1940-S Wheat Penny Value: How Much Is Your Coin Worth?

The 1940-S Wheat Penny is worth anywhere from $0.05 in worn condition to over $400 in high-grade mint state. While most examples you find in pocket change are common, certain San Francisco mint marks and pristine examples can fetch a significant premium from eager coin collectors today.

Condition	Estimated Value
Good / Circulated	$0.05 – $0.15
Fine / Extremely Fine	$0.25 – $1.50
Uncirculated (MS63 Brown)	$5.00 – $10.00
Gem Mint (MS65 Red)	$25.00 – $400.00+

Understanding the History of the 1940-S Wheat Penny

If you have discovered a shiny copper coin with two stalks of wheat on the back and the year 1940 on the front, you are holding a piece of American history. The 1940-S Wheat Penny was struck at the San Francisco Mint during a time when the United States was slowly recovering from the Great Depression and looking toward the looming conflict of World War II. Because these coins are over 80 years old, many people wonder if they have hit a “numismatic jackpot.” To get an instant answer, many hobbyists utilize a top coin identifier and value app to scan their finds.

The San Francisco Mint, denoted by the small “S” mark below the date, traditionally produced fewer coins than the main Philadelphia Mint. In 1940, the San Francisco Mint produced 112,940,000 pennies. While over 100 million might sound like a lot, it is significantly lower than the nearly 600 million produced in Philadelphia that same year. This lower relative mintage is why the “S” mint mark often catches the eye of collectors. Using the CoinKnow app can help you distinguish between the different mint marks and determine if yours is a common strike or a rare treasure.

Most 1940-S pennies were put directly into circulation, meaning they were touched by thousands of hands, sat in cash registers, and jingled in pockets for decades. Consequently, finding one in “Mint State” (condition as it left the factory) is much rarer. As you evaluate your coin, keep in mind that the color and the level of detail on Lincoln’s hair and the wheat stalks will be the primary factors in determining its final market price.

Grading and the 1940-S Lincoln Wheat Cent Price

When determining the 1940-S Wheat Penny value, professional graders look at the amount of wear on the surface. Coins are graded on a scale from 1 to 70. For the average person, these can be simplified into three categories: Circulated, About Uncirculated, and Mint State. A circulated coin will look dull and brown, while a Mint State coin will still have its original copper luster. If you are curious about the specific market trends, you can explore the 1940-S penny MS65 Red auction records to see what top-tier specimens sell for.

For most people, the coin they find will be in “Fine” or “Very Fine” condition. This means the wheat lines on the reverse are visible but worn smooth in the center. While these aren’t worth thousands, they are still worth more than their face value of one cent. Collectors are often willing to pay a premium for pennies that have retained their original “Red” color. Copper oxidizes over time, turning from a bright orange-red to a dark chocolate brown.

Grade Designation	Description	Estimated Price
Brown (BN)	Fully oxidized, dark brown color.	$0.10 – $2.00
Red-Brown (RB)	Mix of original luster and brown toning.	$5.00 – $15.00
Red (RD)	95% or more original bright orange-red luster.	$25.00 – $450.00

Key Varieties and Errors to Look For

While the standard 1940-S is common, error hunters look for specific “varieties” that can make a coin worth much more. One of the most famous things to look for is a “Double Die.” This occurs when the hub strikes the die incorrectly, creating a doubled image on the coin. While there isn’t a massive, famous 1955-style double die for 1940-S, minor doubling can still be found on the date and the lettering.

Another variety is the “Repunched Mint Mark” (RPM). Since mint marks were hand-punched into the dies in 1940, sometimes the workman would hit it twice, offset slightly. If you see a faint second “S” shadow behind the main “S,” you might have found an RPM. To accurately identify these tiny details, the CoinKnow app’s high-resolution magnification features can be incredibly helpful for beginners who don’t own a professional jeweler’s loupe.

Additionally, look for “Lamination Errors.” These occur when the metal of the coin cracks or flakes off due to impurities in the copper alloy. While these don’t always add huge value, they are unique “mint mistakes” that collectors enjoy owning. Always check both sides of the coin carefully under a bright light. For more detailed technical data, you can research the current value of 1940 wheat pennies across different error types.

Why the Mint Mark Location Matters

The location of the mint mark is the most important part of identifying your 1940 penny. If there is no letter under the date, it was made in Philadelphia and is the most common variety. If there is a small “D,” it was made in Denver. If there is an “S,” it was made in San Francisco. Collectors often try to complete “date and mint” sets, meaning they need one of each for every year.

In 1940, the San Francisco Mint had a much lower output than Denver or Philadelphia. This creates a “supply and demand” situation. Because fewer “S” pennies were made, there are fewer available for collectors today. While a 1940-S isn’t a “key date” (like the rare 1909-S VDB), it is still considered a “semi-key” or more desirable date for casual collectors building a folder of Wheat Pennies.

Mint Location	Mintage Figure	Relative Rarity
Philadelphia (No Mark)	588,583,590	Very Common
Denver (D)	81,390,000	Uncommon
San Francisco (S)	112,940,000	Common/Desirable

How to Preserve and Store Your Wheat Pennies

If you find a 1940-S penny that looks particularly shiny or clean, the first rule is: Do not clean it! This is the most common mistake beginners make. Using soap, vinegar, or a cloth to “shine up” an old coin actually scratches the surface and removes the original patina. Professional collectors and dealers prefer a coin with its natural aging. A cleaned coin can lose over 50% of its potential market value instantly.

Instead, store your coin in a cool, dry place. Using a PVC-free plastic flip or a cardboard “2×2” holder is the best way to prevent the oils from your skin from further tarnishing the copper. For those who have a large jar of old pennies, spending an afternoon sorting through them with the help of CoinKnow can be a fun and potentially profitable hobby. You never know when a rare error might be sitting at the bottom of a change jar.

By keeping your coins protected, you ensure that their value remains stable or increases over time. The 1940-S Wheat Penny is a robust coin, but even a small fingerprint can cause a permanent dark spot over several years. Handle your coins by the edges only to keep the faces pristine.

1940-S Wheat Penny Value Summary Table

To help you quickly summarize what we have discussed, here is a breakdown of the estimated prices you might encounter at a coin shop or online auction. Remember that “book value” and “actual selling price” can vary based on who is buying and how much they want that specific coin.

Grade	Estimated Retail Price
G-4 (Good)	$0.15
VF-20 (Very Fine)	$0.35
EF-40 (Extremely Fine)	$0.75
AU-50 (About Uncirculated)	$1.25
MS-63 (Mint State Brown)	$6.50
MS-65 (Mint State Red)	$35.00
MS-67 (Superb Gem Red)	$400.00+

Frequently Asked Questions

Q: Where is the mint mark on a 1940-S Wheat Penny?

A: The “S” mint mark is located on the obverse (front) of the coin, right underneath the date “1940.” If there is no letter there, the coin was struck at the Philadelphia Mint.

Q: Is a 1940-S Wheat Penny rare?

A: It is not considered rare” in circulated condition, as over 112 million were made. However, finding one in “uncirculated” condition with a bright red color is much more difficult and is considered rare by collectors.

Q: Why is my 1940-S penny worth only a few cents?

A: Most pennies found in circulation have significant wear, scratches, or “toning” (turning brown). Since millions of these exist, collectors only pay high prices for coins that look like they were made yesterday.

Q: Should I get my 1940-S penny professionally graded?

A: Generally, you should only pay for professional grading (like PCGS or NGC) if you believe the coin is in MS66 Red condition or higher. The cost of grading ($30-$50) often exceeds the value of a lower-grade coin.

Q: What is the most expensive 1940-S penny ever sold?

A: High-grade specimens in MS-67 Red condition have been known to sell for over $1,500 at major heritage auctions. These coins are virtually flawless under a microscope.