1928 Wheat Penny Coin Value (Errors List, “D”, “S” & No Mint Mark Worth)

The San Francisco Mint experimented with two different “S” mint mark sizes in 1928—creating what many consider an unintentional variety that’s become increasingly sought after.

Recent market data shows pristine examples commanding serious collector attention, with 1928-S pennies in mint state condition reaching $2,178.00, while even fine condition examples are valued at $31.32.

As collector demand for Wheat Pennies continues strengthening and certain rare issues deliver exponential returns, understanding what drives 1928 penny values has become essential for anyone considering numismatic investing.

 

1928 Wheat Penny Value By Variety

Looking at this 1928 wheat penny value chart, the investment potential becomes immediately clear. The dramatic price differences between circulation grades and mint state examples demonstrate why condition assessment is absolutely critical for collectors and investors alike.

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 1928 Wheat Penny Worth Money

Auction records since 2000 highlight a clear value hierarchy among 1928 wheat penny varieties, with San Francisco issues leading the way.

The most impressive result came from a 1928-S graded MS66, which realized $45,600 and remains the benchmark for the date. Philadelphia examples, while far more common, prove that exceptional preservation can rival mint rarity—one MS68 brought $22,800.

Denver coins typically sit in the middle of the spectrum, with the strongest result being $12,600 for an MS66, while the distinctive 1928-S Large S variety shows varied performance depending on grade.

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

 

History of The 1928 Wheat Penny

The 1928 wheat penny represents a significant chapter in American numismatic history, belonging to the Lincoln Wheat cent series that revolutionized U.S. coinage.

This iconic series began in 1909 when President Theodore Roosevelt commissioned sculptor Victor D. Brenner to design a new coin honoring Abraham Lincoln’s 100th birth anniversary, making it the first widely circulating U.S. coin to feature a real person.

The decision broke a long-standing American tradition of avoiding real people on currency, but Lincoln’s widespread popularity made the transition acceptable to the public.

By 1928, nearly two decades after its introduction, the Lincoln cent had become deeply embedded in American commerce and culture. These pennies served essential roles in daily transactions during an era when cash was king.

Nearly a century later, the 1928 Lincoln cent continues to captivate collectors as part of the United States’ longest-running coin series, representing both historical significance and enduring American craftsmanship that transcends its humble one-cent denomination.

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

 

Is Your 1928 Wheat Penny Rare?

To quickly assess the rarity and potential value of any penny in your collection, try our CoinValueChecker App for instant professional grading insights.

 

Key Features of The 1928 Wheat Penny

The 1928 pennies with wheat stalks on the reverse were made based on Victor Brenner’s creative idea. Unlike pieces minted during the first decade, these included his initials in the design.

The Obverse Of The 1928 Wheat Penny

Brenner created a simple obverse for the new penny in 1909 that showed a portrait of the 16th President of the US facing right. Besides the centrally placed image, there are the word LIBERTY and the date, left and right of the bust.

Coins minted in 1928 are in a group of those with the designer’s initials, VDB. They were added in 1918, after a controversy from 1909. The final touch is the motto IN GOD WE TRUST struck along the coin top.

Pennies minted in Philadelphia didn’t have the mint mark in those times. However, you can recognize pieces from the other two mints by the letter S or D struck below the date.

The Reverse Of The 1928 Wheat Penny

The humble 1928 Wheat penny reverse mostly includes inscriptions, like:

• E · PLURIBUS · UNUM
• ONE CENT
• UNITED STATES OF AMERICA

However, the detail responsible for these coins’ names is two wheat ears stretched along the right and left coin rims. The original designer’s intention was indeed different – Victor David Brenner initially designed a simple sprig (small branch or twig) in the center of the reverse, mimicking French two franc coins of that era. Later, this design evolved into the more American-style two stalks of wheat, one on each side, which proved to be highly successful.

The Americans liked this wheat stalk solution so much that they often named their pennies Wheat cents instead of Lincoln cents, and this beloved design continued from 1909 to 1958.

Other Features Of The 1928 Wheat Penny

Pennies minted in all three mints in 1928 are one-cent coins made of 95% copper. Their thickness of 1.52 mm (0.0598 inches) and diameter of 19.05 mm (1.75 inches) are standard for this coin type. Each piece weighs exactly 3.11 g (0.10970 ounces) and has a plain edge.

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

 

1928 Wheat Penny Mintage & Survival Data

The 1928 wheat penny shows notable differences in output among the three active U.S. mints.

Philadelphia led the year’s production with 134.1 million coins, all without a mint mark, representing the vast majority of pennies struck in 1928. Denver followed with 31.2 million coins carrying the “D” mint mark, while San Francisco produced just 17.3 million pieces marked with “S.”

Of Philadelphia’s enormous output, only about 5,000 coins are believed to exist in collectible condition today, translating to a survival rate of roughly 0.0037%. Denver pennies fared slightly better, with around 2,200 surviving specimens and a survival rate of 0.0071%. San Francisco coins, despite their smaller initial numbers, maintain a 0.0064% survival rate.

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

 

The Easy Way to Know Your 1928 Wheat Penny Value

The easy way to know your 1928 penny’s value is by checking its grade, color, and strike quality. Grades range from Good (G-4) to Mint State (MS-70), with even small differences affecting value. Copper color matters too: RD retains most red, RB shows partial red, and brown indicates heavy circulation. Strike and surface condition also play a role, with 1928-S pennies often weaker.

Use the CoinValueChecker App for a quick, accurate assessment of grade, color, and possible errors.

 

1928 Wheat Penny Value Guides

The 1928 wheat penny series encompasses several distinct types based on their mint of origin, each carrying unique characteristics that significantly impact collector value.

Philadelphia served as the primary production facility, while Denver and San Francisco contributed smaller quantities, creating natural rarity levels that drive market premiums.

What’s more, the San Francisco mint produced two distinct varieties that year—the Large S and Small S mint marks—adding an extra layer of collectibility for specialized numismatists. Understanding these variations proves essential for accurate valuation, as identical dates with different mint marks can exhibit dramatic price differences in today’s market.

1928 Wheat Penny Types:

• • 1928 No Mint Mark (Philadelphia)
  • 1928-D (Denver)
  • 1928-S (San Francisco)

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

 

1928 No Mint Mark Wheat Penny Value

The 1928 no mint mark wheat penny is the most common issue of the year. Struck at the Philadelphia Mint, it had a substantial mintage of 134.1 million coins, all produced without a mint mark in line with the facility’s long-standing tradition.

What makes Philadelphia 1928 pennies particularly noteworthy is their typically superior strike quality compared to branch mint productions, often displaying well-defined details and attractive eye appeal that collectors prize.

These coins feature Brenner’s small initials on Lincoln’s shoulder, which were restored in 1918 after the original controversy. Despite their abundant original mintage, fewer than 5,000 examples survive in mint state condition today, making high-grade specimens surprisingly scarce for collectors.

The chart clearly illustrates price performance across different grades in the auction market.

At the same time, collectors are enthusiastic about this relatively accessible variety.

 

1928-D Wheat Penny Value

Denver 1928 pennies pose unique challenges for collectors, largely due to their weaker strike quality. Many pieces show soft details and indistinct rim lettering caused by worn dies, making sharply struck examples exceptionally scarce and valuable.

This striking deficiency creates a paradox where sharply detailed examples become exceptionally scarce and valuable, often overlooked by collectors who focus primarily on the more famous 1928-S variety.

Extended circulation further compounded the problem, as most surviving Denver cents exhibit significant wear. As a result, well-preserved coins with crisp wheat stalk details and clear rim definition are highly prized by collectors.

Auction results underscore this demand: a brown (BN) specimen in MS66+ brought $1,125 in 2020, while a red (RD) coin in MS66 realized $12,600 in 2012.

Historical auction performances reveal the growing recognition of this variety’s scarcity in premium grades.

As shown in the chart, collector interest in the unique minting features of the Denver penny continues to grow.

 

1928-S Wheat Penny Value

The 1928-S wheat penny represents the lowest mintage variety of the 1928 Lincoln cent series, with only 17.3 million coins struck at the San Francisco Mint.

This variety is considered more challenging to find in higher grades compared to Philadelphia issues, though it receives less attention than some other wheat penny varieties.

Most 1928-S pennies encountered today are found in well-worn condition, typically worth between 75 cents and $2 in circulated grades.

The combination of lower original production numbers and typical circulation wear makes quality examples particularly sought after by collectors completing date and mintmark sets.

Auction records showcase the premium recognition this lowest-mintage variety consistently achieves among serious collectors.

The chart below tracks the market activity of the 1928-S penny in recent one year.

1928-S Large S FS-501 Wheat Penny Value

The 1928-S Large S wheat penny represents a distinctive variety within the San Francisco mint’s 1928 production, characterized by a notably larger and bolder mintmark compared to the standard Small S version.

This variety features a Large S mintmark with thick body construction and pronounced serifs at both top and bottom, creating a visually distinct identification feature that separates it from typical 1928-S specimens.

The upper serif on the Large S variety displays a distinctive linear shape running up and down, contrasting sharply with the box-shaped upper serif found on Small S examples.

The precise production quantities for 1928-S Large S remain undocumented, though collector interest has grown as awareness of the distinction has increased. For example, one MS65 RD specimen achieved $5,875 at auction in 2019.

The auction history for this type showcases how collector demand has evolved across different market platforms over the years.

To understand the market activity of this penny, refer to the chart below.

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

 

Rare 1928 Wheat Penny Error List

The San Francisco mint issued more error pennies in 1928 than the other two together. Be prepared that some excellently-preserved ones are expensive, but their value depends on two crucial factors. Such a coin needs to be in high-graded condition, and the error should be visible and recognizable.

1. Off-Center Errors

Off-center errors are common among 1928 pennies, particularly those with less than 5% off-center. Rarer pieces with 10% to 20% off center can be worth about $100, while those with a 50% deviation cost over $250.

2. BIE Errors

Sometimes, you can find the 1928 pennies with a tiny vertical line in LIBERTY between letters B and E. The cause is an overused cracked die, and you should count on $5 to $20 if you want to get one such piece. These die crack errors become more pronounced over time as the die continues to be used in production, making later-stage examples with more visible cracks slightly more valuable.

3. Pennies Without VDB Errors

The regular 1928 pennies have the artist’s initials under Lincoln’s shoulder, but they often become invisible under heavy wear. Unlike those worthless coins, a few pieces came into circulation without VDB letters. The reason was grease stuck on the die, causing a strikethrough error worth $10 to $15.

4. Re-punched Mint Mark Errors

The mint in San Francisco produced numerous pennies with the re-punched S mint mark in 1928. Despite the number of these pieces, you can expect to pay about $20 to $100 per one.

Additionally, there’s a special “Large S” variety from 1928-S pennies, where the mint mark is notably larger with more defined serifs and a thicker middle body. These Large S varieties can command significantly higher prices, ranging from $50 to $400 for most examples, with premium specimens selling for $2,400 or more at auction.

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

 

Where To Sell Your 1928 Wheat Penny?

If you’re looking to sell a 1928 wheat penny, think carefully about where to place it—auction houses, online platforms, and local dealers each serve different kinds of buyers.

What truly makes the difference is ensuring your coin is accurately graded and properly authenticated. Once that’s done, choose the venue that highlights its strengths, and you’ll give yourself the best chance of realizing its full market value.

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

 

1928 Wheat Penny Market Trend

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

 

FAQ About The 1928 wheat Penny

1. What makes a 1928 Wheat Penny rare?

Thanks to a high mintage, the 1928 pennies are considered abundant. Nowadays, only a few specimens of the highest quality can bring surprisingly high money at auctions. Unfortunately, most of these humble coins are worth their face value or slightly more than that.

2. Which 1928 Wheat Penny is worth a lot of money?

• 1928-S MS-66 penny (red) – $45,600 at an auction in 2020
• 1928-D MS-66 penny (red) – $12,600 at an auction in 2022
• 1928 MS-67+ penny (red) – $9,000 at an auction in 2019
• 1928-S MS-65 penny with Large S (red) – $5,875 at an auction in 2019
• 1928-S MS-65 penny (red-brown) – $2,070 at an auction in 2008

3. How much is the 1928 Wheat Penny minted in Philadelphia worth?

Most 1928 pennies are inexpensive despite their age. Those in low condition cost approximately $0.10 to $6, but the price of pieces in higher grades primarily depends on their color.

For instance, you can get $6 to $48 for brown pennies, while red-brown coins cost $15 to $175. The value of the most collectible red specimens ranks from $30 to a surprisingly high $1,200.

4. What is the most valuable Lincoln penny?

Can you imagine paying one tiny penny a huge $840,000? One collector did such a thing in 2021 to get one brown bronze piece. This MS 64-graded coin minted in Philadelphia in 1943 is the most expensive cent coin with Lincoln image on the obverse ever sold.

The second place won a bronze brown penny (MS 63) from San Francisco after it sold at $504,000 in 2020. The steel coin from the same mint produced in 1944 holds the third place. This MS 66-graded piece won $408,000 at a 2021 auction.