In celebration of the anniversary, Santa Monica's Pacific Wheel is offering a limited number of free rides if you register online.
The complimentary rides will be given to the first 1,893 guests that RSVP and riders will receive a commemorative pressed penny as a gift.
Thursday's celebration will also pay tribute to products such as the Penny Press and Wrigley's Gum, which along with the original Ferris wheel, debuted at Chicago's World Fair on June 21, 1893.
The original Ferris wheel was designed and constructed by George Washington Gale Ferris Jr., whose family members will make special appearances during the event.
The event is part of a joint celebration with Chicago's Centennial Wheel at Navy Pier.