1936 Penny: A Glimpse into American Numismatic History

The 1936 penny is an American circulated 1-cent coin in the “wheat cent” or “wheat penny” Lincoln cent series that ran from 1909 to 1958. These were the first Lincoln cents and the first circulating US coins to depict a US president.

In American coinage, the 1936 penny was significant as the first wheat penny offered in a proof variety since 1916 and part of the first proofs available to buy in sets, heralding in the second American “Proof Era.”

The first Proof Era was from 1858 to 1916 and ended partly due to WWI and partly from collector indifference. The third Proof Era started in 1968 when the San Francisco Mint took over production of Proof sets.

Proof coin sets are one of the US Mint’s specialties, offering collectors a rarer, pristine version of that year’s coin to pass down through generations while bringing in extra revenue.

We here at Coins Auctioned know that wheat pennies are invaluable to collectors, so we’re excited to discuss the history, value, varieties, and legacy of the 1936 penny.

Pictured above: Obverse and reverse of 1936 penny | Image credit: PCGS CoinFacts, Free use

1936 Penny Design

The 1936 penny, or more correctly “Lincoln cent” is a type of wheat penny with a face value of $0.01 USD (1 cent). Wheat pennies, struck from 1909 to 1958, get their name from the two wheat stalks on their reverse (tails side). They were the first design in the Lincoln cent series.

The coin has a diameter of 19 mm (~0.75 in) and total weight of 3.11 g (~0.11 standard oz). The 1936 penny has a bronze composition of 95 percent copper, 2.5 percent zinc, and 2.5 percent tin.

Speaking of which, let’s dive into what the 1936 penny looks like.

Obverse Design (Front)

The obverse (heads side) of the 1936 Lincoln penny features a profile portrait of 16th American president Abraham Lincoln facing right.

The inscription “IN GOD WE TRUST” is above Lincoln, along the coin’s top curve.

Other inscriptions include “LIBERTY” to Lincoln’s left, the mintage year (“1936”) to the right and sometimes the mint mark below the year. Pennies made from 1918 on, including the 1936 penny, also bear the inscription “VDB” (the artist’s initials) at the bottom of Lincoln’s shoulder.

Reverse Design (Back)

The 1936 penny’s reverse (tails side) design features two durum wheat ears making a somewhat semi-circle or crescent shape.

Between the wheat ears are in the inscriptions “ONE CENT” and “UNITED STATES OF AMERICA.” The last inscription is “E PLURIBUS UNUM” along the coin’s top curve.

Pictured above: Sketch of an original Lincoln cent reverse design by Victor David Brenner | Image credit: National Archives, Public domain

Designer

The design of all wheat pennies, including the 1936 penny, came from Victor David Brenner. In fact, the obverse of every American penny since 1909 has maintained Brenner’s design, making it the longest-running coin design in US history.

Brenner was a Lithuanian-born artist, sculptor, and engraver who immigrated to America in 1890 as a gem and seal engraver. He became successful in America after exhibiting his sculptures at the Paris Exposition of 1900.

American President Theodore Roosevelt was spearheading the Renaissance of US Coinage with new American coin designs. He wanted to commemorate the late president Abraham Lincoln’s 100th birthday in 1909 by having Lincoln on the new cent.

Roosevelt chose Brenner to design the new Lincoln cent because he loved an Abraham Lincoln relief sculpture that Brenner had created. The sculpture was inspired by a Civil War photo of Lincoln by Mathew Brady. Roosevelt wanted Brenner to design the Lincoln cent based on this sculpture.

Brenner not only used his original relief sculpture but also a Lincoln photo from Harvard art professor Charles Eliot Norton, among other references.

The original design Brenner submitted had his entire name inscribed on the reverse, but this was adjusted to just his initials “VDB” (in a large font) instead. The initials were removed entirely in mid-1909 — largely due to public backlash that the initials were illegal marketing — but restored in a smaller version on the obverse in 1918.

Pictured above: Obverse and reverse of 1909-S wheat penny with "VDB" initials on reverse | Image credit: Wikipedia, Public domain

Minting

According to the 1936 Annual U.S. Mint Report, there were 331.09 million Lincoln cents minted by the end of the fiscal year in June 1936. From January to December, the total mintage was 379,387,569 (or 379,382,000 without proof varieties).

The 1936 pennies were minted in Philadelphia, San Francisco, and Denver.

Philadelphia minted the most circulated pennies at 309,632,000, followed by Denver at 40,620,000 and San Francisco at 29,130,000.

You’ll know where the penny was struck based on its mint mark:

• None — Philadelphia Mint

• “D” — Denver Mint

• “S” — San Francisco Mint

Despite the Philadelphia Mint 1936 pennies having no mint mark, you’ll often see these referred to as 1936-P Lincoln cents.

Proof varieties were only minted in Philadelphia.

Now, why is the 1936 penny so valuable? It’s partly for its historical value, as these types of pennies haven’t been struck in decades. But each 1936 penny varies in value.

Pictured above: Obverse of 1919-S Lincoln cent showing San Francisco Mint mint mark | Image credit: Lost Dutchman Rare Coins, Public domain

Collecting and Valuing the 1936 Penny

Any historical coin carries value among numismatists, but historical value is only one piece of the equation.

Other factors that make a 1936 penny rare and more valuable are:

• Low Mintage: The 1936 pennies that were minted in San Francisco or Denver are rarer than those minted in Philadelphia because the former mints created fewer pennies that year.

• Variety: Proof varieties of 1936 pennies are not only rarer but higher-quality, and the two types of proofs (which we’ll discuss further down) differ in value.

• High Grade: A 1936 penny in better condition (meaning a higher grade) will be far more valuable than a worn-down one.

• Demand: Some 1936 pennies are simply more popular, and this popularity may fluctuate over time.

Now let’s elaborate on some of these factors, starting with varieties:

Notable Varieties

Since 1936 saw a record-high mintage for Lincoln cents, it’s not considered a “key date” in the series. However, there are some key varieties with the historic reissue of proof versions.

Most of the 1936 pennies minted were circulated or “business strike” types, meaning they’re meant to be used for day-to-day commerce and expected to wear down over time.

A rare few are proof varieties. The Philadelphia Mint minted only 5,569 proof pennies in 1936. There were two types:

• Type 1 / Satin: Special finish that’s slightly matte, more frosted

• Type 2 / Brilliant: Special finish that’s mirror-like & shinier; A few display strong enough contrast to have a certified “Cameo” grade

Experts estimate only 600 Satin Proof 1936 pennies have survived, but their rarity hasn’t made their price higher than Brilliant Proof versions — the latter are simply more popular and therefore sell for more.

While proofs were intentional, some of the most valuable 1936 penny varieties were created unintentionally.

Pictured above: Reverse of 1936 LIncoln cent with doubled die obverse error, Type 1 | Image credit: PCGS CoinFacts, Free use

1936 Penny Error List

Most collectors are always on the hunt for error coins. Among the many coins minted that year, the known 1936 penny errors include:

• Broadstrike: Coin is thinner with larger diameter because it wasn’t held in place before being struck

• Off-Center: The coin’s design is cut off, not centered on the planchet

• Doubled-Die: Design shows doubling because design on die was doubled; Doubled designs on obverse are “DDO” while doubling on reverse is “DDR”

• Machine-Doubled: Design shows doubling because machine moved while striking the coin

• Die Error: Part of the die was obstructed, resulting in a slightly wrong design; Example is broken “R” in “LIBERTY”

• Strike-Through: The coin is marred by an object coming between the planchet and the die during striking

• Missing Element: If the dies are made wrong or misaligned when striking, some elements may be missing (e.g. missing “ST” in “TRUST”)

• Cud: Coin edge has area that’s rounded, raised, and lacks design because the die was broken when it struck the coin

• Lamination Discoloration: Alloy metals in planchet mixed improperly, making the coin discolored (e.g. “woody” pennies with wood-like appearance)

• Lamination Break or Peel: Flaw in planchet causes lamination to split or peel

In the entire Lincoln cent series, the 1936 pennies have the most doubled-die errors of any year. These are still rarer, however, than the very common machine-doubled error pennies.

Lucky collectors may even find an extremely rare 1936 wheat penny with 2 defects, such as a lamination break and a die error.

Pictured above: 1909-S VDB wheat penny slabbed by PCGS, graded MS-64 red brown | Image credit: Bruxton, Public domain

Condition & Grades of 1936 Penny

If you’re selling a 1936 penny, you’ll want it professionally graded first. Two reputable options are Professional Coin Grading Services (PCGS) and Numismatic Guaranty Corporation (NGC).

Having your coin graded helps you determine its true condition and value, along with the current demand for that specific coin. Plus, you’re more likely to find serious buyers.

Inversely, we recommend only buying 1936 pennies that have been professional graded.

Different coin grading systems exist, but the general grading categories for 1936 pennies are:

1. Uncirculated: Struck for circulation but never circulated; Looks like it did the day it was minted

2. Mint State (MS): Like Uncirculated but with sub-grades from 60 to 70 for many visible marks to flawless, respectively

3. Proof (PR): Struck as a proof coin; Sub-grades from 60 to 70 just like Mint State

4. Extremely Fine (XF or EF): Probably never used; Close to Uncirculated but with minor flaws usually not visible to the naked eye

5. Fine (F): Circulated briefly but still in good condition; Some flaws visible to the naked eye but design isn’t damaged much

6. Good (G): Circulated heavily but in decent condition; Many flaws visible to the naked eye but design isn’t worn away

One contributor to your coin’s condition is where it was minted initially. Philadelphia Mint pennies were known for being struck better than 1936-S or 1936-D pennies, so a 1936-P Lincoln cent may have retained its quality better.

Another grading factor for wheat pennies specifically is color, which relates to preservation.

New 1936 pennies were red, but oxidation makes them slowly turn brown. In order, the most valuable 1936 penny colors are red, reddish-brown, then brown.

But how much is a 1936 penny worth?

Market Value & Trends

Every 1936 penny is worth more than its 1-cent face value, but how much more?

Generally, a non-error 1936 penny in Good to Extremely Fine condition will range from $0.10 to $4.

Mint-state 1936 pennies start at $2 and go up to $250 (red; Philadelphia), $300 (red; Denver), or $900 (red; San Francisco). The low mintage of San Francisco 1936 pennies puts them in higher demand.

Satin proof 1936 pennies are valued from $200 to over $22,000. A brilliant proof 1936 penny’s value ranges from $200 to over $23,000 or even $50,000 with a rare “Cameo” grade.

Error pennies fluctuate in value, but the popular doubled-die 1936 pennies are valued from around $30 to $90 for Good to Fine, $150 to $250 for Extremely Fine, and $570 to $8,000 for Mint-State.

Pictured above: U.S. coin collection featuring Lincoln pennies from 1941 to 1974. Nearly complete set in a folder by Whitman Publishing, LLC; Also features two error pennies and a description page | Image credit: Monocletophat123, Public domain

The 1936 Penny’s Legacy

In the modern era, wheat pennies like the 1936 Lincoln cent have become significant and sentimental among collectors.

Many coin collectors start out by looking for wheat pennies and have fond memories digging through bunches of coins for these “wheat backs” or “wheaties.”

The 1936 penny also represents many notable parts of American coinage history, as the first coin to feature a US president, the first proof coin since 1919, and the beginning of the longest-running US coin design in history.

Since the iconic wheat penny, reverse designs have evolved but always feature Lincoln or his legacy in some way, like the Lincoln Memorial from 1959 to 2008 and commemorative Bicentennial designs of Lincoln’s life in 2009.

The Union Shield design, a mainstay since 2010, features the Civil War-era shield that symbolizes Lincoln’s success in preserving America as a unified country.

While pennies have the lowest face value of any coin, pennies from over the years — including the 1936 wheat penny — remain one of the most collected coins.

Pictured above: Obverse and reverse of 1909-P "VDB" penny (first in the series that includes the 1936 penny) | Image credit: National Numismatic Collection, National Museum of American History, Public domain

Keep a Piece of History with a 1936 Penny!

Wheat pennies are the perfect coins to start a collection. A 1936 penny comes with plenty of options for beginners and connoisseurs alike, from easy-to-find circulated varieties to rare collectible error or proof varieties.

Wherever you are in your coin collecting journey, we’re here to help you find all the unique coins you need!

Buy 1936 pennies today!