The 1939-S Wheat Penny is worth anywhere from $0.15 in worn condition to over $45 in high-grade mint state. While most found in pocket change carry modest premiums, certain rare specimens with pristine red luster can fetch hundreds or even thousands of dollars at professional auctions.

Condition	Estimated Value
Good / Very Good	$0.15 – $0.25
Fine / Very Fine	$0.35 – $0.75
Extremely Fine / About Uncirculated	$1.50 – $4.00
Mint State (Brown)	$5.00 – $12.00
Mint State (Red)	$25.00 – $150.00+

History and Significance of the 1939-S Lincoln Wheat Cent

The 1939-S Lincoln Cent was struck at the San Francisco Mint during a pivotal year in American history. As the world stood on the brink of World War II, the United States was slowly recovering from the Great Depression. The San Francisco Mint, denoted by the small “S” mint mark under the date, typically produced fewer coins than the main Philadelphia facility or the Denver Mint. This lower mintage often makes “S” mint coins more desirable to collectors today.

If you have discovered one of these coins in an old jar or a family collection, you might be wondering if you have found a hidden treasure. Using a top coin identifier app can help you confirm the date and mint mark instantly. The 1939-S is part of the “early” Wheat Penny series, which generally commands higher interest than the high-mintage years of the 1940s and 50s.

While millions were minted, many were used heavily in daily commerce. Finding one in “Uncirculated” condition—meaning it looks exactly as it did the day it left the mint—is the key to unlocking real value. For everyday Americans, tools like CoinKnow make it easy to differentiate between a common penny and a collector’s item without needing a degree in numismatics.

Determining the 1939-S Wheat Penny Value by Grade

The most critical factor in determining the price of your 1939-S penny is its physical condition, or “grade.” Professional graders use a 70-point scale, where 1 represents a coin so worn it’s barely recognizable, and 70 represents perfection. For the average person, we can break this down into four main categories: Circulated, About Uncirculated, Mint State Brown, and Mint State Red.

Most 1939-S pennies found today fall into the “Circulated” category. These coins show visible wear on Lincoln’s hair, his jawline, and the wheat stalks on the reverse. You can check the current 1939-S Wheat Penny MS66 Red price to see how much a perfect specimen is worth compared to a worn one. Even in low grades, the San Francisco mint mark adds a small premium over a standard 1939 penny from Philadelphia.

To get an accurate estimate of your coin’s grade, you can use the CoinKnow app, which uses high-resolution imaging to compare your coin against known grading standards. This is a great first step before deciding whether to pay for a professional grading service like PCGS or NGC.

Grade Designation	Visual Description	Typical Price
Good (G-4)	Heavily worn, outlines flat.	$0.20
Fine (F-12)	Wear on Lincoln’s ear and hair.	$0.50
Extremely Fine (XF-45)	Only slight wear on high points.	$2.50
Mint State (MS-63)	No wear, some luster remains.	$15.00

Understanding the Importance of Coin Color

When researching the 1939-S Lincoln cent market value, you will frequently see the letters BN, RB, or RD. These stand for Brown, Red-Brown, and Red. Because pennies are made of copper, they react with oxygen over time. A brand-new penny is “Red.” As it circulates or sits in an album, it turns “Red-Brown” and eventually a chocolate “Brown.”

Collectors are willing to pay a massive premium for “Full Red” (RD) coins. A 1939-S penny in MS67 Red condition is a true rarity and can sell for over $500. Conversely, a Brown (BN) coin in the same grade might only be worth a fraction of that. If your penny still has that bright, copper-orange glow it had in 1939, you should handle it only by the edges to prevent skin oils from causing tarnishing.

The CoinKnow app can help you identify the color classification of your coin. By using your phone’s camera, the app analyzes the percentage of original mint red remaining on the surface. This is one of the most difficult things for beginners to judge by eye, but it’s essential for knowing the true market price of your 1939-S Wheat Penny.

Color Code	Meaning	Value Impact
RD (Red)	95%+ original mint red	Highest Value
RB (Red-Brown)	5% to 95% red color	Moderate Value
BN (Brown)	Less than 5% red color	Standard Value

Rare 1939-S Penny Errors and Varieties to Look For

While the standard 1939-S Wheat Penny is common, error coins can be worth a significant amount of money. Errors occur during the minting process and result in unique characteristics that collectors crave. For 1939, one of the things to look for is a “Double Die” error. This happens when the die used to strike the coin has a doubled image, which is then transferred to every coin it hits.

Look closely at the lettering in “IN GOD WE TRUST” or the date “1939.” If you see clear doubling or thickened lines, you might have a valuable variety. Another common error for the San Francisco mint is the “Repunched Mint Mark” (RPM). This occurs when the “S” was punched into the die twice, resulting in a slight overlap or shadow of a second “S.”

While these errors are rare, they can turn a $1 coin into a $100 coin instantly. Most everyday Americans miss these details because they require a magnifying glass or a loupe to see. If you aren’t sure what you’re looking at, taking a clear photo and uploading it to a community forum or using an identification tool can help you spot these hidden treasures.

How Mintage Figures Affect the 1939 Lincoln Cent Price

To understand why the 1939-S is worth more than some other years, we have to look at the mintage numbers. In 1939, the Philadelphia mint produced over 316 million pennies. Denver produced about 15 million, and San Francisco produced over 52 million. While 52 million sounds like a lot, it is significantly lower than the production numbers seen in the 1940s, where mintages often exceeded several hundred million per year.

Common date Wheat Pennies from the 1940s and 50s are often sold in bulk “wheat bags” for just a few cents each. However, coins from the 1930s with an “S” or “D” mint mark always hold a higher baseline value. Collectors who are trying to complete a “Lincoln Cent Folder” often find the San Francisco coins to be the final pieces they need, keeping demand steady.

Mint Location	Mint Mark	Mintage Quantity
Philadelphia	None	316,466,000
San Francisco	S	52,070,000
Denver	D	15,160,000

Where to Sell Your 1939-S Wheat Penny

If you’ve determined that your 1939-S Wheat Penny is in high grade or contains an error, the next step is finding a buyer. For low-value circulated coins, local coin shops are your best bet, though they may only offer you a “wholesale” price since they need to make a profit. If you have a high-grade Red specimen, you might consider online auctions like eBay or GreatCollections.

Before selling, ensure you have a realistic expectation of the price. Check “Sold” listings rather than “Asking” prices to see what people are actually paying. Most 1939-S pennies will sell for under $5, so don’t be discouraged if yours isn’t a thousand-dollar rarity. It is still a piece of history that is worth significantly more than its one-cent face value!

Final Tips for New Coin Collectors

Collecting Wheat Pennies is a fantastic hobby because it is accessible to everyone. The 1939-S is a perfect “entry-level” collectible coin. To keep your coins in good condition, never clean them. Cleaning a coin with chemicals or abrasive cloths removes the original surface and can destroy up to 90% of its collector value.

Instead, store your 1939-S penny in a PVC-free plastic flip or a simple cardboard 2×2 holder. This prevents further oxidation and protects the coin from scratches. As you find more coins, you’ll start to develop an eye for the subtle differences in luster and strike quality that define the world of numismatics.

FAQ

Q: Where is the mint mark on a 1939-S Wheat Penny?

A: The “S” mint mark is located on the obverse (front) of the coin, directly underneath the date “1939.” If there is no letter under the date, it was minted in Philadelphia.

Q: Is a 1939-S Wheat Penny made of real copper?

A: Yes, the 1939-S Lincoln Cent is composed of 95% copper and 5% tin and zinc. These are often referred to as “bronze” pennies and are much heavier than the zinc pennies made after 1982.

Q: Is it worth getting my 1939-S penny professionally graded?

A: Only if the coin is in exceptional Mint State condition (looking brand new) or has a significant error. Since professional grading costs $20-$50 per coin, the coin should be worth at least $100 to justify the expense.

Q: What is the most expensive 1939-S penny ever sold?

A: High-grade specimens in MS67+ Red condition have sold for over $2,000 at auction. These coins are flawless and possess intense original mint luster.