1928 Wheat Penny Value: Price Chart by Grade & Mint

In 1928 the U.S. Mint struck about 182.6 million Lincoln cents for circulation: Philadelphia 134.1 million, Denver 31.2 million, San Francisco 17.3 million. That is 2% fewer than 1927. Among the 117 years from 1909 to 2025, 1928 ranks number 103 by total mintage (1 = most coins made), so it is one of the lower-mintage dates of the series. The scarcest 1928 issue by mintage is San Francisco (17,266,000); the most common is Philadelphia (134,116,000). Within the 1920s, 1928 ranks 6 of 10 years for mintage; the decade's high was 1920 (405.7 million) and its low was 1922 (7.2 million). Mint by mint: Philadelphia fell 7% from 1927; Denver rose 15% from 1927; San Francisco rose 21% from 1927.

The mint mark, if any, sits under the date on the front of the coin. A 1928 cent with no mint mark was struck at Philadelphia and is the normal, common form for that mint. The letters you can find on 1928 circulation cents are D (Denver) and S (San Francisco).

• From 1918 onward the initials V.D.B. sit in tiny letters on the truncation of Lincoln's shoulder on the obverse. They are normal and do not add value; they are simply a way to confirm the coin's era.
• Wheat cents were struck in bronze (3.11 g) except for 1943. Genuine coins show a plain edge and a slightly lighter, more reddish colour than modern zinc cents when uncirculated; a brown, evenly worn coin is the normal state for this era and is not damage.
• True die doubling is rounded and separated; flat, shelf-like doubling is machine doubling and adds nothing. The mint marks guide has side-by-side examples.

PCGS Price Guide values for 1928 cents (updated September 24, 2026, U.S. dollars, for coins certified by PCGS):

• 1928: $1–$3 in circulated grades (G4 to XF40); $55 in MS63 RD and $200 in MS65 RD.
• 1928-D: $1–$14 in circulated grades (G4 to XF40); $175 in MS63 RD and $1,500 in MS65 RD.
• 1928-S: $1–$20 in circulated grades (G4 to XF40); $700 in MS63 RD and $8,500 in MS65 RD.

San Francisco is the lowest-mintage 1928 issue (17,266,000 struck), so it is the mint collectors check first. Guide prices assume a certified coin; an uncertified, worn 1928 cent usually sells for less than the lowest figure above, often a few cents in bulk wheat-cent lots. RD means full original red copper, RB red-brown, BN brown; the color grade can multiply the price. How grade and variety turn into a number is explained in what makes a coin valuable.