That worn copper penny from 1939 sitting in your change jar might be worth more than one cent—potentially much more. With over 600 million pennies minted across three facilities that year, finding one isn’t difficult, but understanding which varieties command premium prices requires knowing exactly what to look for. The difference between a ten-cent circulated coin and a hundred-dollar specimen often comes down to a tiny letter or subtle doubling visible only under magnification.

Understanding the Three 1939 Wheat Penny Varieties

The United States Mint produced Lincoln cents at three locations in 1939, each leaving its distinctive mark on American numismatic history. Philadelphia struck 316,479,520 pennies without any mint mark, positioned as always below the date on the obverse. Denver contributed 15,160,000 coins marked with a small “D” in the same location, while San Francisco produced 52,070,000 pennies bearing an “S” mint mark.

These production numbers directly impact today’s market values. The Denver issue, with less than five percent of Philadelphia’s mintage, naturally commands higher prices across all grade levels. Collectors seeking to complete a date-and-mint set from the 1930s inevitably pay more for the 1939-D, especially in conditions above Fine-12.

The Philadelphia strikes, despite their massive production, still hold value in preserved states. Finding examples that escaped decades of circulation presents the real challenge. Most survivors show significant wear from pocket change, vending machines, and cash registers throughout the 1940s and 1950s before collectors began systematically saving wheat pennies.

Current Market Values by Grade and Mint Mark

Condition determines everything in coin collecting, and the 1939 wheat penny demonstrates this principle clearly. A heavily circulated Philadelphia penny in Good-4 condition trades for approximately $0.10 to $0.15, barely above face value. That same coin in Fine-12 condition, showing clear separation in Lincoln’s hair and wheat stalks, reaches $0.25 to $0.35.

The jump to uncirculated grades changes the equation dramatically. A 1939 Philadelphia penny graded Mint State-63 Red (MS-63 RD) sells for $8 to $12, while MS-65 RD examples command $25 to $35. The “Red” designation indicates the coin retained its original copper color without turning brown or developing spots—a crucial factor that can double or triple the price.

Here’s how the three mint marks compare in key grades:

The 1939-D consistently outperforms the other two varieties by significant margins. A Heritage Auctions sale in January 2023 recorded an MS-66+ RD specimen selling for $1,320, while an MS-67 RD example reached $3,120 at a Stack’s Bowers auction in March 2023. These premium grades represent coins that survived eight decades without a single contact mark or color degradation.

Error Varieties That Command Premium Prices

Manufacturing variations from 1939 create collecting opportunities well beyond standard mint mark differences. The most significant errors involve die doubling, repunched mint marks, and striking irregularities that occurred during the minting process.

Double Die Obverse varieties show clear doubling on the date, with the strongest examples displaying separation on both “1” and “9” numerals. The phrase “IN GOD WE TRUST” also exhibits doubling on notable specimens, particularly visible on the letters “GOD” and “TRUST.” A confirmed 1939 DDO in MS-63 condition sold for $385 through Great Collections in November 2022, while an MS-65 example reached $890 at a Legend Rare Coin Auctions event in February 2023.

Repunched Mint Mark errors occur on both Denver and San Francisco issues when the punch tool struck the die multiple times in slightly different positions. The 1939-D RPM varieties show traces of the “D” mint mark extending north, south, or west of the primary punch. Collectors catalog these varieties using the CONECA (Combined Organizations of Numismatic Error Collectors of America) attribution system, with designations like RPM-001 or RPM-002.

A 1939-S RPM-001, displaying clear repunching visible to the naked eye, sold for $125 in MS-64 RD condition according to a September 2023 eBay auction with third-party grading verification. The same variety in circulated Extremely Fine-40 condition typically brings $15 to $25, representing a 500-700% premium over non-error examples.

Off-Center Strike errors range from minor 3-5% displacements to dramatic 40-50% shifts where portions of the design appear completely off the planchet. A 1939 Philadelphia penny struck 15% off-center with a full date visible sold for $95 in AU-58 condition at a David Lawrence Rare Coins auction in August 2023. More extreme examples, struck 35-40% off-center, have reached $200-$350 when both the date and mint mark remain visible.

Die Cracks and Cuds represent another error category worth examining. A die cud occurs when a portion of the die breaks away, leaving a raised blob of metal on the finished coin. A 1939-D with a significant cud on the obverse rim, extending from the date to Lincoln’s shoulder, sold for $68 in Fine-12 condition according to a June 2023 online auction. These errors typically add $20-$100 to base values depending on size and location.

Color Designation and Why It Matters

Professional grading services assign color designations that profoundly impact market value: Red (RD), Red-Brown (RB), and Brown (BN). These classifications describe how much original copper luster remains versus oxidation that turns the surface brown.

A 1939-S graded MS-65 Red sold for $78 through PCGS Auction Prices Realized in April 2023. The same date and mint mark in MS-65 Red-Brown brought only $42, while an MS-65 Brown specimen sold for $28. The Red designation, indicating 95% or more original color, commands nearly triple the price of a Brown example in identical numerical grade.

This color premium increases exponentially in higher grades. An MS-67 RD 1939 Philadelphia penny reached $288 at a Heritage Auctions sale, while an MS-67 BN example sold for just $95—a 203% price difference based solely on color retention. Collectors seeking investment-grade wheat pennies focus almost exclusively on Red designations for this reason.

Environmental storage conditions determine color preservation. Pennies stored in paper envelopes, PVC-containing plastic flips, or humid environments inevitably turn brown. Those kept in inert holders with stable temperature and humidity maintain their copper brilliance. This explains why original bank-wrapped rolls from 1939, stored properly for decades, command significant premiums when broken open today.

Authentication and Grading Considerations

Distinguishing genuine errors from post-mint damage requires experience and often professional verification. A true double die shows doubling within the raised design elements themselves, while mechanical damage creates shelf-like doubling or split serifs from impacts after leaving the mint.

Third-party grading through PCGS (Professional Coin Grading Service) or NGC (Numismatic Guaranty Company) costs $20-$40 per coin for standard service, with turnaround times of 25-30 business days. This investment makes sense for coins you believe grade MS-64 or higher, where the certification significantly improves marketability and typically adds $15-$25 to realized prices beyond the grading fee.

Raw (ungraded) 1939 wheat pennies in obvious uncirculated condition sell for 30-40% less than certified examples in online auctions. Buyers discount raw coins to account for grading uncertainty and potential problems not visible in photographs. A coin you believe grades MS-65 might realistically achieve only MS-63 or MS-64 with professional review, substantially affecting value.

For error varieties, attribution services like CONECA or Variety Vista provide specific designations that enhance value and collector interest. A repunched mint mark identified as “1939-D RPM-003” carries more weight than a generic description of “repunched D mint mark.” This specificity helps buyers verify the error and compare it to populations and auction records.

Building Value Through Strategic Collecting

Completing a three-coin set of 1939 pennies—Philadelphia, Denver, and San Francisco—in matching grades creates value beyond individual pieces. A matched set in MS-64 RD condition, with similar eye appeal and toning characteristics, sells for 10-15% more than three individually purchased coins due to the effort required to assemble such a set.

Collectors targeting 1939 issues should prioritize the Denver mint mark first, as it presents both the greatest challenge and strongest value appreciation. Waiting for the right 1939-D in your target grade, rather than settling for a lesser example, typically proves the better strategy. The market consistently rewards patience with better prices and selection.

Original bank-wrapped rolls occasionally surface through estate sales and collection dispersals. A fifty-coin roll of 1939 Philadelphia pennies in circulated condition sells for $8-$12, essentially face value plus a small premium. Uncirculated rolls command $150-$250 depending on color and overall quality, representing potential opportunities to cherry-pick high-grade examples for submission to grading services.

Your Next Steps With 1939 Wheat Pennies

Check your 1939 pennies under good lighting with at least 5x magnification to identify mint marks and potential errors. Focus first on Denver issues, then examine San Francisco and Philadelphia strikes for unusual characteristics. Document any coins showing doubling, repunched mint marks, or striking errors with clear photographs before pursuing professional authentication.

Consider the cost-benefit of third-party grading carefully—coins that appear to grade MS-63 or lower rarely justify the certification expense unless they carry significant error premiums. For circulated examples in your collection, accurate self-grading using online resources and comparison photos provides sufficient information for personal inventory purposes.

The 1939 wheat penny represents accessible history with genuine appreciation potential, especially for Denver and San Francisco issues in preserved states. Whether you’re evaluating inherited coins or actively building a Lincoln cent collection, understanding these specific values and error varieties positions you to make informed decisions that protect and potentially enhance your numismatic investment.