A 1928-S penny in MS-66 Red condition sold for $45,600 at Heritage Auctions — yet most circulated examples are worth under $2. Knowing which mint mark, grade, and variety you hold is everything. Use the free tools below to find your coin's true value.
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Select your mint mark, condition, and any known errors to estimate your coin's current market value.
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Use the Value Calculator →The 1928-S Large S (FS-501) is the most sought-after Lincoln cent variety of the 1920s. Use this guide to check if your coin has the rare large mint mark — worth 2–3× more than the standard version.
Values below are based on recent PCGS and NGC auction data and certified coin sales. For a complete step-by-step 1928 penny identification walkthrough, see this in-depth 1928 wheat penny reference guide. MS values reflect RD (full red) designation — BN examples are worth significantly less at gem grades.
| Variety | Worn (G–VG) | Circulated (F–XF) | Uncirc. (MS-60–64) | Gem MS (MS-65+) |
|---|---|---|---|---|
| 1928 No Mint Mark (P) | $0.30 – $0.50 | $0.74 – $2.50 | $12 – $100 | $180 – $410+ |
| 1928-D Denver | $0.55 – $1.50 | $1.37 – $10 | $38 – $500 | $590 – $12,600+ |
| 1928-S San Francisco (Small S) | $0.62 – $2 | $1.58 – $17 | $75 – $1,850 | $5,500 – $45,600+ |
| ✦ 1928-S Large S (FS-501) | $27 – $35 | $30 – $60 | $110 – $620 | $1,700 – $9,330+ |
| 1928-S Repunched Mint Mark | $1 – $3 | $10 – $30 | $40 – $100 | $150 – $400+ |
| 1928 BIE Die Crack | $5 – $10 | $10 – $20 | $25 – $60 | $75 – $200+ |
| Off-Center Strike (25%+) | $15 – $25 | $25 – $75 | $75 – $200 | $250 – $500+ |
✦ Highlighted row = 1928-S Large S signature variety. Orange-highlighted row = 1928-S base (rarest regular issue).
🪙 CoinHix is a fast, on-the-go way to identify your coin's mint mark and get a current value estimate from your phone — a coin identifier and value app.
The 1928 Lincoln cent series harbors a handful of genuinely collectible die varieties and mint errors. The 1928-S in particular produced more documented varieties than either Denver or Philadelphia that year. Below, each variety is detailed with diagnostic features, value context, and notable attribution data to help you identify what you're holding.
The 1928-S Large S is the premier Lincoln cent variety of the Roaring Twenties. It occurs when San Francisco Mint employees used an older, larger-style S punch — a style that had been retired decades earlier — instead of the standard refined Small S punch that had been in use since 1917. This same oversized punch style appeared briefly across multiple denominations in 1928, including dimes, quarters, and half dollars.
Visually, the Large S is naked-eye detectable when placed next to a standard Small S coin, and fully confirmable with a 10× loupe. The Large S displays a thicker body, heavier serifs at the upper and lower terminals, and a noticeably wider overall footprint. The Small S by comparison looks lean and refined. Side-by-side comparison is the most reliable method of identification.
Collectors prize the FS-501 for its rarity in Mint State — estimates suggest only 50 to 100 uncirculated examples exist, many still residing in standard holders without variety attribution. The variety is listed as FS-501 in The Cherrypicker's Guide to Rare Die Varieties and carries PCGS designation #37703. Because neither PCGS nor NGC automatically attributes the Large S during standard grading submissions, unattributed examples surface regularly, creating cherrypicking opportunities for knowledgeable buyers.
The Repunched Mint Mark (RPM) error occurs when the mint mark punch strikes the working die more than once at slightly different positions, leaving multiple overlapping impressions in the die steel. On 1928-S pennies, this produces a visible shadow, doubling, or secondary S impression alongside the primary mint mark. The San Francisco Mint produced more documented RPM varieties in 1928 than either Philadelphia or Denver.
Under a 10× loupe, you'll see a secondary S impression — usually positioned slightly north, south, or rotated relative to the primary S. The doubling is often most visible on the upper or lower serif of the S, or as a ghostly "shadow" curving away from one side. Minor RPMs showing only a faint secondary impression carry modest premiums; dramatic examples with clearly separated double impressions command significantly more.
The collectibility of RPM varieties on early Lincoln cents has grown steadily, with copper cents reference guides like CONECA and Coppercoins.com documenting multiple 1928-S RPM positions. Circulated examples with clear RPM features sell for $20–$100, while uncirculated examples in RB or RD color can fetch $150–$400 or more depending on the clarity of the repunching and the overall eye appeal of the coin.
Doubled die errors occur during the die-making process when the working die receives multiple hub impressions that are slightly misaligned — each misalignment is permanently captured in the die steel and transferred to every coin struck from that die. On 1928 wheat pennies, the most documented DDR varieties appear on Denver Mint issues, where doubling is visible in the "E PLURIBUS UNUM" motto and in the parallel lines of the wheat stalks on the reverse.
Under magnification, the doubling on a 1928-D DDR presents as a soft doubling or notching effect on the letters of the motto, particularly on the uprights and serifs of the letters P, L, U, R, I, and B. The inner lines of the wheat stalks may also show a second set of lines running parallel to the primary engraving. This is a class of rotational or pivoted hub doubling, meaning the secondary image appears shifted in one direction around a pivot point.
While not as dramatic as the famous 1955 Doubled Die Obverse, the 1928-D DDR attracts steady collector interest because the Denver Mint produced more documented DDR positions for this date than either San Francisco or Philadelphia. Circulated examples showing moderate doubling sell for $25–$75, while clean uncirculated specimens with bold DDR can reach $150–$300 or more at specialist auctions. Attribution through CONECA or Coppercoins.com listings adds credibility and value.
The BIE error is a die crack variety that takes its name from its visual appearance: a thin, raised vertical line emerges between the letters B and E in the word "LIBERTY" on the obverse, making it read almost like "LIBEIETY." This raised line is formed when a hairline fracture develops in the die steel over the course of its use — as the die cracks, metal flows into the crack during each strike, depositing a thin raised ridge on every coin produced afterward. BIE errors are found across multiple Lincoln cent years, and 1928 examples are among the most commonly attributed.
To confirm a BIE error, use a loupe or 10× magnifier and look at the area between the B and E in LIBERTY on the left side of the coin's obverse. The raised line should be vertical, relatively thin, and clearly standing above the coin's field surface. Because die cracks tend to grow over a die's working life, later-die-state examples exhibit bolder, more dramatic cracks that command higher collector premiums than faint, early-state examples.
BIE varieties are highly collectible among beginning and intermediate Lincoln cent specialists because they are visually easy to identify and affordable. A circulated 1928 BIE error typically trades for $5–$20 depending on the boldness of the crack and the overall grade of the coin. Uncirculated BIE examples are considerably rarer — most BIE die-state coins entered circulation before the crack was obvious — and bring $25–$75 or more in MS condition.
An off-center strike occurs when a planchet (the blank metal disc) is not properly centered between the dies at the moment of striking. Instead of the design landing squarely on the planchet, it is shifted to one side, leaving a blank crescent of copper on the opposite edge. At the Philadelphia, Denver, and San Francisco Mints in 1928, feeding mechanisms occasionally allowed planchets to enter the collar ring off-axis, producing these dramatic errors before quality controls could catch them.
The value of a 1928 off-center strike depends almost entirely on two factors: the percentage of off-centering and whether the date is still fully visible. Minor shifts of 5–10% are common and worth little. Dramatic off-center strikes of 25–50% with the complete date and mint mark still legible are the most desirable, as the date confirms the coin's identity while the large blank field demonstrates the dramatic nature of the error. Strikes that are so far off-center that the date is clipped or missing lose most of their premium.
A 1928 off-center strike at 25% or more with a full visible date typically sells for $25–$75 in circulated condition. Highly dramatic strikes showing 40–50% offset with original luster can reach $150–$500 in uncirculated state. San Francisco off-center 1928-S examples with the S mint mark still visible are particularly coveted, combining the semi-key date status with the dramatic visual impact of the error.
Found one of these errors on your coin? Run it through the calculator to get a real value estimate.
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| Mint | Mint Mark | Mintage | Rarity (Circulated) | Rarity (MS-65+) |
|---|---|---|---|---|
| Philadelphia | None | 134,116,000 | Abundant | Scarce (MS-67+ condition rarity) |
| Denver | D | 31,170,000 | Common | Very Scarce (MS-66 RD condition rarity) |
| San Francisco | S | 17,266,000 | Semi-Key Date | Rare (MS-65+ RD highly elusive) |
| Total All Mints | 182,552,000 | — | ||
Condition is the single biggest driver of 1928 penny value — a one-grade difference at the gem level can mean thousands of dollars. Here's how to assess your coin accurately.
Lincoln's portrait is heavily worn flat — the cheek, jaw, and ear are smooth and merged into each other. The date is readable but may be faint. On the reverse, the wheat stalks are outlined but the internal grain lines are worn away. Most circulated 1928 pennies grade somewhere in this range. Value: $0.30–$2 depending on mint mark.
Major details are still visible. Lincoln's hair shows some separation above the ear, and the jawline is defined. On the reverse, the wheat stalk grain lines are present but worn on the high points. An XF coin retains sharp lettering on both sides with only slight wear on the highest relief areas. The 1928-D is notably difficult to find in true XF due to strike weakness. Value: $0.74–$17 depending on mint mark.
No wear is present on any surface — Lincoln's cheekbone and jaw retain full original contours. Mint luster is present but may be partially interrupted by contact marks in the fields. Color plays a significant role: MS-63 BN (brown) is worth much less than MS-63 RD (full red). Examine under a loupe for hidden marks in the open fields. Value: $12–$1,850 depending on mint mark and color.
Full blazing mint luster with cartwheel effect under rotation. Contact marks are minimal or absent, and any marks present are confined to less visible areas. Full original red color (RD designation) is essential for maximum value. MS-67 and above are condition rarities for all three mints. The 1928 Philadelphia MS-68 RD is the finest known and sold for $22,800 in 2025. Value: $180 to $45,600+ for rare 1928-S examples.
📱 CoinHix helps you match your coin's surface details against graded examples to cross-check your condition assessment before deciding whether to submit for professional grading — a coin identifier and value app.
Your selling venue should match your coin's value tier. A $2 circulated 1928-P sells fine anywhere; a $5,000+ 1928-S gem needs an audience of serious collectors.
The top choice for any 1928-S or high-grade 1928 cent worth $500 or more. Heritage reaches the deepest pool of serious Lincoln cent collectors and consistently achieves record prices. The 1928-S MS-66 RD's $45,600 sale came through Heritage. Minimum consignment values may apply, so contact them for current thresholds before submitting.
eBay is the most active marketplace for 1928 wheat pennies in all grades. Certified PCGS or NGC-slabbed examples sell quickly and reliably. To research realistic prices before listing or buying, check recently sold 1928 wheat penny prices and eBay comps to understand what buyers are actually paying, not just asking prices.
Local dealers offer immediate cash with no shipping risk and no waiting. Expect wholesale offers of 50–70% of retail value for common pieces — dealers need a margin to resell. However, for rare pieces like the 1928-S Large S, a specialist dealer may pay closer to retail. Shop around; prices vary significantly between dealers.
Reddit's coin selling subreddits have grown into an active peer-to-peer marketplace with knowledgeable buyers. Fees are minimal compared to auction houses. Best suited for mid-range certified examples ($50–$500). Build feedback before listing higher-value pieces. Clear photos and an NGC or PCGS slab number inspire buyer confidence.