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

The 1938 wheat penny represents a significant moment in American numismatic history, minted during the nation’s recovery from the Great Depression as global tensions escalated toward World War II.

High production numbers across all three mints made these coins widely available, reflected in their modest values today—averaging $0.38 to $0.53 in Good condition for Philadelphia, Denver, and San Francisco issues.

However, 1938 also marked important advances in minting technology and special production techniques.

The year’s Proof specimens, averaging $151.50, demonstrate improved quality control, while the extraordinary 1938 CAM Proof at $883.33 showcases the early development of cameo contrast that would define premium collector coins for decades to come.

 

1938 Wheat Penny Value By Variety

Not all 1938 wheat pennies are created equal—understanding the different varieties and their mint marks can mean the difference between pocket change and a valuable find.

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 1938 wheat penny series demonstrates remarkable value variation across different mint marks, grades, and special varieties. The chart reveals that San Francisco issues dominate the highest value positions, with the 1938-S achieving $14,400 at MS68 grade, matching the 1938 CAM proof at MS67.

Regular Philadelphia business strikes and proofs also command substantial premiums in top grades, with MS68 examples reaching $9,000 and proof specimens achieving $4,700.

Denver mint coins, while valuable, generally trade at lower levels than their San Francisco counterparts. The data shows clear grade sensitivity, where each step up in condition creates significant value increases, particularly in the MS67-MS68 range where specimen quality becomes exceptionally scarce.

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

 

History Of The 1938 Wheat Penny

The 1938 wheat penny symbolizes the tension between America’s numismatic traditions and the economic pressures of the late 1930s. By 1938, the Lincoln cent design had become firmly established as America’s most enduring coin portrait, nearly three decades after its revolutionary debut in 1909 as the first U.S. circulating coin to feature a real person.

Victor David Brenner’s artistic creation, commissioned to honor the centennial of Lincoln’s birth, broke centuries of tradition that had reserved coin portraits for symbolic figures like Lady Liberty.

The year 1938 proved economically significant, as “the United States suffered a setback from the economic recovery phase of 1933–1936” with coin manufacturing falling that year. Although the worst of the Great Depression was over, commerce remained uncertain, and U.S. Mint production was “rebounding steadily, but slowly” to meet America’s business needs.

This economic context directly influenced production: Philadelphia produced “slightly over half as many pennies as it had in 1937”, while total mintage reached approximately 192 million coins across all facilities.

Each penny maintained its original 95% copper composition with 5% tin and zinc—a formulation that would dramatically change just five years later when wartime copper shortages forced the historic switch to zinc-coated steel.

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

 

Is Your 1938 Penny Rare?

This range from Scarce to Legendary within one series illustrates the complexity of wheat penny collecting. For collectors seeking comprehensive rarity analysis and current valuations across all 1938 varieties, our CoinValueChecker App provides detailed assessments of each type.

 

Key Features Of The 1938 Wheat Penny

The 1938 wheat penny is notable for its classic 95% copper composition, a format soon to be changed by WWII. It was minted at Philadelphia, Denver (D), and San Francisco (S) facilities, with the S-mint issue being the scarcest. Its value is primarily determined by mint mark, condition, and the preservation of its original red copper luster.

The Obverse Of The 1938 Wheat Penny

The obverse features Victor D. Brenner’s iconic profile of President Abraham Lincoln, facing right. The inscriptions “IN GOD WE TRUST” arches above, “LIBERTY” stands to the left, and the right side displays the 1938 date. A subtle mint mark (“D” or “S”), if present, is located below the date on Denver or San Francisco issues.

The Reverse Of The 1938 Wheat Penny

The reverse showcases the famous twin wheat stalks, framing the inscriptions “ONE CENT” and “UNITED STATES OF AMERICA.” The motto “E PLURIBUS UNUM” runs along the top curve. This simple yet elegant design, also by Brenner, earned the coin its “Wheat Penny” namesake and remained unchanged for decades.

Other Features Of The 1938 Wheat Penny

This coin has a plain edge and a diameter of 19 mm. It was struck in the traditional pre-war alloy of 95% copper and 5% tin and zinc, giving it a distinctive rich reddish-brown color when new.

Unlike later years, no official proof coins were minted in 1938, making high-grade, lustrous business strikes the most desirable examples for collectors.

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

 

1938 Wheat Penny Mintage & Survival Data

The 1938 wheat penny offers a clear snapshot of scarcity and survival. Philadelphia produced the most coins by far, yet even among its massive mintage of over 156 million, only an estimated 9,000 survive in top condition—a survival rate of just 0.0057%.

The Denver and San Francisco issues had smaller mintages, but the real surprise is the ‘S’ mint: though only 15 million were struck, more high-grade examples survive today than from Denver, giving it the best survival rate of the circulation strikes.

What is the real treasure? Proof coins. Of the original 14,734 specially struck pieces, only about 5,000 survive today—a survival rate of 33.94%, reflecting their exclusive purpose for collectors. Even scarcer are the Cameo proofs: with just around 400 known examples remaining from that same mintage, their survival rate drops to a mere 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

For circulated coins, focus on Lincoln’s cheekbone and the high points of the wheat stalks on the reverse; even light wear can significantly impact value. Uncirculated grades are where details become thrilling, judged by the coin’s luster, surface marks, and color—with full original Red (RD) coins commanding the highest premiums.

Color plays a crucial role too. Red specimens (original copper color) command premium prices, while Red-Brown and Brown examples are more affordable. Surface marks, scratches, and environmental damage significantly impact grades.

Whether your coin is well-loved or mint-fresh, accurately determining its condition is the key to unlocking its true market value. Use our CoinValueChecker 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, featuring “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 with brilliant, mirror-like surfaces for collectors
• 1938 CAM (Cameo)– Special proof variety with frosted design elements against mirror fields, creating dramatic contrast effects

The 1938 Lincoln cent family showcases five distinct varieties that collectors actively pursue today. Business strikes from Philadelphia dominated production, while Denver and San Francisco contributed smaller quantities that now command premium prices.

The proof varieties represent the pinnacle of 1930s minting technology, with standard proofs featuring brilliant surfaces and the ultra-rare CAM designation offering stunning frosted-against-mirror contrast.

Each variety tells its own story of Depression-era economics and minting priorities, making 1938 an attractive year for both novice and advanced collectors.

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

 

1938 No Mint Mark Wheat Penny Value

The 1938 Unmarked Wheat Coin represents a total of 156,682,000 coins struck by the Philadelphia Mint. Due to the recession during the economic recovery of 1933-1936, the 1938 version reflects the reduced production of coins during a period of economic uncertainty. 

Color designation significantly impacts the value of 1938 Philadelphia Mint coins. Red (RD) coins retain over 95% of their original patina and command the highest premiums. The recent PCGS auction record was set by an MS68RD coin that sold for $9,000 at Heritage Auctions in January 2025. This represents the highest known grade for this variety.

Reddish-brown (RB) coins exhibit a mixed oxidation pattern, with the red content ranging from 5% to 95%, typically slightly higher than circulating coins. Brown (BN) coins exhibit a complete patina, but higher mint grades are still collectible.

Thus, the significant price differences between color grades reflect collectors’ strong preference for original patina. Red coins are considerably more valuable than brown ones.

Recent auction records reveal a strong upward trend for high-grade examples, with premium specimens commanding significantly higher prices at major auction houses.

Market activity data shows fluctuating collector interest over the past year, with notable peaks during certain periods indicating increased trading volume and collector engagement.

 

1938-D Wheat Penny Value

The 1938-D Wheat Penny holds significance as a well-produced coin from the Denver Mint, with Mint State specimens nearly invariably crisply struck from dies with minimal signs of wear. The United States Mint in Denver struck 20,010,000 Lincoln Wheat Cents dated 1938, representing the median mintage for all Denver issues during the 1930s.

Red coins retain much of their original copper luster and represent the most desirable color grade. The highest auction record for RD (Red) specimens reached $7,200 for an MS68RD grade in January 2025, with PCGS currently certifying 8 coins at the MS68RD level.

RB (Red-Brown) examples show mixed coloration and achieved $504 for an MS65RB specimen at auctions in January 2024. BN (Brown) coins, displaying full oxidation to brown tones, recorded a peak of $150 for an MS65BN grade in June 2023.

The color progression from red to brown reflects natural copper oxidation over time, with red specimens commanding premium prices due to their preserved original appearance.

Auction record charts show an upward trend in coin prices in recent years, with high-quality coins consistently fetching high prices at major auction houses.

Market activity charts indicate continued growth in collector interest in coins, and despite market volatility, trading volume remains relatively stable.

 

1938-S Wheat Penny Value

The 1938-S Wheat Penny stands out as the lowest mintage variety of the three 1938 wheat pennies, with only 15,180,000 coins struck at the San Francisco Mint. The “S” mint mark appears beneath the date on the obverse, distinguishing it from its Philadelphia and Denver counterparts.

This coin is valued for its historical significance and scarcity in higher grades, making it particularly sought after by collectors seeking to complete their Lincoln cent series.

According to auction records, the 1938-S Wheat Penny demonstrates significant value variation across color designations. RD (Red) specimens achieved a peak auction price of $14,400 for an MS68RD grade at Heritage Auctions in January 2025, representing coins that retain their original copper luster and commanding premium prices due to their exceptional preservation.

RB displays partial original copper color, while BN represents fully oxidized brown surfaces that occur naturally over time in copper coins. Auction data for RB (Red-Brown) and BN (Brown) varieties of the 1938-S appears limited in available records. Both color varieties command significantly lower values than their red counterparts.

The auction record chart shows a dramatic price escalation in recent years, with top-grade specimens achieving substantially higher values than historical norms.

The market activity chart indicates robust collector engagement with notable seasonal peaks, reflecting sustained demand for this semi-key date issue throughout the trading year.

 

1938 Proof Wheat Penny Value

The 1938 Proof Wheat Penny is a special collector issue, with only 14,734 proof coins minted exclusively at the Philadelphia Mint. These coins were never intended for circulation; instead, they were distributed to collectors and government officials.

What makes these proof coins special collector’s items is that they are struck from specially made dies and blanks, resulting in exceptional quality and exquisite detail, particularly on the mirror-like fields and frosted designs.

In September 2016, an RD (Red) Proof sold for $4,700 in a PR67+RD grade. A BN (Brown) Proof sold for $1,323 in November 2002. Red Proof coins retain the copper’s original luster and command the highest premium due to this retention; brown Proof coins, on the other hand, exhibit the natural oxidization that occurs naturally over time.

The Reddish Brown (RB) variety represents the transitional color stage between RD and BN. The available auction history for this coin appears limited; you can view current values in the chart below.

The auction record chart reflects steady appreciation over the past two years, with premium proof specimens commanding increasingly strong prices across major auction platforms.

The market activity chart shows consistent collector demand with a notable activity surge in early 2025, indicating sustained interest in this low-mintage proof issue.

 

1938 CAM Wheat Penny Value

The 1938 CAM Wheat Penny represents a specialized proof variety distinguished by its cameo contrast effect. This designation applies to select coins within the 14,734 proof mintage that display frosted design elements against mirror-like background fields.

The cameo effect results from precise die preparation techniques during the proof striking process, creating distinct textural differences between raised design features and the coin’s field areas for enhanced visual appeal. These coins perfectly preserve the original characteristics of high-quality relief proof coins and are very valuable in the current auction market.

According to auction records, the highest recorded sale reached $14,400 for a PR67 CAM specimen at in November 2020. The CAM designation indicates superior contrast quality that significantly increases collector desirability and market value compared to standard proof examples.

The auction record chart demonstrates strong performance over recent years, with premium cameo examples maintaining consistently elevated values across multiple auction platforms.

The market activity chart shows fluctuating collector interest with seasonal variations, reflecting the specialized nature of this cameo proof designation within the numismatic marketplace.

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

 

Rare 1938 Wheat Penny Errors List

The 1938 wheat penny features three documented repunched mintmark varieties that attract collector attention. Denver produced one RPM die while San Francisco created two – a double and triple mintmark error. These hand-punching errors during die preparation create varieties that significantly exceed standard coin values.

1. 1938-D/D RPM FS-501

The Cherrypickers’ Guide catalogs this variation as FS-01-1938D-501, where the secondary mintmark appears left or “west” of the main mintmark and slightly lower. This Denver repunched mintmark variety results from imprecise die preparation when the “D” mintmark was punched multiple times in slightly different positions.

Despite high collector demand, good examples can still be found with patience, as demonstrated by an MS-66 specimen that sold for $275 at auction in October 2022.

2. 1938-S/S RPM FS-501

This San Francisco variety features two distinct “S” mintmark images, with the Cherrypickers’ Guide listing it as FS-01-1938S-501. The secondary mintmark appears above or “north” of the main mintmark, creating a visible doubling effect when examined under magnification.

This variety is more popular with collectors and scarcer than the triple mintmark version, making uncirculated grades command steep prices in the specialty market for repunched mintmark varieties.

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

The 1938-S/S/S variety represents one of the most dramatic repunched mintmark errors in the Lincoln cent series, featuring three distinct “S” impressions on a single die. The triple punching creates a complex overlapping pattern that requires careful examination under magnification to identify all three mintmark impressions.

This error commands premium prices in the collector market, with MS-66 examples consistently selling for $159 at Heritage Auctions in both January 2022 and April 2023. The combination of visual complexity and relative scarcity makes it a prized variety among error coin specialists who seek the most distinctive mintmark anomalies.

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

 

Where to Sell Your 1938 Wheat Penny?

The digital marketplace has revolutionized coin selling, transforming what once required physical visits to coin shops into streamlined online transactions. Whether you’re dealing with a common circulated piece or a rare MS68 specimen, today’s sellers benefit from competitive bidding environments and global buyer networks that can maximize returns on quality examples.

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

 

1938 Wheat Penny Market Trend

*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?

A 1938 penny’s value ranges from under $1 for heavily circulated examples to over $14,000 for top-grade specimens. Common circulated coins are worth 5-20 cents, while uncirculated examples typically bring $10-20. The most valuable varieties include the 1938-S MS68RD at $14,400 and 1938 CAM proof at $14,400, with regular proof specimens reaching $4,700 in premium grades.

2. What makes a 1938 penny rare?

Three factors drive premium values: mint mark (San Francisco being scarcest), preservation grade (MS67-MS68 being extremely rare), and original red copper color retention. Special varieties like proof coins (14,734 minted) and error coins with repunched mintmarks create additional collector demand and significantly higher market values.

3. What is a 1938 penny made of?

The 1938 wheat penny contains 95% copper with 5% tin and zinc, weighing 3.11 grams with a 19mm diameter. This original pre-war composition gives the coin its distinctive reddish-brown appearance when new. The high copper content allows for natural color variation over time, from original red to brown patina, which directly impacts collector value and market desirability.