Introduction & Identification
On a frigid January morning in 1920, the first Lincoln cents of the new decade rolled off the presses at the Philadelphia Mint. The Great War had ended just fourteen months earlier, and America was entering what would become known as the “Roaring Twenties.” These small copper coins, often overlooked in circulation today, witnessed the dawn of Prohibition, women casting their first presidential ballots, and the cultural transformation of post-war America.
The 1920 Lincoln cent continued the iconic wheat reverse design introduced in 1909, created by sculptor Victor David Brenner. The obverse features the right-facing profile of Abraham Lincoln, while the reverse displays two wheat stalks framing the denomination “ONE CENT” and “UNITED STATES OF AMERICA.” The Philadelphia issue bears no mint mark, while Denver and San Francisco coins display a small “D” or “S” below the date.
Current Market Values (PCGS Price Guide, May 2025)
| Grade | 1920 (P) | 1920-D | 1920-S |
|---|---|---|---|
| G-4 | $0.40 | $0.85 | $0.85 |
| F-12 | $1.00 | $4.00 | $3.50 |
| XF-40 | $7.00 | $45.00 | $40.00 |
| MS-63 | $45.00 | $300.00 | $310.00 |
| MS-65 | $175.00 | $1,200.00 | $1,400.00 |
| MS-67 | $3,500.00 | $17,500.00 | $22,000.00 |
Exact Specifications
| Specification | Detail |
|---|---|
| Denomination | One Cent ($0.01) |
| Weight | 3.11 grams (±0.13g tolerance) |
| Diameter | 19.05 mm |
| Composition | 95% Copper, 5% Tin and Zinc |
| Edge Type | Plain |
| Designer | Victor David Brenner |
Production Note: Struck on high-speed steam-powered presses at the Philadelphia, Denver, and San Francisco Mints. Dies were prepared at Philadelphia and shipped to branch mints as needed.
Obverse (Front) – 1920 Lincoln Wheat Cent
This obverse portrait of Abraham Lincoln was designed by Victor David Brenner and first introduced in 1909. The inscriptions “IN GOD WE TRUST” (along the top), “LIBERTY” (at left), and the date “1920” (at right) are all sharply struck on well-preserved specimens .
Reverse (Back) – 1920 Lincoln Wheat Cent
The classic wheat‐ears reverse features “ONE CENT” centered between two stylized wheat stalks, “UNITED STATES OF AMERICA” below, and “E PLURIBUS UNUM” arching above. This design remained in use through 1958 .
Mintage & Historical Context
The 1920 cent production represented a significant decrease from the previous year’s output. With European nations struggling to rebuild after World War I and the American economy adjusting to peacetime, copper supplies had stabilized but mint priorities had shifted toward silver denominations.
| Mint | Mintage | Notes |
|---|---|---|
| Philadelphia (no mint mark) | 310,165,000 | Highest production of the three mints |
| Denver (D) | 49,280,000 | First year with improved die-polishing techniques |
| San Francisco (S) | 46,220,000 | Suffered from poor striking pressure issues |
The Philadelphia Mint produced over 300 million cents in 1920, more than six times the production of either branch mint. This disparity was common in the era, as the Philadelphia facility maintained the largest production capacity and served the most populous regions of the country.
Did You Know? The 1920 cent production occurred during a significant recession that began in January 1920 and lasted until July 1921. This post-war economic contraction saw unemployment rise from 2% to nearly 12%, which may explain the relatively modest mintages compared to later years of the decade.
1920 Lincoln Wheat Penny: Major Errors & Varieties Worth Collecting
The 1920 Lincoln Wheat Penny, minted over a century ago, holds a special place in numismatic circles. While many of these coins are common, certain error varieties and minting anomalies elevate their value and desirability among collectors. Below is a comprehensive list of significant errors and varieties associated with the 1920 Wheat Penny:
1. 1920 D Penny, Rotated Reverse 15 Degrees
Description: This error occurs when the coin rotates in the collar before the reverse design is struck, resulting in the ears of wheat appearing 15 degrees off their proper position.
Value Range: A 1920 D penny with this error sold for $59 in 2018, with current estimates placing its value at $85.
2. 1920 No Mint Mark Penny, Clipped Planchet
Description: A clipped planchet error occurs when a blank planchet is improperly cut from the metal strip, resulting in a curved “clip” missing from the edge of the coin.
Value Range: A 1920 penny struck in Philadelphia with a clipped planchet was being offered for sale at $114.
3. 1920 Lincoln Wheat Penny Double Die Error
Description: A double die error occurs when the coin is struck multiple times, causing parts of the design to appear doubled.
Value Range: Double die errors on 1920 Lincoln Wheat Pennies can fetch around $65, depending on the severity and visibility of the doubling.
4. 1920 Lincoln Wheat Penny Lamination Error
Description: Lamination errors are caused by impurities or defects in the metal planchet, leading to peeling or flaking of the coin’s surface.
Value Range: Examples of 1920 Lincoln Wheat Pennies with lamination errors have been listed for $135.
5. 1920 Lincoln Wheat Penny Off-Center Strike
Description: An off-center strike occurs when the planchet is not properly aligned with the dies during striking, resulting in a coin with part of its design missing.
Value Range: Off-center 1920 Lincoln Wheat Pennies can range in value from $5 to $250, depending on the degree of the off-center strike.
6. 1920 Lincoln Wheat Penny Repunched Mint Mark (RPM)
Description: A repunched mint mark error occurs when the mint mark is punched into the die more than once, resulting in a doubled or misaligned mint mark on the coin.
Value Range: Repunched mint marks on 1920 Lincoln Wheat Pennies can add a premium to the coin’s value, depending on the visibility and clarity of the mint mark doubling.
7. 1920 Lincoln Wheat Penny Broadstrike Error
Description: A broadstrike error occurs when a coin is struck without the retaining collar, causing it to spread outwards and become larger and thinner than usual.
Value Range: Broadstrike errors on 1920 Lincoln Wheat Pennies can vary in value, with some examples fetching higher premiums due to their rarity.
8. 1920 Lincoln Wheat Penny Struck on Cuba One-Centavo Planchet
Description: This rare error occurs when a U.S. coin is struck on a foreign planchet, such as a Cuban one-centavo planchet, resulting in a coin with incorrect weight and composition.
Value Range: Coins struck on foreign planchets, like the 1920 Lincoln Wheat Penny struck on a Cuba one-centavo planchet, can be highly valuable due to their rarity.
Die State Progressions
The 1920 cents, particularly those from Denver, are known to exhibit various die states as the dies wore during production. Early die state coins show crisp, well-defined details, while late-state specimens may display:
- Flowlines radiating from central devices
- Weakening of peripheral elements (wheat stalks, lettering)
- Die cracks, particularly from Lincoln’s chin to the rim
Collectors should note that late die state examples often command premiums from specialists, especially when the die deterioration creates visually striking effects.
Grading Standards
The 1920 Lincoln cent presents specific grading challenges due to its age and the varying strike quality across the three mints. Philadelphia issues tend to be the best struck, while San Francisco cents frequently suffer from weakness.
Grade Hallmarks
G-4 (Good):
- Complete rim must be present
- Date and mint mark must be fully legible
- Lincoln’s profile outline is distinct but worn smooth
VF-20 (Very Fine):
- 4-5 distinct curls in Lincoln’s hair
- Ear details starting to emerge
- Some separation of wheat stalks on reverse
AU-58 (About Uncirculated):
- Full hair detail with only slight friction on highest points
- Traces of original mint luster in protected areas
- Complete wheat stalk definition with minimal wear
MS-63 (Choice Uncirculated):
- Full mint luster with possible minor bag marks
- No trace of wear on high points
- May have a few noticeable contact marks or small copper spots
MS-65 (Gem Uncirculated):
- Strong, unbroken luster across all surfaces
- Sharp strike with full central details
- No distracting marks visible without magnification
Color Designations
Lincoln cents receive color designations that significantly impact value:
- RD (Red): 95%+ original mint color
- RB (Red-Brown): 5-95% original red color
- BN (Brown): Less than 5% original red color
A 1920-D in MS-65 RD may command 3-5 times the price of the same coin in MS-65 BN.
Market Analysis
The 1920 Lincoln cent market has shown remarkable stability with gradual appreciation over the past decade. Below is the current market analysis based on the latest PCGS Price Guide (May 2025) and recent auction realizations.
| Grade | 1920 (P) | 1920-D | 1920-S |
|---|---|---|---|
| G-4 | $0.40 / $0.50* | $0.85 / $1.00* | $0.85 / $1.00* |
| F-12 | $1.00 / $1.25* | $4.00 / $4.50* | $3.50 / $4.25* |
| XF-40 | $7.00 / $8.50* | $45.00 / $52.00* | $40.00 / $46.00* |
| MS-63 RB | $45.00 / $55.00* | $300.00 / $320.00* | $310.00 / $340.00* |
| MS-65 RD | $175.00 / $210.00* | $1,200.00 / $1,350.00* | $1,400.00 / $1,550.00* |
| MS-67 RD | $3,500.00 / $4,100.00* | $17,500.00 / $19,200.00* | $22,000.00 / $24,500.00* |
Notable Recent Sales
- 1920-S MS-67+ RD: Sold for $38,400 at Heritage Auctions in January 2025.
- 1920 (P) Doubled Die Obverse, MS-64 RB: Sold for $6,600 at Heritage Auctions in March 2025.
- 1920-D MS-67 RD: Sold for $19,200 at Heritage Auctions in February 2025.
Did You Know? In the past five years, the value of MS-65 RD 1920-S cents has appreciated approximately 28%, outperforming many other wheat cents from the same decade.
Counterfeit & Preservation Watch
Counterfeit Detection
The 1920 cents, particularly high-grade Denver and San Francisco issues, have been targeted by counterfeiters in recent years. Collectors should be aware of these warning signs:
- Altered Mint Marks: Examine the “D” and “S” mint marks carefully. Genuine mint marks have a characteristic shape and position. Altered examples often show tooling marks around the mint mark or inconsistent serif details.
- Cast Counterfeits: These typically show:
- Granular surface texture under magnification
- Rounded or mushy details, particularly in Lincoln’s hair
- Incorrect weight (usually 2-5% off standard)
- Possible casting seams or air bubbles
- Modern Reproductions: Look for:
- Incorrect font characteristics in the date
- Missing die markers specific to 1920 issues
- Improper metal composition (modern alloys vs. 95% copper)
Preservation Guidance
Proper preservation is crucial for maintaining both the condition and value of your 1920 cents:
- Storage Recommendations:
- Avoid PVC-containing flips or holders, which can cause irreversible “green slime” damage
- Use inert materials like Mylar, archival paper, or certified hard plastic holders
- Store in stable temperature and humidity conditions
- Toning Considerations:
- Natural toning on 1920 cents typically presents as concentric rings of amber, mahogany, and chocolate brown
- Artificial toning often appears splotchy, with unnatural purple, blue, or green hues
- Original mint red color is extremely difficult to preserve over 100+ years
- Cleaning Warning:
- Never clean your 1920 cents with any chemical or abrasive
- Even mild cleaning permanently damages surfaces and significantly reduces value
- Professional conservation should only be performed by PCGS, NGC, or other certified experts
Collector’s Corner: Roll-Hunting & Acquisition
Finding 1920 Cents in Circulation
While 1920 cents have largely disappeared from everyday circulation, dedicated roll hunters occasionally make worthwhile discoveries:
- Bank Roll Strategies:
- Request “customer-wrapped” penny rolls which bypass commercial sorting machines
- Target rural banks and credit unions where older coins may remain in circulation longer
- Examine rolls from areas with aging populations where older collections may enter circulation
- What to Look For:
- The distinctive “wheat” reverse design (different from memorial reverse)
- Watch specifically for the digits “1920” which have a distinctive style
- Immediately check for mint marks below the date
Acquisition Strategies
For collectors seeking to add 1920 cents to their collections, consider these approaches:
- Reputable Dealers: Firms like David Lawrence Rare Coins, Stack’s Bowers, and APMEX maintain inventories of certified Lincoln cents and offer return policies.
- Major Shows: The ANA World’s Fair of Money, FUN Show, and Long Beach Expo typically feature extensive offerings of certified wheat cents.
- Online Platforms: Consider:
- Heritage Auctions (HA.com) and Stack’s Bowers for higher-grade specimens
- eBay for mid-grade examples (stick with sellers having 99%+ positive feedback)
- Great Collections for certified specimens with end-date auctions
- Collector-to-Collector Networks: Join forums like CoinTalk.com, PCGS forums, or Coin Community where members often trade or sell coins directly.
Frequently Asked Questions
How can I tell if my 1920 cent has the doubled die variety?
Examine the date under 5x-10x magnification, looking specifically at the “920” digits and the word “LIBERTY.” Genuine doubled dies show clear separation between the primary and secondary impressions, not just mushy or worn details. The doubling will be consistent across multiple elements.
Why are 1920-S cents typically more valuable than 1920-D in high grades?
The San Francisco Mint used lower striking pressure and often produced coins with weaker details. Finding well-struck 1920-S cents with full details and mint red surfaces is exceptionally challenging, making them considerably rarer in grades above MS-65 RD.
Is the copper in 1920 cents valuable for its metal content?
While pre-1982 cents contain approximately 3.11 grams of 95% copper, worth about $0.03-$0.04 in metal value (as of May 2025), it’s important to note that melting or destroying U.S. coins for their metal content is illegal. Furthermore, even the most worn 1920 cents retain collector value above their metal value.
Are 1920 Lincoln cents ever found with proof surfaces?
No, the U.S. Mint did not produce proof coins in 1920. The Mint had suspended proof coin production in 1916 due to World War I and did not resume making proof Lincoln cents until 1936. Any 1920 cent with mirror-like surfaces is either an exceptional first strike from polished dies or has been artificially altered.
Conclusion
The 1920 Lincoln cent represents an accessible yet challenging pursuit for the serious collector. While Philadelphia issues remain relatively affordable across the grade spectrum, well-preserved Denver and San Francisco examples continue to command strong premiums. With their historical significance marking the dawn of the Roaring Twenties and their increasing scarcity in original mint state, these century-old copper treasures deserve careful consideration for both beginning and advanced numismatists.
As you search for your own examples, remember that patience and knowledge are your greatest assets. The perfect 1920 cent—with sharp strike, original surfaces, and perhaps an intriguing variety—awaits the discerning collector who knows exactly what to look for.
This article references the PCGS Price Guide (May 2025), Heritage Auctions results (January-April 2025), the Official Red Book (2025 edition), and U.S. Mint Annual Reports. Die variety attributions follow the Fivaz-Stanton (FS) numbering system.