1940 Wheat Penny Coin Value (Errors List, “D”, “S” & No Mint Mark Worth)

The 1940 penny demonstrates how production volume doesn’t always translate to collecting abundance, with surprisingly low survival rates despite substantial original output.

Standard Philadelphia examples remain accessible at $0.13 in Good condition, climbing to $12.83 in Mint State grades. However, specialized varieties reveal dramatically higher values, with the 1940 CAM proof commanding $912.

This significant value disparity reflects how condition rarity and special production methods, rather than absolute numbers, create meaningful premiums.

 

1940 Wheat Penny Value By Variety

The following chart shows current market values for 1940 wheat pennies across different mint locations and coin types. 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 1940 Wheat Penny Worth Money

The hierarchy of 1940 wheat penny values reveals distinct patterns across mint locations and grades. Philadelphia’s MS68 specimens dominate the top positions, with the record-holder achieving $14,950, followed by a PR67+RD proof at $11,163.

Denver’s MS68RD example rounds out the top three at $10,800, while San Francisco’s finest MS68RD specimen claimed $9,600. Cameo proofs occupy mid-tier positions despite their extreme rarity, with a PR66CAM example reaching $3,840.

The chart demonstrates how grade progression creates exponential value increases, where condition assessment becomes critical as the gap between common circulated coins and premium specimens can reach five-figure differences.

 

History of the 1940 Wheat Penny

The 1940 wheat penny emerged during a pivotal moment in American economic recovery. By 1940, the United States was continuing its recovery from the Great Depression, with the economy showing signs of improvement as many financial issues from the previous decade came to a conclusion.

This economic rebound prompted the U.S. Mint to increase coinage production substantially across all three facilities.

The wheat penny design itself originated in 1909 to commemorate Abraham Lincoln’s centennial birthday, created by sculptor Victor David Brenner at President Theodore Roosevelt’s commission.

By 1940, this design had been in circulation for over three decades, maintaining the same 95% copper composition that would soon face wartime challenges.

Within two years, copper shortages would force the mint to abandon this traditional composition, making 1940 one of the final years of pure copper wheat pennies before wartime material restrictions transformed American coinage forever.

The 1940 wheat penny thus captures a crucial moment between economic recovery and wartime transformation.

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

 

Is Your 1940 Wheat Penny Rare?

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

 

Key Features of the 1940 Wheat Penny

Understanding the features of the 1940 wheat penny enables collectors to properly identify genuine specimens, assess condition accurately, and recognize potentially valuable varieties within this abundant series.

The Obverse of the 1940 Wheat Penny

The obverse of the 1940 Wheat penny has the same image of President Lincoln that had appeared on cents for over thirty years since 1909. It shows his head and shoulders in profile, facing to the right.

The words “IN GOD WE TRUST” arch above his head, while the word “LIBERTY” is to the left of his portrait. On the right is the date. And if the penny was struck in Denver or San Francisco, the mint mark – a small “D” or “S” – will appear just below the date.

The Reverse of the 1940 Wheat Penny

The reverse of the 1940 Wheat penny has a simple, clean design. The most prominent feature is the denomination, written boldly in full capitals across two lines in the center of the coin. The country name, also in capitals and over two lines, appears below it in smaller font.

Smaller again is the Latin motto “E PLURIBUS UNUM”. This is at the top of the reverse, curving to follow the coin edge.

The only illustrations, the two ears of durum wheat, curve to follow the left and right coin edges. The stylized representations serve to frame the text.

Other Features of the 1940 Wheat Penny

The 1940 penny is made of bronze – 95 per cent copper, with the remainder a mixture of tin and zinc. It weighs 3.11 grams and is 19 millimeters in diameter.

When copper is new it’s red, but it gradually darkens and dulls to brown over time. Coins that have not been handled much, or exposed to oxygen in the air, retain that original red shade.

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

 

1940 Wheat Penny Mintage & Survival Data

The 1940 wheat penny mintage data shows significant production differences across facilities. Philadelphia produced 586.8 million coins but has the lowest survival rate at 0.002%, with only 12,000 specimens remaining in collectible condition.

Denver and San Francisco, with smaller mintages of 81.4 million and 112.9 million respectively, show higher survival rates at 0.0221% and 0.0142%.

Proof coins demonstrate markedly different survival patterns. From 15,872 proof pennies minted, 7,000 survive today – a 44% survival rate that reflects their careful handling by collectors.

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

 

The Easy Way to Know Your 1940 Wheat Penny Value

Determining worth starts with checking beneath the date for D, S, or no mintmark indicating Philadelphia origin. Focus on Lincoln’s portrait clarity and wheat ear detail separation, as these high-relief areas reveal wear patterns.

Copper coloration matters substantially—original brightness commands premiums while darker toning indicates oxidation. Avoid specimens with rim dents or heavy marks that detract from eye appeal.

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

 

1940 Wheat Penny Value Guides

The 1940 wheat penny was produced in five distinct varieties, each with unique characteristics and collector appeal:

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

Each type represents different production methods and mintage numbers, directly affecting rarity and market value. The mint mark location, proof designation, and cameo contrast determine which category your 1940 wheat penny belongs to.

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

 

1940 No Mint Mark Wheat Penny Value

The 1940 no mint mark wheat penny represents Philadelphia Mint’s remarkable wartime production effort, with 586.8 million coins struck during America’s economic recovery from the Great Depression.

What makes this variety particularly noteworthy is its exceptionally low survival rate of just 0.002%, meaning only approximately 12,000 coins remain from the original massive mintage.

The coin’s identification is straightforward due to the absence of any mint mark below the date, yet finding high-grade survivors presents considerable challenges for collectors.

The finest examples show remarkable price differences across color designations. Red (RD) specimens reached $14,950 in MS68 condition in 2006, while Red-Brown (RB) examples achieved $518 in MS64, and Brown (BN) coins brought $805 in MS62.

These auction records illustrate how preservation quality and original copper luster retention dramatically impact collector desirability and market value in this historically significant wartime issue.

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

The 1940-D wheat penny represents Denver Mint’s contribution during this year. Denver struck the fewest coins of all three mints with 81.4 million pennies, yet these coins achieved a higher survival rate among collectors.

This lower mintage figure makes the Denver variety appealing to collectors seeking moderately scarce wheat pennies. The market reveals dramatic pricing gaps based on color retention.

A pristine MS68RD example commanded $10,800 in 2025, contrasting sharply with an MS66RB coin that sold for $432 in 2023, while an MS68BN specimen brought just $150 in 2010.

Red specimens maintain their original mint luster, while brown examples show complete oxidation. The substantial premium for red coins reflects collector preference for pennies that retain their original appearance.

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

The 1940-S wheat penny holds unique significance as San Francisco’s substantial contribution to wartime penny production.

The San Francisco Mint struck 112.9 million pennies that year, but wartime pressures pushed the facility beyond its limits. Operating with worn, distorted dies, the mint produced numerous coins with distinctive characteristics that collectors prize today.

Market values dramatically illustrate the importance of coin preservation and color. Premium red specimens command significant prices—a pristine MS68RD example reached $9,600 at auction in 2018. Meanwhile, red-brown examples offer more modest entry points, with an MS62RB selling for $161 in 2007.

Brown examples remain the most affordable option, making this historically significant variety accessible to budget-conscious collectors seeking authentic wartime coinage.

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

The 1940 proof wheat penny stands apart as Philadelphia Mint’s exclusive collector-focused production. Only 15,872 proof coins were struck, representing a significant collector.

These proof strikes utilized a completely different production process – planchets were highly polished, special dies were employed, and coins received multiple strikes to achieve superior quality over circulation counterparts.

The proof manufacturing created distinctive mirror-like fields with frosted design elements, establishing clear visual separation from business strikes.

Pricing reflects this exclusivity across color designations: a premium PR67+RD specimen achieved $11,163 in 2017, while a PR64RB example brought $1,150 in 2006, and a PR63BN coin sold for $1,380 in 2001.

The dramatic price spreads demonstrate how copper preservation affects even these carefully manufactured collector pieces, with red examples commanding substantial premiums over their partially oxidized counterparts.

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

The 1940 CAM wheat penny stands as proof collecting’s prize, combining visual artistry with extraordinary scarcity.

Cameo designation applies only to proof coins, referring to the striking contrast between mirrored backgrounds and frosted design elements. This dramatic visual effect creates the appearance of Lincoln’s portrait standing prominently against brilliant mirror-like fields.

The finest cameo example documented reaches only PR66 grade, with no higher-grade specimens professionally certified. Production circumstances made cameo effects extremely uncommon during this era, as most 1940 proof dies quickly lost the fresh striking quality necessary for dramatic contrast.

Recent auction activity demonstrates intense collector demand: a PR66CAM specimen achieved $3,840 in 2024, showcasing how visual perfection commands premium pricing in this rarefied collecting segment.

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

Despite high production volumes, certain 1940 wheat pennies exhibit minting defects that significantly increase their collector appeal. These errors showcase the challenges faced by overworked mint facilities during America’s pre-war industrial buildup.

1. Misaligned Rim Errors

Misaligned rim errors occur when the striking mechanism is improperly positioned, causing design elements to merge with the coin’s edge. Philadelphia-minted 1940 examples show this fault most dramatically, with “LIBERTY” and “IN GOD WE TRUST” lettering touching or merging into the rim.

This creates a striking visual anomaly that becomes particularly valuable on high-grade specimens, where the misalignment contrast appears more dramatically against well-preserved surfaces.

These errors demonstrate the precision challenges faced during wartime production when mints operated under intense pressure to meet coin demand.

2. Die Crack Errors

Die crack errors develop when excessive pressure during the minting process causes small gaps to form in the die. Since these gaps often go unnoticed initially, the damaged die continues producing coins until the crack becomes severe enough to warrant replacement.

These cracks appear as raised lines on finished coins, creating distinctive patterns across Lincoln’s portrait or the wheat stalks. 1940-S pennies commonly display die breaks through the wheat ears on the reverse, creating dramatic visual effects.

Die crack errors are particularly appealing because they represent the final moments of a die’s productive life, making each cracked coin a testament to the mint’s wartime manufacturing intensity.

3. Lamination Errors

Lamination errors result from striking coins on planchets containing impurities, which was common during 1940s production. These defects cause the coin’s surface to crack and peel off, creating distinctive flaking patterns.

The errors occur when metal impurities prevent proper bonding during the planchet preparation process, causing weak spots that later separate under striking pressure.

Lamination errors are especially significant on 1940 wheat pennies because wartime metal shortages often resulted in lower-quality copper alloys, making these manufacturing defects more frequent than in peacetime production.

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

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

1940 wheat penny values vary dramatically based on mint location, condition, and color designation. Common circulated examples are worth face value, but high-grade red specimens can reach thousands of dollars. The auction record shows an MS68 Philadelphia example sold for $14,950, while a Denver MS68RD reached $10,800.

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

The 1940 no mint mark wheat penny from Philadelphia, despite its large mintage of 586.8 million coins, has extremely low survival rates. Only about 12,000 survive today, with high-grade red specimens commanding premium prices. Values range from $4 to as high as $9,000 depending on grade and color.

3. What makes a 1940 Penny rare?

Rarity comes from preservation rather than mintage numbers. The key factors are maintaining original red copper luster, achieving high grades, and special varieties like proof coins (only 15,872 minted) or CAM specimens. Minting errors such as repunched mint marks, double die varieties, and off-center strikes also significantly increase value.