That worn copper penny from your grandfather’s coin jar might be worth more than face value. The 1938 Lincoln Wheat Penny represents a fascinating period in American coinage, struck across three mints during the Great Depression’s final years. While millions were minted, certain varieties and conditions command impressive premiums today. Understanding mint marks, grading nuances, and error types separates a ten-cent piece from one worth fifty dollars or more.

Understanding the Three 1938 Mint Varieties

The Philadelphia Mint struck 156,696,734 pennies in 1938 without any mint mark, making it the most common variety. These coins appear with Lincoln’s profile on the obverse and two wheat stalks flanking “ONE CENT” on the reverse, with no letter beneath the date. Despite the high mintage, finding uncirculated examples with full original red luster proves challenging after 85 years of circulation and storage.

Denver produced 20,010,000 pennies marked with a small “D” below the date. This substantially lower mintage makes the Denver issue noticeably scarcer, though still readily available in circulated grades. Collectors particularly seek examples with strong strike details on Lincoln’s hair and the wheat stalks.

San Francisco minted just 15,180,000 coins bearing the “S” mint mark, creating the scarcest regular-issue variety of 1938. The lower production numbers translate directly to higher values across all grade levels. Many San Francisco pennies also exhibit slightly weaker strikes on the obverse details compared to their Philadelphia counterparts, making well-struck specimens especially desirable.

Current Market Values by Grade and Mint Mark

A typical circulated 1938 Philadelphia penny in Good-4 condition trades for approximately $0.10 to $0.15 at coin shops. Fine-12 examples bring $0.25 to $0.40, while Extremely Fine-40 specimens command $0.75 to $1.25. The real value jump occurs in uncirculated grades: an MS-63 (Choice Uncirculated) brown example typically sells for $8 to $12, while MS-65 red-brown coins reach $25 to $35. Exceptional MS-67 examples with full red surfaces have sold for $150 to $300 at major auctions.

The 1938-D Denver issue starts at $0.20 in Good-4, climbing to $0.50 in Fine-12 and $1.50 in Extremely Fine-40. Uncirculated specimens show strong premiums: MS-63 brown grades bring $12 to $18, MS-65 red-brown pieces fetch $35 to $50, and superb MS-67 red coins have reached $400 to $600 in recent Heritage Auctions sales.

San Francisco pennies command the highest base values. Circulated 1938-S coins start at $0.30 in Good-4, rise to $0.75 in Fine-12, and reach $2.50 to $3.50 in Extremely Fine-40. An MS-63 brown coin typically sells for $18 to $25, while MS-65 red-brown examples bring $45 to $65. Premium MS-67 red specimens regularly exceed $800, with exceptional examples approaching $1,500 when accompanied by strong eye appeal and sharp strike.

Here’s a detailed value breakdown:

Identifying Valuable Errors and Varieties

The 1938 wheat penny series doesn’t feature widely known major errors like doubled dies, but several collectible variations exist. Repunched mint marks (RPMs) appear on both Denver and San Francisco issues, where the mint mark punch was applied multiple times in slightly different positions. A notable 1938-D RPM variety shows doubling toward the south, visible under 5x magnification. Well-documented examples in uncirculated condition add $15 to $40 over standard pricing.

Die cracks and cuds occasionally appear on 1938 pennies. A die crack manifests as a raised line on the coin’s surface where metal flowed into a crack in the die. Minor die cracks add minimal value, but major cracks connecting design elements or rim cuds (where metal flows into a broken section of die at the rim) can increase value by $10 to $100 depending on size and location.

Off-center strikes occur when the planchet (blank coin) isn’t properly centered in the collar die during striking. An off-center error showing 5-10% of the design missing while retaining a full date brings $25 to $75. More dramatic off-center strikes showing 25-50% misalignment with visible date command $100 to $300. Complete off-center strikes without any date visible hold less collector interest unless the offset exceeds 50%.

Broadstrike errors happen when the collar die fails to contain the planchet during striking, resulting in a coin wider than normal specification with weak or absent rim definition. A 1938 broadstrike penny typically sells for $40 to $85 in circulated condition, with uncirculated examples reaching $120 to $200.

Lamination errors result from impurities in the copper planchet causing the metal to separate in layers. Small lamination flakes reduce value, but dramatic peeling covering 25% or more of the coin’s surface creates a striking visual error worth $30 to $90.

The extremely rare “Liberty Rim” error mentioned in collecting circles involves unusual die deterioration affecting the rim area near the word LIBERTY. Authenticated examples have sold privately for $200 to $500, though this variety remains poorly documented in major reference works and requires expert authentication to verify legitimacy.

Grading Factors That Determine Value

Color designation significantly impacts uncirculated penny values. “Red” (RD) coins retain 95% or more of their original mint luster and bright copper color, commanding the highest premiums. “Red-Brown” (RB) specimens show mixed red and brown toning covering the surfaces. “Brown” (BN) coins have oxidized to predominantly brown coloration with minimal red remaining. A 1938-S graded MS-65 can vary from $25 in brown to $45 in red-brown to $85 in full red.

Strike quality varies considerably among 1938 pennies. Look for sharp definition in Lincoln’s hair waves above his ear, clear separation in the wheat grain details on the reverse, and complete rim definition around both sides. Weakly struck coins, even in high numerical grades, sell for 20-40% less than sharply struck examples at the same grade level.

Surface preservation matters tremendously. Uncirculated coins with original surfaces free from cleaning, polishing, or environmental damage bring strong premiums. A cleaned MS-63 might sell for the same price as an original AU-55 because collectors heavily discount altered surfaces. Tiny copper spots (sometimes called “carbon spots”) are common on wheat pennies and generally acceptable in small numbers, though excessive spotting reduces desirability.

Eye appeal combines all visual factors into an overall impression. A coin with technical grade MS-64 but exceptional eye appeal—attractive toning, strong luster, minimal marks—often sells for MS-65 money. Conversely, an MS-65 with poor eye appeal due to ugly toning or prominent scratches trades closer to MS-63 levels.

Authentication and Professional Grading Considerations

For common circulated 1938 pennies worth under $5, professional grading costs exceed the coin’s value. However, any specimen that appears to grade MS-64 or higher benefits from third-party certification. Professional Coin Grading Service (PCGS) and Numismatic Guaranty Company (NGC) charge approximately $20 to $35 per coin for standard service, with higher fees for economy bulk submissions.

Certification protects against counterfeits (uncommon for wheat pennies but not unheard of), provides expert grading opinions, and significantly improves resale liquidity. An MS-66 1938-S in a PCGS holder sells for 30-50% more than an identical raw coin because buyers trust the authenticated grade and know the coin hasn’t been cleaned or doctored.

Be cautious of deceptive practices. Some sellers artificially enhance pennies using cleaning, retoning chemicals, or even painting to simulate red surfaces. Under magnification, cleaned coins show hairline scratches in parallel patterns, lack natural luster depth, and display unnaturally even color. Authentic red uncirculated pennies exhibit cartwheel luster—a rotating band of light visible when tilting the coin under a light source.

Submit suspected error coins to certification services with error identification services. Both PCGS and NGC authenticate and attribute errors, though fees run $30 to $80 depending on turnaround time. An authenticated major error adds considerable value, while certification also prevents purchasing misattributed or damage masquerading as errors.

Where to Buy and Sell for Maximum Value

Local coin shops offer immediate liquidity but typically pay 50-70% of retail value on common dates. They offer fair prices on better-date uncirculated specimens since these coins sell readily. Build relationships with reputable dealers who specialize in Lincoln cents—they pay stronger percentages for quality pieces and provide valuable authentication guidance.

Online marketplaces like eBay reach vast audiences but require caution. Completed sales data shows actual transaction prices rather than asking prices. Search “1938 wheat penny” with specific grade terms, filter by “Sold Items,” and examine recent results. Expect 10-15% of listings to be overgraded or misrepresented, so buying certified coins reduces risk substantially.

Heritage Auctions, Stack’s Bowers, and Great Collections handle higher-value specimens effectively. Consignment fees typically run 10-20% of the hammer price, but their specialist numismatic audiences pay top dollar for premium coins. A superb MS-67 red 1938-S reaches its maximum value through major auction venues rather than local sales.

Coin shows provide opportunities to compare multiple dealers’ inventory and negotiate face-to-face. Regional shows occur monthly in most metropolitan areas, while major conventions like the American Numismatic Association World’s Fair of Money attract hundreds of dealers. Bring a jeweler’s loupe (10x magnification minimum) to examine purchases before committing.

Building a 1938 Penny Collection Strategically

Many collectors pursue a “type set” approach, acquiring one example of each mint mark in similar grade. A matching trio of AU-55 coins (Philadelphia, Denver, San Francisco) costs approximately $4 to $8 total and displays nicely together while remaining affordable.

Condition census collecting focuses on acquiring the finest known examples. Competition for top-population coins drives prices substantially higher—an MS-67+ red 1938-S certified as “finest known” or “tied for finest” might bring $2,000 to $3,000 despite similar-looking MS-67 coins selling for $800. This strategy requires significant capital but offers potential appreciation as populations remain static or shrink through loss.

Error variety collecting creates fascinating specializations. Pursuing documented repunched mint marks, die cracks, and off-center strikes for 1938 creates an achievable goal with specimens available at modest premiums. Building a reference collection of different error types educates your eye while requiring relatively small investment.

Registry set collecting through PCGS or NGC adds competitive elements. Their online registry tracks collections by total grade points, incentivizing collectors to upgrade individual coins. A complete 1938 Lincoln cent set (three coins) in all MS-66 red grades ranks competitively and costs $800 to $1,200 to assemble.

Smart Acquisition Tips for 1938 Wheat Pennies

Always examine the third and fourth digits in the date. Occasionally, coins from other years are misattributed as 1938 through lighting tricks or wishful thinking. Under magnification, the “3” should show three horizontal sections with the middle slightly shorter, while the “8” displays two symmetrical loops of equal size.

Purchase coins in focused lighting, never in dimly lit environments where flaws hide. A bright LED light held at acute angles reveals surface issues, hairlines from cleaning, and strike weakness that overhead lighting conceals. Serious collectors carry portable LED lamps to shows specifically for this purpose.

Avoid “problem” coins regardless of technical grade. Corrosion, verdigris (green copper oxidation), deep scratches, holes, and harsh cleaning reduce both current value and future appreciation potential. A problem-free AU-50 appreciates better than a damaged MS-63 over time.

Buy the best you can afford rather than accumulating quantity. One MS-65 red-brown 1938-S for $50 provides more satisfaction and better appreciation potential than ten circulated examples totaling the same price. Quality consistently outperforms quantity in numismatic investments.

Maximizing Your 1938 Penny’s Worth

Understanding your coin’s specific attributes determines whether you hold a ten-cent piece or a hundred-dollar treasure. Check the reverse beneath the date for mint marks, assess the overall condition honestly against grading standards, and examine surfaces carefully for errors under magnification. For potentially valuable specimens grading MS-64 or higher, professional certification provides authentication and maximizes resale value.

The 1938 wheat penny market remains active with steady collector demand across all grade levels. Whether you’re evaluating inherited coins or building a purposeful collection, knowing precise values, recognizing quality factors, and understanding market dynamics ensures you neither overpay nor undersell these fascinating Depression-era survivors.