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

1939 Wheat Penny value ranges from $0.01 face value to $36,000. 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 collectors are paying today.

 

1939 Wheat Penny Value By Variety

Here’s the value chart for the 1939 Wheat Penny. Worth depends on mint mark, condition, and color designation. If you already know your coin’s grade, jump to the Value Guides section for exact pricing.

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

 

Top 10 Most Valuable 1939 Wheat Penny Worth Money

The chart tells you everything about what condition does to price. A 1939 MS68+ Red specimen sold for $36,000 at Heritage Auctions in January 2025 — the all-time record for any 1939 cent. The second-highest sale? $11,500 for a 1939-D MS68 at Heritage Auctions in October 2009. That’s a huge gap, and it shows how one half-grade jump at the top of the scale can triple or quadruple a coin’s value.

The 1939 DDO FS-101 doubled-die variety shows up twice in the top ten — $2,350 for an MS67 and $1,440 for an MS66. Collectors pay up for clean doubled dies. When you look at the spread from $780 (regular MS67) to $6,900 (proof PR67) to $36,000 (MS68+RD), you’re seeing condition, color, and rarity all working together.

 

History Of The 1939 Wheat Penny

By 1939, unemployment was finally dropping from Depression-era highs, but the world was about to change. Hitler’s Germany invaded Poland that September, and these copper cents circulated during the last months before America entered the global conflict.

Here’s a detail most collectors miss: 1939 was the 30th anniversary of the Lincoln cent series, first introduced in 1909 for Lincoln’s 100th birthday. That milestone got hobbyists paying closer attention to Wheat Pennies, hunting for errors and varieties with fresh eyes.

Millions of these pennies also changed hands at the 1939 New York World’s Fair. Over 44 million people attended that “World of Tomorrow” event, spending these very coins on hot dogs and admission tickets while gawking at technology that would seem ordinary a generation later.

On the production side, the U.S. Mint had resumed proof coin striking after suspending sets during the worst Depression years. The 1939 proof cents rank among the finest-quality Lincoln cents of the era. Meanwhile, FDR’s New Deal was still in full swing — WPA workers building bridges and public buildings earned wages that often included these same pennies.

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

 

Is Your 1939 Wheat Penny Rare?

Total mintage numbers look huge across all three business strikes. That’s misleading. The real rarity is at the top of the grading scale. Philadelphia’s survival rate in preserved condition is just 0.0054% — for every 18,500 coins struck, fewer than one survived in collectible shape. So yes, your 1939 penny exists by the hundreds of millions, but a nice one? That’s a completely different kind of rare.

To check where your coin falls, our Coin Identifier and Value App gives you instant rarity assessments and current pricing.

 

Key Features Of The 1939 Wheat Penny

The Obverse Of The 1939 Wheat Penny

Flip your coin to the heads side. You’ll see Lincoln’s right-facing portrait, designed by Latvian-born sculptor Victor David Brenner. His tiny initials “V.D.B.” sit at the base of Lincoln’s shoulder. “IN GOD WE TRUST” arcs across the top, “LIBERTY” stands to the left of Lincoln, and “1939” appears at the lower right.

Look just below the date for the mint mark. A small “D” means Denver. A small “S” means San Francisco. No letter at all? That’s a Philadelphia coin — what collectors call “No Mint Mark.”

The Reverse Of The 1939 Wheat Penny

Flip it over. Brenner’s reverse shows two symmetrical wheat stalks framing the edges — the design that gave these coins the “Wheat Penny” nickname. “ONE CENT” sits front and center between the stalks, “UNITED STATES OF AMERICA” runs below it, and “E PLURIBUS UNUM” (“From the many, one”) curves along the top.

Fun fact: Brenner’s wheat-ear design was actually his second proposal. His original design featured a tree branch, but Mint officials rejected it because it looked too much like 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 struck in 95% copper with 5% tin and zinc. That bronze mix gives it the warm color collectors love — and the tendency to darken over decades.

Color matters enormously for value. Grading services use three designations: RD (Red) means at least 85% of the original copper-red luster remains. RB (Red-Brown) covers coins retaining 15% to 85% of their red. BN (Brown) means most of the red has oxidized away. Because copper reacts with oxygen over time, RD examples are dramatically rarer and worth far more than BN coins at the same grade.

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

 

1939 Wheat Penny Mintage & Survival Data

Philadelphia cranked out over 316 million pennies in 1939. San Francisco added roughly 52 million. Denver? Only about 15.16 million — the mint was tied up with precious-metal refining that year, making the 1939-D the scarcest business strike.

Now look at survival rates. Only 0.0054% of Philadelphia coins survived in preserved condition. Put another way, out of every 18,500 Philly pennies struck, fewer than one made it through in collectible shape. Denver and San Francisco did slightly better at roughly 0.066% and 0.0269%, but daily commerce absolutely destroyed copper coinage.

Proofs tell the opposite story. Of the 13,520 special strikes Philadelphia made for collectors, about 44.38% survive today. They were babied from day one. That contrast — 0.0054% vs. 44.38% — is why some 1939 Wheat Pennies sell for thousands while others sit in junk bins.

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

 

The Easy Way to Know Your 1939 Wheat Penny Value

Figuring out what your coin is really worth takes more than a price guide — you need accurate condition assessment and current market data. The Coin Value Checker APP handles both by combining image recognition with live valuation data.

Snap a clear photo of your 1939 Wheat Penny and get a detailed appraisal covering wear, mint variety, color designation, and current demand. It’s especially handy for deciding whether your coin is worth the cost of sending it to PCGS or NGC.

 

1939 Wheat Penny Value Guides

The 1939 Wheat Penny breaks down into five collectible categories:

• 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

The three business strikes circulated normally. The proofs were struck on polished planchets with specially prepared dies — strictly for collectors. Each category carries different premiums based on mintage, survival rates, color, and demand.

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

 

1939 No Mint Mark Wheat Penny Value

316,466,000 struck. Sounds like you’d trip over them. But only 0.0054% survived in well-preserved condition, so pristine examples are genuinely scarce despite those massive numbers.

An MS65 Red coin runs about $5 to $15. Nothing crazy. But climb the grading ladder and things get wild — the all-time record is $36,000 for an MS68+RD example sold by Heritage Auctions in January 2025. That’s what top-pop territory does to prices.

Don’t write off brown coins entirely. An MS63 BN example has sold for $288. Red-Brown specimens slot between BN and RD pricing at each grade level, giving you a nice middle ground if you’re building a set on a budget.

Full auction records for this variety:

Current market activity for this coin:

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

 

1939-D Wheat Penny Value

Here’s a question most collectors don’t ask: why did Denver only make 15,160,000 pennies in 1939 when Philadelphia made over 316 million? The answer is that Denver was heavily tied up with precious-metal refining operations that year. That’s roughly one Denver coin for every 21 Philly coins.

Denver also had a reputation for weaker strikes during this era. Finding a sharply detailed 1939-D is a real challenge, and quality-focused buyers pay up for it. The variety record is $11,500, set at Heritage Auctions in October 2009 for an MS68 Red specimen.

Even brown coins do well at high grades — an MS66+BN sold for $535 in 2019. In circulated condition, most 1939-D cents bring $0.25 to $1.00. MS65 RD examples typically run $8 to $15. If you’ve got one with a sharp strike and full red luster, you’re sitting on something worth cherrypicking through your collection for.

Full auction history for this variety:

Current collector demand for the Denver issue:

 

1939-S Wheat Penny Value

A common misconception about the 1939-S is that it’s just the “middle child” of the three mints. Not quite. San Francisco had a well-earned reputation for sharp, high-quality strikes throughout this era, and that shows up in the surviving coins. The mintage of 52,070,000 sits between Philadelphia’s flood and Denver’s trickle.

Fewer than 5,000 Red coins graded MS66 or above are estimated to exist today. The auction record is $5,520 for an MS68 RD example at Heritage Auctions in January 2025. An earlier MS67+ brought $3,966 in 2013, showing a clear upward price trend.

Red-Brown examples are more affordable — an MS67+ RB sold for $494. Circulated grades run $0.15 to $0.90. I think this is one of the best entry points for new collectors who want a well-struck coin without breaking the bank.

Auction data for this variety:

Market tracking for the San Francisco issue:

 

1939 Proof Wheat Penny Value

Only 13,520 proof cents were struck in 1939 — all at Philadelphia, on polished planchets with specially prepared dies. The result: mirror-like fields and razor-sharp devices. Because collectors babied these from day one, a remarkable 44.38% survive today. That’s the easiest 1939 variety to find in near-original condition.

Grading services score these on the proof scale (PR60–PR70) and apply the same RD, RB, and BN color designations. A PR67 Red sold for $6,900 in May 2001. Even Brown proofs bring serious money — one example went for $1,208 at Heritage Auctions. A typical PR65 in most color grades runs $35 to $100.

Auction history for proof issues:

Market activity for proof collectors:

 

1939 CAM Wheat Penny Value

This is the holy grail of 1939 pennies. The CAM (Cameo) designation — awarded by PCGS (Professional Coin Grading Service) and NGC (Numismatic Guaranty Corporation) — goes only to proof coins showing sharp, high-contrast frosted devices against deeply reflective mirror fields.

Here’s why they’re so rare. Only the very first strikes from freshly prepared dies produced that dramatic cameo look. After a handful of impressions, the frost wore off the dies and subsequent coins came out with a more uniform finish. Out of 13,520 proofs struck in 1939, grading agencies estimate roughly 100 coins still show enough cameo contrast to earn the CAM designation. That’s well under 1%.

A PR66 Cameo sold for $4,025 in 2010. PCGS records show the only currently certified CAM example sits at PR65, valued at approximately $2,650. We think this coin has serious appreciation potential given the demand and how few exist.

Auction records for this rare variety:

Current market tracking for the cameo:

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

 

Rare 1939 Wheat Penny Error List

Error coins happen when something goes wrong during striking — misaligned dies, die cracks, foreign objects on the planchet, or defective blanks. These accidents can push a coin’s value way beyond its normal worth. The 1939 Wheat Penny has several recognized error types worth hunting for.

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

This is the big one. The 1939 DDO FS-101 is catalogued in the Fivaz-Stanton (FS) reference and is the premier error variety for this date. The die was hubbed twice with a slight shift between impressions, permanently embedding doubled images into every coin it struck.

Grab your loupe and check “LIBERTY,” portions of “IN GOD WE TRUST,” the “9” in the date, and parts of Lincoln’s portrait. Genuine DDO errors show rounded, distinct doubling with clean separation on both sides of affected letters — that’s Class I hub doubling. Don’t confuse it with post-mint damage, which looks scratched or flat.

An MS67+ Red example brought $2,350 at auction in 2019. An MS66 sold for $1,440. Even circulated examples command premiums. This is the first error you should check for on any 1939 Wheat Penny.

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

This one’s fun to hunt for. A die crack develops between the “B” and “E” of “LIBERTY,” creating a raised vertical line that looks like the letter “I” — spelling out B-I-E. It’s one of the most common and recognizable die-crack varieties across the entire Wheat Penny series.

Use a 5x to 10x loupe and look in the gap between “B” and “E.” The line should be raised, not scratched in, and match the color and surface texture of the surrounding design. That confirms it came from the die, not from someone’s pocket knife.

Pricing depends on how pronounced the crack is. Faint early die-state examples bring $5 to $10 in circulated grades. Well-developed BIE errors with a prominent “I” shape run $15 to $30. Uncirculated coins with strong BIE characteristics and original red luster can reach $40 to $75, and MS64 or better examples with dramatic definition have sold for $100 to $150.

3. 1939 Off-Center Strike

You’ll know it when you see it. An off-center strike happens when the planchet isn’t seated properly before the dies come together, leaving part of the coin blank. The bigger the misalignment, the more dramatic the look — and the higher the value.

One critical rule: the date must be visible. No date, no collector interest. Most 1939 Wheat Pennies with 10% to 20% off-center errors bring about $25. Hit 50% or more off-center with a clear, full date still showing? Now you’re looking at $75 to $100 or more.

4. 1939 Repunched Mint Mark (RPM)

Back in the 1930s, mint marks were punched into each working die by hand. Sometimes the stamp landed crooked and had to be re-punched. If the second hit was slightly off from the first, a “ghost” of the original punch stayed visible on every coin struck from that die.

RPM varieties exist for both 1939-D and 1939-S issues. Look for a faint shadow of a “D” or “S” slightly above, below, or to the side of the primary mint mark. These typically add $10 to $100 in value depending on how clear the secondary impression is and the coin’s overall grade.

5. 1939 Clipped Planchet

During blanking, coin discs are punched from a long metal strip. If the punch overlaps a previously punched hole, the resulting blank comes out with a curved bite missing from its edge. That curved notch stays visible on the finished coin.

Larger clips are worth more, especially when Lincoln’s portrait and the full date remain clearly visible. To verify authenticity, check that the clipped area shows consistent color and wear — legitimate mint clips have 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 runs $0.05 to $0.35. Values climb fast with condition and color — an MS65 Red (RD) example is worth roughly $5 to $15. The all-time record is $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 color designations from grading services like PCGS and NGC. RD (Red) means at least 85% of the original copper-red luster remains — these command the highest prices. RB (Red-Brown) covers 15% to 85% red remaining. BN (Brown) means most red has oxidized away. A BN coin is worth significantly less than an RD at the same grade.

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

Start with color. Mostly brown with no errors? Minimal premium. If you see significant red or red-brown tones, the coin has potential in uncirculated grades. Next, check below the date for a mint mark — “D” is the scarcer Denver issue, “S” is San Francisco. Finally, examine “LIBERTY” and the date under magnification for doubling, which would indicate the valuable DDO FS-101 error.

4. What is the rarest 1939 Wheat Penny variety?

The 1939 Proof CAM (Cameo). Only about 100 examples are believed to still show enough contrast between frosted devices and mirror fields to earn the CAM designation. PCGS has certified just one at the PR65 level, valued at approximately $2,650.

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

A die crack between the “B” and “E” of “LIBERTY” that creates a raised vertical line resembling the letter “I.” You’ll need 5x to 10x magnification to spot it. Circulated BIE examples run $5 to $30. Uncirculated coins with original red luster and a sharp crack can bring $40 to $150.

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

RPM stands for Repunched Mint Mark. Mint workers hand-stamped the “D” or “S” into each die, and sometimes the second punch landed slightly off from the first, leaving a ghost impression. On a 1939-D or 1939-S, look for a faint secondary letter above, below, or offset from the primary mint mark. These add $10 to $100 in value depending on clarity and grade.

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

Proofs were struck at Philadelphia on specially polished planchets with carefully prepared dies, giving them mirror-like fields and razor-sharp detail. Only 13,520 were made in 1939, versus over 316 million regular Philadelphia cents. But about 44% of proofs survive because collectors preserved them from the start. A typical PR65 runs $35 to $100, with top grades reaching into the thousands.

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

The 1939 DDO FS-101 (Doubled Die Obverse). Visible doubling appears on “LIBERTY,” “IN GOD WE TRUST,” and the first “9” in the date. An MS67+ Red example sold for $2,350 in 2019. You’ll typically need a loupe to spot it, but the doubling shows distinct, clean separation on both sides of affected letters.

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

You’ll need to either become a direct member of PCGS or NGC, or submit through an authorized dealer. Standard grading fees start around $30 to $50 per coin. Your coin comes back in a tamper-evident “slab” showing the grade, color designation, and any variety attribution. Generally, it’s only worth the cost if your coin is uncirculated or shows a clear, documented error.

10. Is the 1939 Wheat Penny a key date?

No. None of the three business-strike 1939 varieties are key dates. Key dates like the 1909-S VDB, 1914-D, or 1931-S have exceptionally low mintages and are tough to find even well-worn. The 1939 issues — including the 1939-D at 15.16 million — are common dates available in all circulated grades. Their value comes from condition (high Mint State grades), color (RD), and error/variety status, not from the coins themselves being scarce.