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The Toned Wheat Cent Market

Writer's picture: Ethan OpdahlEthan Opdahl

Updated: Jun 9, 2023

Why is it that a common date uncirculated Lincoln Wheat Cent sells for around $1, but a gorgeously toned one of the same date can sell for $1,000+? Why do some dealers charge astronomical prices for toned wheats when others don't charge any premium?

Currently, there are numerous collectors that are solely focused on acquiring toned wheat cents. This increased demand has severely driven up the price. Before, there were only a few buyers in the market, so the price was kept down. Incredible collections like the Coyote Ugly Collection have increased the series' popularity in the hobby, but there are several other factors that may be at play. Is there a certain nostalgia with the Lincoln Cent because they have been in circulation throughout the lives of all current collectors? Is it the aesthetic design that draws in so many hobbyists? Is it the relative rarity of toned copper? Who knows. In my opinion, it is the incredible eye appeal of toned wheat cents as well as their affordable pricing. Luckily, one is able to build an gorgeous set on a reasonable budget.

Now, why is there such a variance in the dealer pricing of these coins? My guess is this. When most dealers started, there was no market for toned cents. Back in the 1980s and 1990s, when PCGS and NGC first started, they had what are referred to as OG holders. You don't see common date toned Lincolns in those holders for a reason. Why? They didn't carry a huge premium back then. Today, however, they are incredibly popular. Some dealers haven't picked up on this increase in value, so they don't charge a premium. Other dealers, who understand the new market for toned Lincolns, charge significant premiums.

Here is an example of an auction realized price for a toned and untoned Lincoln Wheat Cent of the same date and grade:

1945-P (MS-65)

Toned Price: $605

Untoned Price: $6

*The toned example sold for 100 times as much!



The market for toned Lincoln Cents is very strong right now, and, in my opinion, it will continue to grow. If you are looking for a new collection to build right now, toned Lincoln Cents might be a good idea.

-Ethan Opdahl

CEO Maryland Coins

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