1940 Wheat Penny Value Guide

The 1940 Wheat Penny Value

Circulation-strike 1940 wheat pennies do not hold much value until the mint-state ranges. 

Red (RD) versions of the circulation strikes are the most valuable. They range from $6 to $11,000 and up. 

Overall, proof-strike 1940 wheat pennies are the most valuable version. This is because so few were minted in comparison to circulation strikes, so fewer survive. 

The lowest-graded brown proof strike has a value of approximately $28. The rare cameo versions carry values up to $3,100.

An N/A for a value below indicates no publicly known examples of that version of the 1940 wheat penny with that grade, or no value information (or not enough) exists for it yet.

Additionally, all values are conservative estimates based on research. Please note all values are subject to change due to the market or circumstances unaccounted for during research and publication. We always recommend doing further research or consulting with a professional.

Melt Value

The 1940 wheat penny’s melt value is approximately negligible. The melt value will fluctuate with the market.

Circulation Strike Value Chart – Brown Coins (BN)

	Coin Names And Coin Values
Grade Names	1940 Brown Wheat Penny	1940-D Brown Wheat Penny	1940-S Brown Wheat Penny
Good – G BN	$0.12	$0.14	$0.13
Very Good – VG BN	$0.15	$0.16	$0.16
Fine – F BN	$0.18	$0.25	$0.25
Very Fine – VF BN	$0.22	$0.40	$0.35
Extra Fine – XF BN	$0.29	$0.57	$0.52
About Uncirculated – AU BN	$0.40-$0.67	$0.75-$1	$0.75-$1
Mint State – MS BN	$1-$52 (67)	$1-$6 (65)	$1-$7 (65)

Circulation Strike Value Chart – Red-Brown Coins (RB)

	Coin Names And Coin Values
Grade Names	1940 Red-Brown Wheat Penny	1940-D Red-Brown Wheat Penny	1940-S Red-Brown Wheat Penny
MS 60 RB	N/A	N/A	N/A
MS 61 RB	N/A	N/A	N/A
MS 62 RB	N/A	N/A	N/A
MS 63 RB	$2	$3	$3
MS 64 RB	$4	$6	$6
MS 65 RB	$8	$9	$10
MS 66 RB	$18	$22	$20
MS 67 RB	N/A	N/A	N/A
MS 68 RB	N/A	N/A	N/A
MS 69 RB	N/A	N/A	N/A
MS 70 RB	N/A	N/A	N/A

Circulation Strike Value Chart – Red Coins (RD)

	Coin Names And Coin Values
Grade Names	1940 Red Wheat Penny	1940-D Red Wheat Penny	1940-S Red Wheat Penny
MS 60 RD	N/A	N/A	N/A
MS 61 RD	N/A	N/A	N/A
MS 62 RD	N/A	N/A	N/A
MS 63 RD	$6	$6	$7
MS 64 RD	$11	$10	$12
MS 65 RD	$19	$19	$21
MS 66 RD	$36	$42	$34
MS 67 RD	$180	$157	$197
MS 68 RD	$11,000	N/A	$10,000
MS 69 RD	N/A	N/A	N/A
MS 70 RD	N/A	N/A	N/A

Brown (BN) Proof Strike (PR) Value Chart

1940 Brown Proof Wheat Penny
Grade Names	Coin Values
PR 60 BN	N/A
PR 61 BN	N/A
PR 62 BN	$28
PR 63 BN	$36
PR 64 BN	$55
PR 65 BN	$71
PR 66 BN	N/A
PR 67 BN	N/A
PR 68 BN	N/A
PR 69 BN	N/A
PR 70 BN	N/A

Red-Brown (RB) Proof Strike (PR) Value Chart

1940 Red-Brown Proof Wheat Penny
Grade Names	Coin Values
PR 60 RB	N/A
PR 61 RB	$28
PR 62 RB	$33
PR 63 RB	$55
PR 64 RB	$75
PR 65 RB	$97
PR 66 RB	$212
PR 67 RB	N/A
PR 68 RB	N/A
PR 69 RB	N/A
PR 70 RB	N/A

Red (RD) Proof Strike (PR) Value Chart

1940 Red Proof Wheat Penny
Grade Names	Coin Values
PR 60 RD	N/A
PR 61 RD	$40
PR 62 RD	$48
PR 63 RD	$75
PR 64 RD	$115
PR 65 RD	$145
PR 66 RD	$385
PR 67 RD	$4,500
PR 68 RD	N/A
PR 69 RD	N/A
PR 70 RD	N/A

Red (RD) Cameo (CAM) Proof Strike (PR) Value Chart

1940 Red Cameo Proof Wheat Penny
Grade Names	Coin Values
PR 60 RD CAM	N/A
PR 61 RD CAM	N/A
PR 62 RD CAM	N/A
PR 63 RD CAM	N/A
PR 64 RD CAM	$1,300
PR 65 RD CAM	$3,100
PR 66 RD CAM	N/A
PR 67 RD CAM	N/A
PR 68 RD CAM	N/A
PR 69 RD CAM	N/A
PR 70 RD CAM	N/A

What Makes A 1940 Wheat Penny Valuable?

Different factors such as grading, mint marks, strike types, die varieties, and error coins all add value to a 1940 wheat penny.

Let’s start with grading.

Grading

With over 781 million 1940 wheat pennies, the good news is there is a wide range available. So, you should easily find the grade you want.

As with all coins, the higher the grade, the more valuable the coin.

The color also affects the value. To find out more, see the “Special Designations” section below. 

Rarity

The Mint minted 1940 wheat pennies approximately 781,155,872 times across all of its versions. Please see the following list for the breakdown for each version:

• 1940: 586,810,000 minted in Philadelphia^1-2
• 1940-D: 81,390,000 minted in Denver^4-5
• 1940-S: 112,940,000 minted in San Francisco^7-8
• 1940 Proof: 15,872 minted in Philadelphia^16-17

With such a large mintage, the 1940 wheat penny is a common coin.

Higher mint-state grades are more scarce, as are the red-brown and red versions.

Cameo versions of the proof-strike 1940 wheat pennies are the rarest version. 

The proofs get rarer as the grade increases, reflected in the value. 

Mint Marks

The 1940 wheat penny had 3 minting locations:

• Philadelphia: these coins have no mint mark^1-2
• Denver: coins will have a “D” mint mark^4-5
• San Francisco: these pennies will have an “S” mint mark^7-8

All proof-strike 1940 wheat pennies came from Philadelphia, so they have no mint mark.^16-17

Circulation strikes have comparable values, except for high mint-state brown grades (BN), where Philadelphia is much more valuable. 

Strike Types

There are 2 strike types for the 1940 wheat penny: circulation and proof.^21-22

The U.S. Mint struck nearly 50,000 times more circulation-strike 1940 wheat pennies than proof strikes. It is unsurprising that the quality of proof strikes is much greater than their circulation-strike counterparts.   

Proof-strike coins have a different process than circulation-strike coins. The planchets are highly polished, special dies are used, and they are struck multiple times.

Like circulation strikes, proof strikes are also graded by color: brown (BN), red-brown (RB), and red (RD). There are also cameo versions of the 1940 wheat penny. The cameo versions are rare and valuable.

Design Variations

There are no design variations for the 1940 wheat penny.

Special Designations

Like all copper coins, the 1940 wheat penny has color designations, which are brown (BN), red-brown (RB), and red (RD). 

Because copper reacts to various elements, its color changes.²⁶ When first struck, a copper coin will be a bright red (or orange). As it is exposed to the elements (air, moisture, contaminants), it changes color and tones to red-brown and eventually brown. 

Red is the most valuable version, followed by red-brown, and then brown.

Error Coins 

Sometimes, errors can increase the value of even the lowest-graded coin. This is because the error creates a unique coin, and many collectors seek out certain errors. The greater the error, the greater the value. 

Some examples of known errors that have increased the value of 1940 wheat pennies are: 

• Broadstrike (this is when a coin is struck without its collar, and the metal is able to expand beyond its appropriate size)²³
• Struck off-center (this happens when the die or planchet are misaligned, which causes the design to be struck off-center)²⁴

Die Varieties

The notable die varieties for the 1940 wheat penny feature some repunched mint marks. 

There are two from the Denver Mint and one from the San Francisco Mint.²⁵ These repunched mint mark varieties increase the coin’s value. 

Double-die varieties also exist. Some examples of double-die obverse 1940-S wheat pennies have sold for over $175 at auction.²⁷

Composition

The 1940 wheat penny is 95% copper, which means it does not hold much value. However, the market price does fluctuate. 

How Do You Know If You Have A Valuable 1940 Wheat Penny?

The best way to know if you have a valuable 1940 wheat penny (or any coin) and to get that value out of it is to have it professionally certified.

However, you can look for many elements to get you started in determining what coin you have.

Let’s start with grading.

Grading

Higher grades of 1940 wheat pennies are worth more. An easy way to spot a higher grade is by looking at its color (more about this in the “Special Designations” sections).

A red-colored coin usually indicates a better quality coin as it hasn’t been in circulation.

Higher grades also show fewer signs of wear or scratches. 

Mint Marks

Look at your coin’s obverse side to find the mint mark on your 1940 wheat penny. It will be just below the year.

There will be a “D” mint mark if your coin is from Denver and an “S” mint mark if it is from San Francisco. 

If your coin has no mint mark, it is from Philadelphia. 

There isn’t much difference in value between these mint marks. 

Strike Types

A proof-strike coin will be of better quality than a regular circulation strike. Look for clear details, sharp strikes, and very few imperfections.

Colors of proof-strike coins vary just like the circulation strikes. So, it is possible to have a brown (BN) 1940 proof wheat penny. However, the red-brown or red-colored proofs are more valuable.

For a cameo version, look for mirroring on your coin’s fields and frosting on the device (for example, Lincoln). This creates a contrast that makes the device appear to be standing out from the coin. 

Cameo versions are rare and valuable. None have been professionally certified above a PR 65 RD CAM. 

Design Variations

There are no design variations for the 1940 wheat penny.

Special Designations

The special designations of the 1940 wheat pennies are based on the coin’s color. 

A red penny must show the majority of its original red (or orange) hue.

A red-brown penny features some of the original red color and some brown. 

A brown penny will have practically none of its original red color left and will be an overall shade of brown. 

Error Coins

Here are some ways to help you identify known valuable 1940 wheat penny error coins.

Broadstrike Error

This is usually an easy error to establish. Is your coin bigger than it should be? 

Broadstruck coins have had their metal expand, which results in them being larger than normal. 

All of your coin’s design should be present. You will see plain metal around the design. This could be around the whole of the coin or just part of it. 

Off-Center Error

Again, off-center errors are quite easy to determine. 

The design on your coin will be shifted off-center in one direction. The remaining space will be blank metal. Usually part of the coin’s design is missing.

The amount the coin is struck off-center is referred to as a percentage. For example, this could be 12% off-center or 40% off-center. 

Die Varieties

For the 1940 wheat penny repunched mint mark die varieties, first, check that your coin is from either the Denver or the San Francisco Mint.

The mint mark is just below the year “1940” on the right-hand side of your coin’s obverse sign. 

The 1940 D/D VP-001 variety will show the second repunched “D” mint mark just below the original mint mark. You will see evidence of the first “D” above and inside the loop of the second “D.”²⁵

For the 1940 D/D VP-001, look for the repunched mint mark to be slightly lower and to the right of the original “D.”²⁵

The 1940 S/S VP-001 shows the repunched “S” to the left of the original mint mark.²⁵

For any double die obverse varieties, examine your coin for any evidence of doubling. You may want to use a loupe or some form of magnification. 

For the 1940-S double die obverse, look at “In God We Trust” on the obverse side of your coin. You should be able to see doubling on the letters.²⁷ 

Additional Information About The 1940 Wheat Penny

History

Lincoln wheat pennies were first struck in 1909 to honor the 100th birthday of America’s 16th President, Abraham Lincoln. 

The wheat reverse existed from 1909 to 1958. Lincoln’s profile still features on cents today, but there have been various reverse designs.

The Lithuanian sculptor, Victor David Brenner, designed both sides of the Lincoln penny.

1940 saw a massive increase in the mintage of wheat pennies. The U.S. Mint minted double the amount from the previous year.²⁸ 

The mintage demand was so high in 1940 that the Philadelphia and Denver Mints were working 24 hours a day.⁶

The Coin’s Obverse Side

The profile of President Abraham Lincoln fills the majority of the obverse side of the 1940 wheat penny. Brenner’s initials, “VDB,” are at the base of his shoulder. 

Curving along the rim above him is “In God We Trust.” To his left is “Liberty,” and to his right is the year “1940.”

If present, the mint mark will be beneath the date. There is a “D” mint mark on coins from Denver. There is an “S” mint mark on those from San Francisco.

^{Sources: 1-8}

The Coin’s Reverse Side

In the center of the 1940 wheat penny’s reverse side is “One Cent.” Below, in smaller font, is “United States of America.” Curving around the sides of these words are two wheat stalks. 

Following the coin’s rim at the top is “E Pluribus Unum.” This is the Latin motto of America and it means “Out of many, one.”  

^{Sources: 1-2}

Sources

1940 Wheat Penny Value Guide Sources