1940 Wheat Penny Value Checker: Errors List, “D”, “S” & No Mint Mark Worth

1940 Wheat Penny value ranges from $0.01 face value to $14,950. That record belongs to a Grade 68 Red example that sold at Bowers & Merena in August 2006. Not sure what yours is worth? Upload a photo below and get a quick value range in seconds. Then scroll down to see what 1940 Wheat Pennies are actually selling for on eBay right now.

 

1940 Wheat Penny Value By Variety

Here’s what 1940 wheat pennies are selling for across all three mints and coin types. If you already know your coin’s grade, jump down to the **Value Guides** section for exact pricing.

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

 

Top 10 Most Valuable 1940 Wheat Penny Worth Money

The king of 1940 wheat pennies is a Philadelphia MS68 Red that hammered for $14,950 at Bowers & Merena back in August 2006. Right behind it sits a PR67+RD proof that Heritage Auctions sold in 2017 for $11,163. Denver’s best — an MS68RD — brought $10,800, and San Francisco’s top coin, also MS68RD, went for $9,600 through Stack’s Bowers.

Cameo proofs land in the middle of the pack despite being incredibly scarce. A PR66CAM hit $3,840 in 2024. The gap between a common circulated 1940 penny and these top-pop coins is massive — we’re talking five figures of difference.

 

History of the 1940 Wheat Penny

The 1940 wheat penny landed right at the tail end of Depression-era coinage and the start of America’s pre-war industrial buildup. It’s a coin that sits on a hinge point in history.

By 1940, the economy had real momentum. The U.S. Mint cranked up production across all three facilities, and Philadelphia did something it had never done before — it struck more than half a billion Lincoln cents in a single year. That 1940 Philadelphia output ranks as the 6th highest of any year in the entire wheat cent series.

Victor David Brenner designed the wheat penny back in 1909 for Abraham Lincoln’s centennial. Brenner was a Lithuanian-born sculptor that President Theodore Roosevelt picked after admiring a bas-relief plaque Brenner had made of Lincoln. By 1940, this design had been jingling in American pockets for over three decades, still using the same 95% copper, 5% tin and zinc composition.

Here’s the fun detail. What came right after 1940 makes this year special. Within two years, copper shortages forced the Mint to ditch bronze entirely. They switched to zinc-coated steel in 1943, then recycled copper shell casings from spent ammunition in 1944 and 1945. That makes 1940 one of the last years of pure, peacetime bronze cents before wartime chaos changed American coinage for good.

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

 

Is Your 1940 Wheat Penny Rare?

Use our Coin Identifier and Value App to assess the specific rarity characteristics of your coins across different conditions and designations.

 

Key Features of the 1940 Wheat Penny

Knowing what to look for on your 1940 wheat penny helps you spot genuine coins, judge condition, and catch valuable varieties hiding in plain sight.

The Obverse of the 1940 Wheat Penny

The obverse carries the same Lincoln portrait that had appeared on cents since 1909. You’ll see his head and shoulders in right-facing profile.

“IN GOD WE TRUST” arches above his head. “LIBERTY” sits to the left of the portrait, and the date is on the right. If your penny was struck in Denver or San Francisco, look just below the date for a small “D” or “S” mint mark. When you’re grading, check Lincoln’s cheek just below the eye first — that’s always the spot where wear shows up earliest.

The Reverse of the 1940 Wheat Penny

Flip it over and you’ll see the denomination spelled out in full capitals across two lines in the center, with the country name below in slightly smaller lettering.

“E PLURIBUS UNUM” — “Out of many, one” — curves along the top edge. Two stylized ears of durum wheat frame the left and right sides. That’s where the “wheat penny” nickname comes from.

Other Features of the 1940 Wheat Penny

The 1940 penny is bronze — 95% copper with the rest being tin and zinc. It weighs 3.11 grams, measures 19 millimeters across, and is 1.55 mm thick.

Fresh from the press, copper glows red-orange. Over time it darkens to brown through oxidation. PCGS (Professional Coin Grading Service) and NGC (Numismatic Guaranty Company) classify copper coins with three color designations: RD (Red) for coins keeping 95%+ of original luster, RB (Red-Brown) for 15–85% original color remaining, and BN (Brown) for fully toned examples. Red coins bring the highest prices by a huge margin.

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

 

1940 Wheat Penny Mintage & Survival Data

Philadelphia pumped out 586.8 million pennies in 1940 — the 6th highest single-year output in the whole wheat cent series. Yet PCGS estimates only about 12,000 survive in collectible condition. That’s a survival rate of just 0.002%. Roughly half of those survivors grade MS65 or above.

Denver and San Francisco had smaller runs at 81.4 million and 112.9 million respectively. Each has about 18,000 estimated survivors, but again only half crack the gem-quality MS65 bar. Proof coins tell a completely different story: from 15,872 proofs minted, around 7,000 still exist — a 44% survival rate. Collectors took care of those from day one.

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

 

The Easy Way to Know Your 1940 Wheat Penny Value

Start by checking beneath the date for a D, S, or nothing. No mint mark means Philadelphia. Then look at Lincoln’s portrait clarity and the wheat ear detail — those high-relief areas show wear first.

Copper color matters a lot. Bright original red commands steep premiums. Dark brown means heavy oxidation. And whatever you do, never clean your coins. Even a gentle wipe destroys the microscopic surface details grading services look for. A “cleaned” designation from PCGS or NGC can slash value by 50–90%.

You can get a preliminary assessment using our Coin Identifier and Value App to instantly check your coin’s grade and potential value.

 

1940 Wheat Penny Value Guides

Five distinct varieties exist for the 1940 wheat penny:

• 1940 No Mint Mark Wheat Penny
• 1940-D Wheat Penny
• 1940-S Wheat Penny
• 1940 Proof Wheat Penny
• 1940 CAM Wheat Penny

Your coin’s mint mark, proof status, and cameo contrast determine which category it falls into — and that directly drives rarity and price.

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

 

1940 No Mint Mark Wheat Penny Value

Here’s a number that’ll surprise you: Philadelphia struck 586.8 million of these — the 6th highest annual output for any wheat cent year — but only about 12,000 survive in collectible condition. That’s a 0.002% survival rate. More than 99.99% of them are gone.

That brutal attrition is why high-grade examples cost real money despite the enormous original mintage. Philadelphia’s 1940 strikes were generally well-executed, so completely red gem specimens turn up more often here than at some other mints and years. About 6,000 of the estimated 12,000 survivors grade MS65 or better.

The color spread on pricing is dramatic. A Red (RD) specimen hit $14,950 in MS68 condition in 2006. Red-Brown (RB) topped out at $518 in MS64. Brown (BN) brought $805 in MS62. I think the Philly no-mint-mark is one of the best entry points for collectors who want a top-pop wheat penny without spending five figures — plenty of nice MS65-MS66 Red coins trade for reasonable money.

Below you’ll find the complete auction record chart for this variety’s historical sales data.

Current market activity reflects collector interest across all grade levels for this foundational wheat penny variety.

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

 

1940-D Wheat Penny Value

Denver struck the fewest 1940 pennies of any mint — just 81.4 million. That lower mintage makes the D-mint a natural target for collectors who want something a little scarcer without breaking the bank. PCGS estimates about 18,000 survive, with roughly half grading above MS65.

The price gap between color designations is wild. A pristine MS68RD commanded $10,800 in 2025. Drop down to an MS66RB and you’re at $432 (2023 sale). An MS68BN? Just $150 back in 2010. Color retention is everything on these copper coins.

This is also the variety to cherrypick for errors. The 1940-D hosts a documented Doubled Die Obverse (DDO) with clear doubling on “IN GOD WE TRUST” and the date. If you find one in Extra Fine or better, you’ve got a coin worth serious attention.

The comprehensive auction record chart below details historical sales performance for this Denver variety.

Trading activity reflects steady collector interest in this moderately scarce wheat penny issue.

 

1940-S Wheat Penny Value

Did you know the Federal Reserve Bank of Chicago received 163 tons of coins from the San Francisco Mint in November 1940 alone? That gives you a sense of the demand this facility was under. San Francisco struck 112.9 million pennies that year — its 10th highest output in the entire wheat cent series.

Working under that kind of pressure meant worn, distorted dies. Many 1940-S cents show distinctive strike characteristics that collectors actually prize today. PCGS estimates about 18,000 San Francisco specimens survive in collectible condition.

Top-grade red specimens bring strong money. Stack’s Bowers sold a pristine MS68RD for $9,600 at auction. Red-brown and brown examples offer much cheaper entry points if you’re building a set on a budget.

Historical auction data reveals the complete price evolution for this San Francisco variety across all decades.

Collector enthusiasm for San Francisco mint marks maintains steady interest in this moderately available issue.

 

1940 Proof Wheat Penny Value

Only 15,872 proof pennies were struck in 1940. About 7,000 survive today — a 44% survival rate. Compare that to the 0.002% survival rate for regular business strikes. Collectors kept these safe from the start.

The production process is completely different from regular coins. Specially polished planchets get struck multiple times by specially prepared dies. The result is mirror-flat fields with frosted design elements — Lincoln’s portrait looks almost sculpted against a brilliant, reflective background. You can’t mistake a proof for a business strike once you’ve seen one in hand.

Heritage Auctions sold a premium PR67+RD for $11,163 in 2017. A PR64RB brought $1,150 in 2006. Even a PR63BN managed $1,380 in 2001. Copper preservation matters on proofs just as much as on regular strikes.

Historical auction records for this proof variety are documented in the chart below.

This proof variety maintains strong collector attention due to its limited production and superior striking quality.

 

1940 CAM Wheat Penny Value

Think of the cameo proof as the trophy coin of 1940. CAM stands for “Cameo” — it only applies to proofs where you get strong contrast between deeply mirrored fields and frosty, white-looking design elements like Lincoln’s portrait.

The effect is stunning. It looks like a miniature bas-relief sculpture set against a mirror. The next level up is DCAM (Deep Cameo), but no 1940 DCAM specimens are currently certified. The finest known cameo tops out at PR66 grade.

Here’s why they’re so rare. As proof dies got used, the frost on the raised design elements wore off fast. Most 1940 proof dies only produced a handful of true cameo coins before the contrast disappeared entirely. Everything had to go right — fresh die, early strike, perfect planchet. A PR66CAM hit $3,840 in 2024, and we think these will only get harder to find.

The auction record chart below captures the limited sales history of this rare variety.

Recent market activity demonstrates steady collector interest with notable seasonal variations throughout the trading period.

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

 

Rare 1940 Wheat Penny Error List

Even with massive production numbers, certain 1940 wheat pennies came out of the press with minting defects that collectors love. The overworked mint facilities during America’s pre-war ramp-up produced some interesting mistakes. Always check a potential error under at least 5x–10x magnification before getting excited.

1. Doubled Die Obverse (DDO) Error

A Doubled Die Obverse — DDO — happens when the die gets multiple impressions from the hub at slightly different positions during die production. Every coin that die strikes then shows a doubled, shadow-like image on the design.

On the 1940-D, the doubling shows up clearly on “IN GOD WE TRUST” and the date. It’s one of the most dramatic DDO examples from that year. Look for distinct, raised separation between the primary and secondary images. That’s different from flat, shelf-like “machine doubling,” which adds zero value. A confirmed 1940 DDO can bring several hundred dollars depending on grade and doubling strength.

2. Repunched Mint Mark (RPM) Error

An RPM happens when the mint mark punch hits the working die more than once at slightly different positions. You end up with a doubled or shadowed mint mark on every coin that die produces. Grab your loupe and look for a secondary impression peeking out at the top, bottom, or side of the primary D or S.

RPMs show up more often on 1940-D and 1940-S cents than on almost any other Lincoln cent year from this era. Values run from $10 to $175+ depending on how obvious the doubling is. A 1940-S RPM in MS64 Red sold at auction for $70. The stronger the secondary impression, the more you’ll get.

3. Off-Center Strike Error

These happen when the blank planchet isn’t seated properly in the striking chamber. Part of the coin gets a full, sharp impression. The rest stays completely flat and blank.

The golden rule: the date must be visible for maximum value. Strikes 5–10% off-center bring $15–$30. At 40–50% off-center with a readable date, you’re looking at $100–$250 or more. The most dramatic examples — 75%+ off-center with a clear date — have sold for $300–$600+.

4. Clipped Planchet Error

This error happens before the coin is even struck. When the punch cutting circular blanks from a copper strip overlaps a previously punched area, the resulting blank has a curved bite missing from its edge. The finished coin shows a crescent-moon-shaped indentation along the rim.

Small clips under 10% of the edge bring $15–$40. Medium clips covering 10–25% sell for $50–$125. Large or multiple clips on the same coin can top $150. Check the clip edge carefully — it should be a smooth, consistent arc. Jagged or uneven edges mean post-mint damage, not a genuine error.

5. Lamination Error

Lamination errors come from impurities in the copper alloy. Gas bubbles, contaminants, or bad mixing create weak spots in the blank. Under striking pressure — or later during circulation — the surface can flake, peel, or crack.

These are especially interesting on 1940 wheat pennies because pre-war metal supplies were already showing strain from rising industrial demand. The copper alloys were more prone to this defect. Minor surface laminations add $3–$8 over base value. Dramatic flaking across Lincoln’s portrait or the wheat stalks can bring $50–$160 for well-defined examples.

6. Die Crack and BIE Error

Die cracks form when repeated striking pressure creates small fissures in the die. The damaged die keeps producing coins until someone notices, so you get raised lines running across Lincoln’s portrait or through the wheat stalks on the reverse.

The fun one here is the BIE error. A die crack forms exactly between the “B” and “E” of “LIBERTY,” creating a raised vertical line that looks like the letter “I.” It makes LIBERTY read “LIIBERTY.” BIE errors are collected across all wheat cent years, and 1940 examples are known on both Philadelphia and Denver strikes. Over 1,500 different BIE die varieties have been cataloged across the entire wheat cent series — it’s a rabbit hole of specialist collecting.

7. Wrong Planchet Error

This is the holy grail of 1940 errors. A wrong planchet strike means the coin was accidentally struck on a brass blank intended for foreign or token coinage instead of a standard Lincoln cent bronze planchet. The color and weight are slightly off, and the design may look weak or have an unusual texture.

Wrong planchet errors from the 1940 era are extremely rare. You absolutely need authentication from PCGS or NGC before assigning any value. Authenticated examples attract serious collector interest because of the story they tell about chaotic pre-war mint operations.

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

 

Where to Sell Your 1940 Wheat Penny?

Now that you understand your 1940 wheat penny’s potential worth, are you wondering where to sell these coins for maximum return? I’ve compiled the top selling platforms, including auction houses, online marketplaces, and coin dealers, with their advantages and drawbacks.

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

 

1940 Wheat Penny Market Trend

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

 

FAQ about the 1940 Wheat Penny Value

1. How much is a 1940 Wheat Penny worth today?

Common circulated examples run $0.13–$0.35. High-grade red specimens can reach thousands. The auction record is $14,950 for an MS68 Philadelphia coin, and a Denver MS68RD hit $10,800 in 2025.

2. How much is a 1940 Wheat Penny with no mint mark worth?

Despite a massive 586.8 million mintage, PCGS estimates only about 12,000 survive in collectible condition. Roughly half qualify as gem quality at MS65 or above. Values range from about $4 in lower Mint State grades up to $14,950 for a top-grade MS68 Red example.

3. What makes a 1940 Wheat Penny rare?

Preservation, not mintage. The key factors are original red copper luster (RD designation), high Mint State grades, and special varieties like proofs (only 15,872 minted) or cameo specimens. Errors like DDO, RPM, off-center strikes, clipped planchets, and wrong planchet strikes also boost value significantly.

4. What is the difference between a 1940 proof penny and a regular business strike?

Proofs were made exclusively for collectors using specially polished planchets struck multiple times by specially prepared dies. You get mirror-flat fields and frosted design elements — museum-quality coins. Regular business strikes went through one standard strike for everyday commerce. Of the 15,872 proofs struck in 1940, about 7,000 survive, compared to a 0.002% survival rate for business strikes.

5. What is a 1940 DDO Wheat Penny and how do I find one?

A Doubled Die Obverse (DDO) was struck by a die that received multiple hub impressions at slightly different angles. The 1940-D DDO shows clear doubling on “IN GOD WE TRUST” and the date. Use a 5x–10x loupe and look for distinct, raised secondary impressions next to the primary design. Don’t confuse it with flat, shelf-like machine doubling — that’s worthless. Confirmed 1940 DDO examples are worth several hundred dollars.

6. How do I identify a repunched mint mark (RPM) on my 1940-D or 1940-S penny?

Under magnification, look for a secondary “ghost” impression of the D or S directly above, below, or beside the primary mark. The secondary image should look sharp and incused. RPMs on 1940 cents can be worth $10–$175 or more depending on severity — a 1940-S RPM in MS64 RD sold for $70. Don’t confuse genuine RPMs with die deterioration, which creates flat, rounded edges.

7. Should I clean my 1940 Wheat Penny to improve its appearance?

Never. Even gentle cleaning destroys microscopic surface texture that PCGS and NGC evaluate. A “cleaned” designation can slash value by 50–90%. A dark brown coin with original surfaces is always worth more than a cleaned one.

8. Is a 1940 Wheat Penny worth getting professionally graded by PCGS or NGC?

Only if the estimated value exceeds grading costs by at least 3–5 times. Consider slabbing your coin if it appears MS65 Red or higher, is a proof specimen, has a confirmed error variety (DDO, RPM, off-center), or you plan to sell through a major auction house. Certification guarantees authenticity, assigns a standardized grade, and widens your buyer pool considerably.

9. What color designation gives a 1940 Wheat Penny the highest value?

Red (RD) wins by a mile. A coin needs at least 95% of its original bright copper luster for the RD designation. Red-Brown (RB) means 15–85% original color and sells for much less. Brown (BN) means fully oxidized — lowest prices. The spread tells the story: a 1940 Philadelphia MS68 Red reached $14,950, while the highest BN example in MS62 brought just $805.

10. What years came right after the 1940 penny, and how does this affect its collectability?

The 1940 penny sits at a fascinating crossroads. After the 1941 and 1942 copper cents came the famous 1943 steel cent — struck on zinc-coated steel to save copper for ammunition — followed by the 1944–45 cents made from recycled shell casings.

Collectors building a complete 1940s wartime Lincoln set often start with the affordable 1940 as a gateway before chasing the dramatically pricier 1943 steel penny and the rare 1943 bronze error (worth over $500,000). The 1940 is the last “normal” pre-war penny before the series entered its most historically dramatic stretch.