1940 Wheat Penny Value (2026 Guide): Errors List, “D”, “S” & No Mint Mark Worth

The 1940 penny marks a pivotal crossroads in American coinage — it’s the tail end of Depression-era production and the beginning of the pre-war buildup that would transform U.S. coinage forever within just three years.

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 and top-grade red specimens reaching nearly $15,000 at auction.

This significant value disparity reflects how condition rarity, copper color preservation, and special production methods — rather than raw mintage numbers — create the most meaningful premiums for collectors.

 

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 — sold by Heritage Auctions in 2017 — at $11,163.

Denver’s MS68RD example rounds out the top three at $10,800, while San Francisco’s finest MS68RD specimen, sold by Stack’s Bowers, claimed $9,600. Cameo proofs occupy mid-tier positions despite their extreme rarity, with a PR66CAM example reaching $3,840 in 2024.

The chart demonstrates how grade progression creates exponential value increases, where 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 at a crucial moment in American economic history — sitting precisely at the end of Depression-era penny production and the opening chapter of the pre-war industrial buildup.

By 1940, the United States was continuing its recovery from the Great Depression, with the economy showing real signs of momentum. The U.S. Mint responded by ramping up coinage production substantially across all three facilities, and for the first time ever, a single mint branch — Philadelphia — produced more than half a billion Lincoln cents in a single year. In fact, Philadelphia’s 1940 production ranks as the 6th highest output of any year in the entire wheat cent series.

The wheat penny design itself originated in 1909 to commemorate Abraham Lincoln’s centennial birthday. It was created by sculptor Victor David Brenner, a Lithuanian-born artist chosen by President Theodore Roosevelt because of an admired bas-relief plaque Brenner had made of Lincoln’s portrait. By 1940, this design had been in circulation for over three decades, maintaining the same 95% copper, 5% tin and zinc composition that would soon face wartime challenges.

What makes 1940 particularly significant is what came directly after it. Within two years, copper shortages would force the Mint to abandon traditional bronze entirely. The Mint 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 transformation changed American coinage permanently.

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 carries the same portrait 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” sits 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. When grading your coin, Lincoln’s cheek just below the eye is always the first area to show wear, so examine this spot closely.

The Reverse of the 1940 Wheat Penny

The reverse of the 1940 Wheat penny features a clean, iconic design. The denomination appears boldly in full capitals across two lines in the center of the coin, with the country name below it in slightly smaller font.

The Latin motto “E PLURIBUS UNUM” — meaning “Out of many, one” — curves along the top edge. The two stylized ears of durum wheat frame the left and right edges, giving this coin series its famous “wheat penny” nickname.

Other Features of the 1940 Wheat Penny

The 1940 penny is made of bronze — 95% copper with the remainder a mixture of tin and zinc. It weighs 3.11 grams, measures 19 millimeters in diameter, and has a thickness of 1.55 mm.

When copper is newly minted it glows red-orange, but it gradually darkens to brown as it oxidizes over time. Professional grading services PCGS (Professional Coin Grading Service) and NGC (Numismatic Guaranty Company) classify copper coins using three color designations: RD (Red) for coins retaining 95%+ of original luster, RB (Red-Brown) for coins with 15–85% original color remaining, and BN (Brown) for fully toned examples. Red coins command the highest prices by a significant margin.

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 — ranking as the 6th highest single-year output in the entire wheat cent series — yet has the lowest survival rate at just 0.002%, with PCGS estimating only about 12,000 specimens remain in collectible condition. Of those survivors, roughly half qualify as “gem” quality at MS65 or above.

Denver and San Francisco, with smaller mintages of 81.4 million and 112.9 million respectively, each show approximately 18,000 surviving examples according to estimates — but again, only half of those grade above MS65. Proof coins demonstrate markedly different survival patterns: from 15,872 proof pennies minted, approximately 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 a D, S, or no mint mark — the absence of a mint mark tells you the coin came from Philadelphia. Then focus on Lincoln’s portrait clarity and wheat ear detail separation, as these high-relief areas reveal wear patterns first.

Copper coloration matters enormously — original bright red color commands steep premiums while darker brown toning indicates heavy oxidation. Never clean your coins, as even a gentle wipe destroys the microscopic surface details that grading services look for, and a “cleaned” designation from PCGS or NGC can slash a coin’s value by 50–90%.

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 production effort during America’s economic recovery, with 586.8 million coins struck — the 6th highest annual output of any wheat cent year. Despite this massive original output, the coin has an exceptionally low survival rate of just 0.002%, meaning PCGS estimates only approximately 12,000 coins remain from the original mintage.

That staggering attrition rate explains why high-grade examples command steep prices despite the coin’s abundant start. Philadelphia’s 1940 production was generally well-struck, making completely red gem specimens more prevalent here than at some other mints and years.

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. For reference: coins graded MS65 and above are considered “gem” quality — only about 6,000 of the estimated 12,000 survivors reach this bar.

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 pivotal pre-war year. Denver struck the fewest coins of all three mints at 81.4 million pennies, yet these coins achieved a comparatively higher survival rate. PCGS estimates approximately 18,000 Denver specimens survive, though only around half grade above MS65.

This lower original mintage 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 1940-D is also noteworthy for hosting a documented Doubled Die Obverse (DDO) variety, with clear doubling visible on the words “IN GOD WE TRUST” and the date — this error is especially desirable in Extra Fine (XF) condition or better.

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 a unique place in the series as San Francisco’s substantial contribution to pre-war penny production. The San Francisco Mint struck 112.9 million pennies that year — its 10th highest output in the entire wheat cent series — but wartime preparedness pressures pushed the facility to its limits.

Historical Mint Director records show that the Federal Reserve Bank of Chicago received 163 tons of coins from the San Francisco Mint in November of that year alone, illustrating the enormous demand placed on this facility. Operating with worn, distorted dies, the mint produced numerous coins with distinctive strike characteristics that collectors recognize and prize today. PCGS estimates approximately 18,000 San Francisco specimens survive in collectible condition.

Premium red specimens command significant prices — a pristine MS68RD example was sold by Stack’s Bowers for $9,600 at auction. Red-brown examples offer more modest entry points, while brown examples remain the most affordable option, making this historically significant variety accessible to budget-conscious collectors.

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 for that year. Only 15,872 proof coins were struck, and approximately 7,000 survive today — a 44% survival rate that stands in dramatic contrast to the 0.002% survival rate for regular business strikes, reflecting decades of careful storage by collectors.

Proof coins are made using a completely different process from regular business strikes. Specially polished planchets are struck multiple times by specially prepared dies to achieve mirror-like fields with frosted design elements. This creates the hallmark “proof look” — brilliant, mirror-flat backgrounds with Lincoln’s portrait appearing to stand out as if sculpted in relief. The result is a coin of unmistakably superior visual quality compared to any circulated example.

Pricing reflects this exclusivity across color designations: Heritage Auctions sold a premium PR67+RD specimen for $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.

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 the crown jewel of proof collecting for this year, combining stunning visual artistry with extraordinary scarcity. CAM is short for “Cameo” — a designation that applies only to proof coins where there is strong contrast between deeply mirrored background fields and frosted, white-appearing design elements like Lincoln’s portrait.

This dramatic two-tone effect makes a cameo proof look almost like a miniature bas-relief sculpture against a mirror. The higher version of this designation is DCAM (Deep Cameo), though no 1940 DCAM specimens are currently certified. 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 proof dies were used repeatedly, they quickly lost the fresh, highly polished frost on the devices that creates cameo contrast. Most 1940 proof dies produced only a handful of true cameo coins before the frost wore away entirely. Recent auction activity demonstrates intense collector demand: a PR66CAM specimen achieved $3,840 in 2024.

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 intense pre-war industrial ramp-up. Always examine a potential error under magnification of at least 5x–10x before drawing conclusions.

1. Doubled Die Obverse (DDO) Error

A Doubled Die Obverse — abbreviated DDO — occurs when the die receives multiple impressions from the hub at slightly different positions during die production. Every coin struck by that die then shows a doubled, shadow-like image on design elements.

On the 1940-D variety, the doubling appears clearly on the words “IN GOD WE TRUST” and the date, making it one of the most dramatic DDO examples of that year. True doubled dies show distinct, raised separation between primary and secondary images — different from the flat, shelf-like “machine doubling” that adds no value. A 1940 DDO can be worth several hundred dollars depending on grade and the strength of doubling.

2. Repunched Mint Mark (RPM) Error

A Repunched Mint Mark — abbreviated RPM — occurs when the mint mark punch is impressed more than once into the working die at slightly different positions, leaving a doubled or shadowed mint mark on all coins struck by that die. Look for a secondary impression visible at the top, bottom, or side of the primary D or S mint mark under magnification.

RPMs are more commonly found on 1940-D and 1940-S cents than on any other Lincoln cent year from this era. Values range from $10 to $175 or more depending on severity — a 1940-S RPM in MS64 Red sold at auction for $70. The stronger and clearer the secondary impression, the more collectors are willing to pay.

3. Off-Center Strike Error

Off-center strikes happen when the blank planchet is not properly positioned in the striking chamber, so the dies only impress the design on part of the coin. The blank portion of the coin remains completely flat and smooth, while the struck portion shows normal, sharp detail.

The golden rule for off-center errors: the date must remain visible to command maximum value. Strikes that are 5–10% off-center bring $15–$30, while 40–50% off-center examples with a fully readable date can fetch $100–$250 or more. The most dramatic examples — 75%+ off-center with a clear date — have sold for $300–$600+.

4. Clipped Planchet Error

Clipped planchet errors occur during blank preparation before the coin is even struck. When the punch that cuts circular blanks from a copper strip accidentally overlaps a previously punched area, the resulting blank has a curved “bite” missing from its edge. The final coin has a distinctive crescent-moon shape with a smooth curved indentation along the rim.

Values depend heavily on clip size. Small clips under 10% of the coin’s edge bring $15–$40. Medium clips covering 10–25% of the rim sell for $50–$125. Large or multiple clips on the same coin can exceed $150. Always examine the clip edge carefully — it should show a smooth, consistent arc; jagged or uneven edges suggest post-mint damage rather than a true mint error.

5. Lamination Error

Lamination errors result from striking coins on planchets containing impurities in the copper alloy. When metal contaminants, gas bubbles, or improper alloy mixing create weak spots in the blank, the surface can flake, peel, or crack under striking pressure or later during circulation.

Lamination errors are especially significant on 1940 wheat pennies because pre-war metal supplies were beginning to show strain from rising industrial demand, resulting in lower-quality copper alloys more prone to this defect. Minor surface laminations add a small premium of $3–$8 over base value, while dramatic flaking across Lincoln’s portrait or the wheat stalks can command $50–$160 for clearly defined examples.

6. Die Crack and BIE Error

Die crack errors develop when the intense pressure of repeated striking causes small fissures to form in the die. Since cracks often go unnoticed initially, the damaged die continues producing coins until the break becomes severe enough to warrant replacement. These cracks appear as raised lines on finished coins — often running across Lincoln’s portrait or through the wheat stalks on the reverse.

A specialized sub-category is the BIE error, which occurs when a die crack forms exactly between the “B” and “E” of the word “LIBERTY,” creating a raised vertical line that resembles the letter “I.” This makes LIBERTY appear to 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, making this a fascinating area of specialist collecting.

7. Wrong Planchet Error

One of the rarest and most dramatic 1940 errors is the wrong planchet strike — a coin accidentally struck on a brass blank typically intended for foreign or token coinage rather than a standard Lincoln cent bronze planchet. The resulting coin shows a slightly different color and weight than normal, and the design may appear slightly weak or unusual in texture.

Wrong planchet errors from the 1940 era are extremely rare and must be authenticated by a professional grading service such as PCGS or NGC before any value can be established. Authenticated examples attract strong collector interest precisely because of their rarity and the dramatic story they tell about 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?

1940 wheat penny values vary dramatically based on mint location, condition, and color designation. Common circulated examples are worth $0.13–$0.35 in average condition. 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 in 2025.

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

The 1940 no mint mark wheat penny from Philadelphia has extremely low survival rates despite its massive 586.8 million mintage. PCGS estimates only about 12,000 survive today in collectible condition, with roughly half qualifying as gem quality at MS65 or above. Values range from about $4 in lower Mint State grades to as high as $14,950 for a top-grade MS68 Red example.

3. What makes a 1940 Wheat Penny rare?

Rarity comes from preservation rather than mintage numbers. The key factors are maintaining original red copper luster (RD designation), achieving high Mint State grades, and special varieties like proof coins (only 15,872 minted) or cameo specimens. Minting errors such as DDO, RPM, off-center strikes, clipped planchets, and wrong planchet errors also significantly increase value.

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

Proof coins were made exclusively for collectors using specially polished planchets struck multiple times by specially prepared dies. This creates mirror-flat fields and frosted design elements, giving the coin a brilliant, museum-quality appearance. Regular business strike pennies went through one standard strike for everyday commerce. Of the 15,872 proofs struck in 1940, approximately 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 1940 Doubled Die Obverse (DDO) is a penny struck by a die that received multiple impressions from the hub at slightly different angles during manufacturing. The 1940-D DDO shows clear doubling on “IN GOD WE TRUST” and the date. Use a 5x–10x magnifying glass and look for distinct, raised secondary impressions alongside primary design elements — not flat, shelf-like “machine doubling,” which has no value. 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?

A Repunched Mint Mark (RPM) occurs when the mint mark punch was applied more than once to the working die at slightly different positions. Under magnification, look for a secondary “ghost” impression of the D or S mint mark directly above, below, or beside the primary mark. RPMs on 1940 cents can be worth $10–$175 or more depending on severity — a 1940-S RPM in MS64 RD sold for $70. Avoid confusing genuine RPMs with die deterioration, which creates flat, rounded edges rather than sharp, incused secondary marks.

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

Never clean a coin. Even gentle cleaning with water, soap, or a soft cloth destroys the microscopic surface texture that grading services like PCGS and NGC use to assess originality and grade. A coin with a “cleaned” designation can lose 50–90% of its certified value compared to an original-surface example in the same condition. Even a dark brown coin is worth more uncleaned, because original toning is considered part of its natural history.

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

Professional grading makes financial sense when your coin’s estimated value exceeds grading costs by at least 3–5 times. For 1940 wheat pennies, strongly consider PCGS or NGC certification if your coin appears to be MS65 Red or higher, a proof specimen, a confirmed error variety (DDO, RPM, off-center), or any coin you plan to sell through a major auction house. Certification by PCGS or NGC guarantees authenticity, assigns a standardized grade, and significantly widens the buyer pool.

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

Red (RD) commands the highest premiums by far. A coin must retain at least 95% of its original bright copper luster to qualify for the RD designation from PCGS or NGC. Red-Brown (RB) coins have 15–85% of original color remaining and sell for significantly less. Brown (BN) coins have fully oxidized and sell for the lowest prices — for example, the top auction record for a 1940 Philadelphia MS68 Red reached $14,950, while the highest documented 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 for collectors. It was followed by the 1941 and 1942 copper pennies, then the famous 1943 steel cent — struck on zinc-coated steel to conserve copper for wartime ammunition — and the 1944–45 cents struck from recycled shell casings.

Collectors building a complete 1940s wartime Lincoln cent set often start with the affordable 1940 as a gateway before pursuing the dramatically more expensive 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 era.