1940 Wheat Penny Value: Price Chart by Grade & Mint

In 1940 the U.S. Mint struck about 781.1 million Lincoln cents for circulation: Philadelphia 586.8 million, Denver 81.4 million, San Francisco 112.9 million. That is 104% more than 1939. Among the 117 years from 1909 to 2025, 1940 ranks number 81 by total mintage (1 = most coins made), so it is one of the lower-mintage dates of the series. The scarcest 1940 issue by mintage is Denver (81,390,000); the most common is Philadelphia (586,810,000). Within the 1940s, 1940 ranks 7 of 10 years for mintage; the decade's high was 1944 (2.15 billion) and its low was 1949 (435.2 million). Mint by mint: Philadelphia rose 85% from 1939; Denver rose 437% from 1939; San Francisco rose 117% from 1939. Proof cents for collectors: 15,872 from Philadelphia.

The mint mark, if any, sits under the date on the front of the coin. A 1940 cent with no mint mark was struck at Philadelphia and is the normal, common form for that mint. The letters you can find on 1940 circulation cents are D (Denver) and S (San Francisco). Proof cents for 1940 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.
• True die doubling is rounded and separated; flat, shelf-like doubling is machine doubling and adds nothing. The mint marks guide has side-by-side examples.

PCGS Price Guide values for 1940 cents (updated September 24, 2026, U.S. dollars, for coins certified by PCGS):

• 1940: $6 in MS63 RD and $24 in MS65 RD.
• 1940-D: $7 in MS63 RD and $28 in MS65 RD.
• 1940-S: $8 in MS63 RD and $24 in MS65 RD.

Denver is the lowest-mintage 1940 issue (81,390,000 struck), so it is the mint collectors check first. Guide prices assume a certified coin; an uncertified, worn 1940 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.