1921 Penny Coin Value: Errors List, “S” & No Mint Mark Worth

1921 Penny value ranges from $0.01 face value to $55,200. That record was set by a Grade 68 example sold through Heritage Auctions in May 2005. Upload a photo of yours below and we’ll give you a quick value range. You can also scroll down to check recent eBay sales and see what collectors are paying today.

 

1921 Penny Value By Variety

The 1921 wheat penny’s value depends on two things: which mint made it and what condition it’s in. If you already know your coin’s grade, jump to the Value Guides section below for exact pricing.

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

 

Top 10 Most Valuable 1921 Penny Value — Worth Money Rankings

The coin sitting at the top of this chart — an MS68 Red Philadelphia piece — sold for $55,200 at Heritage Auctions in 2005. That’s the finest known 1921 penny, period. Only one coin has ever graded that high, and it’s unlikely another will surface. The 1921-S MS65 Red at $36,000 shows how San Francisco mint marks punch well above their weight across the entire top tier.

A PCGS MS67+ Red Philadelphia example realized $43,200 at Heritage Auctions in 2010, and a separate MS67 Red example brought $12,600 in 2022. Notice the huge price gap between MS67 and MS66 — that’s where the real money lives. One grade point can mean the difference between a nice coin and a five-figure coin.

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

 

1921 Penny Value History: What Made This Year So Significant

The Recession of 1920–1921 hit hard. Unemployment soared to 11.3% and manufacturing output dropped 22%. That economic pain crushed demand for new coinage, and the U.S. Mint slashed penny production to just 54.4 million pieces — the sixth-lowest total in Lincoln cent history. The year before? 406 million coins.

Only two mints struck pennies in 1921. Philadelphia produced 39.2 million, San Francisco contributed 15.3 million. Denver sat the year out entirely, dedicating its presses to the newly designed Peace Dollar commemorating the end of World War I. That’s why no 1921-D penny exists.

Victor David Brenner designed the coin. He was a Lithuanian-born sculptor who’d apprenticed under Augustus Saint-Gaudens. His famous “VDB” initials were yanked from the reverse in 1909 after a public uproar, then quietly restored in 1918 as tiny letters beneath Lincoln’s bust.

Recession-era cost-cutting wrecked quality control. Overused dies and improper striking pressure left many 1921 pennies with weak strikes and mushy details, especially in Lincoln’s hair and the wheat stalks. Combine those production problems with the low mintage, and you’ve got a true condition rarity. Finding a sharp, well-preserved 1921 penny is genuinely tough.

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

 

Is Your 1921 Penny Value Affected By Rarity?

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

Key Features That Affect 1921 Penny Value

Knowing what to look for on a 1921 penny helps you spot fakes and judge condition accurately. Production quality varied a lot this year, so these details matter more than usual.

The Obverse Of The 1921 Penny

Lincoln faces right, based on Brenner’s 1907 plaque. LIBERTY sits to Lincoln’s left, the date 1921 to his right. IN GOD WE TRUST arcs above his head along the rim. San Francisco coins carry an “S” mint mark directly below the date. Philadelphia coins have no mint mark at all.

Strike quality matters greatly on the obverse. Many 1921 pennies came from worn dies, so look closely at Lincoln’s hair strands above his ear and the fine lines of his beard. Sharp, well-defined details add a meaningful premium over weakly struck examples in the same numerical grade.

The Reverse Of The 1921 Penny

Flip it over and you’ll see the two durum wheat stalks that gave the series its nickname. ONE CENT sits in the center, UNITED STATES OF AMERICA below. E PLURIBUS UNUM arcs across the top edge. On a well-struck coin, each individual wheat stalk line should be crisp and fully separated. Flatness in those lines means a tired die — and a discount at sale time.

Other Features Of The 1921 Penny — Color Designation Explained

Standard wheat cent specs here: 95% copper with 5% tin and zinc, 3.11 grams, 19.05mm diameter, smooth edge with no reeding.

Color designation is where beginners get surprised. It can make or break your coin’s value. PCGS and NGC assign one of three color grades to uncirculated copper coins:

• Brown (BN) — The coin has fully oxidized and turned a chocolate-brown color throughout. This is the most common designation on circulated or improperly stored uncirculated examples. BN coins are the most affordable tier.
• Red-Brown (RB) — The coin retains between 5% and 95% of its original red copper luster, with the remainder having turned brown. RB examples command moderate premiums over BN specimens.
• Red (RD) — The coin retains at least 95% of its original mint-red copper luster. Red examples are the rarest and most valuable designation for 1921 pennies, often worth 3 to 10 times more than a comparable BN coin at the same numerical grade.

Circulated coins are almost always full brown. Uncirculated pieces may still show original red luster or that in-between red-brown toning. And whatever you do — never clean a 1921 penny. Cleaning permanently destroys the original surface and can slash value by 50% to 70%.

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

 

1921 Penny Value: Mintage & Survival Data

Philadelphia struck 39.2 million coins. San Francisco added 15.3 million. Sounds like a lot — until you see the survival numbers.

Only about 2,250 Philadelphia examples survive in PCGS/NGC holders today. That’s a 0.0057% survival rate. San Francisco is even worse at 0.0043%. PCGS CoinFacts estimates roughly 250,000 total coins survive across both mints in all grades combined — just 1% of the original 54.4 million struck. Of those, only an estimated 600 to 1,000 are uncirculated. To put that in perspective, more people attend a single minor league baseball game than own a mint state 1921 penny.

The recession drove these coins straight into heavy circulation. People spent them, lost them, and didn’t think twice about saving them.

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 Coin Identifier and Value 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 varieties came out of the 1921 mints. Here’s what you need to know about each one.

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 (Philadelphia Issue)

Here’s a number that surprises people: 39,157,000 Philadelphia pennies were struck in 1921, yet finding one with sharp details is a real challenge. The recession pushed nearly every coin straight into pocket change.

Cherrypicking is your best friend with this variety. Overused dies and budget cuts left most examples with soft, mushy strikes. If you find one with crisp hair detail above Lincoln’s ear and clean wheat stalk lines, you’ve got something special — well-struck coins carry a real premium at every grade level.

Brown (BN) circulated pieces are still affordable at $1–3. Uncirculated BN coins run $45–250. Red-Brown (RB) mint state examples trade between $70–400. Full Red (RD) is where things get exciting — lower uncirculated grades start around $70, and exceptional MS68 specimens reach $55,200.

Notable auction results include an MS67+ Red example that sold for $43,200 at Heritage Auctions in 2010, and an MS67 Red specimen that brought $12,600 in a 2022 auction. Anything above MS66 Red enters serious money territory.

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

The Philadelphia issue remains a solid entry point into this key date series. Collector demand stays consistent.

Market activity score: 45/100 as of Sep 2026 — down 2 points from Jun 2026. 12-month peak: 63 (Nov 2025).

 

1921-S Penny Value (San Francisco Issue)

No 1921-S penny has ever graded MS66 or higher. Let that sink in. With 15,274,000 pieces struck, this semi-key date commands premiums across every grade level, but at the top end, the population ceiling creates fierce competition among registry set collectors.

San Francisco’s dies were even more worn than Philadelphia’s in 1921. A sharply struck 1921-S with crisp wheat stalk lines and defined portrait details is genuinely hard to find. When one surfaces, it sells for well above what the numerical grade alone would suggest.

Brown (BN) specimens show complete copper oxidation. Red-Brown (RB) mint state examples span $400–750 in lower grades, climbing to $1,000–4,000 at MS64–65 levels. Full Red pieces are the top-pop prizes. An MS65 Red sold for $36,000 at Heritage Auctions in January 2025. A prior MS65 Red brought $27,600 at Heritage Auctions in 2004. I think the long-term trend on this variety is still heading up.

Historical auction data shows the sustained premium San Francisco examples carry across all grade levels.

Market activity stays strong for this semi-key variety. Advanced collectors keep pushing prices higher.

Market activity score: 38/100 as of Sep 2026 — up 3 points from Jun 2026. 12-month peak: 61 (Dec 2025).

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

 

Rare 1921 Penny Value Errors List

No major die variety errors — like a famous doubled die — have been documented for 1921. But several mint errors and die-related varieties do show up, and they can add real money to your coin’s value.

Here’s what to look for:

1. 1921 Penny Off-Center Errors

An off-center error means the design got stamped crooked. Lincoln or the wheat stalks appear shifted to one side, leaving a blank crescent on the opposite edge.

This happens when the planchet isn’t seated properly in the press. The more dramatic the offset, the more it’s worth — as long as the full date is still visible. Values for 1921 off-center errors typically range from $25 to $400.

2. 1921 Penny Broadstrike Errors

Ever seen a wheat penny that looks weirdly flat and spread out? That’s probably a broadstrike.

The retaining collar normally keeps the coin’s edges in check during striking. If the coin gets hit outside that collar, it spreads out thinner and wider with a missing or flattened rim. Broadstrike error 1921 pennies in collectible grades typically sell for $50–$150 depending on how dramatic the spread is and the overall preservation.

3. 1921 Penny Clipped Planchet Errors

You’ll spot these by the flat, crescent-shaped bite taken out of the coin’s edge. The cutting machine clipped the blank metal disc before it got stamped, leaving a coin with a missing section.

These are great starter errors for new collectors because they’re easy to see with the naked eye. Values for 1921 clipped planchet pennies generally range from $20 to $100, with larger clips and higher grades bringing the most.

4. 1921 Penny Die Crack and BIE Errors

When a die develops a fracture from repeated use, it leaves a raised line across the coin’s surface. That’s a die crack.

The fun one to hunt for is the BIE error — a vertical crack between the “B” and “E” in LIBERTY that creates what looks like an extra letter “I” (so it reads “LIBIERTY”). BIE errors are a collector favorite and typically worth $5 to $10. Larger die cracks cutting through major design elements can bring $25 to $100 or more.

5. 1921 Penny Lamination Errors

These are common on wheat cents. Impurities like grease, gas, or slag get trapped inside the metal blank during planchet preparation, creating weak spots.

When the coin gets struck — or sometimes just over time — that contaminated layer peels or flakes away, leaving a visible crater or skin-like peel. Small lamination errors on 1921 wheat pennies are worth $5–$25. Large, dramatic peels affecting major design elements can bring $50 or more in collectible grades.

6. 1921 Penny Double Strike Errors

This is one of the most dramatic errors you can find. The coin passes through the press twice instead of being ejected after the first strike, leaving two overlapping images at different angles.

Double strike errors generally start around $50 and can climb to several hundred dollars for well-centered examples or those with dramatic separation between strikes. With 1921’s reduced production and recession-era cost-cutting, quality oversight wasn’t always tight.

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

 

Where to Sell Your 1921 Penny Value Coin

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 Value Market Trend

Market interest: 4,890 collectors tracking this coin as of Sep 2026 — up 900 from Mar 2026. Currently at its 12-month peak.

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

 

FAQ About The 1921 Penny Value

1. How Much Is A 1921 Penny Worth?

A circulated 1921 no mint mark penny runs about $0.50 to $15. Certified mint state (MS60–MS65) examples range from $45 to several hundred dollars. The 1921-S is pricier — circulated pieces sell for $3 to $45, while Red (RD) uncirculated specimens range from $500 to over $36,000 for the finest known.

2. What Is The Most Valuable 1921 Penny?

The record holder is a 1921 Philadelphia MS68 Red that sold for $55,200 at Heritage Auctions in 2005. The top 1921-S result is $36,000 for a PCGS MS65 Red at Heritage Auctions in January 2025. A PCGS MS67+ Red Philadelphia example also hit $43,200 at Heritage Auctions in 2010.

3. What Is The Composition Of The 1921 Penny?

It’s 95% copper and 5% tin and zinc — the same composition used for Lincoln cents from 1909 to 1982 (except the 1943 steel cents). The 1921 penny weighs 3.11 grams, measures 19.05mm (0.750 inches) in diameter, and has a smooth, plain edge.

4. What Does Red, Red-Brown, And Brown Mean For 1921 Penny Value?

These are color designations PCGS and NGC assign to uncirculated copper coins. Red (RD) means at least 95% original copper luster remains — highest prices. Red-Brown (RB) means 5–95% luster remains — moderate premiums. Brown (BN) means fully oxidized — most affordable. For a 1921 MS65, the gap between BN and RD can be thousands of dollars.

5. Why Did Denver Not Mint Pennies In 1921?

Denver dedicated all its press capacity to striking the new Peace Dollar, which commemorated the end of World War I. No 1921-D penny exists. Only Philadelphia (no mint mark) and San Francisco (S) varieties were produced.

6. What Makes A 1921 Penny Well-Struck, And Why Does It Matter?

Look at Lincoln’s hair above and behind his ear. Check for clearly separated beard lines. Flip it over and examine the individual wheat stalk lines — they should be crisp, not mushy. Recession-era budget cuts meant overused dies at both mints, so most 1921 pennies came out soft. A sharply struck example is a completely different kind of rare for this date, and experienced collectors always cherrypick for strike quality.

7. What Errors Should I Look For On A 1921 Penny?

Hunt for off-center strikes ($25–$400), clipped planchets ($20–$100), broadstrikes ($50–$150), BIE die cracks ($5–$10), lamination errors ($5–$50+), and double strikes ($50+). No famous 1921 doubled die exists, but these errors still add real value over the base coin price.

8. Is The 1921-S Penny A Key Date?

It’s a semi-key date. Not as rare as the 1909-S VDB or 1914-D, but significantly scarcer than most wheat pennies — especially in mint state. No 1921-S has ever been certified MS66 or higher by PCGS or NGC. That population ceiling makes high-grade examples extremely competitive among advanced collectors.

9. Should I Get My 1921 Penny Professionally Graded?

It’s worth the cost if your coin looks MS63 Red or better, shows a rare error, or is a 1921-S in mint state. For circulated examples worth under $50, grading fees will eat your profit. Start with the free daily evaluation on the Coin Identifier and Value App to see if certification makes sense.

10. How Can I Tell The Difference Between A 1921 Philadelphia And San Francisco Penny?

Look directly beneath the date on the obverse. San Francisco pennies have a small “S” mint mark there. Philadelphia coins have nothing — just blank space below the date. That single letter makes a huge difference in value, especially in uncirculated grades where the 1921-S consistently commands a premium of 2x to 5x over the Philadelphia issue at the same grade.