state grades. Full Red (RD) examples represent the pinnacle of desirability, with lower uncirculated grades starting at $70 and exceptional MS68 specimens reaching $42,500.

Auction records reveal the dramatic price progression across different condition levels and color designations for this variety.

Collector interest remains consistently strong, reflecting the Philadelphia issue’s role as an accessible entry point into this key date series.

 

1921-S Penny Value

Market dynamics for the San Francisco variety reflect its semi-key status within the recession-era series. With 15,274,000 pieces struck the 1921-S commands consistent premiums across all preservation levels.

Population data reveals telling scarcity patterns above MS64 in any color format. According to their experts, no 1921-S specimens have achieved MS66 certification or higher intensifies competition among advanced collectors. This population constraint drives exponential value increases at the highest grades.

Besides, color designation creates distinct market tiers: Brown (BN) specimens showing complete copper oxidation, Red-Brown (RB) examples displaying mixed toning, and coveted Red (RD) pieces retaining original mint luster.

Red-Brown mint state examples span $400-750 in lower grades, climbing to $1,000-4,000 at MS64-65 levels. Full Red specimens represent the pinnacle of rarity and value. Recent auctions activity shows MS65 Red examples achieving $36,000 in January 2025, reflecting sustained collector demand for this condition rarity.

Historical auction data demonstrates the sustained premium commanded by San Francisco examples across all grade levels.

Market activity reflects the heightened collector focus on this semi-key variety within the 1921 series.

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

 

Rare 1921 Penny Error List

Even though most 1921 Lincoln pennies were poorly struck, they have no major errors and varieties, unless post-mint errors. However, there are a few common mint errors collectors should look for in their coins, including:

1. 1921 Penny Off-Center Errors

As the name suggests, an off-center error is a minting error where the penny’s design (on one side or both sides) is not positioned symmetrically with the center. So, instead of having a nice, balanced design, the image of Lincoln or wheat stalks appear off-kilter.

The error occurs when the punching machine does not align properly with the coin during minting. As a result, it punches the design off-center, leaving a section of the coin surface blank. Depending on the degree of the off-center, the wheat penny can be worth a good chunk of change.

2. 1921 Penny Broadstrike Errors

Have you ever seen a Lincoln wheat penny that seems flattened or stretched out weirdly? There’s a good chance that’s a Broadstrike error.

During minting, the coin is held in the proper place by a retaining collar to prevent its edges from spreading out too far. But if the coin gets struck without the collar, it can come out thinner and look distorted. Sometimes, the design can partially or completely go off the edge. But collectors prefer coins, with a complete or clear design.

3. 1921 Penny Clipped Planchet Errors

A clipped planchet error refers to an error coin with a flat, crescent-like edge. It occurs when the cutting machine accidentally cuts off or clips a portion of the blank planchet used to make the coin before its stamped. This results in a coin with a section of its edge missing.

A clipped planchet error coin could be worth more than its metal value, especially rare pieces in mint state. So, keep an eye out for such pennies.

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

 

Where to Sell Your 1921 Penny?

With proper authentication, accurate grading, and the right market, your 1921 cent can go from small change to a significant numismatic investment. Choose from the following reputable trading platforms.

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

 

1921 Penny Market Trend

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

 

FAQ About The 1921 Penny

1. How Much Is A 1921 Penny Worth?

As a rough estimate, the value of the 1921–no mint mark penny in average condition is somewhere between $0.50 to $15.50. In certified mint state conditions, the value can rise to as much as $155 in the open market. As for the 1921-S penny, the coin costs between $2 and $45 in average condition and around $230 in uncirculated condition. Perfect pieces with red luster can trade anywhere from $500 to $10,000.

2. What Is The Most Valuable 1921 Penny?

Below is a list of the most valuable 1921 pennies:

• 1921–S, MS65, Brown sold for $3,120 in 2022 at Stack’s Bowers
• 1921–S, MS68, Red sold for $55,200 in 2005 at Heritage Auctions
• 1921–S, MS65, Red sold $27,600 in 2004 at Heritage Auctions
• 1921- S, MS66, Red, and Brown sold for $9,000 in 2022 at Heritage Auctions
• 1921, MS66, Red and Brown sold for $588 in 2018 at Heritage Auctions
• 1921, MS64, Brown sold for $433 in 2010 at Bowers & Merena

3. What Is The Composition Of The 1921 Penny?

From 1909 to 1982, the Lincoln pennies (wheat reverse) maintained the same metal composition of 95% copper and 5% tin and zinc, expect in 1943. In addition, the 1921 penny comes with a smooth, plain edge and has a diameter of 19.05mm (0.750 inches).