1. Rarity: The 1918 penny is a common date and is not particularly rare. However, certain varieties, such as those with errors or mint marks, can be more valuable.
2. Condition: The condition of a coin is crucial in determining its value. Pennies that are well-preserved and free from damage, such as scratches, dents, or wear, will generally be more valuable.
3. Mint Mark: Pennies minted in different locations may have different mint marks, such as "D" for Denver or "S" for San Francisco. Certain mint marks can add value to a coin, especially if they are scarce.
4. Errors and Varieties: Errors or unusual variations in a coin's design can make it more valuable. These can include misaligned dies, die cracks, or double strikes.
Based on these factors, the value of a 1918 penny can range from a few cents to a few dollars. However, some rare varieties and well-preserved examples can sell for significantly more. It's recommended to consult with a coin expert or check specialized coin price guides for an accurate estimate of the value of your specific 1918 penny.