1934 is not a rare date for Lincoln cents. Look on the front of the coin to see if there's a small mint mark letter below the date. It may be blank or there may be a D.
Numismedia lists the following approximate retail values as of 05/2010:
No mint mark (Philadelphia):
Very worn condition - $0.12
Moderately worn - $0.26
Slightly worn - $0.40
Almost no wear - $1.60
Uncirculated - $2.88 to $43.75 depending on quality
"D" mint mark (Denver):
Very worn - $0.15
Moderately worn - $0.38
Slightly worn - $0.58
Almost no wear - $7.90
Uncirculated - $11.50 to $137.50
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