Introduction & Identification
The 1911 Lincoln Wheat Penny represents an important early issue in the Lincoln cent series, designed by Victor David Brenner and first introduced in 1909. As the third year of production, the 1911 penny was struck at three different mints: Philadelphia (no mint mark), Denver (D), and San Francisco (S). Each coin features Brenner’s iconic portrait of Abraham Lincoln on the obverse and the distinctive “wheat ears” reverse design that would continue until 1958.
Current Market Value Ranges (May 2025)
| Grade | 1911 (P) No Mint Mark | 1911-D (Denver) | 1911-S (San Francisco) |
|---|---|---|---|
| G-4 | $0.75 – 1.25 | $5.50 – 7.50 | $38 – 45 |
| VG-8 | $1.50 – 2.25 | $9 – 12 | $55 – 65 |
| F-12 | $2.50 – 3.50 | $18 – 22 | $85 – 100 |
| VF-20 | $3.50 – 5.00 | $30 – 35 | $125 – 145 |
| XF-40 | $8 – 12 | $60 – 70 | $225 – 250 |
| AU-50 | $15 – 20 | $95 – 115 | $325 – 375 |
Exact Specifications
The 1911 Lincoln cent adheres to the following specifications:
- Weight: 3.11 grams (±0.13g tolerance)
- Diameter: 19.05 mm (±0.05mm tolerance)
- Composition: 95% copper, 5% tin and zinc
- Edge Type: Plain
- Thickness: 1.55 mm
- Production Method: Struck on high-speed steam-powered coining presses at Philadelphia, Denver, and San Francisco Mints
Each planchet was prepared from rolled copper strip stock, cut to size, and then edge-milled before striking. The Philadelphia Mint operated at the highest production capacity, utilizing 12 coining presses dedicated to cent production throughout much of 1911.
Mintage & Historical Context
The 1911 Lincoln cent mintage figures reflect the growing need for small denomination coinage during America’s industrial expansion in the early 20th century. These figures were officially documented in the Annual Report of the Director of the Mint for the fiscal year ending June 30, 1912.
| Mint Location | Mintage Figure | Mint Mark Location |
|---|---|---|
| Philadelphia (P) | 101,177,787 | No mint mark |
| Denver (D) | 12,672,000 | On obverse under date |
| San Francisco (S) | 4,026,000 | On obverse under date |
Source: United States Mint Annual Report, 1912
The comparatively low mintage of the San Francisco issue reflects the lower population and economic activity of the western states during this period. The Denver Mint, which had only begun striking cents in 1911, was still ramping up its production capabilities for small denomination coinage.
During this era, the U.S. Mint was under the direction of Abram Andrew Jr., who served as Director of the Mint from 1909 to 1912. The year 1911 saw steady economic growth under President William Howard Taft’s administration, with particular emphasis on infrastructure development that increased the demand for circulation coinage.
Varieties & Die Diagnostics
The 1911 Lincoln cent series presents several notable die varieties and markers that command premium prices among specialists. Properly identifying these variants requires careful examination under 5x-10x magnification.
Major Die Varieties
1911 (P) Doubled Die Obverse (FS-101, DDO-001)
- Strong doubling visible in LIBERTY and date
- Most prominent doubling appears in the letters “LIBE” of LIBERTY
- Valued at 3-5 times standard 1911 in comparable grades
- Authentication tip: Look for slight “shelf” effect at base of LIBERTY letters
1911-D/D Repunched Mint Mark (FS-501, RPM-001)
- Strong D-over-D repunching with second D positioned slightly south
- Initial D punch appears approximately 0.3mm below final position
- Authentication tip: Raised dot visible at 7 o’clock on reverse rim in most examples from this die pair
1911-S/S Repunched Mint Mark (FS-501, RPM-005)
- S over horizontally misaligned S
- First punch appears approximately 0.2mm west of final position
- Authentication tip: Die crack often appears connecting rim to wheat stalk on left side
1911 (P) Die Break “Cud” Reverse
- Large raised irregular area connecting rim to lower wheat ear (right side)
- Late die state examples show progressive enlargement of the cud
- Authentication tip: Weight may be slightly less than standard due to reduced striking pressure on opposite die
Source: The Cherrypickers’ Guide to Rare Die Varieties, 6th Edition, Volume 1; CONECA Error-Variety Listings
Die Diagnostics for Authentication
For standard 1911 issues without notable varieties, genuine examples exhibit several key diagnostic markers:
Philadelphia Issue (No Mint Mark)
- Fine die polish lines visible in Lincoln’s beard area under magnification
- Minor die flow lines radiating from rim toward center on later strikes
- Last digit of date (1) shows characteristic squared-off base
Denver Issue (D)
- D mint mark shows characteristic “filled” center on many examples
- Upper wheat ear (right side) often shows weakness in central detail
- Die clash marks sometimes visible in field before Lincoln’s face
San Francisco Issue (S)
- S mint mark exhibits distinctly thinner center bar than 1910-S issues
- Die stress lines often visible through ONE CENT on later die state examples
- Date punched slightly higher in relation to bust than other mint issues
Source: Breen’s Encyclopedia of United States and Colonial Proof Coins, Heritage Photo Archives
Grading Standards
Accurate grading is essential for determining the true value of 1911 Lincoln cents. The following guidelines adapted from the Sheldon scale highlight the specific characteristics to look for at key grade thresholds.
G-4 (Good)
- Full rim visible around most of coin
- LIBERTY partially visible but worn
- Lincoln’s profile outline clear but facial details merged
- Wheat ears distinguishable but flat
- 1911 Philadelphia examples often show smoothing in field before Lincoln’s face
VG-8 (Very Good)
- LIBERTY visible but letters worn
- Lincoln’s ear and jaw distinct, some cheek detail
- Wheat ears show internal detail but flattened
- Mint marks (D, S) readable but often worn
F-12 (Fine)
- All letters in LIBERTY clear and separated
- Lincoln’s bowtie visible with minimal detail
- Some separation in hair strands above ear
- Wheat kernels partially visible in ears
- 1911-S often shows disproportionate wear at date compared to other areas
VF-20 (Very Fine)
- Sharp separation of most hair details
- Clear definition in Lincoln’s coat lapel
- Full detail in ear visible
- Complete separation of wheat kernels
- Mint luster absent except in protected areas
XF-40 (Extremely Fine)
- Nearly complete hair detail with slight wear on high points
- Slight traces of mint luster in protected fields
- Complete detail in Lincoln’s bowtie and coat
- Sharp wheat kernels with minimal high-point wear
- 1911-D often retains distinctive Denver Mint luster in fields
AU-50 (About Uncirculated)
- Trace wear visible only on highest points (hair above ear, cheek)
- Approximately 50% original mint luster present
- No significant marks in prime focal areas
- Fields may show light handling evidence
- 1911 Philadelphia issues often retain characteristic orange-red luster in protected areas
MS-63 (Choice Uncirculated) RB (Red-Brown)
- Full mint luster with 40-60% original red color
- May show several noticeable contact marks
- No wear on high points
- Sharply struck wheat ears and date
- Strike quality particularly important for 1911-S examples
MS-65 (Gem Uncirculated) RD (Full Red)
- 95%+ original mint red color
- Minimal surface marks visible under 5x magnification
- Sharp, well-centered strike
- Full luster with no impairment
- 1911-D at this grade often shows characteristic Denver Mint orange-gold toning
Source: ANA Grading Standards, PCGS Photograde Online, Heritage Archives
[Photo recommendation: Include side-by-side comparison images of G-4, F-12, AU-50 and MS-65 examples, highlighting key diagnostic areas]
Market Analysis
The market for 1911 Lincoln cents has shown remarkable stability with gradual appreciation over the past decade, particularly for high-grade examples of the key-date 1911-S. The following table represents current market values as of May 2025.
Current Market Values (May 2025)
| Grade | 1911 (P) | 1911-D | 1911-S | |||
|---|---|---|---|---|---|---|
| PCGS Bid/Ask | Recent Sales | PCGS Bid/Ask | Recent Sales | PCGS Bid/Ask | Recent Sales | |
| G-4 | $0.75/$1.25 | $1.00 | $5.50/$7.50 | $6.75 | $38/$45 | $42.50 |
| VG-8 | $1.50/$2.25 | $1.85 | $9/$12 | $10.50 | $55/$65 | $59.25 |
| F-12 | $2.50/$3.50 | $3.00 | $18/$22 | $19.75 | $85/$100 | $92.00 |
| VF-20 | $3.50/$5.00 | $4.25 | $30/$35 | $32.25 | $125/$145 | $137.50 |
| XF-40 | $8/$12 | $10.25 | $60/$70 | $64.00 | $225/$250 | $237.75 |
| AU-50 | $15/$20 | $17.50 | $95/$115 | $105.00 | $325/$375 | $352.00 |
| MS-60 BN | $22/$27 | $24.50 | $150/$175 | $162.00 | $550/$650 | $600.00 |
| MS-63 RB | $40/$50 | $44.75 | $300/$350 | $325.00 | $1,100/$1,250 | $1,175.00 |
| MS-65 RD | $225/$275 | $249.00 | $2,800/$3,400 | $3,125.00 | $8,500/$10,000 | $9,250.00 |
| MS-67 RD | $3,250/$3,750 | $3,500.00 | $25,000/$30,000 | $27,500.00 | $50,000/$60,000 | $55,000.00 |
Sources: PCGS Price Guide (April 2025), Heritage Auctions, Stack’s Bowers, eBay sold listings (Q1 2025)
Notable Recent Sales
| Coin & Grade | Realized Price | Date | Auction & Lot Details |
|---|---|---|---|
| 1911-S MS-65 RD (PCGS, CAC) | $6,000 | Mar 2018 | Stack’s Bowers Baltimore U.S. Coins Auction — Lot 2011 (PCGS) |
| 1911-S MS-66 RD (PCGS) | $27,600 | May 1 2007 | Heritage Auctions — PCGS #2449, MS-66 RD (PCGS) |
The market has demonstrated particular strength for condition census examples with original red surfaces and minimal spotting. The 1911 Philadelphia issue, while common in circulated grades, becomes surprisingly scarce in MS-65 RD and above, with fewer than 500 examples certified at this level between PCGS and NGC combined.
Market Trends
Over the five-year period from 2020-2025, the following market trends have emerged:
- The 1911-S in MS-65 RD has appreciated approximately 35%, outperforming the overall rare coin market index
- 1911-D examples in AU and better have shown steady 5-7% annual growth
- Common date 1911 Philadelphia specimens have remained relatively flat in grades below MS-63
- CAC-verified examples of all three mint marks command 15-25% premiums over non-CAC examples
[Table recommendation: Insert chart showing 5-year price trend lines for 1911-S in grades F-12, XF-40, and MS-63 RD]
Counterfeit & Preservation Watch
Known Counterfeit Indicators
Recent years have seen sophisticated counterfeits enter the market, particularly of the key-date 1911-S. Collectors should be vigilant for these warning signs:
Cast Counterfeits
- Grainy surface texture under 10x magnification
- Slightly underweight (typically 2.9-3.0 grams vs. 3.11g standard)
- Mushy detail in Lincoln’s hair and wheat kernels
- “Bubbling” in fields visible under angled light
Altered Mint Marks
- Evidence of tooling around S or D mint mark
- Inconsistent font size compared to authentic examples
- Mint mark positioned too high or low relative to date
- Unnatural depression in field surrounding mint mark
Authentication Measures
- Weight should be 3.11 grams (±0.13g)
- Specific gravity should measure 8.8-9.0 for genuine 95% copper composition
- Die markers specific to each mint (as described in Varieties section)
- Natural copper aging progression from red to red-brown to brown
Source: PCGS and NGC Counterfeit Detection guides, ANA Counterfeit Detection seminar materials
Natural vs. Artificial Toning Guide
Lincoln cents from 1911 should exhibit predictable aging patterns based on their copper composition:
Natural Toning Progression
- Original mint red surfaces gradually transition to red-brown
- Even, concentric toning patterns from rim inward
- Colors progress through orange, light brown, chocolate brown
- Protected areas near date and mintmark often retain more red
Artificial Toning Warning Signs
- Unnatural purple, blue, or green hues
- Spotty, inconsistent color patterns
- Unnaturally vibrant colors without progression
- Evidence of chemical residue in recessed areas
[Photo recommendation: Include side-by-side comparison of natural vs. artificially toned examples with magnified insets of tell-tale areas]
Preservation Recommendations
Proper storage is critical for preserving both the economic value and numismatic integrity of 1911 Lincoln cents:
Recommended Storage Methods
- Inert, non-PVC flips or holders (Mylar preferred)
- PCGS, NGC, ANACS, or ICG holders for significant examples
- Intercept Shield technology products for raw specimens
- Climate-controlled environment (65-72°F, 40-45% relative humidity)
Storage Methods to Avoid
- Paper envelopes (sulfur content accelerates toning)
- PVC flips (emit plasticizers that damage copper surfaces)
- Rubber bands or adhesives of any kind
- Direct handling without cotton gloves
For long-term preservation of uncirculated examples, professional conservation and encapsulation through PCGS or NGC provides the optimal protection against environmental damage while establishing third-party verification of authenticity and grade.
Collector’s Corner: Roll-Hunting & Acquisition
Circulation Finds
While 1911 Lincoln cents have largely disappeared from circulation, strategic searching can occasionally yield results:
Bank Roll Hunting Strategy
- Request “customer-wrapped” penny rolls rather than machine-wrapped
- Focus on rolls from older, established banks in historic neighborhoods
- Examine edge profiles before unwrapping (older cents show distinctive copper color)
- Early wheat cents occasionally appear in “wheat cent” premium rolls sold by banks
Circulation Search Diagnostics
- 1911 Philadelphia issues occasionally surface in circulation at approximate rate of 1 per 15,000-20,000 cents examined
- 1911-D and 1911-S almost never found in circulation today
- When found in circulation, 1911 cents typically grade G-4 to VG-8
- Examine date area carefully, as heavy wear can make 1911 appear as 1917 or 1919
Acquisition Strategies
For collectors seeking to acquire quality examples for their collections:
Dealer Recommendations
- Specialized early copper dealers offer curated selections with expertise
- Local coin shops often price wheats more reasonably than major shows
- Regional shows feature multiple dealers for comparison shopping
- Established mail-order dealers (Littleton, David Lawrence, etc.) offer return privileges
Online Platforms
- Heritage Auctions weekly internet sessions frequently feature 1911 issues
- GreatCollections offers certified examples with verification
- eBay purchases should be limited to sellers with strong feedback and return policies
- PCGS, NGC, and CAC certification recommended for purchases over $100
Show-Finding Resources
- Numismatic News events calendar
- American Numismatic Association show schedule (money.org)
- CoinZip.com regional show listings
- State and local numismatic society websites
When acquiring key dates like the 1911-S, purchasing the highest grade affordable is generally recommended, as premium increases exponentially in higher grades. For Philadelphia and Denver issues, condition rarity becomes the primary driver of value in grades above MS-64.
Frequently Asked Questions
How can I distinguish between original mint red and artificially enhanced color?
Original mint red exhibits a distinctive copper-orange luster with even surface quality. Under 10x magnification, genuine mint red surfaces show minute flow lines from the striking process. Artificially enhanced coins often display unnatural brightness, spotty application, and unusual hues trending toward pink or salmon rather than true copper-orange. UV light examination can also help identify artificial treatments, which often fluoresce differently than natural surfaces.
Why is the 1911-S worth so much more than the 1911 Philadelphia issue?
The value disparity stems from both mintage figures and survival rates. While the Philadelphia Mint produced over 100 million cents in 1911, San Francisco struck just over 4 million—less than 4% of Philadelphia’s output. Additionally, western coins entered circulation more aggressively with fewer collectors saving uncirculated examples. Consequently, high-grade 1911-S cents survived at a much lower rate, with PCGS and NGC combined having certified fewer than 400 examples in MS-65 RD or better, compared to several thousand for the Philadelphia issue.
Are there any 1911 proof cents, and how do I identify them?
Yes, the Philadelphia Mint produced 2,411 proof Lincoln cents in 1911. These were struck on specially prepared planchets using polished dies. Authentic 1911 proof cents exhibit mirrored fields, sharp square rims, and complete wire edge detail. Under magnification, proof strikes show different flow characteristics than business strikes, with very fine, parallel die polishing lines often visible in the fields. Current values for 1911 proof cents range from $300 in PR-63BN to over $3,000 for PR-65RD examples. All genuine 1911 proofs were struck at Philadelphia with no mint mark.
How do circulation strikes from different mints differ in production quality?
The three mints demonstrated distinctive striking characteristics in 1911. Philadelphia cents typically show the sharpest overall strike with well-defined wheat ears and hair detail. Denver issues often exhibit weakness in the upper wheat ear (right side) and minor softness in Lincoln’s hair above the ear. San Francisco strikes frequently show the weakest striking pressure, with noticeably less detail in the hair strands and wheat kernels. These characteristics help authenticate mint marks and identify potential alterations when strike quality doesn’t match expected mint characteristics.
What caused the distinctive die varieties in the 1911 series?
The die varieties in the 1911 series primarily resulted from mint production practices of the era. Repunched mint marks occurred because mint marks were added manually to each working die using a punch and hammer, allowing for misalignment. Doubled dies resulted from multiple impressions during the hub-to-die transfer process, which was done mechanically but required careful alignment. Die breaks and cuds developed as dies neared the end of their useful life, with metal fatigue causing portions to chip away, creating the raised areas on struck coins. These production artifacts provide fascinating insights into early 20th century minting technology.
Sources: PCGS Population Report (March 2025), NGC Census Report (April 2025), United States Mint Production Records, Heritage Auction Archives
