1949 Wheat Penny Coin Value (Errors List, “D”, “S” & No Mint Mark Worth)

The penny minted in 1949 is one of the series known as Lincoln Wheat pennies. First produced in 1909, they’re still going strong today. And while their face value is the lowest of any US denomination, some pennies can be worth much more than that.

Their modest values in circulated conditions ranges from just 8 cents to 57 cents in Good and Fine grades. Where even common varieties like the “No Mint Mark” can jump to over $22 in mint state condition, while the scarcer “S” mint penny from San Francisco commands nearly $11 even in lower mint state grades.

We’re going to explore the 1949 penny value and the factors that influence it. We’ll find out just how much best-in-class examples can be worth. And we’ll look at some interesting Mint errors too. So if you’re ready to learn more about the 1949 penny, let’s get started!

 

1949 Wheat Penny Value By Variety

History of the 1949 Wheat Penny

The 1949 wheat penny was part of the iconic Lincoln cent series that began in 1909, marking the first time a real person appeared on U.S. coinage. This groundbreaking design honored Abraham Lincoln on his birth centenary, breaking with tradition that had avoided depicting individuals due to associations with monarchy.

By 1949, the Lincoln penny design had been in circulation for 40 years and remained beloved by the American public. The 1949 pennies were produced as business strikes at three U.S. Mint facilities: Philadelphia, Denver, and San Francisco. Unlike some earlier years, no proof coins were struck in 1949 for collectors.

The 1949 wheat pennies were composed of bronze—the traditional alloy of copper, tin, and zinc that had been standard for Lincoln cents. This was particularly significant because it marked a return to normal metal composition after the wartime steel pennies of 1943. During World War II, copper and tin shortages had forced the Mint to produce steel pennies with zinc coating, but by 1949, metal supplies had stabilized and the familiar bronze composition was fully restored.

The 1949 wheat penny represents a period of post-war normalcy in American coinage, maintaining the beloved Lincoln design while using the traditional bronze composition that collectors and the public had missed during the war years.

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

 

Is your 1949 Wheat Penny Rare?

You can also use our CoinValueChecker APP to instantly assess the rarity and current market value of specific coins in your collection.

 

Key Features of the 1949 Wheat Penny

The 1949 wheat penny features Lincoln’s profile on the front, two wheat stalks on the back, and comes in three varieties based on mint location with no mint mark, D, or S.

The Obverse of the 1949 Wheat Penny

The obverse, or “heads” side, of the 1949 penny will look very familiar to any citizen of the USA. It bears the same portrait of President Abraham Lincoln that still appears on the modern cent. And it’s the longest running design of any US coin.

The image was the work of an artist named Victor David Brenner. His portrait shows Lincoln in profile, facing to the right as the coin is viewed. Brenner later said that he had imagined Lincoln as he would have looked if reading to a child. This, he felt, would show him at his liveliest.

Some minor changes were made to the obverse dies in 1916 to prolong their life. The Mint’s Chief Engraver, Charles Barber, removed some wrinkles from Lincoln’s cheek and coat.

Above the portrait, the motto “IN GOD WE TRUST” arches parallel to the upper coin edge. The word “LIBERTY” appears to Lincoln’s left, while the date is further down on the right.

If the coin has a mint mark, it will appear below the date. 1949 pennies may have a “D” for Denver or an “S” for San Francisco. But if the coin was struck in Philadelphia, there’ll be no mint mark at all.

The Reverse of the 1949 Wheat Penny

The reverse, or “tails” side, of the 1949 penny bears the same design as the very first Lincoln pennies. It shows two ears of durum wheat curving up the sides of the coin. And it’s those that give these coins their second nickname, Wheat pennies.

Like the obverse, the design was the work of Victor David Brenner. That had been an image of a tree branch. Mint officials, however, spotted a similarity with French coins of the same period, and sent him back to the drawing board. He was instructed to produce a simple design – and the two stylized wheat stalks were the result.

They frame the denomination, which is inscribed boldly in the middle of the coin. Below it, in smaller lettering, is the country name. And at the top, curving parallel to the edge of the coin, is the Latin motto “E PLURIBUS UNUM”.

The very first Lincoln cents had Brenner’s initials on the reverse. But their size and prominence led to criticism that they constituted advertising. Production was halted and the dies amended to remove the initials.

They were not reinstated until 1918, when they were moved to their current position on the obverse. You’ll find them tucked away inconspicuously at the bottom of Lincoln’s shoulder.

Other Features of the 1949 Wheat Penny

The Wheat penny struck in 1949 has the same composition as most of the series – 95 per cent copper, and 5 per cent tin and zinc.

That high copper content has important implications for the color of individual coins. If they’ve seen minimal handling or exposure to the air – only possible for uncirculated coins – they’ll be the rich red of new copper. But as they’re exposed to oxygen, the color will gradually darken to brown.

Generally speaking, collectors will be prepared to pay more for red coins than brown ones that are otherwise in the same condition. But in order to be classified as red, coins have to meet a specific criterion.

They must be red over at least 95 per cent of their total surface area (i.e. the total over both sides). If they’re brown over the same proportion of their surface area, they’re classified as brown. And if they’re somewhere in between, they count as red and brown.

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

With over 435 million coins struck across Philadelphia, Denver, and San Francisco mints, these pennies flooded into circulation during America’s economic boom period. However, the survival data is fewer than 25,000 examples survive in all grades combined, representing survival rates well below 0.03% for even the best-preserved mint.

Investment potential appears promising for MS65+ grades, particularly the San Francisco mint, despite having the lowest original mintage at 64.3 million pieces, paradoxically shows the highest survival rate at 0.0233%. This phenomenon likely reflects regional circulation patterns and collector awareness during the early hobby years. For today’s collectors, this creates an interesting market dynamic where condition rather than mint mark drives value, as all three varieties remain challenging to locate in superior preservation.

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

 

The Easy Way to Know Your 1949 Wheat Penny Value

The 1949 wheat penny’s value hinges on three critical factors: mint mark location, strike quality, and preservation state. Philadelphia (no mark), Denver (D), and San Francisco (S) strikes command different premiums, with circulated examples typically worth $0.15-$0.50, while pristine uncirculated specimens can reach $15-$30.

Key value indicators include full wheat stalk definition, original luster retention, and absence of oxidation or contact marks. Rare varieties like doubled dies or repunched mint marks dramatically increase worth—some selling for hundreds at auction.

Professional grading reveals subtle details invisible to untrained eyes. For instant authentication and current market pricing, CoinValueChecker APP provides expert analysis using advanced recognition technology.

 

1949 Wheat Penny Value Guides

1949 Wheat Penny Varieties:

• 1949 No Mint Mark – Philadelphia Mint production
• 1949-D – Denver Mint production
• 1949-S – San Francisco Mint production

The 1949 wheat penny was produced at all three active U.S. Mint facilities, creating three distinct varieties identifiable by their mint marks. Philadelphia coins bear no mint mark, while Denver and San Francisco issues display their respective “D” and “S” mint marks below the date on the obverse, following standard Lincoln cent placement conventions established decades earlier.

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

 

1949 No Mint Mark Wheat Penny Value

The Philadelphia Mint struck almost 218 million 1949 pennies, the highest output that year. Unlike the issuances from the San Francisco and Denver Mints, the Philadelphia Mint’s production that year resulted in mostly well-struck pieces with full details, reflecting superior quality control standards.

There is only one minor variety for the 1949-(P) cent. Called ODV-015, this “full trench around head” type shows a very slightly pronounced border around the President’s forehead. However, this Philadelphia issue is notable for the prevalence of staining frequently called “cob webbing”. Mostly seen on Lincoln cents struck between 1949 and 1952, it is thought that this staining is due to an unknown chemical cleaning treatment applied to the blank planchets prior to coining, affecting entire rolls of cents uniformly—a phenomenon unique to this production period.

Despite the massive 217.7 million mintage, clean mint state survivors without cobwebbing command exceptional premiums in today’s market.

These quality advantages translate directly into competitive auction performance, as demonstrated in recent certified sales data.

Current market enthusiasm for this variety reflects both its technical merit and the growing collector awareness of Philadelphia Mint superiority during this production period.

 

1949-D Wheat Penny Value

The 1949-D wheat penny distinguishes it from both Philadelphia and San Francisco issues. The brown varieties of this coin can be difficult to find in higher Mint State grades, while it’s very possible to find Full Red Mint State versions of the 1949-D Wheat Penny. This unusual pattern suggests collectors preferentially saved red specimens while allowing brown examples to circulate extensively.

Throughout the United States, the Denver Mint operated as a primary source for generating coins to serve the western and central areas, producing 153.1 million pieces specifically for expanding western commerce. The grading benchmark for this variety relies on strongly defined lines in Lincoln’s coat. A full line indicating the lapel and a complete separation of his bow-tie from coat is a desirable feature, creating clear visual standards that separate collectible examples from average circulated specimens.

This preservation disparity creates distinct value tiers that become clearly visible in certified auction results.

The Denver variety’s predictable grading characteristics have generated steady collector interest across multiple market segments.

 

1949-S Wheat Penny Value

The 1949-S wheat penny, with its 64.3 million coin production representing the lowest mintage among the three mints, exhibits distinctive superior surface preservation characteristics that set it apart from Philadelphia and Denver issues. The 1949-S penny is notable for a lack of marks to the surface and remains bright with luster, a premium condition that reflects typical San Francisco production standards.

This West Coast variety benefits from both reduced production numbers and regional circulation patterns tied to international trade and growing populations, resulting in a small premium value seen in the “S” mint mark varieties due to superior preservation rates in the marketplace. It demonstrate significant market appreciation, with a top-grade MS67+RD specimen achieving $3,525 at Legend Rare Coin Auctions in December 2015.

This surface quality advantage translates into consistent auction premiums across all preservation levels.

The San Francisco mint mark continues to attract dedicated regional collectors and series completists nationwide.

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

 

Rare 1949 Wheat Penny Error List

The 1949 wheat penny series includes several notable mint errors that significantly increase collectible value beyond standard business strikes.

1. 1949-D/D RPM FS-501 Error

The 1949-D repunched mint mark (RPM) FS-501 represents a classic Denver Mint production error where the “D” mint mark was punched multiple times into the working die. A repunched error occurs when a design is punched onto a die more than once. It also causes a doubling effect similar to a double die error. But the difference here is in the location and severity of the error.

This variety shows clear evidence of the initial “D” placement beneath and slightly offset from the final, stronger punch. Some of these have been sold in auctions at $82, while others have been sold at as high as $949. It’s worth noting that most of the repunched 1949 pennies auctioned to date have a high grading, ranging from MS-64 RD to MS-65, making this a premium collector error.

2. 1949-S DDO FS-101 error

The 1949-S doubled die obverse (DDO) FS-101 showcases a manufacturing error during the die creation process at the San Francisco Mint. This happened with one of the obverse dies used to strike pennies in San Francisco in 1949. The doubling is clearest on the digits “1” and “4” in the date. But you’ll need a microscope or loupe to see it clearly. Unlike repunched mint marks, this error affects the entire obverse design elements with consistent doubling patterns.

The PCGS values a red 1949-S penny with this error at $75 at MS63, and $200 at MS65. The finest red double die obverse penny to have been certified to date is graded MS67+ and valued at $1,500, establishing this as the premier 1949 error variety.

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

 

Where to Sell Your 1949 Wheat Penny?

Now that you know the value of your coins, do you know where to sell those coins online easily? Don’t worry, I’ve compiled a list of these sites, including their introduction, pros, and cons.

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

 

1949 Wheat Penny Market Trend

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

 

FAQ about 1949 Wheat Penny

1. How much is a 1949 penny worth?

Most 1949 pennies are brown, or red and brown, coins in circulated condition. Those will usually be worth less than ten cents, unless they have an interesting Mint error.

In uncirculated condition, values are higher. At MS60, the lowest grade for uncirculated coins, a red 1949 penny from any of the Mint facilities is worth a couple of dollars. Values are lower for red and brown coins, and lower again for brown ones.

But the very finest examples are worth a lot more. Pennies were struck in Philadelphia, Denver and San Francisco in 1949. And in every case, the finest examples to have been certified to date are graded MS67+.

The value of a Philadelphia 1949 penny at that grade is $9,000. For a Denver penny, it’s $7,000. And for a San Francisco penny, it’s $1,300.

2. How many 1949 pennies were made?

Pennies were produced in huge quantities in 1949. The Philadelphia Mint facility struck almost 218 million, the Denver facility over 153 million, and San Francisco over 64 million. That gives a grand total of 435.2 million pennies produced in 1949.

3. What makes the 1949 Philadelphia penny more valuable than other varieties?

Despite having the highest mintage, 1949 Philadelphia pennies are worth more in high grades due to poor survival rates and superior strike quality. Collectors historically saved lower-mintage varieties while Philadelphia coins circulated extensively. The Philadelphia mint also produced coins with exceptional detail quality and experienced unique “cobwebbing” issues from planchet treatments, making clean surviving examples especially scarce. This scarcity drives current premiums where MS67+ Philadelphia examples bring $9,000 versus $7,000 for Denver and $1,300 for San Francisco.