The 1940 Lincoln Wheat Penny is a popular collectible among numismatists and history enthusiasts. Minted during a time of great historical change, this coin represents not just a piece of currency, but a snapshot of American heritage. Whether you’re an experienced coin collector or just starting your journey, understanding the value, history, and varieties of the 1940 Wheat Penny is essential.
In this article, we’ll cover everything you need to know about the 1940 Lincoln Wheat Cent, including its background, design, mint varieties, errors, and market value.
History of the 1940 Lincoln Wheat Penny
The Lincoln Wheat Penny, also known as the “Wheat Cent,” was first introduced in 1909 to honor President Abraham Lincoln’s 100th birthday. It replaced the Indian Head cent and became the first U.S. coin to feature a real person’s portrait.
By 1940, the Lincoln cent had been in circulation for 31 years. The world was on the brink of World War II, and the U.S. was emerging from the Great Depression. Despite the economic uncertainty, the U.S. Mint continued to produce the Lincoln Wheat Penny in large numbers to support commerce.
Design and Specifications
The design of the 1940 Lincoln Wheat Penny remained consistent with earlier years:
- Obverse (Front): Features a bust of Abraham Lincoln facing right. Above his head is the motto “IN GOD WE TRUST.” To the left is the word “LIBERTY” and to the right is the date “1940.”
- Reverse (Back): Displays two wheat stalks along the edges with the inscriptions “ONE CENT” and “UNITED STATES OF AMERICA” in the center. The Latin motto “E PLURIBUS UNUM” appears above.
Coin Specifications:
- Composition: 95% copper, 5% tin and zinc
- Weight: 3.11 grams
- Diameter: 19 mm
- Edge: Plain
Mint Marks and Mintage Numbers
The 1940 Lincoln Wheat Penny was minted at three locations: Philadelphia (no mint mark), Denver (D), and San Francisco (S). Here’s a breakdown of each variety:
1. 1940 (No Mint Mark) – Philadelphia Mint
- Mintage: 586,810,000
- This is the most common version of the 1940 Wheat Penny. It lacks a mint mark below the date.
2. 1940-D – Denver Mint
- Mintage: 81,390,000
- Marked with a small “D” under the date. While less common than the Philadelphia version, it is still widely available.
3. 1940-S – San Francisco Mint
- Mintage: 112,940,000
- Bears an “S” mint mark. This version is also relatively common, though it tends to be more sought after than the Philly coin in higher grades.
1940 Lincoln Wheat Penny Value
The value of a 1940 Wheat Penny depends on its condition (grade), mint mark, and whether it has any unique errors. Below is a general price guide:
Circulated Condition (Good to Very Fine):
- 1940 (P): $0.05 – $0.20
- 1940-D: $0.10 – $0.30
- 1940-S: $0.10 – $0.40
Uncirculated Condition (Mint State/MS60-MS65+):
- 1940 (P): $1 – $8
- 1940-D: $1.50 – $10
- 1940-S: $2 – $12
Proof Coins:
- While no business strike proof pennies were issued in 1940, collectors can sometimes find extremely well-preserved examples that look proof-like.
Rare Errors and Varieties
Collectors are always on the lookout for error coins because they can dramatically increase a penny’s value. Some notable errors for the 1940 Wheat Penny include:
1. Doubled Die Obverse (DDO)
- This error features noticeable doubling of the date or lettering on the obverse side. These can be worth $50 to several hundred dollars, depending on visibility and condition.
2. Off-Center Strike
- An off-center error occurs when the coin blank isn’t properly aligned during striking. Values range from $10 to $100+.
3. Die Cracks and Cuds
- Cracks in the die can result in raised lines or blobs on the coin. While common, larger or more dramatic examples can fetch $20 or more.
4. Repunched Mint Marks (RPM)
- Some 1940-D and 1940-S pennies show signs of the mint mark being punched more than once. These varieties are collected and can command $5 to $50+, depending on clarity.
Grading the 1940 Wheat Penny
Coin grading is a crucial factor in determining value. The Sheldon Scale ranges from 1 (Poor) to 70 (Perfect Mint State). Here’s a brief overview:
- Good (G-4): Heavy wear, all details visible but flat.
- Fine (F-12): Moderate wear, clear lettering.
- Very Fine (VF-20): Moderate to light wear with sharper details.
- Extremely Fine (EF-40): Minor wear on high points.
- About Uncirculated (AU-50): Slight trace of wear.
- Mint State (MS-60 to MS-70): No wear, as if fresh from the mint.
For investment purposes, look for coins graded MS65 or higher by professional services like PCGS or NGC.
Tips for Collectors
If you’re collecting 1940 Lincoln Wheat Pennies, consider these tips:
- Buy Graded Coins: Certified coins ensure authenticity and accurate grading.
- Avoid Cleaned Coins: Cleaning can reduce a coin’s value significantly.
- Store Properly: Use acid-free holders or albums to prevent damage.
- Check for Errors: Always inspect for doubling, repunched marks, and other anomalies.
Where to Buy and Sell
You can find 1940 Wheat Pennies through several channels:
- Online Marketplaces: eBay, Etsy, and Amazon often have listings, but check seller ratings.
- Coin Shops: Local coin dealers can provide guidance and physical inspection.
- Coin Shows: Great for comparing coins and meeting other collectors.
- Auction Sites: Heritage Auctions and GreatCollections offer high-end coins and error varieties.
Final Thoughts
The 1940 Lincoln Wheat Penny is more than just an old coin—it’s a collectible piece of American history. Its wide availability makes it an ideal starting point for new collectors, while its error varieties and high-grade examples continue to attract experienced numismatists.
Whether you’re collecting for fun, investment, or historical interest, the 1940 Wheat Cent offers something for everyone. Keep an eye out for rare errors and mint-state coins, and you might just find a hidden gem in your collection.