1938 Wheat Penny Coin Value: Errors List, “D”, “S” & No Mint Mark Worth

1938 Wheat Penny value ranges from $0.01 face value to $14,400. That record was set by a Grade 68 example sold through Heritage Auctions in January 2025. Upload a photo of yours below and we’ll give you a quick value range. You can also scroll down to check recent eBay sales and see what buyers are paying today.

 

1938 Wheat Penny Value By Variety

Mint mark and condition make all the difference here. A raw 1938 from a junk box and a slabbed MS68 Red are worlds apart.

If you know the grade of your coin, you can find the exact price below in the Value Guides section.

Also Read: Top 100 Most Valuable Modern Pennies Worth Money (1959 – Present)

 

Top 10 Most Valuable 1938 Wheat Penny Worth Money

The king of the 1938 series is a 1938-S graded MS68RD that brought $14,400 at Heritage Auctions in January 2025. Only a handful of coins from any 1938 mint have reached that grade at PCGS. San Francisco strikes dominate the top spots, but Philadelphia and Denver aren’t far behind — a Philly MS68RD hit $9,000 and a Denver MS68RD reached $7,200, both at the same January 2025 Heritage sale.

The jump from MS67 to MS68 is where prices really explode. Below MS67, you’re looking at nice coins worth solid money. At MS68, you’re in top-pop territory where registry set collectors fight over every example.

Also Read: Lincoln Wheat Penny Value (1909-1958)

 

History Of The 1938 Wheat Penny

By 1938, the Lincoln cent was nearly 30 years old — and the country was hurting. The “Roosevelt Recession” of 1937–1938 hit hard, and Philadelphia cut penny production significantly from the year before. Total output across all three mints came in around 192 million coins.

Every 1938 penny was struck in 95% copper with 5% tin and zinc. That’s the same pre-war alloy used since 1864, and it wouldn’t last much longer — in 1943, copper got diverted to ammunition casings and the Mint switched to zinc-coated steel.

Here’s a fun detail: 1938 was only the third year the Mint had been making brilliant proof coins again after shutting down proof production in 1916. That same year, the Jefferson nickel debuted, replacing the Buffalo nickel. Collectors rushed to buy proof sets featuring the new design, and that excitement pushed proof Lincoln cent mintage to 14,734 — the highest in the resumed series up to that point.

Also Read: Top 100 Rarest Pennies Worth Money (1787 – Present)

 

Is Your 1938 Wheat Penny Rare?

The chart above runs from Scarce all the way to Legendary within a single year. The Cameo proofs sit at the top with roughly 400 survivors, while the Philadelphia business strikes are common in lower grades but nearly impossible to find at MS68. For detailed rarity breakdowns and current values on every 1938 variety, try our Coin Identifier and Value App for a quick assessment.

 

Key Features Of The 1938 Wheat Penny

The 1938 wheat penny uses the classic 95% copper composition that would soon disappear because of WWII. It was struck at Philadelphia, Denver (D), and San Francisco (S), with the S-mint being the scarcest. Value comes down to mint mark, condition, and how much original red copper luster the coin still holds.

The Obverse Of The 1938 Wheat Penny

Lincoln faces right in Victor D. Brenner’s famous portrait. “IN GOD WE TRUST” arches overhead, “LIBERTY” sits to the left, and the date is on the right. Look below the date for a mint mark — you’ll see a “D” or “S” on Denver and San Francisco coins. No letter? That’s Philadelphia.

The Reverse Of The 1938 Wheat Penny

Flip it over and you’ll see the twin wheat stalks that gave this coin its nickname. “ONE CENT” and “UNITED STATES OF AMERICA” sit between the stalks, with “E PLURIBUS UNUM” running along the top curve. Brenner designed this side too, and it stayed unchanged for decades.

Other Features Of The 1938 Wheat Penny

Plain edge, 19 mm diameter, 3.11 grams. The 95% copper and 5% tin and zinc alloy gives these coins a rich reddish tone when fresh from the mint.

The 1938 proofs shipped to buyers in simple cellophane sleeves — just packaging, not fancy holders. Collectors who left them sealed did themselves a favor. Survivors in original cellophane with nice toning are highly prized today.

Also Read: 100 Most Valuable Wheat Pennies Worth Money (1909 to 1958)

 

1938 Wheat Penny Mintage & Survival Data

Philadelphia cranked out over 156 million pennies in 1938, yet only about 9,000 survive in top condition. That’s a survival rate of 0.0057% — roughly 1 in every 17,500 coins.

Here’s something counterintuitive: the S-mint had the lowest mintage at 15 million, but more high-grade examples survive today than from Denver. According to CoinWeek’s detailed 2025 population study, only 3 PCGS-certified and 4 NGC-certified specimens of the 1938-D exist at MS68RD — a combined total of just 7 coins at the top grade.

The real treasures? Proof coins. Of the original 14,734 struck, about 5,000 survive — a 33.94% survival rate, which makes sense since collectors bought them and tucked them away. Cameo proofs are another story entirely: roughly 400 known examples, for a survival rate of just 2.71%.

Also Read: 100 Most Valuable Indian Head Penny Coins Worth Money (1859 – 1909)

 

The Easy Way to Know Your 1938 Wheat Penny Value

On circulated coins, check Lincoln’s cheekbone and the high points of the wheat stalks first. Even light wear knocks value down fast. For uncirculated pieces, you’re looking at luster, bag marks, and color — full original Red (RD) coins always bring the biggest premiums.

Color designation is defined by third-party grading services like PCGS (Professional Coin Grading Service) and NGC (Numismatic Guaranty Company) using a three-tier system: Red (RD) means 95% or more of the original copper luster is intact; Red-Brown (RB) means 5–94% of the original red remains; Brown (BN) means the coin has fully oxidized. A Red 1938-S in MS68 sold for $14,400, while a Brown example in the same grade would be worth a fraction of that.

Whether your coin is well-worn or mint-fresh, nailing down the grade is the key to knowing what it’s really worth. Use our Coin Identifier and Value App to quickly check your coin’s approximate grade and potential worth.

 

1938 Wheat Penny Value Guides

1938 Lincoln Cent Varieties:

• 1938 (No Mint Mark) — Philadelphia Mint production of 156,682,000 coins, the most common variety
• 1938-D — Denver Mint struck 20,010,000 pieces (the median mintage for all Denver issues of the 1930s), featuring a “D” mintmark below the date
• 1938-S — San Francisco Mint produced 15,180,000 coins, the scarcest business-strike variety
• 1938 Proof — Philadelphia Mint created 14,734 proof specimens for collectors; this was the highest proof mintage in the resumed series to that point, boosted by demand for the new Jefferson nickel debut
• 1938 CAM (Cameo) — Special proof variety with frosted design elements against mirror fields, extremely rare with only approximately 400 examples estimated to survive today

Five distinct varieties keep 1938 Lincoln cent collectors busy. Philadelphia dominated production, while Denver and San Francisco pieces now carry premiums thanks to lower mintages.

The proof varieties are the crown jewels. Standard proofs have brilliant mirror surfaces, and the ultra-rare CAM designation adds frosted-against-mirror contrast that’s stunning in hand. Cameo proofs from this era are scarce because the effect only showed up on the first coins struck from fresh dies — once the die’s polish wore down, the contrast vanished.

Also Read: Value Of Old Pennies By Year (1959-Present)

 

1938 No Mint Mark Wheat Penny Value

With 156,682,000 struck, this is the coin you’re most likely to find in a bag of old wheaties. No letter below the date means Philadelphia. Common? Sure. But don’t write it off.

Color is the biggest value driver here. Red (RD) means 95% or more original copper luster — that’s the money designation. The auction record is a PCGS-certified MS68RD that sold for $9,000 at Heritage Auctions on January 19, 2025, the highest known grade for this variety. Red-Brown (RB) coins show a mix of original copper and toning, while Brown (BN) pieces have fully darkened — both sell for far less than RD examples. Even circulated pieces in Good to Fine grades typically bring $0.10–$0.50, so this is a great starting point if you’re new to the hobby.

High-grade examples have been trending upward at auction, with premium specimens pulling stronger prices each year.

Market activity score: 66/100 as of Oct 2026 — up 13 points from Jul 2026. 12-month peak: 71 (Aug 2026).

 

1938-D Wheat Penny Value

Think the Denver mint coins are easy to find in high grade? Think again. Only 7 coins — total, across PCGS and NGC combined — have been certified at MS68RD.

Denver struck 20,010,000 of these, the median output for all Denver Lincoln cents of the 1930s. Look for the small “D” below the date. Mint State examples are usually well-struck with sharp details, and the top Red specimen hit $7,200 for an MS68RD at Heritage Auctions on January 19, 2025. According to CoinWeek’s 2025 population study by researchers Charles Morgan and Hubert Walker, PCGS had certified only 3 examples at MS68RD and NGC had certified just 4 at the same grade as of early 2025 — a combined total of 7 coins.

Want some perspective on long-term appreciation? Uncirculated rolls of the 1938-D sold for just $2.75 in the August 1948 issue of The Numismatist, rose to $120 by January 1965, and were offered at $62.50 in a February 1974 advertisement.

Red-Brown (RB) examples have reached $504 for an MS65RB specimen in January 2024. Brown (BN) coins topped out at $150 for MS65BN in June 2023.

Market activity score: 57/100 as of Oct 2026 — up 2 points from Jul 2026. 12-month peak: 75 (Sep 2026).

 

1938-S Wheat Penny Value

$14,400. That’s what the top 1938-S brought at Heritage Auctions on January 19, 2025 — the highest price for any 1938 business-strike penny. The coin was graded MS68RD.

Only 15,180,000 were struck at San Francisco, making this the scarcest of the three circulation issues. Look for the small “S” below the date. San Francisco had a reputation for well-struck coins that held their surfaces, and that quality shows up in the price charts — the 1938-S consistently outperforms both Philadelphia and Denver at the top grades.

Red (RD) specimens sit at the premium tier. Red-Brown (RB) and Brown (BN) examples sell for considerably less, though auction data for those color designations on the 1938-S is thinner than for the RD population.

Market activity score: 78/100 as of Oct 2026 — up 20 points from Jul 2026. 12-month peak: 83 (Aug 2026).

 

1938 Proof Wheat Penny Value

If you’ve got one of these, it never saw a cash register. All 14,734 were sold directly to collectors at the Philadelphia Mint.

This was just the third year of resumed brilliant proof production after a 20-year gap (1916–1936). Proof coins get their mirror-like fields and crisp frosted details from specially prepared planchets struck multiple times with polished dies. The originals shipped in simple cellophane sleeves — collectors who left them sealed preserved some beauties. Survivors in original packaging with attractive toning carry a real premium with advanced collectors.

Notable sales include a PR67+ RD graded by PCGS with a CAC (Certified Acceptance Corporation) sticker that sold for $11,750 in 2016, a PR67+RD that hit $4,700 in September 2016, and a BN (Brown) Proof that brought $1,323 in November 2002.

Premium proof specimens have been climbing steadily over the past two years at major auction houses.

Market activity score: 53/100 as of Oct 2026 — unchanged since Jul 2026. 12-month peak: 63 (Nov 2025).

 

1938 CAM Wheat Penny Value

About 400 survive. That’s it. I think the 1938 Cameo proof is one of the most underappreciated coins in the entire wheat penny series.

CAM — short for Cameo — is a designation PCGS and NGC apply to proof coins showing frosted, satiny design elements against deeply mirrored fields. The contrast looks like a portrait in relief. The effect only appears on the first coins struck from fresh dies. Once the die’s polish wears down, later strikes lose the contrast and get a standard Proof designation without CAM.

The highest recorded sale hit $14,400 for a PR67 CAM specimen in November 2020 — tying the record for any 1938-dated coin. A PR67+ RD with CAC endorsement brought $11,750 in 2016. These coins have held strong prices across multiple market cycles.

Market activity score: 46/100 as of Oct 2026 — up 8 points from Jul 2026. 12-month peak: 49 (Sep 2026).

Also Read: Top 100 Most Valuable Modern Pennies Worth Money (1959 – Present)

 

Rare 1938 Wheat Penny Errors List

Error collectors have a few good targets in the 1938 series. Three Repunched Mintmark (RPM) varieties get the most attention, but BIE die breaks, doubled dies, off-center strikes, and broadstrikes all show up too. Cherrypicking opportunities are real if you know what to look for.

1. 1938-D/D RPM FS-501

The Cherrypickers’ Guide lists this as FS-01-1938D-501. Look for a ghost “D” to the left (west) of the primary mintmark, sitting slightly lower. Back in 1938, mint mark punches were applied to each die by hand, so small misalignments like this happened regularly.

You can still cherrypick these with patience. An MS-66 specimen sold for $275 at auction in October 2022.

2. 1938-S/S RPM FS-501

Listed as FS-01-1938S-501 in the Cherrypickers’ Guide. Grab a 5x–10x loupe and look above the primary “S” — you’ll see a second “S” impression to the north. The doubling is clear under magnification.

This one’s more popular with collectors and scarcer than the triple-punch version below. Uncirculated examples command steep prices in the RPM specialty market.

3. 1938-S/S/S RPM FS-502

Three separate “S” impressions on one die. That’s wild even by RPM standards. The overlapping pattern takes careful examination under magnification to fully sort out.

MS-66 examples have sold consistently at $159 at Heritage Auctions in both January 2022 and April 2023. We think this is one of the most visually interesting RPM errors in the entire Lincoln cent series — the triple layering effect is just cool to see under a loupe.

4. 1938 BIE Error Wheat Penny

This is a fun one for beginners. A die crack forms between the “B” and “E” in “LIBERTY,” creating a raised vertical line that makes the word look like “LIBIERTY.” It happens when an aging die develops metal fatigue — a variety type unique to Lincoln cents.

A “Full BIE” shows a crack the full height of a letter. Smaller ones are called “Half BIEs.” On 1938 pennies, these typically sell for $5–$15 depending on how bold the crack is. Cheap enough to start a collection.

5. 1938 Doubled Die Error (DDO / DDR)

Several minor doubled die varieties exist for 1938. Quick clarification: a doubled die isn’t a coin struck twice. It’s a coin struck by a die that received two slightly misaligned hub impressions during manufacturing. The doubling shows up on letters, numbers, or design elements.

The best-documented example is a DDR on the 1938-S, with doubling visible in the wheat ears and “E PLURIBUS UNUM” — Heritage Auctions sold one in MS65 Red for $89. Minor DDO varieties with obverse lettering doubling run about $25 and up when slabbed by PCGS or NGC.

6. 1938 Off-Center Strike

These happen when the planchet shifts before the dies come together, leaving part of the design missing and a crescent of blank metal on the opposite side. Easy to spot. Hard to miss, really.

A 10–15% off-center 1938 penny runs $10–$50. Go to 50% off-center with the full date visible and you can break $100. Heritage Auctions sold a 50% off-center 1938 Lincoln cent in Brown, graded MS64, for $216 in 2019. The rule is simple: more off-center plus visible date equals more money.

Also Read: 42 Rare Penny Errors List with Pictures (By Year)

 

Where to Sell Your 1938 Wheat Penny?

You don’t need to drive around to coin shops anymore. Online platforms give you access to competitive bidding and buyers worldwide, whether you’ve got a common circulated piece or a rare MS68 specimen.

Check out now: Best Places To Sell Coins Online (Pros & Cons)

 

1938 Wheat Penny Market Trend

Market interest: 4,380 collectors tracking this coin as of Oct 2026 — up 1,000 from Mar 2026. Currently at its 12-month peak.

*Market Trend Chart showing the number of people paying attention to this coin.

 

FAQ About The 1938 Wheat Penny

1. How much is a 1938 penny worth?

Anywhere from under $1 to over $14,000. Common circulated examples bring $0.10–$0.50. Lower Mint State grades typically run $5–$20. The big money lives at the top: 1938-S MS68RD at $14,400, 1938 CAM Proof at $14,400, Philadelphia MS68RD at $9,000, and regular Red proofs at $4,700 — all recorded at Heritage Auctions between 2020 and 2025.

2. What makes a 1938 penny rare?

Three things: mint mark (San Francisco is scarcest at 15.18 million struck), grade (MS67–MS68 territory has only a handful of certified coins across all mints), and original Red copper color. Special varieties like the Cameo Proof (approximately 400 survivors) and RPM errors push prices even higher.

3. What is a 1938 penny made of?

It’s 95% copper and 5% tin and zinc, weighing 3.11 grams with a 19mm diameter and a plain edge. That high copper content is why the color changes over decades — bright red fades to chocolate brown — and that color shift directly affects what collectors will pay.

4. Why did the 1938 proof penny have such a high mintage compared to earlier years?

The Jefferson nickel debuted in 1938, replacing the Buffalo nickel. Collectors wanted the new design in proof, so proof set orders spiked across all denominations — including the Lincoln cent, which hit 14,734 proofs. That was more than double the 1936 totals.

5. How many 1938 Proof wheat pennies survive today?

About 5,000 of the original 14,734 — a 33.94% survival rate. Makes sense since collectors bought them and never spent them. Only around 400 qualify for the CAM (Cameo) designation, making true cameos genuinely scarce.

6. What is a BIE error on a 1938 penny, and what is it worth?

A die crack between “B” and “E” in “LIBERTY” that creates a raised line resembling the letter “I,” making it look like “LIBIERTY.” Caused by metal fatigue in aging dies. On 1938 pennies, BIE errors sell for $5–$15 depending on how bold the crack is. Great starter variety.

7. How rare is the 1938-D at MS68RD, and what does PCGS say?

Extremely rare. According to CoinWeek’s detailed 2025 population study by Charles Morgan and Hubert Walker, PCGS had certified only 3 examples of the 1938-D at MS68RD and NGC had certified just 4 at the same grade as of early 2025 — a combined total of only 7 coins at the very top grade. The top auction record is $7,200 at Heritage Auctions on January 19, 2025.

8. Can a 1938 off-center penny be valuable?

Absolutely. A 10–15% off-center strike runs $10–$50. At 50% off-center with the date still showing, you can top $100 — Heritage Auctions sold a Brown MS64 example at 50% off-center for $216 in 2019. More dramatic shift plus visible date equals higher value.

9. Should I clean my 1938 wheat penny before selling it?

Never. Cleaning destroys the natural patina and surface luster that graders evaluate. Cleaned coins get lower grades from PCGS and NGC and typically sell for 50% or less of what an original-surface coin would bring. Leave it alone.

10. How do I spot a repunched mintmark (RPM) on my 1938-S penny?

Use a 5x–10x magnifying loupe and examine the “S” mint mark below the date under good angled lighting. On the 1938-S/S RPM FS-501, you will see a ghost “S” impression above or to the north of the main “S.” On the 1938-S/S/S RPM FS-502, three overlapping “S” impressions create a complex layered image. Authenticated examples in MS66 have sold at Heritage Auctions for $159, so if you spot what looks like doubling or tripling of the mint mark, it’s worth having your coin professionally evaluated by PCGS or NGC.