The value of a 1903 wheat penny depends on its condition and variety. In general, a 1903 wheat penny in good condition is worth between $0.50 and $1. However, some varieties of the 1903 wheat penny are much rarer and can be worth significantly more. For example, the 1903-S wheat penny is a key date and is worth around $100 in good condition. The 1903-O wheat penny is also a rare variety and is worth around $50 in good condition.