1946 Wheat Penny: Value, History, Authenticity Check, and Factors Affecting Worth

As the value of the 1943 Silver penny and the 1944 Wheat penny is rising because of the rarity, one more penny, the 1946 Wheat penny, is also joining the race with its two extremely rare error coins.

One of the reasons why this coin is getting famous among new numismatists is due to its historical significance and limited mintage. Having a 1946 Wheat penny can surely add stars to their collection. Hence, you need to know the value, worth-affecting factors, and identifiers for a real 1946 penny. 

Overview of the 1946 Wheat Penny

The 1946 Wheat Penny is the Abraham Lincoln penny minted in 1946 in the US. This coin features an engraved Lincoln on the obverse side and 2 wheat stalks on the back with a big “ONE CENT” impression. 

These 1946-minted pennies were composed of 95% copper and 5% zinc, a standard material and composition used in the US during 1944 and 1946. Although there are 991,655,000 minted pennies, the high demand among numismatists raises the worth of these pennies to over $16,000. 

History of the 1946 Wheat Penny

The 1946 Wheat Penny may seem like a normal wheat penny that resembles the design of every other Lincoln penny, but these were the first pennies minted after World War 2, adding historic significance to these coins. 

Between 1942 and 1945, the coins were minted with nickel, as the copper was scarce due to being used in gun cartridges. The 1946 Wheat pennies were the first pennies that were again minted with copper after the war. 

Mainly, three mints in the US minted these coins, namely San Francisco, Philadelphia, and Denver, with Denver having the highest mintage and San Francisco having the lowest. 

How Much Is the 1946 Penny Value? 

The 1946 penny value ranges from $0.15 to $81, depending on the mint marks and grade levels. Generally, the San Francisco pennies hold the most value among pennies minted in other cities. 

Apart from these, there are also some rare 1946 Wheat pennies that have rare marks or errors, increasing their values up to thousands of dollars. These coins have much more health than the regular pennies due to their extreme rarity and the unique nature of the error. 

Take a look at the value chart of the 1946 penny and decipher the worth of the various varieties of these coins. 

1946 Wheat Penny Value Chart and Highest Value 1946 Wheat Pennies

With the worth ranging from $0.15 to $45 for normal coins and over $1000 for error coins, the 1946 Wheat penny holds a significant role in the market.  

Let’s take a look at the value chart to estimate the worth of each type of penny. 

Year	Mint Mark	Circulated Value	Uncirculated Value
1946 Wheat Penny	No (Philadelphia)	$0.15 – $0.25	$5 – $25
1946 D Wheat Penny	D (Denver)	$0.5 – $0.75	$20 – $35
1946 S Wheat Penny	S (San Francisco)	$0.5 – $0.75	$20 – $45
1946 Error Pennies	Numerous	$20 – $125	$50 – $500+

Apart from these, there are two error coins that are valued the highest among all the Wheat pennies, namely the 1946-S Inverted MM FS-501 and the 1946-S/D FS-511 OMM. Check out their mint state values. 

Coin	Identifiers	MS 40-50	MS 50-60	MS 60-63	MS 64	MS 65	MS 66	MS 66+
1946-S Inverted MM FS-501	Upside-down S mint mark	$30 – $45	$45 – $80	$80 – $130	$190	$250	$730	$800+
1946-S/D FS-511 OMM	S mark over D	$75 – $104	$104 – $200	$200 – $320	$320	$360	$460	$1,100+

How to Verify a Real 1946 Wheat Penny?

With the rarity and extremely high demand among numismatists, the 1946 Wheat penny became a counterfeit target. This results in fabricated and fake designs, which can lead to people getting scammed. Therefore, always verify the 1946 Wheat penny by its weight, magnetism, and features. 

• Weight: All the 1946 Wheat pennies weigh around 3.11 grams. Any lighter or heavier could be a fake or altered coin made with plated steel or a replica. A minute difference in the scale is acceptable, as it can be caused by wear and tear. 

• Magnetism: The 1946 Wheat penny is composed of 95% copper and 5% zinc, which means there is no magnetic effect. If your coin is attracted to a magnet, it is most likely a fake or a steel penny. 

• Features Inspection: Look closely at the edge of the coin. Coins that are counterfeit can have abnormal wear patterns that are not consistent with regular circulation, strange textures or discolorations, and visible seams that show the coin was made in a mold.

Factors Affecting the Value Of Penny From 1946 

If you found determining the value of your 1946 Wheat penny an exceedingly difficult task, the evaluation of these factors can help you get a good, rough figure of the value. 

Mint Mark

The value of the 1946 Wheat penny heavily depends on the mint marks. These mint marks show the mints where these coins were minted. Mints with the lowest mintage have the highest 1946 Wheat penny value. If your coin has an “S” mark, it is worth more than one with a “D” mark and no mark. 

Conditions and Grading of the Coin

Grading is nothing but a rating given to a coin based on its condition. These grades are categorized into Good (G-4), Fine (F-12), Extremely Fine (EF-40), and Mint State, with MS grading having the highest worth, followed by Extremely Fine (EF-40), Fine (F-12), and Good (G-4). 

Rarity of Error Coins

With a mintage of over 990 million, there are some coins with structural errors that not only make them special but also more valuable. These errors include doubled dies, off-center strikes, and die cracks, and can go up to thousands of dollars. 

Demand Among Numismatists

Although the 1946 Wheat penny value is not as high as the other Wheat pennies, they are still high in demand among numismatists. Having 1946 Wheat pennies in the collection would be a great start for the novice. 

Wrapping Up

The 1946 Lincoln penny is a great coin to start your rare penny collection, as these have one of the lowest survival rates of 0.0006% (Philadelphia pennies), 0.0032% (Denver pennies), and 0.0076% (San Francisco pennies). 

Make sure to go through the verification test before buying one for yourself, as there are various counterfeits in the market made up of steel.