I have a Lincoln penny with wheat on the back. Is it valuable?

What you have is a "Wheatie". The wheat design was the one used just prior to the current design (the Lincoln memorial). This design was used for about 50 years, so there are plenty of coins still in circulation. Since there are still so many floating around, only coins in excellent condition or of a rare date and mintmark will be worth anything. Average wheaties are worth only about 2.5 cents each. However, trying to collect the entire series is a fun challenge and a good way to get started in coin collecting.