The 1938 Lincoln Wheat Penny is a cherished piece among numismatists and casual collectors alike. Known for its iconic design and historical significance, this coin represents an era of American history shaped by recovery from the Great Depression and a world on the brink of war. In this guide, we’ll explore everything you need to know about the 1938 Lincoln Wheat Cent—including its background, mintage numbers, design details, value, and tips for collectors.
Brief History of the Lincoln Wheat Penny
The Lincoln Wheat Penny, officially known as the Lincoln cent, debuted in 1909 to honor the 100th anniversary of Abraham Lincoln’s birth. It replaced the Indian Head cent and became the first U.S. coin to feature a real historical figure. Designed by Victor David Brenner, the obverse (front) of the coin features a right-facing bust of President Lincoln, while the reverse (back) showcases two wheat ears symbolizing prosperity.
From 1909 to 1958, the wheat reverse remained in use, earning the coin its popular nickname: the Wheat Penny.
1938 Lincoln Wheat Penny Overview
The 1938 Lincoln Wheat Penny was minted in three locations: Philadelphia, Denver, and San Francisco. Each version carries slightly different characteristics and rarity levels. Here’s a breakdown:
| Mint | Mintmark | Mintage |
|---|---|---|
| Philadelphia | No mintmark | 156,682,000 |
| Denver | D | 20,010,000 |
| San Francisco | S | 15,180,000 |
The Philadelphia issue had the highest mintage by far, making it the most common, while the San Francisco mint produced the fewest, which slightly increases its desirability among collectors.
Design Details
The obverse of the 1938 penny features:
- Abraham Lincoln’s portrait
- The word “LIBERTY”
- The date “1938”
- The motto “IN GOD WE TRUST”
The reverse features:
- Two wheat stalks along the edges
- The denomination “ONE CENT”
- The country “UNITED STATES OF AMERICA”
- The motto “E PLURIBUS UNUM”
The coin is composed of 95% copper and 5% tin and zinc, weighing 3.11 grams with a diameter of 19.05 mm.
1938 Lincoln Wheat Penny Value
How much is a 1938 Wheat Penny worth? The value largely depends on three factors:
- Mintmark
- Condition (grade)
- Rarity/errors
Here’s a general pricing guide for each mint:
1938 No Mintmark (Philadelphia)
- Good (G4): $0.05–$0.10
- Fine (F12): $0.10–$0.15
- Extremely Fine (XF40): $0.25–$0.50
- Uncirculated (MS60–MS65): $1.00 to $5.00+
1938-D Lincoln Wheat Penny
- Good (G4): $0.10
- Fine (F12): $0.25
- Extremely Fine (XF40): $0.75
- Uncirculated (MS60–MS65): $2.00 to $10.00+
1938-S Lincoln Wheat Penny
- Good (G4): $0.15
- Fine (F12): $0.30
- Extremely Fine (XF40): $1.00
- Uncirculated (MS60–MS65): $3.00 to $12.00+
High-grade coins, especially those with full red (RD) surfaces, can command significantly higher prices at auction.
Rare Errors and Varieties
While not as infamous as the 1955 doubled die, the 1938 Lincoln Penny has a few known errors and varieties that are popular with collectors:
1. Off-Center Strike
An off-center strike occurs when the planchet (blank coin) is not properly aligned. A 10–15% off-center 1938 penny can be worth $10–$50, while more dramatic examples may fetch over $100.
2. Doubled Die
Some minor doubled dies exist for 1938, particularly in the lettering on the obverse. These are harder to spot and are less valuable than the 1955 doubled die but can still be worth a premium if authenticated.
3. BIE Error
This error appears when a die crack forms between the letters B and E in “LIBERTY,” creating what looks like a small “I”—thus the name BIE error. These can sell for $5 to $15, depending on clarity.
4. Re-punched Mintmarks (RPMs)
In some 1938-D and 1938-S coins, the mintmark may appear to be struck more than once due to manual punching. These RPM varieties can be worth $10–$50 or more in uncirculated grades.
Grading the 1938 Wheat Penny
Grading is essential when determining the value of a 1938 Wheat Penny. Here’s a quick guide:
- Good (G4): Heavy wear with all major features visible
- Fine (F12): Moderate wear, with clearer design elements
- Extremely Fine (XF40): Light wear with most details visible
- About Uncirculated (AU50–AU58): Slight wear on highest points
- Mint State (MS60–MS70): No wear, may have minor contact marks
Collectors especially seek red (RD) uncirculated examples with strong luster and minimal spotting.
Tips for Collectors
If you’re collecting or investing in 1938 Lincoln Wheat Cents, here are some tips:
- Buy certified coins: Look for coins graded by PCGS or NGC to ensure authenticity and condition.
- Focus on eye appeal: A sharp, well-struck coin with great color is often more desirable than a higher-graded but dull coin.
- Complete the mint set: Collecting all three (Philadelphia, Denver, and San Francisco) 1938 Wheat Pennies makes for a satisfying mini-set.
- Store coins properly: Use 2×2 holders, coin flips, or albums to prevent corrosion or damage.
Is the 1938 Wheat Penny Rare?
In circulated condition, the 1938 Lincoln Wheat Penny is not considered rare. However, high-grade uncirculated coins, particularly with red surfaces or mint errors, are less common and more valuable. The San Francisco (S) mint version has the lowest mintage of the year and is slightly scarcer in higher grades.
Final Thoughts: Should You Buy or Sell a 1938 Lincoln Wheat Penny?
Whether you’re a beginner or seasoned collector, the 1938 Lincoln Wheat Penny is a fantastic coin to own. It’s an affordable yet historically significant piece that reflects an important period in U.S. history. If you’re looking to sell a 1938 penny, try to have it appraised by a professional or listed on reputable auction platforms. If you’re buying, invest in quality and look for uncirculated or error varieties for long-term value.