This post may contain affiliate links. If you purchase through these links, we may earn a small commission at no additional cost to yourself.
Did you know that some 1994 pennies are worth much more than face value?
In fact, one rare 1994 penny sold for nearly $2,000!
So, what’s the difference between a 1994 Lincoln cent that’s worth only a penny and others that sell for way more than their face value?
Here’s what you should be looking for on your 1994 pennies…
1994 No Mintmark Penny Value
Search through your pocket change or coin jar long enough and you’re bound to find many 1994 pennies floating around. That’s because they’re so common.
Any 1994 pennies you find without a little letter (mintmark) under the date means that they were struck at the Philadelphia Mint — which made 6,500,850,000 pennies that year. So, if you find a 1994 penny with no mintmark, that’s totally normal, and there are plenty out there around.
Since these coins are incredibly common, there is no extra value to them if they’re in circulated (worn) condition. They are worth only face value and are totally safe to spend as regular money.
Are there any 1994 pennies without a mintmark that are worth saving?…
Any 1994 no mintmark pennies that have no wear and are essentially in brand new (uncirculated) condition — like they were just minted yesterday — are worth more:
- A typical 1994 no mintmark penny with no wear that has never been used as money is worth around 10 to 30 cents.
- One of the most valuable 1994 no mintmark pennies ever sold was graded MS68RD by Professional Coin Grading Service and fetched $646 in August 2013.
1994-D Penny Value
The 1994 penny from the Denver Mint is distinctive from the 1994 pennies struck in Philly.
The answer is right under Abraham Lincoln’s nose… Sort of. A little “D” mintmark appears under the date of all 1994-D pennies, which were struck to the tune of 7,131,765,000 pieces.
As you’d imagine, given their mintage of more than 7.1 billion pieces, the 1994-D penny is very common.
Generally, 1994-D pennies are worth only face value in worn condition, but they fetch significantly more than that in uncirculated condition:
- A typical 1994-D penny that has never been used as money is usually worth 10 to 30 cents.
- The most valuable 1994-D penny ever to trade hands was graded MS68RD by Professional Coin Grading Service and sold for $633 in a 2010 auction.
1994-S Proof Penny Value
The United States Mint strikes special versions of everyday coins — these are made specifically for coin collectors. They’re known as proof coins.
They are high-quality examples of the coins we use in commerce. They’re made using highly polished blanks that are struck twice by specially prepared dies on high-tonnage presses. This method of manufacture creates a truly gorgeous coin that has reflective surfaces, frosty designs, and exhibits terrific detail.
In 1994, the U.S. Mint in San Francisco produced 3,269,923 examples of the 1994 penny with an “S” mintmark and included these in proof sets.
While the 1994-S proof pennies are much less common than the 1994 no mintmark pennies and the 1994-D pennies, there are still enough coins out there to satisfy collector demand.
Because all 1994-S pennies were sold in proof sets and not distributed to in circulation, you’re not likely to find any of them in your pocket change. However, a few proof coins do get broken out of their packaging and spent as if regular money from time to time.
- You can buy 1994-S proof pennies from a coin dealer for an average of $3 to $5 apiece.
- The all-time record price for the most valuable 1994-S proof penny goes to one that was graded PR70DCAM by Professional Coin Grading Service and sold for $1,955 in 2002.
Rare 1994 Error Pennies To Look For
Many 1994 pennies were made with mistakes. Some of these 1994 penny errors are worth big money, too!
Do you have any 1994 pennies with errors and varieties? If so, what is their value?
Here are some of the 1994 penny errors that are worth looking for and their values…
1994 Doubled Die Penny
Lots of folks know about doubled die pennies. They often garner so much attention because they’re worth so much money.
Unfortunately, most 1994 doubled die pennies show rather obscure doubling and don’t attract a whole bunch of collector following.
A few types of 1994 doubled die pennies are floating around out there — with doubling evident in Lincoln’s eyes, his tie, and some of the lettering and other details on either side of the coin.
Doubled dies range in value — depending on the magnitude of the doubling, the condition of the coin, and the desirability of the specific doubled die variety.
- A minor 1994 doubled die penny error value ranges from $20 to $50.
1994 Off-Center Penny
Off-center coins are pretty weird-looking errors — with part of the design missing from both sides of the coin.
This error involves a crescent-shaped portion of the design absent from the struck coin. The unstruck portions of the design may range anywhere from 1% to 99%, though pieces that are 1% to 3% off center are rather common.
- A 1994 penny that is 5% to 10% off center may be worth $5 to $15.
- The most valuable type of 1994 off-center penny is missing about half of its design and shows a complete date and, if applicable, mintmark. Such pieces are worth between $50 and $100.
1994 BIE Penny
There’s a kind of die flaw known as a die break.
Die breaks occur when the die, which impresses a design into the struck coin at the mint, begins cracking. These cracks take the form of a raised lines on the finished coins. Die cracks can create some very valuable errors — particularly when they are large, drastic die cracks.
There is a kind of die break that’s unique to Lincoln pennies — known as BIE errors.
A BIE error occurs when a small, vertical die crack takes the form of a blobby capital letter “I” between the “B” and “E” of “LIBERTY” to the left of Lincoln.
- A 1994 BIE penny error can be worth $5 to $15 — depending on the size, placement, and orientation of the die crack.
I’m the Coin Editor here at TheFunTimesGuide. My love for coins began when I was 11 years old. I primarily collect and study U.S. coins produced during the 20th century. I’m a member of the American Numismatic Association (ANA) and the Numismatic Literary Guild (NLG) and have won multiple awards from the NLG for my work as a coin journalist. I’m also the editor at the Florida United Numismatists Club (FUN Topics magazine), and author of Images of America: The United States Mint in Philadelphia (a book that explores the colorful history of the Philadelphia Mint). I’ve contributed hundreds of articles for various coin publications including COINage, The Numismatist, Numismatic News, Coin Dealer Newsletter, Coin Values, and CoinWeek. I’ve authored nearly 1,000 articles here at The Fun Times Guide to Coins (many of them with over 50K shares), and I welcome your coin questions in the comments below!