The 1935 Penny: History and Value

The 1935 penny is a fascinating piece of American numismatic history. Many collectors seek to understand its value due to its age and distinct historical context. Let’s unravel the story of this coin, diving into its origins, composition, and market worth.

Origins and Design

In 1935, the United States produced the one-cent coin featuring Abraham Lincoln. Designed by Victor David Brenner, the Lincoln Wheat Penny was an innovation. Brenner’s design first appeared in 1909, commemorating Lincoln’s 100th birth anniversary.

The obverse features a profile of Lincoln. The reverse showcases two wheat ears framing the words One Cent and United States of America. This design remained until 1958, when it was replaced by the Lincoln Memorial reverse in 1959. The coin in 1935 was part of a broader production run of this design.

Minted Locations and Mintage Numbers

Three main mints produced the 1935 penny: Philadelphia (no mint mark), Denver (D), and San Francisco (S). Each minted a different number of coins.

Philadelphia: Approximately 245,388,000 pennies.
Denver: Around 47,000,000 pennies.
San Francisco: About 38,702,000 pennies.

The high production numbers mean the 1935 penny is not particularly rare. However, variations in mint marks and conditions affect collecting interest.

Composition and Specifications

The 1935 penny is made of 95% copper, with the remaining 5% consisting of tin and zinc. It weighs 3.11 grams and has a diameter of 19.05 millimeters. The edge of the coin is plain. This composition remained standard for pennies until 1943, when a temporary steel cent replaced it due to wartime copper shortages.

Factors Affecting Value

Several factors influence the value of a 1935 penny. These include mint mark, condition, and scarcity of errors or variations. Coins from the Philadelphia mint are generally less valuable due to higher availability.

The condition greatly impacts market value. Collectors refer to the Sheldon scale, which ranges from Good (G-4) to Mint State (MS-70). Higher grades, particularly uncirculated ones, command higher prices.

Coins with errors or unique characteristics, such as double dies or off-center strikes, increase interest. Such rare finds can be considerably more valuable than standard issues.

Market Value and Trends

The value of a 1935 penny can vary from a few cents to several dollars, depending on its condition and provenance. Let’s examine the typical range:

Good to Very Good (G-4 to VG-8): These coins generally fetch around $0.10 to $0.25.
Fine to Very Fine (F-12 to VF-20): Prices range between $0.25 and $0.50.
Extra Fine (XF-40): Valued from $1 to $3.
About Uncirculated (AU-50): Can sell for $3 to $6.
Mint State (MS-60 and above): Prices start at $8 and can reach $30 or more, depending on specific grade and market conditions.

Prices for coins with distinctive mint marks or errors can be significantly higher. For instance, a well-preserved penny from the San Francisco mint might garner premium interest.

Preservation and Collecting Tips

Preserving the condition of a 1935 penny enhances its long-term value. Store coins in a cool, dry place, preferably in protective holders or albums. Avoid cleaning a coin, as this can reduce its value and alter its appearance.

Collectors often seek to build sets that include all three mint marks from a given year. Understanding the significance of each mint and its production nuances can be rewarding and boost collection diversity.

Resources for Collectors

Various resources support penny collectors. Numismatic organizations offer catalogs, price guides, and grading services. Some key resources include:

American Numismatic Association (ANA): Offers educational materials and events.
Professional Coin Grading Service (PCGS): Provides grading services and price reports.
Numismatic Guaranty Corporation (NGC): Known for coin certification and detailed market analyses.
The Red Book: A widely respected guide offering mint histories and pricing information.

Staying informed can help collectors make better purchasing and selling decisions.

Notable 1935 Penny Errors

While fairly common, some 1935 pennies exhibit errors that intrigue collectors. One noted variation is the doubled die. This error results from a misalignment during the striking process, causing duplicated images or text.

Off-center strikes and broadstrikes are other errors that can add value. These variations occur when a coin is not correctly aligned on the planchet during minting.

Tracking specific error auctions and dealer postings can lead to discovering these unique items.

The 1935 Penny in Historical Context

The Great Depression marked the era of the 1935 penny. Despite economic hardships, the U.S. Mint maintained robust production. Coins like the Lincoln Wheat Penny continued to be everyday currency for millions of Americans.

The coin represents a time when every cent held significant value. It serves as a reminder of the resilience during tough economic periods. In this context, collecting 1935 pennies is about more than investment; it’s preserving a piece of history.