The 1938-D Wheat Penny is worth anywhere from $0.15 in worn condition to over $35 for high-quality mint state examples. While many of these coins were saved by collectors at the time of release, finding one in your pocket change is still an exciting discovery that connects you to American history.
| Condition / Grade | Estimated Value |
|---|---|
| Good / Very Good (Circulated) | $0.15 – $0.30 |
| Fine / Extremely Fine | $0.50 – $2.50 |
| Uncirculated (MS63 Brown) | $5.00 – $8.00 |
| Gem Uncirculated (MS65 Red) | $25.00 – $45.00 |
| Auction Record (High Grade) | $4,000+ |
Understanding the History of the 1938-D Wheat Penny
If you have stumbled upon a copper coin with two stalks of wheat on the back and the date 1938 with a small “D” underneath it, you are holding a piece of the Great Depression era. To accurately identify your find, using the best coin identifier app can help you distinguish between a common circulated coin and a rare mint-state treasure. The “D” mint mark indicates that the coin was struck at the Denver Mint in Colorado.
In 1938, the United States was slowly recovering from economic hardship. The Lincoln Wheat Cent, designed by Victor David Brenner, had been in circulation since 1909. While millions of these pennies were produced, the 1938-D is particularly interesting to collectors because the Denver Mint produced significantly fewer pennies that year compared to the Philadelphia Mint. Specifically, only about 15 million were struck in Denver, which is a relatively low mintage for the series.
Many people who find these coins today wonder if they have hit the jackpot. While most circulated 1938nd pennies are common, collectors pay a premium for those that have retained their original “Red” luster. Professional tools like CoinHix can assist you in determining the surface quality of your coin, which is the biggest factor in its final market price.
Evaluating 1938-D Lincoln Cent Grading and Condition
The value of any old coin depends heavily on its “grade,” which is essentially a measure of how much wear and tear it has endured over the last 85 years. For the 1938-D Wheat Penny, the difference between a coin worth twenty cents and one worth twenty dollars comes down to the fine details of Lincoln’s hair and the lines on the wheat stalks.
Circulated coins are categorized as Good, Fine, or Extremely Fine. In “Good” condition, Lincoln’s silhouette is visible but most hair details are worn smooth. In “Fine” condition, the lines of the wheat ears on the reverse are starting to show clearly. Once a coin reaches “Uncirculated” status, it means it never spent time in a cash register or someone’s pocket. These coins are graded on a scale from MS60 to MS70.
| Grade Designation | Description | Market Value |
|---|---|---|
| G-4 (Good) | Heavily worn, outlines clear | $0.15 |
| EF-40 (Extremely Fine) | Light wear on high points | $1.50 |
| MS-63 (Choice Unc) | No wear, some marks | $8.00 |
| MS-66 (Gem Unc) | Strong luster, nearly perfect | $55.00 |
Color Designations: Red vs. Brown 1938-D Pennies
When researching the 1938-D wheat penny value for red specimens, you will notice three letters: RD, RB, or BN. Copper reacts with oxygen over time, changing from a bright shiny orange-red to a dull chocolate brown.
A “Red” (RD) penny is one that still possesses at least 95% of its original mint color. These are the most highly sought after. “Red-Brown” (RB) coins have a mix of orange and brown, while “Brown” (BN) coins have lost nearly all their original luster. Even if a 1938-D has no physical wear, being brown instead of red can slash its value by 50% or more.
If you aren’t sure which category your coin falls into, CoinHix uses advanced image recognition to analyze the color and surface of your penny. This is a crucial step before you consider sending a coin to a professional grading service like PCGS or NGC, as those services can be expensive.
Rare 1938-D Penny Errors and Varieties
While the standard 1938-D is relatively affordable, certain “error” coins can be worth a significant amount of money. Error coins occur when something goes wrong during the minting process. For the 1938 Denver issue, collectors often look for “Repunched Mint Marks” (RPM). This happens when the “D” was stamped into the die more than once, creating a shadowed or doubled effect on the letter.
Another rare occurrence is the “Double Die” error. This is when the image on the die itself was doubled, resulting in doubled letters in the word “LIBERTY” or the date “1938.” These errors are rare and often require a magnifying glass to see. If you suspect you have an error, check the detailed 1938 penny price data to see what similar verified errors have sold for in recent auctions.
| Error Type | Estimated Value (Circulated) | Estimated Value (Uncirculated) |
|---|---|---|
| Repunched Mint Mark (D/D) | $5 – $15 | $40 – $100+ |
| Off-Center Strike (10%) | $20 – $50 | $150+ |
| Die Crack / Lamination | $2 – $10 | $20+ |
Mintage Numbers and Why They Matter
Mintage numbers tell us how many coins were originally made. In the world of coin collecting, lower mintage usually translates to higher value. In 1938, the Philadelphia Mint produced over 156 million pennies (these have no mint mark). The San Francisco Mint produced about 15 million (1938-S), and the Denver Mint also produced about 15 million (1938-D).
Because the “D” and “S” mintages are so similar and both are much lower than the Philadelphia mintage, they are often grouped together as “semi-key” dates. While they aren’t as rare as the famous 1909-S VDB, they are much harder to find in a jar of old change than a common 1944 or 1958 penny.
If you are building a collection, the 1938-D is an essential piece. Using CoinHix can help you keep track of your collection and monitor how the values change as the market for copper Lincoln cents fluctuates. Always remember to handle your coins by the edges so the oils from your fingers don’t damage the delicate copper surface.
Where to Sell Your 1938-D Wheat Penny
If you have used an app to identify that your coin is a high-grade specimen, you might be wondering where to sell it. For common circulated coins worth under $1, local coin shops or “we buy gold” stores might not offer much since their profit margin is small. These are often better kept as keepsakes or sold in bulk on platforms like eBay.
However, if your 1938-D is a “Red” uncirculated coin or a confirmed error, selling through a dedicated numismatic auction house or a highly-rated eBay listing with clear photos is your best bet. Collectors are always looking for “PCGS Graded” coins because the plastic slab guarantees the coin’s authenticity and grade.
Before selling, always check current “Sold” listings rather than “Asking” prices. Anyone can ask for $1,000 for a penny, but the real value is what someone actually paid for it. Real-time data in the CoinHix app can give you the most recent realized auction prices so you don’t get underpaid for your find.
| Selling Venue | Best For | Pros/Cons |
|---|---|---|
| Local Coin Shop | Instant Cash | Lower payout, but fast |
| eBay | Individual Coins | Reach many buyers; fees apply |
| Heritage Auctions | Rare Errors / High Grades | Max value for top coins |
FAQ
Q: Where is the mint mark on a 1938 penny?
A: The mint mark is found on the “heads” (obverse) side of the coin, directly underneath the date. If you see a small “D,” it was made in Denver. If you see an “S,” it was made in San Francisco. If there is no letter at all, it was minted in Philadelphia.
Q: Is a 1938-D penny made of gold?
A: No, the 1938-D penny is made of 95% copper and 5% tin and zinc. Sometimes, when a penny is cleaned or exposed to certain chemicals, it can take on a yellowish or “gold-like” appearance, but it is not precious metal.
Q: Should I clean my 1938nd Wheat Penny to make it worth more?
A: Absolutely not! Cleaning a coin is the fastest way to destroy its collector value. Collectors prefer “original skin,” which includes natural toning and even dirt. A cleaned coin will always be valued much lower than an untouched one.
Q: How many 1938nd pennies were made?
A: The Denver Mint produced 15,376,000 Lincoln Wheat Cents in 1938. While this sounds like a lot, it is quite low compared to years like 1944, where over 400 million were produced in Denver alone.
