Skip to Content

1947 Wheat Penny Value And Price Chart

1947 Wheat Penny Value And Price Chart

The 1947 wheat penny with no mint mark is worth $0.05 in fine condition, and $1.13 in uncirculated condition that is graded MS 60. Brilliant uncirculated coins graded MS 63 are worth $3.30.

The wheat penny of 1947 is one of the most sought-after pennies by collectors and dealers. But unless your wheat penny is in mint state you can’t hope to make a lot of money.

The value of the wheat penny depends very much on which mint made it. The prices can vary slightly or they can be so far apart in value. For example, the 1947 wheat penny with the D mark on it is worth $0.05 in fine condition and $2.28 in uncirculated condition and graded MS 63. And the wheat penny with the S mark is worth $0.11 in fine condition and $2.28 in brilliant uncirculated condition graded MS 63.

Before making a deal of the 1947 wheat penny, you need to study the coin by learning its history, the elements that make up the design, how it is graded, what it is worth, and where you can sell them. You’d be surprised what you learn about the coin.

Most Valuable 1947 Wheat Penny

Most Valuable 1947 Wheat Penny is 1947 1C MS67 Red PCGS Sold on May 4, 2005 for: $8,050.00

Most Valuable 1947 Wheat Penny

 

1947 Wheat Penny

1947 Wheat Penny

The wheat penny is one of the simplest occurring coin collections and the 1947 edition was not an exception. It features all the design specifications from the original coin; the head of Lincoln, the letterings, the wheat stalks on the reverse, down to the metal composition which only saw some tweaks in later years.

The 1947 wheat penny is a one cent coin. The word penny is borrowed from English. One of the things that this penny has going for it is the image of the man on it—Abraham Lincoln. This penny is only a member of a huge family of pennies that began production years before 1947. The wheat penny is important to the history of coin manufacturing.

History

The 1947 wheat penny is a one-cent coin whose history can be traced back to the year 1787 when the first US cent was first produced. It was called the Franklin cent at the time because it was designed by the man known as Benjamin Franklin, an American polymath. But this coin was never circulated.

The wheat penny on the other hand has the head of Abraham Lincoln on it and the history of this design of the cent dates back to 1909 which would have been the 100th year of Lincoln if he was alive. This design replaced the Indian head cent—the one cent coin with the design of an Indian chief on it which began production from 1859 to 1909.

The Lincoln cent is produced more than any other denomination of coin in the US which makes them really common. Hence when it comes to value you don’t get something extremely significant from their sale.

 1947 Wheat Penny
Location Mintage
Philadelphia 190,555,000
San Francisco 99,000,000
Denver 194,750,000
Total 484,305,000

In 1947 the wheat penny enjoyed a great number of coins produced which was something peculiar to pennies. They were usually made in their millions. The least that was made of the penny that year was 99 million in the San Francisco mint. The Denver mint uncharacteristically made more of the pennies that year, more than 194 million coins, and the Philadelphia mint made more than 190 million. Together the 1947 penny amounted to more than 484 million pieces made.

1947 Wheat Penny Composition
Metal Composition 95% Copper and 5% zinc and Tin
Mass/ Weight 3.11 grams
Diameter 19 mm
Mint Mark D, S
Edge Plain
Designer Victor David Brenner

The 1947 wheat penny features the design by US engraver Victor David Brenner. The design shows the head of Abraham Lincoln on the obverse and two wheat stalks on the reverse. This design changed in subsequent years from the wheat stalk to the building of the Lincoln memorial.

In 1947 the world was just recovering from the second world war. The US was fighting the recession which led to the sack of about 200 mint workers which was why the mint in Philadelphia did less production than usual. The 1947 wheat penny from the Philadelphia mint is now very hard to find in mint condition.

The 1947 Wheat Penny Design

Before the Lincoln design, there was the flying eagle cent and the Indian head cent. The Lincoln cent marked divergence in the design of US coins because it was the first cent to bear the image of real humans. At first, people in certain quarters wouldn’t have a real person, alive or dead on a US coin. Soon, public acceptance trumped any other choice.

Obverse

Obverse

The bust of Abraham Lincoln occupies most of the obverse. He is seen on it facing right. The date 1947 is in front of his chest and the word LIBERTY is behind him. Over the bust are the words IN GOD WE TRUST. This design is the same on the face of all Lincoln pennies since 1909. The coin in brilliant and mint condition will usually show this design in great detail.

Reverse

Reverse

The reverse design of the Lincoln penny is one of the simplest in coins. It shows just four elements: the two wheat stalks that hem the coin on the left and right, the words ONE CENT in the middle, UNITED STATES OF AMERICA, and the words E PLURIBUS UNUM at the top.

Mints

More than 484 million pennies were minted in 1947. Most of the production was carried out in the Denver mint because the Philadelphia mint had a shortage of workers since many were laid off on account of the recession.

There are three factories with the responsibility of making coins in the US. They are the Philadelphia, Denver and San Francisco mints. Usually pennies or coins from the Philadelphia mint would not have marks but the penies made in Denver and San Francisco would have the marks D and S respectively.

Philadelphia Mint

Philadelphia Mint

In the picture shown above the coin is the one-cent penny made in the Philadelphia mint. It has no mint mark which can usually be found under the date. The number of pennies made amounted to more than 190 million. This year in 1947 saw a production that was less than what that mint usually produced. As said before, the 1947 wheat penny with no mint mark is hard to find now.

Denver Mint

Denver Mint

Note the D mark under the date in this very beautiful penny. The D stands for Denver. More than 194 million of these coins were produced in the Denver mint in 1947. The D mark plays no significant role in price or value. Collectors are mostly interested in the condition of the wheat penny, unlike certain other coins.

San Francisco Mint

San Francisco Mint

In this picture the letter S is visible under the date. The S indicates that the coin was produced in San Francisco. This mint produced 99 million wheat pennies in 1947 and marked them all with the S for identification. As you will see in this article the mint marks do not increase their value significantly.

How To Grade 1947 Wheat Penny

The value of coins is determined by the condition or quality of the coin. Quality is determined in turn by grading. And finally grading is done by experts. Except you are an expert at grading coins, and you are registered to do so, you have to employ the services of graders.

Date
Fine
Very Fine
Extremely Fine
About Uncirculated
1947 No Mark
$0.05
$0.11
$0.22
$0.45
1947 D
$0.05
$0.11
$0.22
$0.45
1947 S
$0.11
$0.22
$0.28
$0.56

If you are just becoming a collector, or you have this 1947 wheat penny, it is important that you understand how grading is done.

Coins are graded thus:

  • Uncirculated

These pennies remained out of circulation. The fine details on the coin remain sharp. There’s a little color fading but that’s all that’s missing. The luster remains the same as when it was produced back in 1947.

  • Extra Fine

In this grade, details like the curls in the hair are visible to the naked eyes. There are scratches, loss of color, and minor flaws upon closer look. This coin was in circulation but it somehow ended up with a collector early on in its life.

  • Fine

This penny shows a flattening in the details. The lines in the wheat stalks are gone because of wear. This coin was deep into circulation and was heavily used by the public. On the obverse, most of the details on Lincoln’s bust are gone.

  • Good

A good coin is good in the sense that it is still recognizable as a coin. But other than that, the details on both sides are almost unrecognizable. There is pronounced smoothness on the surface of the coin.

  • Very Good

There’s heavy wear on a very good coin but the details are more visible than on a good coin. Important details like the motto, the bust, and the reverse designs are almost gone.

  • Extremely Fine

There is very little wear in a.n extremely Fine penny. Details are still clear and bold on the bust and reverse designs.

  • About Uncirculated

This penny looks uncirculated because it shows very little wear. A closer look may show contact marks and scratches but they are not because the coin was in circulation.

  • Mint State

This is a whole different level of coin quality. Mint State (MS) grades are ranked from 60 to 70 each with its own distinct element of quality that separates it from the others. MS 60 are uncirculated coins but have contact marks that make them unattractive. They have no luster and are unappealing to the eyes.

The last rank on the MS rating is MS 70, a flawless coin that is perfect. It features the original luster that came with the penny when it was first minted in 1947. Collectors love these coins and they are very valuable.

With this knowledge of grading in mind, consider the real market worth of the three types of 1947 wheat penny.

1947 Wheat Penny Value & Price Chart

1947 Wheat Penny Value & Price Chart

This penny is worth $0.05 in Fine condition. It is worth $3.30 in an uncirculated mint state (MS 63). Your coin can sell better if it is graded higher. On occasion collectors and dealers have paid higher for the 1947 wheat penny as you will see in the chart below.

Quality
Price
MS 64
MS 65
MS 66
MS 66+
MS 67

1947 D Wheat Penny Value

1947 D Wheat Penny Value

The 1947 D penny was made in the Denver mint. It has the D mark under the date. It is worth $0.05 in fine condition and $2.28 in brilliant uncirculated condition. But when graded and offered at auctions it has been known to fetch higher prices as the chart below indicates.

Quality
Price
MS 64
MS 65
MS 66
MS 66+
MS 67
MS 67+

1947 S Wheat Penny Value

1947 S Wheat Penny Value

The penny with the S mark was made in San Francisco. It is worth $0.11 in fine condition and $2.28 in uncirculated condition with a grade of MS 63. In the coin market, it sells higher. Check the chart below.

Quality
Price
MS 64
MS 65
MS 66
MS 66+
MS 67
MS 67+

Where To Sell Your 1947 Wheat Penny

With confidence that you now know enough about your penny. You may be thinking of selling the ones you have. Note however that you do not have to sell your coins. As a matter of fact, you can build a personal collection of all the pennies that have ever been produced. You can do this for the sentimental feeling of ownership. Some collectors do this as a hobby. Others are dealers who buy and sell coins. At any rate, knowledge of coins is important so continue to read and update yourself about coin values. There are two major ways to sell coins:

Offline places

Places outside the internet include:

  • Pawnshops

Pawnshops offer one of the favorite avenues to sell the 1947 wheat penny. Pawnshops are a favorite for many because they offer fast transactions. The downside with pawnshops is that whether your coin is graded may not matter to the shop owner. You can hope the owner of the shop is an expert grader too so he can appreciate the quality you want to sell.

  • Auction Houses

With auction houses, your coin can get better sales because buyers bid for it. The house makes sure you get the highest bids possible for the penny. It is best to approach an auction house with coins that are graded because collectors and dealers also attend auctions looking for coins to purchase.

  • Yard Sale

People often organize a yard sale when they want to dispose of antiques. If you know of anyone you can add your coins to the display. A downside to this is that you may not get value for your coins. You will be in luck if a dealer happens to get wind of the yard sale and stops by.

Online places

You can sell anything on the internet these days and that includes coins. These are places where you put up your coin for sale.

  • Etsy

This is an online place where you can find all sorts of antiques, including coins. Unlike a pawnshop or some other offline places, Etsy offers a wide audience. Hundreds of people visit the site every day looking for interesting old things to buy. You are only required to pay a certain percentage as administration fees but you’d surely get good value for your coin.

  • eBay

This site is the most popular online selling platform. Like Etsy, hundreds of people visit this site too. Your coin will be visible to collectors and dealers. And if your wheat penny is graded highly, you are sure to get great value for it.

  • JM Bullion

This website buys directly from you. They are not an auction place. They also sell coins so if you want to go into the hobby of collecting pennies this is your place. JM Bullion also offers quick payment once they have received the package that you send to them. You are allowed to check in the item and lock in the price of the coin before sending the coins to them.

Final Words

The 1947 Wheat Penny is one of the most loved coins by dealers. As you may have gleaned already they are not rare pieces of antique like the predecessor pennies. One of the reasons for this is because they were produced in quite a large number. Of course, there are penny dates that are scarcer, but 1947 isn’t one of them. Yet, in good condition and graded well, this wheat penny attracts quite some amount.

5/5 - (1 vote)