1938 Wheat Penny Value: Price Chart by Grade & Mint

In 1938 the U.S. Mint struck about 191.9 million Lincoln cents for circulation: Philadelphia 156.7 million, Denver 20.0 million, San Francisco 15.2 million. That is 51% fewer than 1937. Among the 117 years from 1909 to 2025, 1938 ranks number 98 by total mintage (1 = most coins made), so it is one of the lower-mintage dates of the series. The scarcest 1938 issue by mintage is San Francisco (15,180,000); the most common is Philadelphia (156,682,000). Within the 1930s, 1938 ranks 7 of 10 years for mintage; the decade's high was 1937 (394.1 million) and its low was 1932 (19.6 million). Mint by mint: Philadelphia fell 49% from 1937; Denver fell 60% from 1937; San Francisco fell 56% from 1937. Proof cents for collectors: 14,734 from Philadelphia.

The mint mark, if any, sits under the date on the front of the coin. A 1938 cent with no mint mark was struck at Philadelphia and is the normal, common form for that mint. The letters you can find on 1938 circulation cents are D (Denver) and S (San Francisco). Proof cents for 1938 were struck at Philadelphia with no mint mark; they have mirror-like fields and came from collector sets, not from circulation.

• From 1918 onward the initials V.D.B. sit in tiny letters on the truncation of Lincoln's shoulder on the obverse. They are normal and do not add value; they are simply a way to confirm the coin's era.
• Wheat cents were struck in bronze (3.11 g) except for 1943. Genuine coins show a plain edge and a slightly lighter, more reddish colour than modern zinc cents when uncirculated; a brown, evenly worn coin is the normal state for this era and is not damage.
• Before anything else, confirm the date and mint mark are fully readable and that the surfaces have not been cleaned; the dates and mint marks guide shows what cleaning and machine doubling look like.

PCGS Price Guide values for 1938 cents (updated September 24, 2026, U.S. dollars, for coins certified by PCGS):

• 1938: $12 in MS63 RD and $28 in MS65 RD.
• 1938-D: $12 in MS63 RD and $22 in MS65 RD.
• 1938-S: $15 in MS63 RD and $28 in MS65 RD.

San Francisco is the lowest-mintage 1938 issue (15,180,000 struck), so it is the mint collectors check first. Guide prices assume a certified coin; an uncertified, worn 1938 cent usually sells for less than the lowest figure above, often a few cents in bulk wheat-cent lots. RD means full original red copper, RB red-brown, BN brown; the color grade can multiply the price. How grade and variety turn into a number is explained in what makes a coin valuable.