Can’t Afford the 1922 No-D? The Best Budget Alternatives for Collecting 1922-D Lincoln Cent Varieties

Not everyone has thousands of dollars to drop on a single piece of metal. If you’ve been eyeing the legendary 1922 No-D but the price tags make your wallet wince, pull up a chair. I’ve spent years studying, grading, and collecting these coins, and I can tell you firsthand: some of the most rewarding pieces in the entire Wheat cent series won’t cost you a fortune.

If you’ve spent any time in the Lincoln cent collecting world, you already know the story. The 1922 No-D — the so-called “Plain” cent — is one of the most sought-after varieties in the entire Wheat cent series. Die Pair #2, the true “No D” with a strong reverse, can command five- and even six-figure prices in top grades. Even the more common weak-D varieties from Die Pairs #1, #3, and #4 can stretch a collector’s budget thin, especially when you’re chasing certified examples with CAC stickers.

But here’s the good news: you do not need to spend a fortune to build a meaningful, historically rich 1922-D collection. The 1922-D Lincoln cent — with or without a visible mint mark — offers a staggering range of die varieties, die states, and affordable entry points that most collectors completely overlook. In this guide, I’ll walk you through the best budget alternatives, the semi-key varieties that fly under the radar, and the strategies I use to collect this iconic date without breaking the bank.

Why the 1922-D Lincoln Cent Deserves Your Attention

The 1922 Denver Mint cent occupies a unique place in American numismatics. It is the only year in the Lincoln Wheat cent series (1909–1958) where the Denver Mint was the sole producer of cents. Philadelphia and San Francisco both experienced mint mark die issues that year, resulting in no cents bearing the “P” or “S” mint marks. Every single 1922 cent is a Denver product — but the story doesn’t end there.

Due to overpolished dies, worn mint mark punches, and the chaotic production environment at the Denver Mint in 1922, a remarkable spectrum of mint mark visibility exists. Some coins show a bold, clear “D.” Others show a ghostly whisper of the mint mark. And some appear to have no mint mark at all — the famous “No-D” varieties that have captivated collectors for generations.

What makes this date so exciting for budget collectors is that the variety landscape is far more complex than most people realize. It’s not just “weak D” versus “no D.” There are at least seven recognized die pairings, each with its own characteristics, rarity levels, and price points. Within each die pair, multiple die states — early, middle, and late — create even more collectible sub-varieties. The depth here is extraordinary, and most of it is surprisingly affordable.

The Seven Die Pairs: A Quick Reference

Before we dive into budget alternatives, let’s establish the framework. Based on the research of experts like CaptHenway — who has done extensive work cataloging these varieties and is reportedly preparing a comprehensive book on the subject — all 1922 weak-D and No-D coins fall into one of seven categories:

1. Die Pair #1 Weak D — Weak reverse, faint mint mark
2. Die Pair #1 No D — Weak reverse, no visible mint mark
3. Die Pair #2 No D — Strong reverse, no visible mint mark (the famous “1922 Plain”)
4. Die Pair #3 Weak D — Weak reverse, faint mint mark
5. Die Pair #3 No D — Weak reverse, no visible mint mark
6. Die Pair #4 Weak D — Weak reverse, faint mint mark
7. Die Pair #4 No D — Weak reverse, no visible mint mark (the most controversial and unconfirmed in high grade)

Understanding these die pairs is essential because your collecting strategy and budget will depend entirely on which die pairs and die states you target. Let me break down the most affordable and rewarding approaches I’ve found.

Budget Alternative #1: Semi-Key Die Pairs in Circulated Grades

The single best budget strategy I can recommend is to focus on Die Pairs #1, #3, and #4 in circulated grades — specifically the Weak D varieties. These are the semi-key dates of the 1922-D world. They’re significantly more affordable than the legendary Die Pair #2 “No D” (the Plain), but they’re still genuinely scarce, historically important, and visually interesting coins with real numismatic value.

What to Look For

When I’m hunting for semi-key die pairs at coin shows or in online listings, here’s my checklist for identifying the more desirable Weak D varieties:

• Weak or missing mint mark: The “D” under the date should be faint, partial, or absent. Use a 5x–10x loupe and examine the area just below and to the right of the date.
• Weak reverse details: On Die Pairs #1, #3, and #4, the reverse lettering — particularly “IN GOD WE TRUST” and “ONE CENT” — will appear softer and less defined than on a normal 1922-D. The wheat stalks may also show less detail.
• Obverse die markers: Each die pair has distinctive obverse characteristics. For example, on Die Pair #3, the L in LIBERTY is often pressed against the rim, and the second “2” in the date appears weaker than the first. The word “LIBERTY” may also show weakness on one side.
• Reverse die markers: Look for the position and strength of lettering. On Die Pair #3, “TRUST” is weaker but still stronger than “IN GOD WE.” The lower left of the “O” in “ONE” may show spreading into the field — a telltale Die Pair #3 characteristic.

Price Expectations

In my experience, a Die Pair #1 or Die Pair #3 Weak D in VG–XF condition can typically be acquired for $15–$75, depending on eye appeal and whether the variety is clearly identifiable. Compare that to a certified Die Pair #2 No D (Plain) in similar grades, which can easily run $500–$5,000+. The value proposition is extraordinary.

Even a Die Pair #3 No D in Fine condition — which is a genuinely scarce variety — can sometimes be found for under $100 if you’re patient and know what to look for. I’ve picked up examples from roll searches and estate lots for a fraction of their catalog value simply because the seller didn’t recognize the variety. That’s the thrill of this hobby.

Budget Alternative #2: Better Condition Common-Date 1922-D Cents

Here’s a strategy that many collectors overlook: instead of chasing rare varieties in poor condition, focus on acquiring the finest examples of common-date 1922-D cents you can afford. A beautifully struck, full-red or red-brown 1922-D in MS-63 or MS-64 is a genuinely impressive coin that will always have a strong collector base behind it.

Why Common-Date High-Grade Makes Sense

The 1922-D is one of the most common Wheat cents in existence in lower grades — millions were minted. But in mint condition, especially in red (RD) or red-brown (RB), the supply drops dramatically. Most 1922-D cents were heavily circulated, and surviving examples with original mint luster are genuinely scarce.

Consider these numbers shared by collectors in the community: at the MS-65RD and MS-65+RD level, only 154 examples have been graded across both PCGS and NGC combined — for ALL versions of the 1922-D. Of those, a mere 12 have earned CAC stickers. At MS-66RB, there are only 7 examples known (5 by PCGS, 2 by NGC), and just 2 have CAC approval. These are tiny populations for a coin that most people think of as “common.”

Smart Buying Targets

For budget collectors, here are my recommended targets in the common-date 1922-D category:

• MS-63 RB (Red-Brown): Typically $30–$75. These coins show strong luster with 50–75% original red color. They’re attractive, affordable, and represent excellent value.
• MS-64 RB: Typically $75–$200. A noticeable step up in eye appeal. Coins at this level often have 75–90% red color and minimal marks.
• MS-63 BN (Brown): As low as $15–$30. If you don’t care about color, brown examples in mint condition are incredibly cheap for the grade and still make handsome display pieces with appealing patina.
• AU-55 to AU-58 Weak D: $10–$40 for a clearly identified weak-D variety in About Uncirculated condition. These are the “sweet spot” for variety collectors on a budget — enough detail to clearly see the die characteristics, but at a fraction of mint condition prices.

In my experience grading and evaluating these coins, I’ve found that many 1922-D cents are undergraded, especially when they come from older holders or have been cracked out and resubmitted. One collector in the forum thread noted that their coin — originally certified MS-63RB — was clearly undergraded in their opinion, with an exceptionally detailed obverse. Lincoln’s beard was fully defined, which is rare on this date. If you develop a good eye for quality, you can find coins that deserve a bump in grade, and that’s where the real value lies.

Budget Alternative #3: Affordable Die States and Die Cracks

This is where the 1922-D gets really fun for the budget collector. Within each die pair, the dies went through a life cycle — they started fresh, developed wear, and eventually cracked. These die states create sub-varieties that are fascinating to collect and often available at very reasonable prices.

The Three-Die-Crack Reverse

One of the most visually striking and collectible die states for the 1922-D is the reverse with three die cracks. These cracks appear at approximately the 9 o’clock, 11 o’clock, and 2 o’clock positions on the reverse. Coins showing all three cracks are in a late die state — the reverse die was near the end of its life when these were struck.

But here’s the budget opportunity: early die states of the same cracked die, showing only one or two cracks, are significantly more affordable than the full three-crack version. As one expert noted in the forum discussion, the earliest die state after cracks begin appearing does not yet have the crack on the left wheat stalk. Roughly 15% of cracked pieces show this earlier state. Neither die state is rare, but the two-crack version is often overlooked and undervalued.

Single Die Crack Varieties

There are also known single die crack varieties that are highly collectible and budget-friendly:

• Die crack through the right wheat stalk at approximately 4 o’clock: A single, clear die crack running through the right-side wheat stalk. These are distinctive and easy to identify.
• Die crack from the left bottom wheat stalk to the “O” in “OF” at approximately 7:30: Another well-documented single crack variety. The crack extends from the base of the left wheat stalk toward the letter O in “OF” on the reverse.
• Die crack through the “O” in “OF”: A crack that passes directly through the letter O on the reverse. This is a known variety that can be found in circulated grades for modest prices.

I’ve examined many of these die-crack varieties over the years, and I can tell you that they add tremendous visual interest to a collection at very low cost. A circulated 1922-D with a clear die crack can often be found for $5–$20 — sometimes less if the seller hasn’t noticed the crack. Learning to identify these die states is one of the most rewarding skills a budget collector can develop.

Budget Alternative #4: The Controversial Die Pair #4

For the adventurous budget collector, Die Pair #4 represents one of the most intriguing frontiers in 1922-D collecting. As CaptHenway has noted, he has not yet been able to confirm that a Die Pair #4 exists in a high enough condition to be absolutely certain it was struck without a D. Various pieces have been certified as Die Pair #4 over the years — ANACS appears to be the primary grader certifying this variety — but the debate continues.

What this means for budget collectors is that Die Pair #4 Weak D coins can sometimes be acquired at a discount because of the uncertainty surrounding the variety. If you’re willing to do your own research and form your own opinions, you can find coins that may be under-identified or misattributed in the marketplace. The provenance and attribution history of these pieces adds another layer of intrigue to their collectibility.

I would recommend studying the known Die Pair #4 markers carefully and comparing them against any candidate coins before purchasing. The potential reward — owning a genuinely rare and controversial variety — is well worth the effort.

Collecting Strategies on a Budget: My Top Tips

After years of collecting 1922-D cents on a budget, here are the strategies that have served me best:

1. Buy the Best You Can Afford — But Be Smart About Grade

A beautifully struck VF-20 Weak D will always be more desirable and valuable than a bland, poorly struck MS-63 common-date 1922-D. Strike quality matters enormously on this date. Look for coins with strong obverse details — especially Lincoln’s beard and the wheat stalks on the reverse. As one collector noted, a well-struck 1922-D with a fully detailed beard is genuinely rare and desirable. Eye appeal should always guide your hand.

2. Learn to Identify Die Pairs Raw

You don’t need to pay for certification to collect 1922-D varieties. With a good loupe, a reference guide (the Lincoln Cent Resource website at lincolncentresource.com is excellent), and some practice, you can identify die pairs and die states on raw coins. This opens up a world of affordable material — estate sales, coin show bargain bins, and online auctions where sellers haven’t recognized the variety.

3. Search Rolls and Collections

Several forum participants mentioned finding 1922-D cents in rolls and inherited collections. While finding a true No-D in a roll is extraordinarily unlikely, Weak D varieties and die-crack examples do surface in circulation and old collections. Buying a roll or bag of 1922-D cents (they’re common enough to still be available) and carefully examining each one is a legitimate and fun strategy.

4. Focus on Eye Appeal Over Technical Grade

Two coins can carry the same technical grade and have wildly different market values based on eye appeal. A 63RB with vibrant color, strong luster, and a sharp strike will always command a premium over a dull, lackluster example at the same grade. When I’m buying, I’d rather have one outstanding coin than three mediocre ones.

5. Consider CAC When the Price Is Right

CAC stickers add significant value to 1922-D cents, especially in the higher mint condition grades. But here’s a tip: look for coins that are “CAC-worthy” but haven’t been submitted yet. If you can identify a coin with exceptional eye appeal and submit it to CAC yourself, the potential upside is substantial. As the data shows, only 12 out of 154 MS-65RD/+RD examples have CAC stickers — meaning there are many quality coins out there that simply haven’t been submitted.

6. Network with Other Collectors

The 1922-D collecting community is active and generous with knowledge. Forum threads like the one that inspired this article are goldmines of information. Collectors like CaptHenway, who have dedicated years to researching these varieties, are invaluable resources. Don’t be afraid to ask questions, share your coins, and learn from others. The relationships you build in this hobby will pay dividends for years to come.

What to Avoid: Common Pitfalls for Budget Collectors

Not every 1922-D cent is a good buy, even at a low price. Here are the pitfalls I’ve learned to watch out for:

• Post-mint damage (PMD) mistaken for die cracks: A genuine die crack will appear as a raised line on the coin, often with a slight “wire” effect. PMD — scratches, dents, or gouges — will appear as depressed marks. Always examine potential die cracks under magnification before purchasing.
• Counterfeit No-D coins: Because the 1922 No-D is so valuable, counterfeits exist. Some are made by removing the D from a common 1922-D. Under magnification, you can often see tooling marks or disturbed metal around the mint mark area. If a “No-D” deal seems too good to be true, it probably is.
• Coins in damaged encasements: Several collectors discussed “lucky piece” holders and encasements that can leave marks or waviness on a coin’s surface. One collector’s coin appeared to have a wavy reverse — a characteristic they initially attributed to Die Pair #3 — but it was actually damage from an encasement. Always check for environmental damage before attributing features to die variety.
• Overpaying for common die states: Not every die crack or weak-D coin is rare. The three-crack reverse, while visually impressive, is not particularly rare. Neither are the single die-crack varieties. Set realistic price expectations and don’t let excitement override good judgment.

The Historical Significance of the 1922-D

Beyond the collecting strategies and price points, I want to take a moment to appreciate why the 1922-D Lincoln cent matters from a historical perspective. This coin was struck during a fascinating period in American history — the early 1920s, as the nation recovered from World War I and entered the economic boom that would define the decade.

The Denver Mint in 1922 was operating at high capacity, producing cents for a growing economy. The die issues that created the weak-D and No-D varieties were a byproduct of this intense production pressure — dies were overpolished, mint mark punches wore out, and quality control was stretched thin. Every 1922-D cent, whether it shows a bold D or no D at all, is a tangible artifact of this moment in American industrial history.

The fact that this is the only year where Denver was the sole producer of Lincoln cents makes it a unique chapter in the series. For historians and collectors alike, the 1922-D represents a convergence of economic history, minting technology, and the kind of happy accidents that make coin collecting endlessly fascinating.

Building a Complete Budget Collection: A Sample Set

To give you a concrete goal to work toward, here’s a sample budget collection of 1922-D varieties that I believe can be assembled for under $500 total:

1. Common 1922-D, MS-63 BN: $20 — Your baseline example with a strong D mint mark.
2. Common 1922-D, MS-63 RB: $50 — A nicer example with original color.
3. Die Pair #1 Weak D, VF-30: $25 — The most affordable weak-D variety.
4. Die Pair #3 Weak D, Fine-15: $20 — Identifiable by the L against the rim and weak second 2.
5. Die Pair #3 Weak D, XF-40: $40 — A nicer example of the same variety for comparison.
6. Die Pair #3 No D, VG-10: $60 — The no-mint-mark version of Die Pair #3.
7. Two-crack reverse die state, Fine-15: $15 — An early die state with only two of the three cracks.
8. Three-crack reverse die state, VG-10: $20 — The full late die state with all three cracks.
9. Single die crack (right wheat stalk), VF-20: $10 — A distinctive single-crack variety.
10. Single die crack (through O in OF), VG-10: $10 — Another single-crack variety for comparison.
11. Die Pair #4 Weak D (if identifiable), Fine-15: $30 — The controversial variety.
12. Common 1922-D, AU-55 (strong strike, detailed beard): $25 — A premium example for eye appeal.

Estimated total: $325 — leaving room in the budget for a few upgrades or unexpected finds. This set would give you a comprehensive overview of the 1922-D variety landscape, from common dates to semi-key varieties to die states, all at a very accessible price point.

Conclusion: The 1922-D Is the Ultimate Budget Collector’s Coin

The 1922-D Lincoln cent is, in my opinion, one of the best values in all of American numismatics. No other common-date coin offers this depth of variety, this range of price points, or this level of historical interest. Whether you’re a beginner looking for your first variety collection or an experienced collector seeking affordable additions to an advanced set, the 1922-D has something for you.

The key is to educate yourself, develop your eye, and be patient. Learn the die pairs. Study the die states. Understand what makes one coin more desirable than another. And most importantly, enjoy the process. The thrill of finding a Weak D in a roll of common cents, or identifying a die-crack variety that the seller overlooked, is one of the purest joys in this hobby.

As the community continues to grow and new research — including CaptHenway’s forthcoming book — sheds additional light on these fascinating varieties, the 1922-D will only become more interesting and more collectible. Start your collection today. You don’t need thousands of dollars. You just need curiosity, a good loupe, and an appreciation for one of the most remarkable stories in American coinage.

Related Resources

You might also find these related articles helpful:

• The Engraver’s Story Behind the 1922-D Lincoln Cent: Chief Engravers, Mint Politics, and the Die Varieties That Captivate Collectors – I’ve spent decades studying the 1922-D Lincoln cent, and in that time I’ve come to see it as far more than just another …
• The Hidden History Behind a 1794 Copper: How a Mysterious Coin Reveals the World of Piedmont-Sardinia – Every relic tells a story — and some of the best ones start with a mystery. When a fellow collector recently posted imag…
• Building a Type Set with the 1922-D Lincoln Cent: A Collector’s Guide to Die Varieties, Strike Quality, and Budget-Smart Strategies – Building a type set is, for my money, the most rewarding way to experience American coinage. It’s a journey throug…