The following are some factors that can affect the value of a 1934 wheat penny:
Mint mark: There are three different mint marks for the 1934 wheat penny - Philadelphia (no mint mark), Denver (D), and San Francisco (S). The Philadelphia mint is the most common, followed by the Denver and then San Francisco. However, it's important to note that the San Francisco mint has two distinct varieties: Type I and Type II, which can affect the value.
Condition: Like any coin, the condition of a 1934 wheat penny can greatly impact its value. Pennies that have been circulated and show wear and tear will be less valuable than those that are well-preserved or uncirculated.
Variety: There are several known varieties of the 1934 wheat penny, such as the "Steel Wheat Penny," which was an experimental cent produced in 1943, and the 1934-S Type II penny, which has a different design from Type I. These rare varieties can significantly increase the value of a 1934 wheat penny.
History and Significance: The 1934 wheat penny is part of the wheat penny series, which was produced from 1909 to 1956. The wheat penny is considered a classic American coin and it has a rich history. This can also contribute to its value.
Numismatic Value: The numismatic value of a 1934 wheat penny can be influenced by its rarity, condition, and desirability among coin collectors. High-grade examples with unique characteristics or errors can be highly sought after by collectors and fetch a premium.
It's important to note that determining the exact value of a coin requires an evaluation by a professional numismatist or coin grading service.