LINCOLN WHEAT CENT SERIES
Lincoln Wheat Cent Series
1938 Lincoln Wheat Cent
History, varieties, and collector guide
1938 Overview
The 1938 Lincoln cent is a late‑1930s issue with coins from all three mints, Philadelphia, Denver, and San Francisco. Mintage dropped from earlier 1930s highs, about 156.7 million at Philadelphia, 20,010,000 at Denver, and 15,180,000 at San Francisco, making 1938‑D and especially 1938‑S modestly better than the typical “common” Wheat cent year.
In worn grades most 1938 cents remain easy to find, but higher‑grade red Mint State coins, particularly from Denver and San Francisco, become noticeably scarcer and bring stronger prices. The year also offers attractive RPM varieties, especially on 1938‑D and 1938‑S, which adds extra appeal for specialists.
Design and specifications
Design continues Victor D. Brenner’s familiar Lincoln obverse and Wheat reverse, unchanged from surrounding years.
Key specifications (all 1938 cents),
- Composition, 95% copper, 5% tin and zinc
- Weight, 3.11 grams
- Diameter, 19.0 millimeters
- Edge, plain
- Designer, Victor David Brenner
- Mintmarks, none (Philadelphia), D (Denver), S (San Francisco)
- Right‑facing bust of Abraham Lincoln
- “IN GOD WE TRUST” above, “LIBERTY” to the left, date “1938” to the right
- Mintmark “D” or “S” under the date on branch‑mint coins
- “ONE CENT” and “UNITED STATES OF AMERICA” in the center
- Single wheat stalks along the left and right rim
- The Latin motto “E PLURIBUS UNUM” arching along the top
Business‑strike 1938 cents are usually well made, though some Denver and San Francisco pieces show minor softness from die wear.
Mintage and basic value ranges
- 1938 (Philadelphia, no mintmark), about 156,682,000
- 1938‑D (Denver), 20,010,000
- 1938‑S (San Francisco), 15,180,000
These totals make the 1938 Philadelphia cent plentiful, while the lower Denver and San Francisco numbers give those issues more appeal, particularly in higher grades.
Very general retail impressions for problem‑free coins (ballpark ranges, not firm quotes),
- 1938 (no mintmark)
- Circulated, often around 0.10 to 1 dollar depending on grade.
- Uncirculated, commonly about 2 to 10 dollars, with choice red examples going higher in MS65 and above.
- 1938‑D
- 1938‑S
- Circulated, guides and dealers often show about 0.30 to 5 dollars, with some retail offerings quoting low double‑digit prices for nicer circulated coins.
- Uncirculated, roughly 40 dollars and up, with superb MS67–68 RD pieces bringing several hundred to a few thousand dollars, including a reported MS67+ sale over 2,000 dollars.
Eye appeal, color designation, and the absence of spots or cleaning can shift real‑world prices significantly above or below these ballparks.
Varieties and errors
1938 is a solid variety year, especially for repunched mintmarks on the Denver and San Francisco issues.
Representative 1938 varieties and errors,
- 1938‑D RPMs,
- 1938‑S S/S/S RPM,
- Minor doubled‑die obverse and reverse,
- Off‑center and striking errors,
Most minor RPMs and light doubled dies add modest value, while dramatic RPMs and strong off‑center errors can be significantly more valuable, especially in Mint State.
Collecting 1938 cents
With a three‑mint P‑D‑S run and modest but real scarcity in top grades, 1938 is well suited for both beginners and advanced date‑and‑mint collectors.
Collecting tips,
- Start with a P‑D‑S set in VF–XF, this gives a nice look at late‑1930s cents without much cost.
- When upgrading, pay close attention to color, red‑brown coins often offer excellent value compared to full red while still looking sharp.
- Treat 1938‑S as the “quietly better” coin, its 15.18‑million mintage and stronger prices in high grade make it stand out from the more abundant Philadelphia issue.
- If you like varieties, use detailed RPM references for 1938‑D and 1938‑S, then check mintmarks under a loupe for D/D and S/S/S repunchings.
- Consider certification for coins that truly look MS65 RD or better, especially for 1938‑D and 1938‑S, where a single grade step can mean a big price jump.
A satisfying mini‑project is a 1938 year page that shows a circulated P‑D‑S trio, one choice red Mint State example, and one labeled RPM variety as the “cherry‑picked” highlight.
6 fun facts about 1938 cents
- Philadelphia’s mintage of about 156.7 million is lower than many earlier 1930s issues, but still large enough that 1938 no‑mintmark cents remain common today.
- The 1938‑D mintage of 20,010,000 is roughly a mid‑range Denver output for the 1930s, and top‑grade red pieces can sell for thousands despite the modest raw mintage.
- With only 15,180,000 struck, the 1938‑S ranks among the scarcer San Francisco Wheat cents by mintage, particularly appealing in higher grades.
- A 1938‑D in MS68 RD brought about 7,200 dollars at auction in January 2025, showing the premium for elite color and preservation.
- Published RPM lists include several distinct 1938‑D D/D positions and a multi‑punch 1938‑S S/S/S, giving variety hunters multiple targets in just one year.
- Some price guides note that by the time you reach MS65 and higher, the value gap between 1938, 1938‑D, and 1938‑S narrows, with all three becoming desirable condition rarities.
6 common FAQs about the 1938 Lincoln cent
- Are 1938 wheat pennies rare?
No, 1938 cents are common in circulated grades, but high‑grade red examples, especially from Denver and San Francisco, are much scarcer and more valuable. - Which 1938 issue is most desirable?
In top grades, 1938‑D and 1938‑S usually outpace the no‑mintmark coin, with MS67–68 red examples bringing the highest prices. - How much is a typical 1938 penny worth?
Many circulated 1938 cents trade from roughly 0.10 to a few dollars depending on mint and grade, while uncirculated pieces can range from a few dollars up to hundreds in top red grades. - What varieties should I look for on 1938 cents?
Collectors target D/D RPMs on 1938‑D, S/S/S RPMs on 1938‑S, and minor doubled‑die obverse or reverse pieces, all of which require magnification to confirm. - Did the Mint strike proof cents in 1938?
Yes, proof Lincoln cents continued in 1938 from Philadelphia, with low mintages and significantly higher values than circulation strikes, especially in high‑grade and cameo designations. - Do 1938 pennies have any special metal content?
No, they are standard bronze Wheat cents, 95% copper with 5% tin and zinc, the same alloy used on most Lincoln cents before the World War II composition changes.
3 quiz questions about 1938 Lincoln cents
- Approximately how many 1938‑S cents did the San Francisco Mint strike?
A) 5,180,000
B) 15,180,000
C) 20,010,000
D) 156,682,000 - Which 1938 issue typically brings the highest prices in MS67–MS68 red?
A) 1938 (no mintmark)
B) 1938‑D
C) 1938‑S
D) All three are identical in value - What kind of variety is especially associated with 1938‑D cents?
A) Overdate 1938 over 1937
B) D/S over mintmark
C) D/D repunched mintmarks in several positions
D) Wrong‑planchet silver strikes
1938 Lincoln Cent, Takeaway
1938 is a quietly better late‑Wheat date, straightforward and affordable in circulated grades, yet surprisingly rewarding in high‑end red Mint State and in its mix of D/D and S/S/S repunched mintmark varieties. For your series it shows how a “common” three‑mint year can still offer serious targets for grading, color, and variety specialists without losing its accessibility to everyday collectors.