As the United States entered its second year of participation in World War I, there was a significant demand for coinage, particularly the one-cent piece, due to increased economic activity. In 1918, the Philadelphia Mint produced over 288 million Lincoln Cents, setting a new record for the series at the time. These coins were generally well-struck and remain available in circulation more than a century later.
The U.S. Mint’s 1918 Annual Report attributed the rise in coin production to several factors related to the war. Business activity surged as wartime efforts boosted the economy, leading to a higher demand for smaller denominations. The report noted that factors such as increased streetcar fares, taxation on amusement services, and higher consumer spending all contributed to the need for more one-cent pieces.
However, the 1918 Lincoln Cent is also notable for its connection to the ongoing debate over the designer’s initials. In 1909, sculptor Victor David Brenner’s initials (V.D.B.) had initially appeared on the coin’s reverse, but they were removed after complaints about their size and prominence. This led to the creation of the popular 1909 V.D.B. subtypes. Despite this, many numismatists, including Farran Zerbe, President of the American Numismatic Association, and members of the New York Numismatic Club, felt the removal was an injustice to Brenner. In the years that followed, they advocated for the return of his initials, arguing that it was customary to credit designers on coins.
The death of Charles Barber, the Chief Engraver of the U.S. Mint, may have opened the door for the restoration of Brenner’s initials. While Brenner and Mint officials had previously discussed a compromise of simplifying the initials to just a “B,” Barber opposed the idea. Once Barber passed away, the initials “V.D.B.” were officially restored to the 1918 Lincoln Cent, placed near the truncation of Lincoln’s bust on the obverse. It wasn’t until 1922 that numismatist Farran Zerbe first noticed the return of Brenner’s initials.
Value of the 1918 Lincoln Cent
The massive mintage of the 1918 Lincoln Cent means that many coins remain in circulation, and those with significant wear can be purchased for a dollar or less. However, higher-grade examples are much more valuable. Lower Mint State coins, such as those in Brown and Red-Brown grades, can be found for under $50. Fully Red examples in lower to mid-Mint State grades are priced between $50 and $500, but coins in the higher Mint State grades can fetch significantly higher prices. For example, coins in MS66 or MS66+ can easily exceed $1,000. A PCGS-certified MS68 example holds the record price for this coin, having sold for $55,200 in April 2022.
Though many 1918 Lincoln Cents show some die wear, strike quality is generally good. The coins may show signs of carbon spots, which are more common in this year’s issue than others, as noted by numismatist David Lange.
Market Overview and Notable Specimens
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The 1918 Lincoln Cent is scarcer in high grades compared to other years such as 1916, 1917, and 1919, though it is more common than its 1918-D and 1918-S counterparts, which are rarer. As of December 2024, the population of MS68 Red coins from PCGS stands at three, while NGC has recorded just four MS67 Red examples. In addition, coins with a Certified Acceptance Corporation (CAC) sticker tend to command a premium. Examples of MS68 Red coins have been known to sell for upwards of $78,000 at auction.
Design Details
The 1918 Lincoln Cent’s obverse features a right-facing bust of President Abraham Lincoln, with the year 1918 to the right, and the motto “IN GOD WE TRUST” above. The word “LIBERTY” is inscribed to the left of Lincoln. On the reverse, Brenner’s distinctive “Wheat Cent” design features two sheaves of wheat framing the coin, with the inscription “E · PLURIBUS · UNUM” wrapping around the top and “ONE CENT” boldly displayed in the center, along with the words “UNITED STATES OF AMERICA” beneath. The edge of the coin is plain.
Coin Specifications
- Country: United States of America
- Year: 1918
- Denomination: One Cent
- Mintmark: None (Philadelphia)
- Mintage: 288,104,634
- Alloy: 95% copper, 5% tin and zinc
- Weight: 3.11 grams
- Diameter: 19.00 mm
- Edge: Plain
- Designers: Victor David Brenner (both obverse and reverse)
The 1918 Lincoln Cent remains a significant and collectible coin, representing both a moment in U.S. history and a lasting tribute to its designer, Victor David Brenner.