In the fascinating world of coin collecting, few pieces capture the imagination quite like the 1938 Lincoln wheat penny. This small copper coin, minted over eight decades ago, holds a special place in the hearts of numismatists and history enthusiasts alike. But what makes this particular year so intriguing, and more importantly, how much is a 1938 penny actually worth? Let's embark on a journey through time and value to uncover the secrets of this captivating coin.
The Historical Significance of the 1938 Penny
Before we dive into the monetary value, it's crucial to understand the historical context in which the 1938 penny was minted. The year 1938 was a pivotal time in American history:
- The Great Depression was slowly receding, but its effects were still felt across the nation
- Franklin D. Roosevelt was in his second term as President, implementing New Deal policies
- The minimum wage was established at $0.25 per hour
- The average annual income was $1,731
- World War II was on the horizon, though the U.S. had not yet entered the conflict
This historical backdrop adds a layer of intrigue to the 1938 penny, making it more than just a coin—it's a tangible piece of American history.
The Anatomy of a 1938 Penny
To truly appreciate the 1938 penny, we must first understand its physical characteristics:
- Obverse Design: Features the iconic profile of Abraham Lincoln
- Reverse Design: Displays two wheat stalks framing "ONE CENT" and "UNITED STATES OF AMERICA"
- Composition: 95% copper, 5% tin and zinc
- Weight: 3.11 grams
- Diameter: 19 millimeters
Mint Marks and Production Numbers
In 1938, pennies were produced at three different mints:
- Philadelphia (no mint mark): 156,697,000 minted
- Denver (D mint mark): 20,010,000 minted
- San Francisco (S mint mark): 15,180,000 minted
The mint mark, when present, can be found below the date on the obverse side of the coin.
Factors Influencing the Value of a 1938 Penny
Several key factors determine the worth of a 1938 penny:
- Mint Mark: Coins from certain mints may be rarer and thus more valuable.
- Condition: The state of preservation significantly impacts value.
- Color: Copper coins are graded as Red (RD), Red-Brown (RB), or Brown (BN), with red being the most desirable.
- Errors: Coins with minting errors can command premium prices.
- Rarity: Some variations or mint marks are scarcer than others.
1938 Penny Values: A Comprehensive Breakdown
Let's explore the potential values of 1938 pennies based on their mint marks and conditions:
1938 No Mint Mark (Philadelphia)
| Condition | Value Range |
|---|---|
| Circulated | $0.01 – $0.25 |
| Uncirculated (MS-60 to MS-63) | $7 – $12 |
| Gem Uncirculated (MS-65) | $28 |
| Superb Gem Uncirculated (MS-67+) | $900 |
1938-D (Denver)
| Condition | Value Range |
|---|---|
| Circulated | $0.01 – $0.50 |
| Uncirculated (MS-60 to MS-63) | $6 – $12 |
| Gem Uncirculated (MS-65) | $24 |
| Superb Gem Uncirculated (MS-68) | $11,500 |
1938-S (San Francisco)
| Condition | Value Range |
|---|---|
| Circulated | $0.01 – $0.75 |
| Uncirculated (MS-60 to MS-63) | $8 – $15 |
| Gem Uncirculated (MS-65) | $28 |
| Superb Gem Uncirculated (MS-67+) | $950 |
Rare 1938 Penny Errors and Their Values
Errors can significantly increase a coin's value. Here are some notable 1938 penny errors:
1938-S/S/S Repunched Mint Mark
- Description: Mint mark punched three times
- Value:
- AU-58 (Brown): $100
- MS-67 (Red): $650
1938-D/D Repunched Mint Mark
- Description: Mint mark punched twice
- Value:
- AU-50 (Brown): $112
- MS-60 (Red): $70
- MS-65 (Red): $150
- MS-66+ (Red): $750
The Grading Scale: Understanding Coin Condition
The grade of a coin significantly impacts its value. Here's a simplified grading scale:
- Good (G-4): Heavily worn but main features visible
- Very Good (VG-8): Wear is evident, but major details are clear
- Fine (F-12): Moderate wear, all major features clear
- Very Fine (VF-20): Light wear, all details sharp
- Extremely Fine (EF-40): Minimal wear, sharp details
- About Uncirculated (AU-50 to AU-58): Slight wear on high points
- Mint State (MS-60 to MS-70): No wear, varying degrees of luster and contact marks
How to Determine Your 1938 Penny's Value
To assess your 1938 penny's value:
- Identify the Mint Mark: Look for D, S, or no mark under the date.
- Assess Condition: Compare your coin to grading standards.
- Check for Errors: Look for repunched mint marks or other abnormalities.
- Evaluate Color: Determine if it's Red, Red-Brown, or Brown.
- Consult Recent Sales: Look at auction results for similar coins.
Preserving Your 1938 Penny
To maintain your coin's value:
- Handle coins by their edges
- Store in non-PVC holders
- Keep in a cool, dry place
- Avoid cleaning, which can damage the surface
The Collector's Perspective on 1938 Pennies
As a seasoned US coin collecting expert, I can attest that the 1938 penny holds a special place in many collections. Its historical significance, coupled with its relative accessibility, makes it a popular choice for both novice and experienced collectors.
The 1938 penny serves as a gateway to the fascinating world of wheat pennies, which were minted from 1909 to 1958. Many collectors aim to complete sets of these coins, making the 1938 issue an essential component of a broader collection.
The Future of 1938 Penny Values
While predicting future values is challenging, several factors suggest the 1938 penny may continue to be a desirable collectible:
- Increasing Scarcity: As time passes, fewer high-grade specimens will be available.
- Rising Copper Prices: The coin's intrinsic metal value may increase.
- Growing Interest in Numismatics: As more people discover coin collecting, demand for key dates like 1938 may rise.
Expert Insights: Why the 1938 Penny Matters
As an expert in US coin collecting, I've observed that the 1938 penny often serves as a gateway coin for many collectors. Its historical significance, coupled with its relative affordability in lower grades, makes it an excellent starting point for those new to the hobby.
Moreover, the 1938 penny offers a unique opportunity to study the effects of the Great Depression on American coinage. The mintage numbers reflect the economic conditions of the time, with production significantly lower than in previous years.
Comparative Analysis: 1938 vs. Other Key Dates
To put the 1938 penny's value into perspective, let's compare it with some other key dates in the Lincoln cent series:
| Year | Mint | Mintage | Value (Good-4) | Value (MS-65) |
|---|---|---|---|---|
| 1909-S VDB | San Francisco | 484,000 | $600 | $2,000 |
| 1914-D | Denver | 1,193,000 | $175 | $3,500 |
| 1922-D | Denver | 7,160,000 | $20 | $500 |
| 1931-S | San Francisco | 866,000 | $100 | $150 |
| 1938 | Philadelphia | 156,697,000 | $0.25 | $28 |
This comparison illustrates that while the 1938 penny may not be the rarest or most valuable in the series, it still holds significant collector interest and potential for appreciation.
Conclusion: Is Your 1938 Penny a Hidden Treasure?
While most 1938 pennies in circulation are worth only a few cents, the potential for finding a valuable specimen always exists. The thrill of the hunt is part of what makes coin collecting such an engaging hobby.
Whether you've inherited a collection, stumbled upon an old coin, or are considering starting a new hobby, understanding the nuances of the 1938 penny's value can be both enlightening and potentially rewarding.
Remember, the true value of a coin often lies in the eye of the collector. Each 1938 penny tells a story of American craftsmanship, economic history, and the enduring allure of numismatics. So, take a closer look at those old pennies in your change jar or family heirloom collection. You never know—you might be holding a small piece of history that's worth far more than its face value.
