1938 Wheat Penny: Rare Errors & Value

Everyone makes mistakes. Big coin mint facilities too! So many people work there, after all. After a fateful accident, we have a rare and valuable piece. 

What is the 1938 wheat penny value? What a 1938 penny error could look like? Here in this article.

Want to make sure what kind of coin you have in your collection? This coin identifier will analyze any collectible in a second!

Wheat Penny 1938 Overview

The 1938 penny follows the design shared among many other pieces of that time. Similar to Georgivs VI penny 1938, it features a portrait of an important historical figure.  

The observe: The portrait of Abraham Lincoln, one of the most venerated US Presidents. The artist, Victor David Brenner, wanted to make the President’s portrait more lively and mentor-like. 

The words “IN GOD WE TRUST” graze above Lincoln’s head. The inscription “LIBERTY” is to the left of the portrait. To the right, the date, 1938. Finally, you’ll see a mint mark under the date.

The reverse: two centered inscriptions. A bit higher, the one that reads “One Cent”, and just lower the words “United States of America”. Arching overtop is the Latin phrase “E Pluribus Unum”.

Wheat stalks decorate the reverse sides. These stalks gave a nickname “wheat coin” to the piece. Much better than calling it “US 1938 Lincoln head one cent penny copy coin”.

Fun fact: Lincoln wheat coins were minted from 1909 to 1958 with the exception of 1943. In 1943 they were struck on steel planchets. People often call this alloy copper but technically it’s bronze.

Factors to 1938 Wheat Penny Value Today

How much is a 1938 wheat penny worth? Several factors make a common piece a precious piece.

• Mint marks.

• Errors.

• Grading.

Mint Marks Value

A mint mark is a special letter, usually taking up the lower side of the coin. A mint mark signifies the place of minting. 

Some marks are rarer than the other, affecting 1938 one cent penny value.

Out of three options, 1938 penny no mint mark value seems to be the lowest. Let’s figure out why.

1938 Wheat Penny Value No Mint Mark

From the first glance, it seems like an error. A coin without a mark? What could cause 1938 wheat penny no mint mark case? 

You see, Philadelphia is a cradle of American minting. That is why for a long time coins made there didn't even have mint marks. It was presumed that all coins came from the Philadelphia mint. 

The 1938 wheat penny value with no mint mark is low. The piece is abundant. 1938 no mint mark penny may have a higher value as long as its grade is high. Extremely Fine grade, for example.

1938 D Penny

The “D” stands for Denver Mint, one of the oldest coin-minting places.

Far fewer pennies were struck in Denver than in Philadelphia. The total mintage was about 20 million. Today, around 2 million pieces are still left to be claimed.

Compared to its no-mark variant, the D Penny values are just a bit higher. A Denver 1938 penny in circulated condition will usually be worth no more than a few cents.

1938-S Lincoln Penny

“S” stands for the San Francisco Mint facility. Us 1938-s Lincoln head one cent penny copy coin is by far the rarest. The Mint Facility struck only 15 million pieces.

S Penny is worth a bit more than its counterparts due to its rarity.

1938 Wheat Penny Error

Collectors are mainly interested in two irregular varieties of 1938 one penny. Minting flaws are rare, but they make the piece itself more rare and so much more precious.

1938 Repunched D/D Penny 

Repunched mint marks refer to the case when a piece has two mint marks, one under the other. 

In this case, we have two “D” letters, one under the other. They might be tricky to see. 

Repunched marks occur when a minting die was used multiple times with slight misalignments or adjustments. The result: the same design elements appear more than once in slightly different positions. 

The 1938-d penny value is very low, compared to the d/d version.

1938 Repunched S/S Penny 

Similar to the previous case, we have an “S” mint mark under another “S”.

Repunched pieces offer a much higher value. What is a 1938 wheat penny worth, if it has a double “D” or “S”? From a few hundred dollars to thousands. One more factor that determines the price is grading.

Penny Grading

The condition of a 1938 Lincoln penny means everything to the collectors. They want to get the coins that have been well-preserved foremost. 

How do you determine a good coin? Gladly, there are gradings. The coins that have received the highest grades are determined to be the more desirable. 

Grading is probably the biggest outlier when it comes to how much is a 1938 penny worth today.

Other Features of the 1938 Penny

The 1938 is mainly copper. With time copper changes its color, and the piece as well. From red to brown, though handling or air exposure.

The brown-colored pieces usually signify some run-down and offer the least value.

A piece counts as “brown” if the red color takes up less than 5 percent of the surface. 

The red-brown pieces are in the middle. They offer more value than brown pieces, but still signify some use.

A piece counts as “red and brown” if 5-95 percent of its surface has red coloring.

The red-coloured pieces are the most prized. 

A piece counts as “red” as long as  95 percent or more of its total surface area has the color red.

Generally speaking, collectors are prepared to pay more for red coins than brown ones. Сoin grading agencies apply strict criteria to assess coin color. As a result, you won’t find a red coin in circulated condition.

Value of 1938 Wheat Penny

1938 penny value today depends on the grading, the marks, and possible errors. Is a 1938 penny worth anything? Let’s see the price table to find out.

Now you know a 1938 wheat penny worth. 

The 1938 wheat penny no mint mark value, also called the 1938 P penny, seems to be the lowest. The only exception is MS+ gradings, where 1938 penny value no mint mark turns equal the other marks.

This table is good for judging the value of ordinary, no-error variants. Does your coin have a double “S” or “D”? Maybe it's worth checking it. 

How to Inspect Your Collectible

Here’s a little inspection guide.

• Inspect fine details with a magnifying glass or 5x to 10x  jeweler's loupe (this is easy when you follow the guides).

• Examine inscriptions, faces, the rim and other design elements for evidence of doubling or cracks.

• Look for textural changes, smudges, or elevated blobs that do not match the design.

• Errors can exist on both sides, including the obverse, reverse, and rim as well.

Does this process seem hard for you? Or maybe  you’re not sure of your prowess? There’s one more instrument that can help you in numismatic endeavors.

Use Coin ID Scanner

Coin ID Scanner is your friend and guide in the world of coins.

It has over 180 thousand coin entries in its database. You’ll never confuse your 1938 penny with some 1938 half penny, for example. 

Apart from casual but essential instruments, one may also want to employ digital assistants like Coin ID Scanner. 

• Scan your piece, and in just a second you’ll get a digital entry with the latest numismatic data.

• Compare your coin to real error examples with side-by-side visuals.

• Chat with an AI-assistant that will gladly help you on your numismatic journey.

• Get the latest market data to know when to save and when to trade.

• Read countless guides and blog posts on anything, from coin identification tips to dealership advice.

Store and manage your valuables in the digital collection.

Related Coin Value Guides:

• 1963 Half Dollar Coin Value

• Modern Coins Worth Money

• Error Coins Value

• 1979 Washington Quarter Coin Value

• Old Coins Value Chart

• Most Valuable Error Coins