1938-S Wheat Penny Value: How Much Is Your Coin Worth?

The 1938-S Wheat Penny is worth anywhere from $0.20 in worn condition to over $450 in high-grade mint state. Finding one of these San Francisco minted pennies in your pocket change or an old jar is an exciting discovery for any casual collector or curious homeowner.

Condition / Grade	Estimated Value (USD)
Good / Fine (Circulated)	$0.20 – $0.50
Extremely Fine (Lightly Worn)	$1.50 – $3.00
Uncirculated (MS-63)	$10.00 – $15.00
Mint State (MS-65 Red)	$35.00 – $60.00
Auction Record (High Grade)	$400+

History and Significance of the 1938-S Lincoln Wheat Cent

If you’ve stumbled upon a copper penny dated 1938 with a small “S” under the date, you are holding a piece of American history from the tail end of the Great Depression. This coin was minted at the San Francisco Mint during a time when the United States was slowly recovering economically.

Because San Francisco typically produced fewer coins than the Philadelphia or Denver mints, “S” mint marks often catch the eye of collectors. To determine if your specific find is a gem, using a top coin identifier and value app can help you distinguish between a common cent and a rare variety.

For the average American, the 1938-S Wheat Penny represents the classic Lincoln design created by Victor David Brenner. While millions were struck, surviving examples in “Red” mint condition are becoming increasingly difficult to find. If you aren’t sure where to start, the CoinKnow app provides an easy way to scan your coin and get instant feedback on its potential rarity.

How to Identify a 1938-S Wheat Penny

Identifying this coin is straightforward. On the front (obverse), you will see the familiar profile of Abraham Lincoln facing right. The word “LIBERTY” is to the left, and the date “1938” is to the right. Directly below the date, you must look for the letter “S.” If the space under the date is blank, it was made in Philadelphia; if there is a “D,” it’s from Denver.

The reverse of the coin features two stalks of wheat flanking the words “ONE CENT” and “UNITED STATES OF AMERICA.” At the top, you’ll find the Latin motto “E PLURIBUS UNUM.” Measuring the quality of these details is vital for pricing.

Many people use the CoinKnow app to zoom in on the mint mark and the fine lines in the wheat ears. If the wheat lines are sharp and distinct, you likely have a coin worth more than just a few cents. Knowing the 1938-S Wheat Penny value depends heavily on these small visual cues that differentiate a “filler” coin from a “collector” coin.

Grading the 1938-S Lincoln Penny

The condition of your 1938-S penny is the most significant factor in its price. Coin collectors use a 70-point scale to grade coins, ranging from “Good” (heavily worn) to “Mint State” (looks like it just came off the press).

Most 1938-S pennies found in old jars are “Circulated.” These show wear on Lincoln’s cheekbone and hair, and the wheat ears on the back may be smooth. However, “Uncirculated” coins still have their original copper luster and no visible wear.

Grade Designation	Visual Characteristics
Good (G-4)	Heavily worn; Lincoln’s outline is visible but lacks detail.
Fine (F-12)	Some hair detail and clothing lines are visible.
Extremely Fine (XF-40)	Very faint wear only on the highest points of the design.
Mint State (MS-60+)	No wear, full details, and varying degrees of original mint luster.

Determining the Color Category: Red, Red-Brown, and Brown

Copper coins like the Wheat Penny are also categorized by their color. This is unique to copper and can change the price of your 1938-S dramatically. When a penny is first minted, it has a bright, shiny orange-red glow. Over time, as it reacts with oxygen, it turns brown.

“Red” (RD) coins are the most valuable because they have retained at least 95% of their original color. “Red-Brown” (RB) coins have a mixture of luster and chocolate-colored oxidation. “Brown” (BN) pennies are entirely brown and are the most common find.

Professional collectors look for the 1938-S penny price for Red Mint State grades, as these can sell for hundreds of dollars at auction. If your coin looks like it was minted yesterday, keep it in a protective sleeve to prevent it from turning brown!

Rare 1938-S Mint Mark Varieties and Errors

While the 1938-S is not known for many major errors, some collectors look for “S over S” (re-punched mint marks) or “Doubled Die” varieties. A doubled die occurs when the die used to strike the coin has a slight misalignment, causing the letters or numbers to look blurry or “doubled.”

Finding a doubled die on a 1938-S is rare, but it can turn a $2 coin into a $50 or $100 treasure. You should check the “1938” date and the word “LIBERTY” carefully under a magnifying glass.

The CoinKnow app is especially useful here, as it allows you to compare your coin against high-resolution photos of known errors. Most average 1938-S pennies won’t have these errors, but the hunt is part of the fun for any hobbyist.

Is the 1938-S Wheat Penny Worth Keeping?

If you find a 1938-S Wheat Penny, the short answer is: Absolutely! While it might not make you a millionaire, it is a “semi-key” date in some circles due to its lower mintage compared to some of its 1940s and 1950s counterparts.

Values for these coins have remained stable or increased slightly over the decades. They are a great way to start a coin collection for children or to hold as a tangible piece of history. Even in worn condition, they carry a premium over their one-cent face value.

Mintage Year	Total Mintage (Approx.)	Rarity Level
1938-P (Philadelphia)	156,000,000	Common
1938-D (Denver)	20,000,000	Moderate
1938-S (San Francisco)	15,000,000	Semi-Scarce

Summary of the 1938-S Penny Worth

As you can see, the value of your 1938-S depends on luck, timing, and preservation. A coin preserved in a grandmother’s coin album might be worth $50, while one found in a parking lot might only be worth $0.15.

Always handle your coins by the edges to avoid getting finger oils on the surface, which can lead to corrosion. If you think you’ve found a high-grade specimen, consider having it professionally graded by a service like PCGS or NGC. Before spending money on grading, however, use an app or an online guide to ensure the coin’s value justifies the cost of the service.

FAQ

Q: Why does the 1938-S penny have an ‘S’ on it?

A: The ‘S’ stands for the San Francisco Mint. In 1938, only about 15 million pennies were struck there, which is relatively low compared to the hundreds of millions struck in later years.

Q: Can I find a 1938-S Wheat Penny in my pocket change today?

A: It is possible but very rare. Most Wheat Pennies were pulled out of circulation by the 1970s. However, “coin roll hunters” still occasionally find them in rolls of pennies from the bank.

Q: Should I clean my 1938-S penny to make it look shiny?

A: No! You should never clean an old coin. Cleaning removes the original surface and luster, significantly decreasing the value to collectors. A dirty original coin is always worth more than a shiny cleaned one.

Q: What is the highest price ever paid for a 1938-S Wheat Penny?

A: High-grade specimens in MS-67 or MS-68 condition can sell for over $500. The record prices are usually held by “Red” coins that have no scratches or blemishes.