1940 Wheat Penny
The 1940 Wheat Penny is a classic U.S. coin minted during World War II, featuring Abraham Lincoln on the obverse and two wheat stalks on the reverse. Made from 95% copper, its value ranges from a few cents to several dollars depending on its condition and mint mark. While it is possible to find the 1940 Wheat Penny in the highest uncirculated grades of the red variety, it is harder to find the higher grades in the brown varieties of the coin. For a coin that was so plentiful, it still commands a higher price than many in the series. Continue reading to learn more about 1940 Wheat Penny Value.
Image source: PCGS
AUCTION RECORD: $805 • MS62
History of the 1940 Wheat Penny
The 1940 Wheat Penny is an attractive coin that is worth the effort to cherrypick and find one that is well-struck and is appealing overall. The Wheat Penny was designed by Victor David Brenner. At the time, President Theodore Roosevelt wanted to prepare new coin designs that had more artistic merit. He chose Brenner based on a plaque he created with Lincoln’s profile. The Wheat Penny depicts a bust and profile of Abraham Lincoln on the obverse. The reverse features two stalks of durum wheat.
1940 Wheat Penny Worth
The 1940 Wheat Penny value ranges from around eight hundred dollars for lower grade Mint State coins in the brown variety, which means the higher grades, if possible to find, would cost a significant amount more, and that range reaches upwards of fifteen thousand dollars for the highest grade Mint State red versions of the coin. Wheat Pennies come in colors ranging from brown to brown-red to red. The 1940 Wheat Penny would make a great addition to any Lincoln Cent series collection.
Type of coin: Penny
Year: 1940 Wheat Penny
Wheat Penny Mint Mark: Philadelphia
Total mintage: 586,810,000
Metal content: 95% Copper, 5% Tin and Zinc
Face value: 1 cent
Weight: 3.11 grams
Edge: Plain
Designer: Victor David Brenner
Diameter: 19.00 millimeters
1940 Wheat Penny Value
The value of a 1940 Wheat Penny depends on its condition (grade) and mint mark. The highest prices paid for 1940 Wheat Pennies at coin auctions are typically for those in exceptional condition, especially those graded MS65 or higher and with the "Red" (RD) designation. Here are some notable auction results:
- 1940 (Philadelphia) MS67 Red: These coins can fetch between $2,000 and $3,000 at auction.
- 1940-D (Denver) MS67 Red: Coins in this grade have been known to sell for around $1,500 to $2,500.
- 1940-S (San Francisco) MS67 Red: These coins are particularly rare in high grades and can command prices upwards of $3,000 to $4,000.
FAQ
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What is the value of a 1940 Wheat Penny?
- The value of a 1940 Wheat Penny varies depending on its condition and mint mark. Circulated coins are generally worth between $0.05 and $0.50. Uncirculated coins can range from $1 to over $100, with the highest prices for coins in top grades with the "Red" (RD) designation.
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How many 1940 Wheat Pennies were minted?
- In 1940, the Philadelphia Mint produced approximately 586,810,000 pennies, the Denver Mint produced about 81,390,000 pennies, and the San Francisco Mint produced around 112,940,000 pennies.
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What are the mint marks for the 1940 Wheat Penny?
- The 1940 Wheat Penny was minted in three locations: Philadelphia (no mint mark), Denver (D mint mark), and San Francisco (S mint mark).
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What is the highest grade for a 1940 Wheat Penny?
- The highest grade for a 1940 Wheat Penny is typically MS67 or MS68, with the "Red" (RD) designation being the most valuable. Coins in these grades can fetch high prices at auctions.
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Are there any error varieties of the 1940 Wheat Penny?
- Yes, there are some error varieties, such as off-center strikes, repunched mint marks (RPM), and double die errors. These error coins can be worth significantly more than regular issues, depending on the type and severity of the error.
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What makes a 1940 Wheat Penny valuable?
- The value of a 1940 Wheat Penny is influenced by its condition (grade), mint mark, rarity of any error varieties, and whether it has the "Red" (RD) designation. Coins in higher grades with fewer marks and brighter red color are more valuable.
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Where can I sell a 1940 Wheat Penny?
- You can sell a 1940 Wheat Penny through coin dealers, auction houses, online marketplaces, and at coin shows. Having the coin graded by a professional service can help you get the best price.
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How do I preserve the condition of my 1940 Wheat Penny?
- To preserve the condition of your 1940 Wheat Penny, store it in a cool, dry place, ideally in a coin holder or capsule to protect it from handling, moisture, and environmental factors. Avoid cleaning the coin, as this can reduce its value.
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What are the key characteristics to look for in a high-grade 1940 Wheat Penny?
- In a high-grade 1940 Wheat Penny, look for sharp details in Lincoln’s portrait, clear and distinct lines on the wheat stalks, and minimal wear or contact marks. The "Red" (RD) designation indicates that the coin has retained much of its original copper color, which adds to its value.
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How can I identify a repunched mint mark (RPM) on a 1940 Wheat Penny?
- A repunched mint mark (RPM) occurs when the mint mark is stamped more than once, resulting in a doubling or shadow effect. To identify an RPM, closely examine the mint mark area under magnification. Look for signs of an extra impression or overlap of the mint mark. RPMs are more common on Denver (D) and San Francisco (S) mint marks.
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