1938 Wheat Penny Value Checker: 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

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 shows remarkable value variation across mint marks, grades, and special varieties. San Francisco issues dominate the top positions, with the 1938-S reaching $14,400 at MS68RD — a grade only PCGS-confirmed for a handful of survivors across all three mints.

Philadelphia business strikes and proofs also command strong premiums in top grades, with MS68RD examples reaching $9,000 and proof specimens hitting $4,700. Denver mint coins generally trade lower than their San Francisco counterparts, though Denver MS68RD specimens still reached $7,200 at Heritage Auctions in January 2025.

The data shows clear grade sensitivity — each step up in condition creates significant value jumps, especially between MS67 and MS68 where surviving specimens become genuinely scarce.

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

 

History Of The 1938 Wheat Penny

The 1938 wheat penny sits at a fascinating crossroads in American numismatic history — positioned nearly three decades after the Lincoln cent’s revolutionary 1909 debut and just five years before wartime copper shortages would force the most dramatic composition change in the coin’s entire history.

Victor David Brenner’s portrait of Lincoln, commissioned to honor the centennial of Lincoln’s birth, broke centuries of tradition by featuring a real person on a circulating U.S. coin instead of a symbolic Liberty figure.

By 1938, the United States was still clawing out of the Great Depression. The economy had suffered a painful relapse in 1937–1938 known as the “Roosevelt Recession,” and Philadelphia produced significantly fewer pennies than it had in 1937, while total output across all three mints reached approximately 192 million coins.

Each 1938 penny was struck in 95% copper with 5% tin and zinc — the same pre-war alloy used since 1864, and a formulation that would be abandoned in 1943 when copper was urgently needed for ammunition casings during World War II.

The year 1938 is also historically significant for proof coinage. The U.S. Mint had stopped producing proof coins in 1916 after matte-finish proofs generated little collector interest. When the Mint finally resumed proof production in 1936, it restarted with brilliantly mirrored surfaces — and 1938 was only the third year back in this new era of modern proof coinage.

Adding to 1938’s numismatic importance, that same year saw the debut of the Jefferson nickel, replacing the Buffalo nickel. Collector demand for the new Jefferson design in proof drove overall proof set sales dramatically upward, boosting all denominations in the set — including the Lincoln cent, whose proof mintage of 14,734 exceeded all previous years in the resumed series.

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

 

Is Your 1938 Wheat 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 Coin Identifier and Value 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, with a weight of 3.11 grams. 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.

The 1938 proof coins were delivered to buyers in simple cellophane sleeves — a packaging method intended only for shipping that many collectors wisely left intact. Survivors in original cellophane with attractive surface iridescence are especially sought after by advanced collectors today.

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. 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.

What are the real treasures? 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 collector purpose. Even scarcer are the Cameo proofs: with just around 400 known examples remaining, 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) specimens commanding the highest 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-loved or mint-fresh, accurately determining its condition is the key to unlocking its true market value. 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

The 1938 Lincoln cent family showcases five distinct varieties that collectors actively pursue. 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 mirror surfaces and the ultra-rare CAM designation offering stunning frosted-against-mirror contrast. Cameo proofs in this era are scarse because the effect only appeared on coins struck from fresh dies — once the die’s surface polish wore down, the contrast disappeared.

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

 

1938 No Mint Mark Wheat Penny Value

The 1938 No Mint Mark wheat penny represents 156,682,000 coins struck at the Philadelphia Mint — the highest output of the three 1938 facilities. Philadelphia coins carry no mint mark, so if you see no letter beneath the date on the front of your coin, it was made here.

Color designation drives value more than almost any other factor at this mint. Red (RD) means the coin retains 95% or more of its original copper luster — the most desirable grade. The auction record was set by a PCGS-certified MS68RD coin that sold for $9,000 at Heritage Auctions on January 19, 2025, representing the highest known grade for this variety. Red-Brown (RB) coins show a mix of original copper and oxidized tones, while Brown (BN) coins have fully toned to a darker patina — both are considerably less valuable than RD examples. Even circulated examples in Good to Fine grades typically bring $0.10–$0.50, making this a great starting point for new collectors.

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 was struck 20,010,000 times at the Denver Mint — the median production figure for all Denver Lincoln cent issues of the 1930s. Look for the small “D” mint mark directly below the date on the front of the coin to identify this variety.

Mint State Denver specimens are nearly always well-struck with crisp details, and the auction record for a Red example reached $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. For historical perspective, 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 — dramatic long-term appreciation by any measure.

Red-Brown (RB) examples achieved $504 for an MS65RB specimen in January 2024. Brown (BN) coins recorded a peak of $150 for MS65BN in June 2023.

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, and despite market volatility, trading volume remains relatively stable.

 

1938-S Wheat Penny Value

The 1938-S wheat penny is the scarcest of the three circulation strikes, with only 15,180,000 coins produced at the San Francisco Mint. The small “S” mint mark below the date is the key identifier — and that single letter dramatically increases the coin’s potential value.

This coin holds the top auction record for the entire 1938 business-strike series: an MS68RD specimen sold for $14,400 at Heritage Auctions on January 19, 2025, matching the highest-ever price for any 1938-dated coin. The lower original mintage, combined with San Francisco’s reputation for producing well-struck pieces that preserved their surfaces, explains why the 1938-S consistently outperforms the Philadelphia and Denver issues at top grade levels.

Red (RD) specimens represent the premium tier, retaining the original copper luster collectors prize most. Both Red-Brown (RB) and Brown (BN) varieties command significantly lower values, though auction data for these color designations on the 1938-S is limited compared to the RD population.

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 specimens struck, exclusively at the Philadelphia Mint. These coins were never released into circulation — they were sold directly to collectors and distributed as presentation pieces.

This was only the third year that the U.S. Mint had resumed producing brilliant proof coins after a 20-year absence (proof production ran 1916–1936 as a gap). Proof coins are distinguished by their mirror-like fields and crisp, frosted design details, created by striking specially prepared blanks multiple times with polished dies. The 1938 proof coins were originally sold in simple cellophane sleeves; survivors in original packaging with attractive iridescence carry a premium with advanced collectors.

Significant auction records for this variety include a PR67+ RD graded by PCGS and stickered by CAC (Certified Acceptance Corporation, a third-party quality verification service) that sold for $11,750 in 2016, and a PR67+RD that achieved $4,700 in September 2016. A BN (Brown) Proof sold for $1,323 in November 2002.

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 (Cameo) wheat penny is the rarest and most visually striking variety in the entire 1938 series. CAM — short for Cameo — is a designation applied by PCGS and NGC to proof coins that display frosted, satiny device details (Lincoln’s portrait and the wheat stalks) set against deeply mirrored background fields, creating a dramatic contrast similar to a portrait relief.

Only approximately 400 examples are estimated to survive today, giving this variety the ultra-low 2.71% survival rate noted above. The cameo effect comes from early die use: before the polish on proof dies wears down, the first coins struck carry the full frosted-against-mirror contrast — once the die wears, later coins are assigned the standard Proof designation without CAM.

The highest recorded sale for this variety reached $14,400 for a PR67 CAM specimen in November 2020 — the joint record for any 1938-dated coin. A PR67+ RD with CAC endorsement sold for $11,750 in 2016, confirming that premium cameo specimens have consistently commanded strong prices across multiple market cycles.

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 several documented error varieties that attract serious collector attention. Three Repunched Mintmark (RPM) varieties are the most well-studied, but additional errors — including BIE die breaks, doubled dies, off-center strikes, and broadstrikes — also exist and add real collecting depth to this series.

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 (RPM) variety results from imprecise die preparation — in 1938, mint mark punches were applied to each die individually by hand, leaving room for the kind of small misalignment that creates these varieties.

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 with a 5x–10x loupe.

This variety is more popular with collectors and scarcer than the triple mintmark version below, 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.

4. 1938 BIE Error Wheat Penny

The BIE error is a die-break variety unique to Lincoln cents — and the 1938 issues are no exception. It occurs when a crack develops in the aging obverse die between the letters “B” and “E” in the word “LIBERTY,” creating a raised vertical line that resembles the capital letter “I.” This makes the word appear to read “LIBIERTY” when examined closely with a magnifier.

A “Full BIE” shows a well-defined crack the height of a full letter, while smaller cracks are called “Half BIEs.” On 1938 pennies, BIE errors typically sell for $5–$15 depending on how bold the crack appears, making them a popular and affordable entry-level variety for new collectors.

5. 1938 Doubled Die Error (DDO / DDR)

Several minor doubled die varieties exist among 1938 pennies. A Doubled Die Obverse (DDO) or Doubled Die Reverse (DDR) is not a coin that was struck twice — it is a coin struck by a die that received two slightly misaligned hub impressions during manufacturing, leaving doubling on letters, numbers, or design elements.

The most documented example is a DDR on the 1938-S, with doubling in the wheat ears and the “E PLURIBUS UNUM” inscription — Heritage Auctions sold a 1938-S DDR in MS65 Red for $89. Minor DDO varieties showing doubling in the obverse lettering are worth approximately $25 and up when properly authenticated by PCGS or NGC.

6. 1938 Off-Center Strike

Off-center strikes occur when the blank coin (called a planchet) shifts out of position before being struck by the dies, leaving part of the design missing and a crescent of blank metal on the opposite side. A 10–15% off-center 1938 penny is worth $10–$50, while a dramatic 50% off-center example with the full date still visible can exceed $100.

Heritage Auctions sold a 50% off-center 1938 Lincoln cent in Brown, graded MS64, for $216 in 2019. Off-center strikes are visually dramatic and easy for beginners to spot — making them popular first error coins to collect.

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 bring $0.10–$0.50, while uncirculated examples in lower Mint State grades typically bring $5–$20. The most valuable varieties include the 1938-S MS68RD at $14,400 and the 1938 CAM Proof also at $14,400, with regular Red proofs reaching $4,700 and standard Philadelphia MS68RD pieces hitting $9,000 — all recorded at Heritage Auctions in 2020–2025.

2. What makes a 1938 penny rare?

Three factors drive premium values: mint mark (San Francisco being the scarcest with only 15.18 million struck), preservation grade (MS67–MS68 is extremely rare with just a handful of certified examples across all mints), and original Red copper color (the RD designation). Special varieties like the Cameo Proof (approximately 400 survivors) and error coins with repunched mintmarks add further collector demand and higher prices.

3. What is a 1938 penny made of?

The 1938 wheat penny is 95% copper and 5% tin and zinc, weighing 3.11 grams with a 19mm diameter and a plain edge. This original pre-war composition gives the coin its distinctive reddish-brown appearance when new. The high copper content causes natural color change over decades — from original bright red to chocolate brown — which directly impacts collector value and market desirability.

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

The 1938 proof set was only the third year of the U.S. Mint’s resumed proof coinage program, which had been dormant since 1916. Proof set sales jumped significantly in 1938 because that year also saw the debut of the Jefferson nickel, replacing the beloved Buffalo nickel design. Collector demand for the new Jefferson nickel in proof drove overall proof set orders to the highest levels since the program’s 1936 restart, boosting the Lincoln cent’s proof mintage to 14,734 — more than double the 1936 totals.

5. How many 1938 Proof wheat pennies survive today?

Of the original 14,734 proof cents struck, approximately 5,000 are estimated to survive — a 33.94% survival rate that is high compared to circulation strikes, because these coins were made exclusively for collectors and never spent as change. Of those survivors, only around 400 are believed to qualify for the CAM (Cameo) designation, making true cameo examples genuinely scarce in today’s market.

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

A BIE error is a die crack that forms between the letters “B” and “E” in “LIBERTY” on the obverse, creating a raised vertical line that makes the word appear to read “LIBIERTY.” It is caused by metal fatigue in aging dies and is a variety type unique to Lincoln cents. On a 1938 penny, a BIE error typically sells for $5–$15 depending on how bold and clearly defined the crack appears, making it an affordable and popular entry-level variety for beginners.

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, which reflects how intensely collectors compete for these finest-known specimens.

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

Yes — off-center strikes on 1938 pennies range from modestly collectible to genuinely valuable depending on how dramatic the error is. A 10–15% off-center strike is worth $10–$50. A 50% off-center example with the full date still visible can exceed $100 — and Heritage Auctions confirmed this in 2019 when a Brown MS64 example at 50% off-center sold for $216. The key rule: the more off-center and the more clearly the date shows, the higher the value.

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

Never clean a 1938 wheat penny under any circumstances. Cleaning removes the natural patina and surface luster that professional graders use to evaluate both authenticity and condition. Even a coin that looks “dirty” can be worth significantly more with its original surfaces intact. Cleaned coins receive lower grades from PCGS and NGC and typically sell for 50% or less of what an undamaged original-surface coin would fetch at auction.

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.