In the world of numismatics, even the most unassuming coins can hold surprising value. The 1939 wheat penny, a seemingly ordinary piece of currency, can be worth far more than its face value to collectors and enthusiasts. This comprehensive guide will explore the fascinating history, valuation factors, and potential worth of the 1939 penny, offering insights for both novice collectors and seasoned numismatists.
A Brief History of the Wheat Penny
The wheat penny, also known as the Lincoln cent, has a rich history that spans nearly half a century:
- Introduced in 1909 to commemorate Abraham Lincoln's 100th birthday
- Designed by Lithuanian-born sculptor Victor David Brenner
- Featured Lincoln's portrait on the obverse and two wheat stalks on the reverse
- Produced from 1909 to 1958, when it was replaced by the Lincoln Memorial design
The 1939 penny falls within this iconic series, making it a sought-after item for collectors focusing on early 20th-century American coinage.
Minting Details of the 1939 Penny
In 1939, pennies were struck at three different U.S. Mint facilities:
| Mint Location | Mint Mark | Total Minted |
|---|---|---|
| Philadelphia | None | 316,466,000 |
| Denver | D | 15,160,000 |
| San Francisco | S | 52,400,000 |
The mintage numbers provide insight into the relative scarcity of each variety, with the Denver-minted coins being the least common from that year.
Factors Influencing the Value of a 1939 Penny
Several key elements determine the worth of a 1939 wheat penny:
- Mint mark
- Condition (grade)
- Color
- Rarity
- Presence of errors or varieties
Mint Marks: The Silent Value Boosters
The mint mark, if present, can be found below the date on the obverse side of the coin. Philadelphia-minted coins have no mint mark, while those from Denver and San Francisco bear a "D" or "S" respectively.
Condition: From Worn to Gem
Coin condition is graded on a scale from Poor (P-1) to Mint State (MS-70). For 1939 pennies, the difference between grades can significantly impact value. Professional grading services like PCGS and NGC use standardized criteria to assess a coin's condition.
Color: The Copper Conundrum
As copper coins age, their color changes. Graders categorize 1939 pennies into three color groups:
- Red (RD): At least 95% of original copper color
- Red-Brown (RB): A mix of red and brown
- Brown (BN): Mostly brown in color
Red pennies are the most valuable, followed by red-brown, and then brown. The color designation is crucial in determining a coin's worth, especially for uncirculated specimens.
Valuation of 1939 Wheat Pennies
Let's break down the potential values for 1939 pennies by mint mark and condition:
1939 Wheat Penny (No Mint Mark – Philadelphia)
| Condition | Brown (BN) | Red-Brown (RB) | Red (RD) |
|---|---|---|---|
| Good (G-4) | $0.05-$0.10 | N/A | N/A |
| Fine (F-12) | $0.10-$0.15 | N/A | N/A |
| MS-60 | $1-$2 | $2-$3 | $3-$5 |
| MS-63 | $2-$3 | $4-$6 | $6-$10 |
| MS-65 | $10-$15 | $20-$25 | $25-$35 |
| MS-67 | $75-$100 | $125-$150 | $175-$225 |
1939-D Wheat Penny (Denver)
| Condition | Brown (BN) | Red-Brown (RB) | Red (RD) |
|---|---|---|---|
| Good (G-4) | $0.10-$0.20 | N/A | N/A |
| Fine (F-12) | $0.20-$0.30 | N/A | N/A |
| MS-60 | $2-$3 | $3-$5 | $5-$8 |
| MS-63 | $4-$6 | $7-$10 | $12-$18 |
| MS-65 | $25-$35 | $40-$50 | $60-$80 |
| MS-67 | $200-$250 | $300-$350 | $400-$500 |
1939-S Wheat Penny (San Francisco)
| Condition | Brown (BN) | Red-Brown (RB) | Red (RD) |
|---|---|---|---|
| Good (G-4) | $0.10-$0.15 | N/A | N/A |
| Fine (F-12) | $0.15-$0.25 | N/A | N/A |
| MS-60 | $1.50-$2.50 | $3-$4 | $4-$6 |
| MS-63 | $3-$5 | $6-$8 | $10-$15 |
| MS-65 | $20-$30 | $35-$45 | $50-$70 |
| MS-67 | $150-$200 | $250-$300 | $350-$450 |
It's important to note that these values are approximate and can fluctuate based on market conditions and individual coin characteristics.
Rarity and Population Reports
While millions of 1939 pennies were minted, finding one in pristine condition is challenging. According to the PCGS Population Report as of 2023:
- 1939 (No Mint Mark):
- MS-67 Red: 207 examples
- MS-68 Red: 6 examples
- 1939-D:
- MS-67 Red: 79 examples
- MS-68 Red: 2 examples
- 1939-S:
- MS-67 Red: 52 examples
- MS-68 Red: 1 example
These numbers illustrate the scarcity of top-grade specimens, which drives up values for the best-preserved coins.
Errors and Varieties: The Hidden Gems
Some 1939 pennies have errors or varieties that can significantly increase their value:
-
Double Die Obverse: Shows doubling on the date and parts of Lincoln's bust. Can be worth $100 to $700 depending on condition and color.
-
Off-Center Strikes: Coins struck off-center can fetch $50 to $150, with higher values for more dramatic errors.
-
Repunched Mint Marks: Look for doubling or repositioning of the mint mark (on D and S varieties).
-
Die Cracks and Cuds: Large die breaks can add premiums of $20 to $100 or more.
Collectors should be aware that these error coins are rare, and authentication by a reputable grading service is recommended for valuable specimens.
Preservation and Care
To maintain the value of your 1939 penny:
- Handle coins by their edges, avoiding contact with the surfaces
- Store in non-PVC, archival-quality holders
- Maintain a stable environment with low humidity
- Never clean coins, as improper cleaning can severely reduce value
The Broader Context of Wheat Penny Collecting
Collecting 1939 and other wheat pennies offers more than just potential financial gain:
- Provides a tangible connection to early 20th-century American history
- Serves as an affordable entry point into numismatics
- Offers opportunities to learn about minting processes and grading standards
- Presents the potential for discovering rare and valuable specimens
Many collectors focus on assembling complete date and mint mark sets of wheat pennies, with the 1939 issues being relatively accessible components of such collections.
Conclusion: The Enduring Appeal of the 1939 Penny
While most circulated 1939 pennies are worth only a small premium over face value, the potential for finding a valuable specimen makes them worth examining. The thrill of the hunt, combined with the historical significance of these coins, continues to attract both seasoned numismatists and newcomers to the hobby.
Whether you're a serious collector or simply curious about the change in your pocket, the 1939 wheat penny serves as a fascinating window into American coinage history. Its value extends beyond mere monetary worth, encompassing historical significance and the joy of numismatic discovery.
As you explore the world of coin collecting, remember that the true value often lies in the pursuit of knowledge and the appreciation of craftsmanship. So, the next time you come across a 1939 penny, take a moment to consider its journey through time – you might just be holding a small piece of numismatic treasure.
