The 1938 Wheat Penny is often overlooked — but that may change after a recent auction in New York, where a rare 1938 Lincoln Wheat Cent sold for $1.5 million in 2025. This proves that even common coins, with the right errors or condition, can be worth life-changing money.
Here’s everything you need to know about the 1938 penny, including mint marks, varieties, key errors, and how to know if yours could be the next six-figure sale.
1938 Wheat Penny Details
- Mint locations: Philadelphia (no mint mark), San Francisco (S), Denver (D)
- Total mintage: 191,886,734
- Designer: Victor D. Brenner
- Composition: 95% copper, 5% tin and zinc
- Weight: 3.11g
- Edge: Plain
This coin comes from the popular Lincoln Wheat Cent series (1909–1958) and is still widely available, but key errors and pristine grades can send values into the thousands — or millions.
1938 Wheat Penny Value Chart (Updated for 2025)
| Condition | 1938 (No Mint) | 1938-S | 1938-D | 1938 Proof |
|---|---|---|---|---|
| Good | $0.17 | $0.45 | $0.22 | – |
| Very Good | $0.22 | $0.56 | $0.33 | – |
| Fine | $0.33 | $0.67 | $0.56 | – |
| Very Fine | $0.45 | $0.85 | $0.90 | – |
| Extra Fine | $1.13 | $1.25 | $1.42 | – |
| Uncirculated | $2.28 | $3.30 | $3.30 | – |
| MS 60 | $4.52 | $4.52 | $4.52 | $24 |
| MS 63 | $10.00 | $9.13 | $10.00 | $96 |
| MS 68+ (Top Grade) | — | — | — | Up to $1.5 million |
Record-Breaking Sale: In 2025, a 1938 Lincoln Cent graded MS68+ RD with a rare doubled die and repunched mint mark sold for $1.5 million at auction in New York.
Rare 1938 Penny Errors That Add Big Value
1. 
Off-Center Strike
- Caused by the coin not being aligned properly during striking.
- Slightly off-center coins: $30–$60
- 50% or more off-center in high grade: up to $5,000+
2. 
Doubled Die Error
- Look for doubled text (especially E PLURIBUS UNUM) or doubled wheat stalks.
- Regular doubled dies: $30–$100
- Uncirculated: $500–$5,000+
- The $1.5M 2025 coin had a prominent doubled die.
3. 
BIE Die Break
- A vertical line appears between the “B” and “E” in LIBERTY, forming what looks like “BIE.”
- Common examples: $10–$30
- High-grade specimens: $100+
4. Repunched Mint Mark (RPM)
- Look closely at the “D” or “S” mint mark — doubled or tripled punches can appear.
- Average RPMs: $10–$50
- Top-grade RPMs: $700+
- Note: The $1.5M coin included a repunched “D” mint mark combined with a doubled die.
Highest Auction Prices (Updated)
- Philadelphia (No Mint Mark):
- 2005 MS68 RD sold for $6,325
- 2025 MS68+ RD error coin sold for $1.5 million
- Denver (D):
- 2007 MS68 RD sold for $4,313
- San Francisco (S):
- 2014 MS68 RD sold for $2,115
These prices reflect coins in MS67–MS68+ Red (RD) with strong eye appeal, full luster, and potentially a rare error variety.
1938 Penny FAQ
What makes a 1938 penny valuable?
Condition is key — coins in MS65+ Red condition, especially with rare errors (like doubled dies, off-center strikes, or repunched mint marks) can sell for thousands.
A combination of multiple errors and flawless preservation led to the $1.5 million auction in 2025.
How much is a 1938 wheat penny worth?
Most range from $0.15 to $5, but:
- Proof coins: Up to $100+
- High-grade uncirculated: Up to $500
- Major error coins: $1,000–$10,000+
- Top-tier auction coins (2025): $1.5 million
Final Thoughts
While the 1938 Wheat Penny is common, exceptional examples can be truly rare — and shockingly valuable. If you’ve got an old penny stashed away, especially one with visible errors or vibrant red luster, it might be worth a second look… or even $1.5 million.
