1938 D Wheat Penny

CoinTrackers.com estimates the value of a 1938 D Wheat Penny in average condition to be worth 35 cents, while one in mint state could be valued around $40.00. - Last updated: March, 02 2023

1938 D Wheat Penny
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  • Year: 1938
  • Mint Mark: D
  • Type: Wheat Penny
  • Price: 35 cents-$40.00+
  • Face Value: 0.01 USD
  • Produced: 20,010,000
  • Edge: Smooth


The value of a 1938 penny can vary depending on several factors, such as its condition, mint mark, and any errors or varieties. Here are some general estimates for the value of a 1938 penny by mint and by condition:

1938 penny with no mint mark (from Philadelphia):

  • In circulated condition, this penny is worth between 10 cents and $1.
  • In uncirculated condition, it can be worth between $4 and $20.

1938-D penny (from Denver):

  • In circulated condition, this penny is worth between 10 cents and $1.
  • In uncirculated condition, it can be worth between $5 and $40.

1938-S penny (from San Francisco):

  • In circulated condition, this penny is worth between 10 cents and $1.
  • In uncirculated condition, it can be worth between $30 and $100.

Copper Penny Color Guide

Copper Penny Color Guide


Production Chart

How much is a 1938 D Wheat Penny worth?

In Average Circulated (AC) condition it's worth around 35 cents, one in certified mint state (MS+) condition could bring as much as $20 at auction. This price does not reference any standard coin grading scale. So when we say Average Circulated, we mean in a similar condition to other coins circulated in 1938, and mint state meaning it is certified MS+ by one of the top coin grading companies. *** [?].

What are your coins really worth?

Use the handy-dandy calculator below to find the real value of any wheat penny in your collection.

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Overall Specs & Design

This coin has a total mass of 3.11 g, a diameter of 19.05 mm, and a thickness of 1.55 mm. It's edge is smooth, and the coins are composed of 95% copper and 5% tin and zinc..

Designer: Victor D. Brenner

Front (Obverse): The front or obverse of this coin contains the bust of Abraham Lincoln, the 16th president of the United States. If a mint mark is present it will be on the bottom right just under the year. If no mint mark is present the coin was minted in Philadelphia. With D standing for Denver, and S standing for San Francisco. The words IN GOD WE TRUST follow the top arch of the coin nicely framing Lincolns head, and the word LIBERTY sits just left of President Lincolns Colar.

Back (Reverse): The reverse of the Wheat Penny, also known as the Wheat Cent contains two wheat stalks, the words One Cent, and the Latin phrase E PLURIBUS UNUM which means Out of many, one. The reverse image would later change in 1959.

Most Valuable

The most valuable Wheat Penny's. Prices listed are for MS-65 certified. Visit the link to learn more about each coin.

Image Year Mint Worth
Wheat Penny 1924 S $12k
Wheat Penny 1922 D $6k
Wheat Penny 1914 D $5.6k
Wheat Penny 1914 S $3.2k
Wheat Penny 1913 S $2k
Wheat Penny 1918 S $2k
Wheat Penny 1924 D $2k
Wheat Penny 1925 S $1.8k
Wheat Penny 1912 S $1.5k
Wheat Penny 1913 D $1.5k
Wheat Penny 1920 S $1.5k
Wheat Penny 1915 S $1.2k
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1989 P $345.22
1989 $345,000
1989 D $345
Image Name Mint Worth

Want more? Click here to see the most valuable coins ever minted.

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***Price subject to standard supply and demand laws, dealer premiums, and other market variations. Prices represent past values fetched at online auctions, estate sales, certified coins being sold by dealers, and user submitted values. While we wholeheartedly try to give honest price estimates there are many factors besides appearance, metal content, and rarity that help make up the coins overall value. Call or visit your local coin dealer for more information.

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