1938 S Wheat Penny Value and Price Guide for Collectors

The 1938-S Wheat Penny is worth anywhere from $0.15 in worn condition to over $350 in high-grade mint state. Finding one of these San Francisco-minted coins in your pocket change or an old jar is an exciting discovery for any casual collector or curious enthusiast.

History and Context of the 1938-S Lincoln Cent

The year 1938 was a significant time in American history, as the country was slowly emerging from the Great Depression. During this era, the San Francisco Mint was responsible for producing a smaller portion of the nation’s coinage compared to Philadelphia. This resulted in the 1938-S Wheat Penny having a relatively low mintage of just over 15 million pieces. While that sounds like a lot, it is quite small when compared to the hundreds of millions produced in other years.

If you are unsure whether the coin in your hand is a genuine 1938-S, using a top coin identifier app can help you confirm the mint mark and date instantly. The “S” mark is located right under the date on the obverse (front) of the coin. Many Americans find these while sorting through inherited collections, and it’s often the gatekeeper coin that starts a lifelong hobby of numismatics.

When you use the CoinKnow app to scan your find, you are looking for that distinct San Francisco “S.” In 1938, the United States was also transitioning its designs for other denominations, but the beloved Lincoln Wheat Cent remained a staple of American commerce, symbolizing the resilience of the era.

How Much Is a 1938-S Wheat Penny Worth Today

The value of a 1938-S Wheat Penny is primarily determined by its “grade” or physical condition. Most coins found in circulation today will fall into the “Good” to “Fine” categories, meaning they show significant wear on Lincoln’s hair and the wheat stalks on the back. For these common circulating coins, you can expect a value between 15 and 50 cents.

However, the price jumps significantly if the coin has never been used in daily transactions. These are called “Uncirculated” or “Mint State” coins. A 1938-S in a high grade like MS-65 Red can fetch a much higher premium. To get an accurate look at the market, you can check the 1938-S Wheat Penny current market prices, which reflect what collectors are actually paying at auction.

The color of the copper also plays a role. Copper coins are classified as Red (RD), Red-Brown (RB), or Brown (BN). Collectors almost always prefer the original “Red” luster that comes from the mint. If your 1938-S still looks like it was minted yesterday with a bright orange glow, you might be sitting on a coin worth $50 to $100 or more.

Condition / Grade	Estimated Value (USD)
Good (G-4)	$0.15 – $0.25
Fine (F-12)	$0.40 – $0.75
Extremely Fine (EF-40)	$1.50 – $3.00
Uncirculated (MS-63)	$15.00 – $25.00
Gem Uncirculated (MS-65+)	$65.00 – $350.00+

Identifying 1938-S Errors and Varieties

For the everyday American, a regular 1938-S is a great find, but “error” coins are where the real money is. In 1938, the minting process wasn’t as digitalized as it is today, leading to occasional mistakes. One common thing to look for is a “Double Die,” where the letters or numbers appear blurry or doubled.

Another interesting variety for the 1938-S is the “RPM” or Re-Punched Mint Mark. This happens when the person punching the “S” onto the die hits it twice in slightly different spots. While these aren’t always worth thousands, they can double or triple the value of the coin to the right specialist.

To help identify these subtle details, the CoinKnow app provides high-resolution zooms to compare your coin against known errors. Understanding the 1938 Wheat Penny value details and rare varieties can turn a 20-cent coin into a $20 asset overnight. Always use a magnifying glass or a jewelry loupe to inspect the mint mark area for any signs of doubling.

Tips for Preserving Your 1938-S Penny

If you find a 1938-S that looks like it’s in great shape, the first rule is: Do not clean it! Many beginners think they are helping by scrubbing off the brown patina or dirt using baking soda or lemon juice. In the world of coin collecting, cleaning a coin actually destroys its value. Collectors want original surfaces, even if they are a bit dirty.

Instead, place your coin in a protective “flip” or a small cardboard holder. This prevents the oils from your fingers from causing further oxidation. Storing your coins in a cool, dry place is essential for maintaining that “Red” color we mentioned earlier. High humidity can turn a beautiful red penny into a dull brown one very quickly.

Finally, keep an eye on the market trends. The value of copper and the demand for Wheat Cents fluctuate. Many people use the CoinKnow app to track their collection’s value over time, ensuring they know exactly what their “pocket change” is worth should they ever decide to sell it at a local coin shop or online auction.

FAQ

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

A: The San Francisco Mint produced 15,180,000 Lincoln Wheat Cents in 1938. This is significantly lower than the Philadelphia Mint, which produced over 156 million that same year.

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

A: The “S” mint mark is located on the obverse side of the coin, directly below the date “1938.” If there is no letter there, the coin was minted in Philadelphia.

Q: Is a 1938-S penny rare?

A: It is considered “semi-key” date in lower grades, meaning it’s harder to find than common years but not as rare as the famous 1909-S VDB. In high uncirculated grades (MS-66 or higher), it is quite rare and valuable.

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

A: While it is becoming increasingly rare, it is still possible to find Wheat Pennies in circulation. Most of these will be heavily worn Brown (BN) versions worth a few cents over face value.