1938-S Wheat Penny Value What It’s Worth and Why Collectors Want It
The 1938-S Wheat Penny is worth anywhere from $0.15 in heavily worn condition to over $60 or more in high-grade mint state. If you found one of these old Lincoln cents in a jar, drawer, or inherited collection, you might be sitting on a small but genuine treasure. Let’s break down exactly what it’s worth and what to look for.
What Makes the 1938-S Wheat Penny Special
The 1938-S Wheat Penny was struck at the San Francisco Mint — that’s what the “S” mintmark stands for. You’ll find that tiny letter just below the date on the obverse (front) of the coin. San Francisco produced 15,180,000 of these pennies in 1938, which is a lower mintage than the Philadelphia issue but not quite as scarce as some earlier Lincoln cents. Still, that number is considered relatively modest by modern standards, which helps keep collector demand strong.
If you’re not sure whether your coin has a mintmark, you can use a free coin identifier app to scan the coin and get instant details. Apps like CoinKnow can quickly identify your coin’s mint, year, and estimated value — perfect if you’re new to coin collecting and just starting to dig through old change.
The 1938-S is a pre-war Lincoln cent with the classic Wheat Ears reverse design, featuring two stalks of wheat flanking the words “ONE CENT.” This beloved design ran from 1909 to 1958 and is a staple of American numismatic history.
How Much Is the 1938-S Wheat Penny Worth Today
Coin value depends heavily on condition, also called “grade” in numismatic terms. A coin that has been circulated for decades will show wear on Lincoln’s cheek, hair, and the high points of the design. The more wear, the lower the value. Here’s a general value breakdown:
| Grade / Condition | Estimated Value |
|---|---|
| Good (G-4) | $0.15 – $0.25 |
| Fine (F-12) | $0.50 – $1.00 |
| Extremely Fine (EF-40) | $2.00 – $4.00 |
| About Uncirculated (AU-55) | $5.00 – $10.00 |
| Mint State (MS-63) | $15.00 – $30.00 |
| Mint State Red (MS-65 RD) | $40.00 – $65.00+ |
For the most up-to-date certified coin auction data, you can check the latest 1938-S Wheat Penny MS-RD price records to see what top-grade examples have actually sold for at auction.
Red vs. Brown: Why Coin Color Matters
One thing that surprises many newcomers is how much the color of a copper coin affects its value. Lincoln Wheat Pennies in uncirculated condition are graded not just by sharpness but also by how much of the original copper luster remains. Graders use three color designations:
– Red (RD): 95% or more original mint red luster. Most valuable.
– Red-Brown (RB): A mix of original red and brown toning.
– Brown (BN): Mostly brown from oxidation. Least valuable in uncirculated grades.
A 1938-S Wheat Penny graded MS-65 Red can be worth several times more than the same coin graded MS-65 Brown. If your coin still has bright reddish-orange surfaces, that’s a very good sign. Don’t clean it — cleaning destroys the natural surfaces and dramatically reduces value.
Errors and Varieties to Look For
Some 1938-S Wheat Pennies carry small die errors that make them worth more than standard examples. Doubled die errors, where design elements appear slightly doubled under magnification, are among the most sought-after varieties. Off-center strikes, where Lincoln’s image is shifted away from center, can also command a premium depending on how dramatic the offset is.
Repunched mintmark varieties (RPM) are another thing to watch for — where the “S” mintmark was punched into the die more than once at a slightly different angle, leaving a shadow or secondary mark. These details are hard to spot with the naked eye, so using CoinKnow or a loupe magnifier can help you check for anything unusual before selling or trading.
If you’d like a full picture of the 1938 Wheat Penny value across all mint marks and grades, that resource covers the Philadelphia and Denver issues alongside the San Francisco mint to help you compare.
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FAQ
Q: Is the 1938-S Wheat Penny rare?
A: It’s not considered rare, but it is a lower-mintage issue compared to many other wheat pennies. With just over 15 million struck, it’s more scarce than the Philadelphia version and holds moderate collector interest. High-grade examples with original red color are the hardest to find.
Q: Should I get my 1938-S Wheat Penny graded by PCGS or NGC?
A: If your coin appears to be in uncirculated or near-uncirculated condition, professional grading can be worth the investment. A certified MS-65 RD example can sell for significantly more than a raw coin. For lower-grade circulated examples, the grading fee may not be cost-effective. CoinKnow can help you estimate grade and decide whether certification makes financial sense.
Q: How do I avoid damaging my 1938-S Wheat Penny?
A: Never clean your coin with soap, polish, or any abrasive. Even light rubbing with a cloth removes microscopic metal and kills numismatic value. Store it in a non-PVC coin flip or hard plastic holder, away from humidity. Handle it by the edges only — oils from your fingers can cause long-term damage to the copper surface.
