1939 Wheat Penny Value Checker: Errors List, “D”, “S” & No Mint Mark Worth

The 1939 Wheat Penny is one of the most rewarding coins to study as a beginner collector, sitting right at the crossroads of the Great Depression’s final chapter and the approach of World War II.

While over 380 million pennies rolled out of three U.S. Mint facilities that year, the real story is in condition, color, and errors — because the right combination can push a single cent far past $36,000 at auction.

 

1939 Wheat Penny Value By Variety

This is the value chart of the 1939 Wheat Penny. Its worth varies significantly based on mint mark, condition, and color designation. 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 1939 Wheat Penny Worth Money

This comprehensive auction price chart of the 1939 Wheat Penny spans records from 2003 to the present day, with the chart dominated by the $36,000 achieved by the 1939 MS68+ Red specimen at Heritage Auctions in January 2025 — the current all-time record for any 1939 cent. The significant gap between this result and the second-highest entry ($11,500 for the 1939-D MS68 at Heritage Auctions in October 2009) perfectly illustrates how each incremental grade improvement at the very top of the scale can multiply values dramatically.

The 1939 DDO FS-101 doubled-die error varieties appear twice in the top ten, with the MS67 example realizing $2,350 and the MS66 achieving $1,440, demonstrating strong collector appreciation for well-preserved doubled die specimens. The progression from $780 (regular MS67) to $6,900 (proof PR67) and ultimately $36,000 (MS68+RD) tells the complete story of how condition, color, and rarity combine to define 1939 Wheat Penny values.

 

History Of The 1939 Wheat Penny

The 1939 Wheat Penny arrived at a pivotal moment in American history — unemployment was finally retreating from its Depression-era peak, yet storm clouds were gathering over Europe as Adolf Hitler’s Germany had already invaded Poland in September of that year.

These copper cents circulated during the final months of an America that had not yet entered the global conflict, making them a tangible artifact of a world on the edge of transformation.

One often-overlooked fact is that 1939 marked the 30th anniversary of the Lincoln cent series, which had first been introduced in 1909 to honor the 100th anniversary of Abraham Lincoln’s birth. That milestone anniversary sparked renewed collector interest in the entire Wheat Penny series, with hobbyists beginning to examine coins more carefully for errors and varieties.

Millions of these pennies also passed through the hands of visitors to the 1939 New York World’s Fair, themed “The World of Tomorrow.” That event attracted over 44 million attendees across its run, many of whom spent these very coins on the fairgrounds while admiring futuristic technology that would seem commonplace within a generation.

From a Mint production standpoint, 1939 was also a year of resumed proof coin striking. The U.S. Mint had suspended proof sets during stretches of the Depression but was now actively producing them again for collectors, with the 1939 proof cents representing some of the finest-quality Lincoln cents of the era.

President Franklin D. Roosevelt’s New Deal was still reshaping the American economy in 1939, with WPA (Works Progress Administration) workers constructing bridges and public buildings using wages that often included these same pennies.

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

 

Is Your 1939 Wheat Penny Rare?

While total mintage figures are high for all three business-strike varieties, the real rarity lies at the top of the grading scale. The Philadelphia issue’s survival rate in preserved condition is a remarkably low 0.0054%, meaning that for every 18,500 coins minted, fewer than one survived in collectible grade.

For collectors seeking to verify these rarity rankings and check current market values, our Coin Value Checker 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 Wheat Penny features the right-facing portrait of Abraham Lincoln, designed by Latvian-born sculptor Victor David Brenner, whose tiny initials “V.D.B.” appear at the base of Lincoln’s shoulder. The words “IN GOD WE TRUST” arc across the top edge, while “LIBERTY” stands to the left of Lincoln’s portrait and the date “1939” appears to the lower right.

If your coin was struck at the Denver Mint, you will see a small “D” beneath the date; San Francisco coins carry a small “S” in that same position. Philadelphia-minted coins have no mint mark at all, which is why they are called “No Mint Mark” coins.

The Reverse Of The 1939 Wheat Penny

The reverse was also the work of Victor David Brenner and shows two stylized, symmetrical wheat stalks framing the coin’s edges — a design that gave these cents their popular nickname “Wheat Pennies.” Between the stalks, the denomination “ONE CENT” appears in large text as the focal point, with “UNITED STATES OF AMERICA” beneath it and the Latin motto “E PLURIBUS UNUM” (meaning “From the many, one”) curving along the top edge.

Interestingly, Brenner’s wheat-ear reverse was actually his second proposal; his original design featuring a tree branch was rejected by Mint officials because it resembled French coins of the same period.

Other Features Of The 1939 Wheat Penny

The 1939 Wheat Penny weighs exactly 3.11 grams, measures 19 millimeters across, and is composed of 95% copper with 5% tin and zinc — a bronze composition that gives it both its warm color and its tendency to darken over time.

Understanding color is critical to valuing these coins: grading services use three official color designations — RD (Red), which means the coin retains at least 85% of its original copper-red luster; RB (Red-Brown), which applies when 15% to 85% of red toning remains; and BN (Brown), which describes coins where most of the red has oxidized away. Because copper reacts with oxygen over time, RD examples are dramatically rarer and more valuable than their BN counterparts.

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

 

1939 Wheat Penny Mintage & Survival Data

In 1939, three U.S. Mint facilities struck wheat pennies in very different quantities. Philadelphia dominated with over 316 million coins, San Francisco contributed roughly 52 million, and Denver — occupied heavily with refining operations that year — produced only about 15.16 million cents, making the 1939-D the scarcest business-strike variety.

The survival rate statistics reveal a striking truth about circulated coins: the Philadelphia issue survives in preserved condition at a rate of just 0.0054%, meaning the overwhelming majority were spent, worn flat, and eventually lost. Denver and San Francisco fared slightly better at approximately 0.066% and 0.0269% respectively, but all three figures underscore how brutally hard daily commerce was on copper coinage.

Proof coins tell the opposite story — of the 13,520 special collector strikes produced at Philadelphia, an estimated 44.38% survive today because they were intentionally preserved from the moment they left the Mint. This dramatic contrast between business-strike and proof survival rates is one of the most important lessons in understanding why some 1939 Wheat Pennies are worth thousands while others are worth a few cents.

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 Coin Value Checker 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, color designation, and current collector demand. This is particularly useful for deciding whether your coin is worth the cost of professional third-party grading.

 

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, while the proof issues were specially struck for collectors on polished planchets using specially prepared dies. Each category commands different market premiums based on mintage numbers, survival rates, color designation, and collector demand.

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

 

1939 No Mint Mark Wheat Penny Value

The 1939 No Mint Mark Wheat Penny was produced at the Philadelphia Mint with a massive mintage of 316,466,000 pieces, making it the most common of the year’s three business-strike varieties. Despite those huge numbers, its survival rate in well-preserved condition is only 0.0054% — meaning that pristine examples are genuinely scarce.

In terms of color, an RD (Red) specimen graded MS65 is worth roughly $5 to $15, while condition dramatically multiplies that value at higher grades. The all-time auction record for this variety is $36,000, achieved by an MS68+RD example sold by Heritage Auctions in January 2025 — a jaw-dropping result that illustrates just how exponentially value grows at the very top of the grading scale.

Brown (BN) coins at lower grades typically hold only face value, but even those can surprise: a BN example graded MS63 has sold for $288. Red-Brown (RB) specimens fall between BN and RD pricing at each grade level.

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

Market activity indicates 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 is the scarcest of the three business-strike varieties, with Denver producing just 15,160,000 coins — roughly one coin for every 21 Philadelphia cents struck that year. The Denver Mint was heavily occupied with precious-metal refining operations in 1939, which explains the lower output.

Collectors note that the Denver Mint in this era had a reputation for producing weaker strikes compared to Philadelphia and San Francisco; finding a sharply detailed 1939-D example is a genuine challenge that adds to its appeal for quality-focused buyers. The all-time record for this variety is $11,500, set at Heritage Auctions in October 2009 by an MS68 Red specimen — confirmed by PCGS CoinFacts records.

Even brown specimens perform well at high grades: an MS66+BN example sold for $535 in 2019. In circulated condition, most 1939-D cents are worth $0.25 to $1.00, while MS65 RD examples typically fetch around $8 to $15.

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 was struck at the San Francisco Mint with a mintage of 52,070,000 pieces, placing it between Philadelphia’s massive output and Denver’s limited production. San Francisco had a well-earned reputation for producing sharply struck, high-quality coins throughout this era, which makes high-grade examples especially desirable.

It is estimated that fewer than 5,000 Red (RD) coins graded MS66 or above exist today, making gem-quality specimens genuinely rare. The auction record for this variety is $5,520, paid for an MS68 RD example at Heritage Auctions in January 2025 — per PCGS CoinFacts records. A PCGS-graded MS67+ example also set an earlier record of $3,966 in 2013, showing a strong upward price trend over time.

Red-Brown (RB) examples are the next tier: an MS67+ grade brought $494 at auction. In worn, circulated grades, this coin is worth approximately $0.15 to $0.90 and is a great starting point for new collectors who want a well-struck example at an accessible price.

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

Market activity shows 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 is a special collector-only issue, struck at the Philadelphia Mint using polished planchets and specially prepared dies to produce coins with mirror-like fields and sharply frosted devices — the hallmarks of a proof coin. Only 13,520 were produced, and because collectors carefully preserved them, an exceptional 44.38% survival rate makes this the easiest variety to find in near-original condition.

Grading companies apply the standard proof scale (PR60–PR70) to these coins, and they also evaluate color using the same RD, RB, and BN designations used for business strikes. A PR67 Red example sold for $6,900 in May 2001, while even Brown (BN) proofs command serious money — one example sold for $1,208 at Heritage Auctions. A typical 1939 proof penny in PR65 condition is usually worth between $35 and $100 for most color grades.

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 1939 CAM (Cameo) Wheat Penny is the rarest and most visually striking of all 1939 proof issues. CAM designation — awarded by grading services like PCGS (Professional Coin Grading Service) and NGC (Numismatic Guaranty Corporation) — is given only to proof coins that display a sharp, high-contrast appearance between their frosted, sculpted design elements and their deeply reflective, mirror-like background fields.

Of the 13,520 proof coins struck in 1939, only the very first strikes from freshly prepared dies produced this dramatic cameo contrast. After a small number of strikes, the dies would begin to lose their frost, and subsequent coins would display a more uniform appearance. Grading agencies believe that after more than 80 years, only approximately 100 coins still retain a strong enough cameo effect to earn official CAM certification — a survival rate well under 1% of the original proof mintage.

In 2010, a PR66 Cameo sold for $4,025. Currently, records from PCGS indicate that the only certified example carrying the CAM designation stands at PR65, with a current estimated value of approximately $2,650 — though strong collector demand and dynamic market changes give this coin significant appreciation potential.

This coin’s auction history highlights its place in the entire Wheat 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 are the result of something going wrong during the minting process — a misaligned die, a cracked die, a foreign object caught between die and planchet, or a problem with the metal blank itself. These accidental variations can push a coin’s value far beyond its standard worth, and the 1939 Wheat Penny has several recognized error types that collectors actively seek.

1. 1939 DDO FS-101 (Doubled Die Obverse)

The 1939 DDO FS-101 is the premier error variety for this date, catalogued in the official Fivaz-Stanton (FS) reference used by serious variety collectors. It is a Doubled Die Obverse (DDO) error — meaning the die itself was hubbed twice with a slight rotational or lateral shift between impressions, permanently embedding a doubled image into the die that then appears on every coin struck from it.

The doubling is most visible on the word “LIBERTY,” portions of “IN GOD WE TRUST,” the “9” in the date, and parts of Lincoln’s portrait. Unlike post-mint damage (which shows scratching or flattening), genuine DDO errors display rounded, distinct doubling with clean separation on both sides of the affected letters — characteristics referred to as Class I hub doubling.

An MS67+ Red (RD) example of this variety achieved $2,350 at auction in 2019, while an MS66 example sold for $1,440. Even circulated examples of the 1939 DDO FS-101 command premiums, making this the first error every 1939 Wheat Penny owner should check for.

2. 1939 BIE Error (Die Crack Between B and E of LIBERTY)

The BIE error is one of the most common and easily spotted die-crack varieties on Lincoln Wheat Pennies, including the 1939 issue. It gets its quirky name from the fact that a die crack developing between the “B” and “E” of the word “LIBERTY” on the obverse creates a raised vertical line that resembles the letter “I” — forming the visual sequence B-I-E between those letters.

To spot a genuine BIE error, use a 5-to-10x magnification loupe and look for a small raised vertical line in the gap between “B” and “E.” The line should be raised (not scratched in), and it should have the same color and surface texture as the surrounding design — confirming it was struck from the die rather than added afterward.

Values for 1939 BIE errors vary by how pronounced the crack is. Early die-state examples with a faint line fetch $5 to $10 in circulated condition. Well-developed BIE errors showing a prominent “I” shape bring $15 to $30 in average grades. Uncirculated examples with strong BIE characteristics and original red luster can reach $40 to $75, and MS64 or better examples with dramatic BIE definition have sold for $100 to $150.

3. 1939 Off-Center Strike

An off-center strike occurs when the coin blank (called a planchet) is not properly seated in the collar before the dies come together, causing the design to be struck off-center, with part of the planchet left blank. The severity of the misalignment directly determines value — and the golden rule is that the date must be visible for the coin to be considered collectible.

Most 1939 Wheat Pennies with 10% to 20% off-center errors are worth approximately $25. However, examples showing 50% or more off-center misalignment while still displaying a clear, full date can be worth $75 to $100 or more — because collectors want the dramatic visual impact of a large blank area combined with enough design detail to confirm the coin’s identity.

4. 1939 Repunched Mint Mark (RPM)

In the 1930s, mint marks on Lincoln cents were applied by hand, punching a small letter stamp directly into each working die individually. This manual process meant the stamp sometimes landed imprecisely and had to be repunched — but if the second punch landed in a slightly different position, the “ghost” of the first punch remained visible on the die and on every coin struck afterward.

RPM (Repunched Mint Mark) varieties exist for both the 1939-D and 1939-S issues. Look for a faint shadow of a “D” or “S” mint mark appearing slightly above, below, or to the side of the primary, stronger mark. Thousands of RPM varieties are catalogued across the entire Lincoln cent series, and 1939 examples typically add a value premium of $10 to $100 depending on the clarity and grade of the coin.

5. 1939 Clipped Planchet

A clipped planchet error occurs during blanking — the process of punching coin discs out of a long metal strip. If the punch lands too close to a previously punched hole, the resulting blank will have a curved section missing from its edge. This curved notch remains visible on the finished coin as a concave bite out of the rim.

Clipped planchet errors are worth a small premium over regular 1939 Wheat Pennies; larger clips affecting a greater portion of the coin are more valuable, especially when Lincoln’s portrait and the full date remain clearly visible. Always check both the edge and the interior of the clipped area for a consistent color and wear pattern — legitimate mint clips show no signs of cutting or filing after the fact.

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

 

Where To Sell Your 1939 Wheat Penny?

Now that you understand the value of your 1939 Wheat Penny, you might be wondering where to sell it online effectively. Whether you have a common circulated example or a rare high-grade specimen, the right selling venue can make a significant difference in the price you receive.

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 Wheat Penny worth in 2026?

A worn, circulated 1939 Wheat Penny with no mint mark is typically worth $0.05 to $0.35 today. However, values rise sharply with condition and color: an MS65 Red (RD) example is worth roughly $5 to $15, and the all-time auction record stands at $36,000 for an MS68+ Red specimen sold at Heritage Auctions in January 2025.

2. What do RD, RB, and BN mean on a 1939 Wheat Penny?

These are official color designations assigned by grading services like PCGS and NGC to describe how much original copper-red luster a coin has retained. RD (Red) means the coin shows at least 85% of its original red color and commands the highest prices. RB (Red-Brown) applies when 15% to 85% of the red remains, while BN (Brown) describes coins where most of the red has oxidized away — BN coins are worth significantly less than RD examples at the same grade.

3. How do I know if my 1939 Wheat Penny is valuable?

Start by checking the color: if the coin is mostly brown, it will only command a premium if it carries an interesting error. If the surfaces retain significant red or red-brown tones, the coin has potential value in uncirculated grades. Next, check for a mint mark below the date — a “D” marks the scarcer Denver issue, and an “S” indicates San Francisco. Finally, examine the word “LIBERTY” and the date under magnification for signs of doubling, which would indicate the valuable DDO FS-101 error variety.

4. What is the rarest 1939 Wheat Penny variety?

The rarest certified 1939 Wheat Penny variety is the 1939 Proof CAM (Cameo), where only approximately 100 examples are believed to still display the strong contrast between frosted devices and mirror fields required for the CAM designation. Only one coin has been certified by PCGS at the PR65 level with the CAM designation, with an estimated value of around $2,650.

5. What is the BIE error on a 1939 Wheat Penny?

A BIE error is a die crack that forms between the “B” and “E” of the word “LIBERTY” on the obverse, creating a raised vertical line that looks like the letter “I” between those two letters. These errors are visible under 5x to 10x magnification and occur when the die begins to crack from repeated use. BIE examples in circulated condition are worth $5 to $30, while uncirculated specimens with original red luster can sell for $40 to $150 depending on the sharpness of the crack.

6. What is an RPM error on a 1939 Wheat Penny?

RPM stands for Repunched Mint Mark — an error that occurred when mint workers hand-stamped the “D” or “S” mint mark into a die, then re-stamped it in a slightly different position, leaving a ghost impression of the first punch. On a 1939-D or 1939-S cent, look for a faint secondary “D” or “S” above, below, or offset from the primary mint mark. RPM varieties on 1939 Wheat Pennies typically add $10 to $100 in value depending on how dramatic and clear the secondary mark is.

7. What is a 1939 Proof Wheat Penny and how is it different from a regular coin?

The 1939 Proof Wheat Penny was struck at the Philadelphia Mint using specially polished coin blanks (called planchets) and carefully prepared dies, producing coins with a distinctively sharp design and mirror-like background fields. Only 13,520 proof cents were made in 1939, compared to over 316 million regular-issue Philadelphia cents, but their survival rate is dramatically higher at about 44% because collectors preserved them from the start. A typical PR65 proof is worth $35 to $100, while top-grade examples can reach thousands.

8. What is the error on a 1939 Wheat Penny most collectors look for?

The most sought-after error is the 1939 DDO FS-101 (Doubled Die Obverse), where visible doubling appears on “LIBERTY,” “IN GOD WE TRUST,” and the first “9” in the date due to the die being hubbed twice at a slightly different angle. An MS67+ Red example of this variety sold for $2,350 in 2019. The doubling is moderate in visibility and typically requires a loupe or magnifying glass, but once found it shows distinct, clean separation on both sides of the affected letters.

9. How do I get my 1939 Wheat Penny graded by PCGS or NGC?

PCGS (Professional Coin Grading Service) and NGC (Numismatic Guaranty Corporation) are the two leading third-party coin grading services in the United States. To submit a coin, you must either become a direct member of the grading service or work through an authorized dealer. Grading fees typically start around $30 to $50 per coin for standard service, and the coin is returned encapsulated in a tamper-evident holder (“slab”) showing the grade, color designation, and any special variety or error attribution. It is generally worth the cost of grading only if your coin is in uncirculated condition or shows a clear, documented error.

10. Is the 1939 Wheat Penny a key date?

No, none of the three business-strike 1939 Wheat Penny varieties are considered key dates in the Lincoln cent series. Key dates are coins with exceptionally low mintages like the 1909-S VDB, 1914-D, or 1931-S that are very difficult to obtain even in well-worn condition. The 1939 issues — including the lowest-mintage 1939-D at 15.16 million — are classified as common dates that are readily available in all circulated grades. Their value lies almost entirely in condition (high Mint State grades), color designation (RD), and error/variety status, rather than in sheer scarcity of the coin itself.