The 1938-D Wheat Penny is worth anywhere from $0.15 in worn condition to over $35 for high-quality mint state examples. This copper treasure from the Denver Mint is a favorite among casual collectors and history buffs who enjoy finding a piece of the Great Depression era in their pocket change.

Condition	Estimated Value
Good / Circulated	$0.15 – $0.50
Fine / Extremely Fine	$0.75 – $2.50
Uncirculated (MS63)	$5.00 – $12.00
Choice Mint State (MS65 Red)	$35.00+

Understanding the History of the 1938-D Lincoln Wheat Cent

If you’ve recently discovered an old copper coin in a jar or inherited a collection, using a top coin identifier app can help you quickly confirm whether you have a 1938-D Wheat Penny. In 1938, the United States was slowly recovering from the economic hardships of the 1930s. The Denver Mint produced just over 15 million of these pennies, which might sound like a lot, but is actually a relatively low mintage compared to later years.

The “D” mint mark located under the date tells us this coin was struck in Colorado. Collectors often seek out Denver issues because they generally feature sharp strikes and high-quality luster. Because of its age and the lower production numbers compared to the Philadelphia Mint that year, even a basic 1938-D is worth significantly more than its face value of one cent. To get an instant estimate of what your find might be worth, you can use CoinKnow, which analyzes images to detect rare dates and mint marks.

Most of these coins seen today show significant wear. During the late 1930s, every penny counted, and these coins circulated heavily through the hands of the American public. Finding a “Red” (original copper color) version is a rare treat for any observer and usually indicates the coin was tucked away in a piggy bank or a safe shortly after it was minted.

Determining the Grade and 1938-D Penny Value

The condition of your coin is the biggest factor in determining its market price. Numismatists use a 70-point scale to grade coins, but for everyday Americans, it helps to think in terms of “Circulated” versus “Uncirculated.” A heavily worn 1938-D will have a flat wheat stalk on the back and Lincoln’s hair will look smooth. These are usually sold for a modest premium over bullion value.

For those looking for high-end collector data, checking the 1938-D penny auction records and price trends is highly recommended. Professional grading services like PCGS or NGC help verify “Mint State” coins, which are coins that never entered circulation and still have their original factory shine. If your coin looks like it was made yesterday, it could be worth a substantial amount.

Grade	Physical Description	Value Range
Good (G4)	Heavily worn, outlines of Wheat stalks visible.	$0.15 – $0.25
Fine (F12)	Clear details on Lincoln’s coat and wheat lines.	$0.50 – $1.00
Extremely Fine (XF45)	Very light wear on hair and wheat tips.	$1.50 – $3.00
About Uncirculated (AU55)	Nearly perfect, slight dullness from handling.	$4.00 – $6.00

Rare 1938-D Wheat Penny Varieties and Errors

Errors are where the real money is in the world of coin collecting. The most famous variety for this specific year is the “D over S” (D/S) Repunched Mint Mark (RPM). This happened when the mint workers at Denver accidentally struck a “D” mint mark over the top of a previously struck “S” (San Francisco) mark. These coins are highly sought after by specialists.

To find these tiny details, many collectors rely on high-resolution cameras or apps like CoinKnow to zoom in on the mint mark area. A 1938-D/S in good condition can fetch much higher prices than a standard 1938-D. Check the 1938 Lincoln cent comprehensive value guide for a deeper dive into these technical varieties.

Other errors to watch for include “Off-Center strikes,” where the coin was not perfectly aligned when stamped, and “Die Cracks,” which appear as raised lines of copper on the surface. While 1938-D pennies are generally well-made, these manufacturing mistakes turn a common cent into a unique collectible item that could be worth $50, $100, or even more depending on the severity of the error.

The Significance of Color: Red vs. Brown

When discussing the 1938-D Wheat Penny, you will often hear terms like “RD” (Red), “RB” (Red-Brown), and “BN” (Brown). Because pennies are made of copper, they oxidize over time. A coin that has been protected from the air will retain its “Red” copper glow, which is the most desirable state for a collector.

Brown coins are those that have completely oxidized, which is typical for coins found in circulation. While a “Brown” 1938-D is still worth more than a cent, a “Red” one in high grade can command a massive premium. For example, a 1938-D in MS67 Red condition can sell for hundreds of dollars at major auctions because so few have survived in that pristine state.

Color Classification	Average Value (MS65)	Rarity Level
Brown (BN)	$15 – $20	Common
Red-Brown (RB)	$25 – $35	Scarce
Red (RD)	$45 – $60+	Highly Desirable

How to Store and Protect Your 1938-D Penny

If you discover that your 1938-D Wheat Penny is in high grade or features a rare error, you must take steps to preserve its value. The biggest enemy of copper is moisture and the oils from human skin. Never clean your coins! Cleaning a coin with chemicals or cloth often leaves microscopic scratches that reduce its value by 50% or more instantly.

Instead, handle your coin by the edges and place it in a PVC-free flip or a plastic coin capsule. Keeping it in a cool, dry place will prevent the “Red” color from turning “Brown” over the coming decades. If you have a large batch of coins, using an app like CoinKnow can help you inventory your collection digitally so you can keep track of which coins are the most valuable without constantly handling the physical metal.

Collectors also look for “Luster,” which is the way light dances across the surface of the coin. A 1938-D with “cartwheel luster” is a sign of a very high-grade specimen. By protecting this luster, you ensure that if you ever decide to sell your coin to a dealer or at an auction, you will receive the top dollar amount for its grade.

Final Verdict: Is the 1938-D Penny a Good Investment?

While the 1938-D Wheat Penny isn’t the rarest coin in the Lincoln series (that title belongs to the 1909-S VDB), it is considered a “semi-key” date by some collectors because its mintage was lower than many other years in the 1930s and 40s. It represents a stable entry point for new collectors who want to own a piece of American history without spending thousands of dollars.

As the years go by, more of these coins are lost or further degraded by circulation, which naturally increases the scarcity of high-grade survivors. Whether you found it in a coin roll or inherited it, the 1938-D is a classic symbol of American resilience and a worthy addition to any collection. Always keep an eye out for that “D” mint mark!

FAQ

Q: Where is the mint mark on a 1938-D penny?

A: The mint mark is the small letter “D” located directly underneath the date (1938) on the front of the coin. If there is no letter, it was minted in Philadelphia.

Q: Is a 1938 penny made of gold?

A: No, the 1938-D Wheat Penny is made of 95% copper and 5% tin and zinc. While its color can look shiny or orange-gold when new, it contains no precious metals.

Q: How many 1938-D Wheat Pennies were made?

A: The Denver Mint produced exactly 15,376,000 Lincoln Wheat Cents in 1938. This is significantly fewer than the Philadelphia mint’s 156 million in 1944, making the 1938-D more valuable.

Q: Can I find a 1938-D penny in my pocket change?

A: It is possible but very rare. Most Wheat Pennies were pulled from circulation by collectors decades ago, but they still occasionally turn up in “coin star” machines or old jars of change.