The value of a U.S. 1942 penny ranges from 35 cents to $4.00, according to CoinTrackers. The value is based on the condition of the coin.
A penny from this year in poor or heavily used condition would be worth about $0.35, but if the coin is in near-mint or perfect condition, the value is as high as $4.00 — the price can be anywhere between these figures, depending on the coin's condition. The coin is called a wheat penny due to the design on its back. The front features a profile of Abraham Lincoln; 657,796,000 of these pennies were produced in 1942.