1928-S Wheat Penny Value: What Your Old San Francisco Cent Is Really Worth
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The 1928-S Wheat Penny is worth anywhere from $0.50 in heavily worn condition to over $100 or more in high-grade mint state — and truly pristine examples can climb even higher at auction. If you found one of these coins in an old jar, a coin collection, or tucked inside a drawer, you might be sitting on a surprisingly valuable piece of American history.
What Is the 1928-S Wheat Penny?
The 1928-S Wheat Penny is a Lincoln cent minted at the San Francisco Mint in 1928. You can identify it by the small “S” mintmark located just below the date on the obverse (front) side of the coin. The “Wheat Penny” nickname comes from the two wheat stalks on the reverse, which appeared on Lincoln cents from 1909 through 1958. The San Francisco Mint produced around 17.3 million of these coins that year — a relatively modest mintage compared to Philadelphia’s output — which makes the 1928-S a bit more desirable to collectors. If you’re not sure whether your coin is genuine or want to check the mintmark location, a coin identifier and value app can help you quickly confirm what you have. These tools use your phone’s camera to scan the coin and pull up relevant details in seconds — no coin expertise required.
1928-S Wheat Penny Value by Grade
The value of a 1928-S Wheat Penny depends heavily on its condition, which coin experts call “grade.” A coin that’s been in circulation for decades will show wear on Lincoln’s cheek, hair, and the wheat stalks — and that wear significantly reduces its value. Here’s a general breakdown of what you can expect:
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| Grade / Condition | Estimated Value |
|---|---|
| Poor / Fair (P-1 to F-2) | $0.50 – $1.50 |
| Fine (F-12 to F-15) | $3 – $6 |
| Very Fine (VF-20 to VF-35) | $8 – $18 |
| Extremely Fine (EF-40 to EF-45) | $20 – $35 |
| About Uncirculated (AU-50 to AU-58) | $40 – $70 |
| Mint State Red (MS-63 to MS-65+) | $80 – $200+ |
For the most up-to-date 1928-S Wheat Penny prices across multiple grades, you can check the current market price data for the 1928-S Wheat Penny in mint red condition — it’s a great reference if you want real-time auction comparisons.
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How Condition and Color Affect the 1928-S Penny Value
Beyond the standard wear grades, Lincoln cents in mint state are also evaluated by their color. A coin that has kept its original copper-red luster is labeled “Red” (RD) and commands the highest prices. Coins that have toned slightly to a mix of red and brown are labeled “Red-Brown” (RB), and those that have fully toned to a chocolate-brown color are graded “Brown” (BN). A 1928-S in MS-64 Red can easily be worth three to four times more than the same grade in Brown. This is why storage matters so much — original, undamaged surfaces are what collectors pay top dollar for. Never clean your coin, as cleaning destroys natural patina and dramatically reduces value. CoinKnow is a great tool for understanding how color grades work on older copper coins like this one, with detailed visual guides and grading tips built right into the app.
What Makes the 1928-S Wheat Penny Worth More
A few factors can push your 1928-S Wheat Penny’s value well above the averages listed above. First, professional certification from PCGS or NGC adds significant collector confidence and often boosts sale prices. Second, error coins — such as doubled die varieties or off-center strikes — can be worth multiples of a normal example. Third, original skin and full strike quality matter at the top of the grade scale. If Lincoln’s portrait shows sharp, bold detail with no signs of weakness in the hair or beard, that’s a coin worth getting professionally evaluated. For a deeper look at all the factors influencing what your 1928-S and other 1928 Lincoln Wheat Penny varieties are worth, a detailed value breakdown by mint mark can help you compare your coin against the full picture. CoinKnow also lets you log coins from your collection and track their estimated value over time, which is especially handy if you’re sitting on a small hoard of old Wheat Pennies.
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Should You Get Your 1928-S Penny Graded?
If your coin looks like it hasn’t been heavily circulated — meaning Lincoln’s portrait is sharp, the wheat stalks are well-defined, and the coin still has some reddish color — it may be worth the cost of professional grading. PCGS and NGC both charge fees in the range of $20–$50 per coin for basic submissions, so it only makes financial sense if your coin could be worth $75 or more. If you’re unsure, start with CoinKnow or another coin identification tool to get a ballpark grade before spending money on certification. For most circulated 1928-S Wheat Pennies, simply knowing the grade and condition is enough to understand its value without going through the full grading process.
Frequently Asked Questions
Q: How do I know if my penny is a 1928-S?
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A: Look just below the date on the front of the coin. If you see a small “S” mintmark, your coin was made at the San Francisco Mint. A “D” means Denver, and no mintmark means Philadelphia. A magnifying glass or loupe makes this much easier to see.
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Q: Is a 1928-S Wheat Penny rare?
A: It’s not considered rare in circulated grades, but it’s scarcer than the Philadelphia issue from the same year. In higher mint-state grades, especially Red examples, the 1928-S becomes notably harder to find and more valuable to collectors.
Q: Can I sell my 1928-S Wheat Penny online?
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A: Yes. eBay is one of the most popular platforms for selling individual Wheat Pennies. Check completed sales (not just listed prices) to see what buyers are actually paying. For higher-value examples, coin auction houses like Heritage Auctions may get you a better result.
