The 1911 Penny was the first penny that was minted by the Denver Mint. This set of pennies has a bit more value than the unlucky 1910 penny but less value than the 1909 penny.
The 1911 Penny that was minted at Philadelphia is worth the least of the 3 varieties. There were 101,176,054 of these pennies minted and the value reflects the availability of them. The 1911 wheat penny is worth about 2.00 if it is in decent condition. If the penny is in uncirculated condition the price will go up.
The 1911-D Penny was minted in Denver. There were 12,672,000 of pennies minted there that year. The 1911-D Wheat Penny is worth between $5.00 and $20.00 depending on the condition. This is what you could expect from an "ok" penny but if it is in uncirculated condition you could ask for more.
The 1911-S Penny was minted in San Francisco and there were 4,026,000 minted. They range on average from $20.00 to $50.00 for normal coins that have been in circulation for 100 years. As with the others if the condition of the coin is uncirculated the price would be greater.
The 1911 series is a great starter coin to begin collecting. It is not too expensive to buy for a collector even if that collector happens to be a child. Other pennies include the 1909 penny which is for serious collectors and the 1910 penny which is another good starter penny.
I haven't heard much about many errors being found in the 1911 cents. It is always possible that some exist that haven't yet been found so keep an eye out for unusual mint markings and errors. Pennies are favorites for people to deface so don't assume if you find something a little strange about you penny that it was a "natural" error rather than one that was done for fun.
It is still possible to receive these wheat pennies as change for retail purchases so don't let any 1911 pennies slip away without taking a peek at the date.