1939 Wheat Penny Coin Value (Errors List, “D”, “S” & No Mint Mark Worth)

The 1939 wheat penny represents an affordable gateway into Lincoln cent collecting, bridging the tumultuous late Depression era with the looming World War II period.

Despite being relatively common with over 380 million coins minted across three facilities, these copper cents offer a certain value ranging from under a dollar for worn examples to over $600 for pristine specimens.

What makes certain 1939 pennies worth exponentially more than their one-cent face value lies in understanding mint marks, condition grades, and the coin’s distinctive red copper coloration that fades to brown over time.

 

1939 Wheat Penny Value By Variety

This is the value chart of the 1939 Wheat Penny. its worth varies significantly based on its mint mark, condition. 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)

 

History Of The 1939 Wheat Penny

The 1939 penny marked a significant year in American numismatic history, coinciding with the nation’s final year before entering World War II. This Lincoln cent was minted during a period of economic recovery from the Great Depression, as unemployment rates began declining and industrial production increased.

A pivotal event surrounding the 1939 penny was its circulation during the New York World’s Fair, themed “The World of Tomorrow.” Millions of visitors carried these pennies while exploring futuristic exhibits and technological marvels, making the coin a tangible connection to America’s optimistic vision despite growing global tensions.

The 1939 penny also witnessed President Franklin D. Roosevelt’s continued New Deal programs, particularly the expansion of the Works Progress Administration. Many of these cents passed through the hands of WPA workers constructing bridges, schools, and public buildings that remain standing today.

From a numismatic perspective, 1939 marked the 30th anniversary of the Lincoln cent’s introduction, sparking increased collector interest in the series. This growing awareness led to more careful examination of pennies in circulation, with collectors beginning to recognize varieties and mint errors.

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

 

Is Your 1939 Wheat Penny Rare?

For collectors seeking to verify these rarity rankings and check current market values, our CoinValueChecker App provides instant access to comprehensive rarity assessments and pricing data.

 

Key Features Of The 1939 Wheat Penny

The Obverse Of The 1939 Wheat Penny

The obverse of the 1939 penny looks very similar to that of the modern cent. It carries the same image of Abraham Lincoln prepared for the first Lincoln cents by the Latvian artist Victor David Brenner.

Look closely at the President’s portrait, and you’ll see his initials, V.D.B., at the bottom of the shoulder. The words “IN GOD WE TRUST” sit above the image, inscribed to run parallel to the upper coin edge.The word “LIBERTY” appears to the left of the portrait as the coin is viewed. And the date is further down on the other side.

If your 1939 penny was struck at the Mint facility at either Denver or San Francisco, there’ll be a mint mark beneath the date. Denver coins have a small “D”, while San Francisco coins have an “S”.

The Reverse Of The 1939 Wheat Penny

The reverse of the 1939 penny has the same design of ears of wheat as the earliest Lincoln pennies. Like the obverse, it was the work of Victor David Brenner. It was his second proposal: the first, a tree branch, was rejected for its similarity to French coins of the same period.

The wheat ears are stylized and symmetrical, framing the coin. Between them, the denomination is inscribed in large font and forms the focal point of the design. The country name appears in smaller text below it.

At the top, curving parallel with the upper coin edge, is the Latin motto “E PLURIBUS UNUM”. This means “From the many, one”. It’s a reference to the creation of the country from individual states.

Other Features Of The 1939 Wheat Penny

The 1939 penny weighs 3.11 grams and measures 19 millimeters across. It’s made of bronze – 95 per cent copper, and 5 per cent tin and zinc. And that copper content means that individual coins change color as they age and are handled.

When copper is new, it’s red. But as it’s exposed to oxygen in the air, the color changes to brown. As a result, there are a lot more brown pennies than red ones around. And it’s for that reason that color has a big influence on the value of 1939 pennies.

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

 

1939 Wheat Penny Mintage & Survival Data

In 1939, three U.S. mints produced wheat pennies in different quantities. Philadelphia dominated production with over 316 million coins, while San Francisco made 52 million, and Denver produced only 15 million. Additionally, a small number of special proof coins were made for collectors.

From the perspective of the number of existences, although the quantity of regular version is huge, only about 17,000 pieces are well preserved, with the survival rate as low as 0.0054%. The survival rates of D and S are slightly higher, but they are only 0.066% and 0.0269% respectively. It can be seen that the circulating coins used for daily use are extremely worn.

In contrast, although proof coins were issued very few that year, their survival rate was as high as 44.38%, indicating that this type of coins was intentionally collected and preserved at that time.

It can be seen that the value of a coin not only depends on the issuance volume, but is also closely related to the existing volume. This type of data is of great reference significance for evaluating the market price of a coin.

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

 

The Easy Way to Know Your 1939 Wheat Penny Value

Determining your coin’s true worth goes beyond basic price guides—it demands precise condition assessment and real-time market insights. The CoinValueChecker APP bridges this gap by combining advanced image recognition with up-to-date valuation data.

Upload a clear photo of your 1939 wheat penny, and receive a detailed appraisal that accounts for wear patterns, mint variations, and current collector demand.

 

1939 Wheat Penny Value Guides

The 1939 Wheat Penny series encompasses five distinct categories, each with unique characteristics and value propositions.

• 1939 No Mint Mark Wheat Penny Value – Philadelphia Mint production
• 1939-D Wheat Penny Value – Denver Mint production
• 1939-S Wheat Penny Value- San Francisco Mint production
• 1939 Proof Wheat Penny Value – Special collector strikes
• 1939 CAM Wheat Penny Value – Cameo proof designation

Regular business strikes from Philadelphia, Denver, and San Francisco represent the standard circulation coins, with Philadelphia producing the highest mintage at over 316 million pieces. Proof coin is specially minted for collectors, with very few amount.

Each category commands different market premiums based on mintage numbers, survival rates, and collector demand, making comprehensive understanding essential for accurate valuation.

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

 

1939 No Mint Mark Wheat Penny Value

The 1939 No Mint Mark Wheat Penny embodies the Philadelphia Mint’s massive production effort, with over 316 million minted that year. From a collector’s perspective, it serves as the foundational version of the 1939 wheat cent.

Due to its large mintage, nearly all of them entered circulation, making well-preserved examples rare. Its survival rate is as low as 0.0054%, meaning the vast majority have disappeared or are severely worn.

According to historical auction records, in January 2025, an MS68+RD example fetched a staggering $36,000. Brown (BN) grades typically retain their face value at lower grades, but have fetched $288 at MS63, while reddish-brown (RB) grades fall somewhere in between.

These comprehensive auction records reveal the coin’s performance trajectory across various market conditions.

Market activity indicate sustained collector interest in this foundational wheat cent.

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

 

1939-D Wheat Penny Value

The 1939-D Wheat Penny stands out as the lowest mintage among the three regular-issue 1939 cents, with Denver producing only 15.16 million pieces. Due to their scarcity and the local nature of the Denver Mint, people tend to collect coins from the Denver Mint rather than those from the Philadelphia Mint, making well-preserved coins more readily available than might be expected.

According to auction records, Red (RD) specimens have reached impressive values, in 2009, the MS68 auction record achieving $11,500. The brown sample price was also higher than expected, in 2019, an MS66+BN specimen selling for $535.

The Denver mint’s reputation for weaker strikes in this era makes finding sharply detailed examples particularly rewarding for collectors seeking quality over mere rarity.

Historical auction results demonstrate this coin’s consistent performance across different market cycles and grade levels.

Market activity reflects sustained collector demand and recognition of the Denver mint’s unique position in 1939 wheat penny production.

 

1939-S Wheat Penny Value

The 1939-S Wheat Penny produced 52.07 million mintage, falling between Philadelphia’s massive production and Denver’s limited output.

San Francisco’s reputation for producing well-struck coins makes high-quality examples particularly desirable among collectors seeking superior eye appeal and sharp detail.It is estimated that fewer than 5,000 red (RD) coins with MS 66 and above exist today, making high-grade red specimens particularly valuable.

Red (RD) coins command the highest prices, with a recent MS68RD grade selling for $5,520 at auction in January 2025. Reddish-brown (RB) coins fetch the next highest prices, with an MS67+ grade selling for $494 at auction.

The San Francisco Mint’s consistent quality standards throughout this period make the 1939-S cent particularly valuable for collectors who prioritize strike quality and appearance over sheer rarity.

Comprehensive auction data reveals this coin’s steady performance across various market conditions and collector preferences.

Market activity show sustained interest from both type collectors and date-specific enthusiasts seeking quality San Francisco production.

 

1939 Proof Wheat Penny Value

The 1939 Proof Wheat Penny represents the pinnacle of Philadelphia Mint craftsmanship, with only 13,520 pieces struck exclusively for collectors.

These special coins feature mirror-like fields and frosted devices, showcasing superior detail and finish compared to regular circulation strikes, making them extremely popular, representing the absolute finest examples of 1939 penny production.

These proof coins, often housed in original mint boxes and sold directly from the mint, represent the state of the art mint production at the end of the Great Depression.

According to auction records, a PR67 example selling for $6,900 on May 2001. Red-Brown (RB) is the second most valuable. Brown (BN) proofs, while less premium, still command substantial prices, with an example selling for $1,208 at Heritage Auctions.

Detailed auction histories illustrate the performance of these high-quality coins across various market cycles.

Market activity reflects the appeal of Proof coins among collectors and investors.

 

1939 CAM Wheat Penny Value

The coin exhibit striking visual contrast between frosted design elements and mirror-like fields, created from the first strikes of freshly prepared dies. Of the 13,500 proof coins initially produced, only a handful had a strong mirror-like contrast when they left the factory.

After more than 80 years, rating agencies believe that only about 100 of them remain, retaining this “mirror-like” effect. This means that their survival rate is less than 1%.

In 2010, a PR66 coin was sold for $4,025.Currently, records from professional grading agencies show that there is only one coin in existence that has passed the CAM effect certification, reaching PR65, with a value of approximately US$2,650.

Due to dynamic market changes, this coin has the potential to appreciate in value. You can view the specific price in the line chart below.

This coin’s auction history highlights its place in the entire wheat-ear penny series.

Market activity reflects the rarity and visual appeal of this cameo.

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

 

Rare 1939 Wheat Penny Error List

Error coins represent minting anomalies that occur during the coin production process. These accidental variations can significantly increase a coin’s value beyond its standard worth, making them highly sought after by collectors and specialists who appreciate their unique characteristics and rarity.

1. 1939 DDO FS-101

The 1939 DDO FS-101 represents a classic doubled die obverse error where the design elements appear doubled due to die misalignment during the hubbing process. This error occurs when a die presses into a metal planchet twice, but the coin shifts slightly between presses, resulting in a doubling of the design on the obverse side.

The primary identification features include visible doubling on “LIBERTY” and portions of “IN GOD WE TRUST,” with the most obvious doubling typically appearing on the first “9” in the date and parts of Lincoln’s portrait.

Examples range from circulated to mint state conditions, with higher grades commanding premium prices. According to auction records, a Red (RD) specimen graded MS67+ achieved $2,350 in 2019. This variety maintains steady collector demand due to its clear visual appeal and moderate rarity within the 1939 series.

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

 

Top 10 Most Valuable 1939 Wheat Penny Worth Money

This comprehensive auction price chart of 1939 Wheat Penny spanning 2003 to present.The chart is dominated by $36,000 achieved by the 1939 MS68+ Red specimen. This price reflects the extreme rarity of coins achieving such pristine condition.

The significant gap between this top performer and the second-highest entry ($11,500 for the 1939-D MS68) illustrates how each incremental grade improvement can multiply values at the highest levels.

The 1939 DDO FS-101 error varieties appear twice in the top ten, with the MS67 example reaching $2,350 and the MS66 achieving $1,440. This demonstrates strong collector appreciation for well-preserved doubled die specimens, which command substantial premiums over regular strikes due to their manufacturing anomaly and visual appeal.

The progression from $780 (regular MS67) to $6,900 (proof PR67) and ultimately $36,000 (MS68+) clearly illustrates Value of High-condition Wheat Coins.

 

Where To Sell Your 1939 Wheat Penny?

Now that you understand the value of your 1939 Wheat Pennies, you might be wondering where to sell these coins online effectively. Whether you have a common circulated example or a rare high-grade specimen, I’ve compiled a comprehensive list of reputable online platforms, including their introductions, advantages, and limitations to help you make the best selling decision.

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

  

1939 Wheat Penny Market Trend

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

 

FAQ About The 1939 Wheat Penny

1. How much is a 1939 penny worth?

That depends on several factors: the color of the coin, its condition, and whether it has an error. If it’s top quality, the mint mark will also affect its value.

Most 1939 pennies aren’t rare, and won’t be worth more than a cent. But a handful – those in the very finest condition – can be worth thousands. And coins with doubling or other interesting Mint errors can be worth good money too.

2. How do I know if my 1939 penny is valuable?

If your coin is mostly brown, it won’t be worth more than its face value unless there’s an error. If it’s red over more than 95 per cent of its surface area, it could be worth more. And if it has a bit more brown but an “S” mint mark, it could be worth a little more too.

To find an exact value, you’ll need your coin to be independently graded – but that comes at a cost. Online coin grading videos can give you a better idea of your coin’s grade, and help you decide if it’s worth getting it assessed.

Coins in poorer condition but with interesting errors can be valuable too. But it’s important to be able to distinguish the errors from later damage.

If you have a 1939 penny without a mint mark, look for signs of doubling on the “1” and “9” of the date. You’ll need a microscope or loupe for this. Coins with this error can be worth tens or even hundreds of dollars, depending on their condition.

3. What is the error on a 1939 penny?

The primary error found on 1939 pennies is the1939 DDO FS-101 (Doubled Die Obverse). This error occurs when the design elements appear doubled due to die misalignment during the hubbing process.

The error happens when a die presses into a metal planchet twice, but the coin shifts slightly between presses, resulting in a doubling of the design on the obverse side of the coin.

The key identification features of the 1939 DDO FS-101 include visible doubling on “LIBERTY” and portions of “IN GOD WE TRUST,” with the most obvious doubling typically appearing on the first “9” in the date and parts of Lincoln’s portrait. The doubling exhibits clean, rounded separation characteristics typical of Class I hub doubling. The error’s visibility is moderate, often requiring close examination.

This variety maintains steady collector demand due to its clear visual appeal and moderate rarity within the 1939 wheat penny series, a Red (RD) 1939 DDO FS-101 specimen graded MS67+ achieved $2,350 in 2019, demonstrating the values these error coins can command in the marketplace.