The 1942 wheat penny is collectible. If it is a wheat penny, and the penny is in poor condition, it may be valued at about 35 cents, as of 2015. If it is in "perfect" condition, it can bring $4.
Wheat pennies are easily identified by the image of wheat on one side of the coin. All pennies, at face value, are worth 1 cent. Wheat pennies are collectible because they are often worth more than face value. A penny in "poor" condition is one that is worn more than would be expected for it's age. On the other hand, a "perfect" one is without a flaw and may even be certified.