Are you building your Lincoln cent collection and are curious about the 1932 penny value? The 1932 penny might not be a key date, but it is worth collecting due to some of its outstanding features. This coin has a relatively low mintage across the entire series and was the last one to be struck with the small mintmark “D.”
Excited to learn more? Our 1932 penny value guide will take you through the coin’s fascinating history, key features, and grading tips. You will also learn how to grade your penny and discover minting errors that could be worth so much more than the penny’s face value.
So, let’s jump in and find out: How much is a 1932 penny worth?
1932 Penny Value Chart |
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| Mint Mark | Good | Fine | Extremely Fine | Uncirculated |
| 1932-No Mint Mark Penny Value | $1.50 | $3 | $8.50 | $75 |
| 1932-D Penny Value | $1.75 | $2.50 | $5 | $130 |
History of the 1932 Penny Value
The 1932 penny is part of the long-running Lincoln cent, commonly known as the Lincoln penny series, which the United States Mint has produced since 1909.
In 1904, President Theodore Roosevelt instructed the Mint to redesign the U.S. coinage, including the gold double eagle, eagle, half eagle, Penny eagle and the cent. At the time, these coins had retained the same design for 25 years and were therefore eligible for a redesign without Congressional approval.
The Mint hired renowned sculptor August Saint-Gaudens to design the coins, essentially replacing the Indian Head cent with the Lincoln cent. However, Saint-Gaudens passed away in 1907 before submitting acceptable designs for the cent.
In 1908, Roosevelt briefly interacted with sculptor Victor David Brenner, after which he instructed the Mint to hire Brenner to design a new cent to honor President Abraham Lincoln for his 100th birth anniversary.
Brenner went to work on a new design for the cent and submitted the initial models by January 1909. The obverse featured Lincoln’s profile but Mint Director, Edward Leach, rejected the reverse design which was based on the obverse design of some French coins. After several revisions, Brenner replaced the reverse design with two wheat stalks, leading to the release of the new Lincoln cent in August 1909
The coin drew a lot of interest from collectors, but one thing that drew a lot criticism was Brenner’s initials, VDB, which he had placed at the base on the reverse. Despite opposition from Brenner himself, the Mint removed his initials from the cent, just twelve days after production began. It wasn’t until 1918 that the Mint restored his initials, this time appearing subtly on the obverse below Lincoln’s shoulder.
In the early years of the Lincoln cent, production was extremely high but mintage began slowing down in the 1920s due to an economic recession. While the 1932 cent is not considered a key-date, its lower mintage, which can be attributed to the economic slowdown, makes it collectible.
The Philadelphia and Denver mints produced the 1932 penny. Coins struck in Denver bear a mintmark “D” on the obverse while those from Philadelphia have no mintmark. In Mint State, these coins can be worth a premium, making them a worthwhile addition to your Lincoln cent collection.
Also read: 13 Most Valuable Wheat Penny Worth Money
Features of the 1932 Penny
By understanding the key features of the 1932 penny, you can easily grade your coin, estimate its value, and identify Wheat pennies worth money.
Obverse of the 1932 Penny
The front of the 1932 penny features President Lincoln’s right-facing portrait. The national motto, IN GOD WE TRUST,” is displayed above his head.
The word LIBERTY appears on the left behind Lincoln’s portrait, while the date, 1932, is displayed on the right. The mint mark “D” appears just below the date for pennies minted in Denver.
Reverse of the 1932 Penny
On the back, two wheat leaves are displayed prominently along the rim on the left and right.
The denomination, ONE CENT, is boldly displayed at the center followed by the words “UNITED STATES OF AMERICA.”
The Latin motto, “E PLURIBUS UNUM” is shown at the top along the rim.
Other Features of the 1932 Penny
Additional features of the 1932 penny include:
- Weight: 3.11 grams
- Diameter: 19.00 millimeters
- Edge: Plain
- Metal composition: 96% Copper, 10% Tin and Zinc
1932 Penny Grading
When grading a 1932 penny, pay close attention to the condition, details, and luster. Here are some tips on grading Wheat pennies to guide you along:
Good (G4-G6)
A coin graded Good has low value but might still be collectible. Such a penny has most of its details worn down, including Lincoln’s portrait on the obverse and the wheat stalks on the reverse. The rims will typically fade into the coin’s surface, blurring out the inscriptions close to the rim.
Fine (F12-F15)
This penny is less worn than one graded Good and is equally collectible and affordable. Major design details such as Lincoln’s portrait are visible including the hairline, ear, and jaw.
On the reverse, the wheat stalks are visible though the lines are weak. The inscription, “IN GOD WE TRUST” on the obverse, “E PLURIBUS UNUM” on the reverse, and the date are also weak but visible.
Extremely Fine (XF40-X49)
Pennies graded Extremely Fine (XF) are more valuable than previous grades, especially the 1932-S examples, which are scarcer. These coins show moderate wear on high-contact points such as Lincoln’s cheek and jawline.
The hair details are lightly flattened but are still visible while the lines on the wheat stalks are sharper and more defined. The areas around the inscriptions may still show some mint luster although the shine will usually be worn out on the high-contact points.
Uncirculated (MS60-MS70)
Red pennies with full original luster can command premium prices. These coins show no signs of wear, except a few contact marks, and have a shiny and reflective surface. The details, including the wheat stalks and Lincon’s hair and beard show crisp, sharp details.
| # | Grade |
|---|---|
| 1 | Basal State-1 |
| 2 | Fair |
| 3 | Very Fair |
| 4, 5, 6 | Good |
| 7, 8, 10 | Very Good |
| 12, 15 | Fine |
| 20, 30 | Very Fine |
| 40 | Extremely Fine |
| 50 | About Uncirculated |
| 60 | Mint State |
| 65 | Mint State |
| 70 | Mint State |
Please check our grading guides to know your coin scale, It’s the necessary step to know the exact value of your coin.
Check out now: How to Grade Lincoln Wheat Penny?
1932 Penny Value Guides
So, how much is a 1932 penny worth? The value depends on factors like the coin’s condition, mintage, rarity and mintmark.
There are two varieties of the 1932 Lincoln cent, each valued differently:
- 1932 No-Mint mark Penny
- 1932-D Penny
Let’s find out how much each is worth.
1932 No-Mint mark Penny
The Philadelphia mint struck 9,062,000 pennies in 1932, the second highest mintage that year. As was the tradition, these coins do not have a mintmark.
Although the Philadelphia mintage was relatively high that year, it was still significantly lower than in previous years; it was actually the lowest mintage of pennies at Philadelphia for the entire series.
Production of Lincoln pennies slowed down in the late 1920s and the trend continued into the early 1930s. So, although 1932 is not considered a key date, these coins are relatively scarce compared to previous years, making them interesting to collectors.
Here’s a breakdown of the value of 1932 no-mintmark pennies:
- Circulated examples: These are common and affordable enough for any collector. Examples graded Good (G) sell for about $1.50 while Extremely Fine (XF) examples can bring in as much as $8.50. At About Uncirculated (AU58), expect about $16.50 for a brown penny.
- Uncirculated examples: Pennies in Mint State are also plentiful, including red ones. Brown examples graded MS60 will fetch up to $19.50 while an MS63 will sell for about $28. Between MS65 and MS67 expect between $35 and $75. Red examples command higher prices with an MS65 fetching as much as $180 while a rare MS67 will bring in up to $8,000.
- Auction record: In January 2025, Heritage Auctions sold a red 1932 penny for a remarkable $13,200.
1932-D Penny
The Denver Mint had the highest mintage of cents in 1932, producing 10,500,000 coins that year. The Mint didn’t release all the coins at once due to the low demand for cents at the time.
When the coins were finally released, most went to collectors who preserved them and only a few were circulated. As such, worn circulated examples are relatively scarce while Mint State pieces are more readily available. That said, even circulated examples are generally well struck and collectible.
The 1932-D cents were the last ones to feature the small “D” mintmark that had been used since 1917. Some late 1932-D pennies show signs of a filled-in mintmark on the obverse, and this is how you can tell if your penny was minted toward the latter end of 1932.
So, how much is a 1932-D worth? Here’s what to expect:
- Circulated examples: These are relatively scarce but accessible to any collector. Examples graded Good (G) will fetch as much as $1.75 while Extremely Fine (XF) cents will sell for up to $5. About Uncirculated (AU58) examples are worth as much as $15.
- Uncirculated examples: Many 1932-D pennies were hoarded, making Mint State examples quite plentiful. At MS60, a brown example will command about $19.50 while an MS63 sells for up to $33. Prices increase at the higher Mint State level with an M65 fetching up to $55 while an MS66 will go for about $130. Red examples will command higher prices with an MS65 fetching up to $325 while and MS67 can sell for as much as $4,500.
- Auction record: In February 2021, Heritage Auctions sold a red MS67+ for a whopping $25,200 making this the most expensive 1932 penny so far.
Also read: 12 Most Valuable Lincoln Penny Worth Money
Rare 1932 Penny Errors List
When collecting 1932 pennies, there are a few notable errors to watch for. These minting errors can increase the value of your coin by a few dollars, making them worth adding to your Lincoln penny collection.
1. 1932 Penny Improper Alloy Mix Lamination Error
If you come across a Lincoln penny with parts of the surface layer peeled, cracked or missing altogether, you might have a lamination error coin. This error occurs due to inconsistent metal composition and mixing during the planchet-making process.
Improper alloy mixing can create weak spots, causing the coin’s clad layer to lift, crack or peel, exposing the inner copper core. Sometimes, large parts of the clad layer might be missing, resulting in a similar lamination error type known as a missing clad layer.
Extensive peeling or cracking of the upper clad layer creates a dramatic appearance, making the coin more valuable. A lamination error can fetch $10-$100 more on the value of your 1932 Lincoln cent.
2. 1932 Penny Struck Through Error
A struck through error occurs when a foreign object, such a piece of metal, strand of hair, a small thread, dust and other debris, are accidentally struck between the die and the planchet.
The object usually falls off, leaving its impression on the coin’s surface. Dramatic impressions of the struck-through object are more valuable.
A struck-through error can increase the value of your Lincoln cent by $20-$50.
3. 1932 Penny Doubled Die Error
Another common error in the 1932 Lincoln cent series that’s worth collecting is the doubled die. This error occurs when the die strikes the planchet at different angles multiple times. This results in an overlap on the inscriptions and design elements, which appear doubled.
Usually, you’d need a magnifying loupe to identify a doubled die error. That said, the stronger or more visible the doubling, the more valuable the error tends to be.
Depending on the coin’s condition, a doubled die error can fetch between $10 and $20.
4. 1932 Penny Die Crack Error
Die crack errors can be worth good money, depending on the size and uniqueness of the crack—larger, odd-looking die cracks are more appealing and will often command a premium.
A die crack error occurs when a crack appears on the die’s surface and gradually fills with small metal pieces as the die is put to use. Eventually, the metal-filled crack leaves its impression on one or more planchets, resulting in a die crack error on either side of the coin.
A 1932 penny with a die crack error can sell for as much as $20-$100 more than the coin’s initial value.
Also read: 11 Most Valuable Wheat Penny Errors
Where to Sell Your 1932 Wheat Penny?
Now that you know the value of your coins, do you know where to sell those coins online easily? Don’t worry, I’ve compiled a list of these sites, including their introduction, pros, and cons.
Check out now: Best Places To Sell Coins Online (Pros & Cons)
FAQs
How much is a 1932 penny worth today?
A 1932 penny is worth between $0.10 and $130. The specific price will depend on the coin’s condition, mintmark, and rarity.
Are 1932 pennies rare?
The 1932 pennies are not necessarily rare—surviving examples are plentiful across all grades, including Mint State. The 1932 no-mintmark pennies struck in Philadelphia had a lower mintage, and may, however, be scarcer than their Denver counterparts.
Are 1932 pennies worth collecting?
The 1932 pennies can be a worthy addition to your collection, especially in Mint State grades, as examples command higher prices.
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