The right 1938 penny — a top-grade Proof Cameo — sold for $14,400 at Heritage Auctions in 2020. Meanwhile, the coin in your pocket is worth as little as $0.20. The difference? Mint mark, condition, and a few key errors.
Use our free tools below to find out exactly where your penny falls — no guesswork, no signup required.
Check My 1938 Wheat Penny Value →
Select your coin's mint mark, condition, and any errors to get an instant value estimate.
Not sure about your coin's mint mark or condition yet? Try the 1938 Penny Coin Value Checker online tool — it's a free third-party photo-based identifier that can help you pinpoint those details before using the calculator above.
Not sure which buttons to pick? Describe your coin in plain language and our analyzer will interpret the details.
You might be leaving money on the table. Run your 1938 penny through our free value calculator — it takes about 30 seconds.
Go to Calculator →The 1938 Proof Cameo is the most valuable 1938 penny variety, reaching $14,400 at auction. Use this checklist to see if you might have one.
Fields (flat background areas) have a normal, slightly orange-peel texture. The surface looks uniformly copper-colored. Lincoln's portrait is struck sharply but not frosted. The coin was made to circulate. Over 156 million Philadelphia examples exist.
Fields are deeply mirror-like, almost liquid in appearance — you can see a clear reflection. Lincoln's portrait, lettering, and wheat ears appear distinctly frosted or white-matte against the reflective background. Only 14,734 Proofs were made; true Cameos are far rarer still.
The table below shows estimated retail values across all mint marks and condition tiers. For a detailed step-by-step 1938 penny identification walkthrough with photos of every grade and variety, see this complete in-depth 1938 wheat penny reference guide. Values reflect recent market data; Cameo Proof premiums can exceed the ranges shown.
| Variety | Worn (G–F) | Circulated (VF–AU) | Uncirculated (MS-63–65 RD) | Gem (MS-66–67+ RD) |
|---|---|---|---|---|
| 1938 (No Mint Mark) | $0.20 – $0.36 | $0.49 – $2.50 | $4 – $22 | $37 – $150+ |
| 1938-D (Denver) | $0.30 – $0.55 | $0.55 – $3 | $4 – $30 | $44 – $650+ |
| ★ 1938-S (San Francisco) | $0.30 – $0.70 | $0.85 – $5 | $4 – $36 | $50 – $1,000+ |
| 1938 Proof (BN/RB/RD) | — | — | $18 – $340 (PR-63) | $225 – $4,700+ (PR-67 RD) |
| 🔴 1938 Proof Cameo (CAM) | — | — | $364 – $870 (PR-65) | $1,125 – $14,400 (PR-67 CAM) |
| 1938-S/S/S Triple RPM (FS-502) | $5 – $20 | $20 – $50 | $50 – $160 | $160 – $175+ (MS-65/66 RD) |
| BIE Die Break Error | $3 – $8 | $5 – $15 | $10 – $30 | $30+ |
★ Gold row = 1938-S (lowest business-strike mintage; highest premiums in top grades). 🔴 Red row = 1938 Proof Cameo (rarest and most valuable variety). Values are retail estimates; actual realized prices vary by auction venue and market conditions.
📱 CoinHix is a fast on-the-go coin identifier that can help you estimate your 1938 penny's grade and value before heading to a dealer — a coin identifier and value app.
Most 1938 pennies are worth face value to a few dollars. But certain minting mistakes and die varieties can multiply that value significantly. The five varieties below are the ones collectors actively search for — ranked from most iconic to best-kept secret. Each is a genuine numismatic variety, not environmental damage or post-mint alterations.
The 1938-S/S/S Triple RPM is the crown jewel of 1938 Lincoln cent varieties. Because mint marks were hand-punched directly into each working die before 1985, human error was inevitable — and in this case, a San Francisco Mint worker punched the "S" into the die at least three times at different angles.
The result is a cluster of overlapping "S" impressions that is visible even without magnification on strong examples. Under a 10× loupe, collectors can clearly distinguish two secondary "S" images — one to the west and one to the northwest of the primary mark — creating a visually jumbled mintmark field. This is catalogued as FS-502 in the Cherrypickers' Guide and CONECA RPM-002 (formerly FS-1-016.5).
Collector demand for the FS-502 is strong because it is listed in CONECA's Top 100 RPM varieties — a prestigious designation that signals established rarity and collector recognition. Values in circulated grades start around $20–$50; gem examples in MS-65/66 Red regularly bring $160–$175. Higher-grade certified examples may command further premiums as registry set collectors compete for the finest known.
The 1938 Proof Cameo is not an error per se — it is a special collector's issue struck at the Philadelphia Mint with polished dies pressed against specially prepared planchets. Only 14,734 Proof pennies were made in 1938, and among those, only a small fraction exhibit the dramatic "cameo" contrast — deeply mirrored flat fields contrasting against stark white-frosted devices.
Visually, the Proof Cameo effect is unmistakable: the background fields reflect like a mirror, while Lincoln's portrait, LIBERTY, the date, and wheat ears appear velvety-white or frosty. This contrast increases rarity exponentially — fewer dies were used before the frost wore from the devices, making early strikes from fresh dies the most prized. The designation is awarded by PCGS and NGC only when the contrast meets a strict threshold.
The market response to top-grade Cameo Proofs is dramatic. A 1938 PR-67 CAM realized $14,400 at Stack's Bowers in 2020 and $11,750 at Heritage Auctions in 2016. PR-66 CAM examples have sold for over $1,125. Even PR-65 CAM examples in the $870 range are considered significant numismatic rarities. These represent the absolute pinnacle of the 1938 cent series.
The 1938-D/D RPM (FS-501, catalogued as FS-01-1938D-501 in the Cherrypickers' Guide) is the most accessible RPM variety in the 1938 Lincoln cent series. Like its San Francisco counterpart, it resulted from a hand-punched Denver "D" mint mark applied to the working die twice at slightly different positions during die preparation.
On this variety, a secondary "D" impression is visible to the left and slightly below the primary "D." Under 5× to 10× magnification on a decent example, the ghost of the first punch is clearly distinguishable from the final primary mark. Strong die-state examples show the secondary impression most vividly; coins struck from later die states may show the secondary mark partially filled or less defined.
This variety is more commonly encountered than the 1938-S/S/S triple, making it a more achievable target for budget-conscious collectors. Premium over a normal 1938-D ranges from modest in circulated grades ($10–$50) to substantial in high uncirculated grades — examples in the finest certified condition have brought up to approximately $308 based on published market data. It's a genuine bargain for collectors building a die-variety set.
The BIE error is a die-break variety found across many dates of Lincoln cents, and 1938 examples are among the most collected. As a working die accumulates striking cycles, the die steel can develop hairline fractures. When a crack forms between the letters B and E in the word LIBERTY on the obverse die, every subsequent coin struck from that die carries the transfer of that crack as a tiny raised metal line resembling the capital letter "I."
The "BIE" name derives exactly from this appearance: the letters B, I (spurious), and E together read as if the coin spells out a different word. The line typically appears as a small vertical ridge running parallel to the upright strokes of B and E. Under magnification or even good naked-eye viewing with the right angle of light, the spurious I stands out clearly above the coin's field level.
BIE errors are an excellent entry point into Lincoln cent die-variety collecting. They are affordable, visually charming, and well-documented. Examples on 1938 pennies range from $5 for minor cracks in circulated grades to $15 and above for clear, dramatic specimens in uncirculated condition. Coins that show an unusually large or bold BIE, or where the crack extends into surrounding letters, attract the highest premiums from specialist collectors.
An off-center strike occurs when the planchet (blank coin disc) is not correctly positioned within the collar before the dies descend. Instead of the design centering perfectly within the coin's borders, the struck image is shifted toward one edge, leaving a corresponding blank crescent of unstruck copper on the opposite side. The collar that normally constrains the coin's diameter is also partially absent from the misaligned area.
Off-center 1938 pennies can range from barely noticeable (5% misalignment) to dramatically shifted (50%+). The most valuable examples are those where the date "1938" remains fully visible despite significant off-centering — collectors prize these because the coin's identity can still be confirmed. A 50% off-center example with a full visible date is the sweet spot for maximum value. Examples with 80%+ off-centering are dramatically spectacular but sometimes lack the date.
Auction results for off-center 1938 pennies confirm meaningful premiums. A 1938 brown MS-64 off-center example sold for approximately $216 at Heritage Auctions in 2019. A 1938 RB MS-63 double strike with 75% off-center brought $348 in 2021. Certified, clearly off-center examples with the date visible in gem condition can reach $300+ depending on the severity of the shift and overall coin quality.
Run it through the calculator to get an instant value estimate based on mint mark, condition, and which error you've identified.
Estimate My Error Coin's Value →
| Mint | Mint Mark | Mintage | Relative Scarcity | Notes |
|---|---|---|---|---|
| Philadelphia | None | 156,682,000 | Most common | Lowest premiums in circulated grades; rare MS-68 RD fetched $9,000 (Heritage, Jan. 2025) |
| Denver | D | 20,010,000 | Common | FS-501 D/D RPM variety adds premium; top MS-68 RD sold for $6,300–$7,200 at Heritage 2025 |
| San Francisco | S | 15,180,000 | Scarcer (business strike) | Lowest business-strike mintage; MS-68 RD auction record $14,400 (Heritage, Jan. 2025); FS-502 S/S/S RPM |
| Philadelphia (Proof) | None | 14,734 | Rarest variety | Cameo (CAM) specimens are far rarer; PR-67 CAM reached $14,400 (Stack's Bowers, 2020) |
| Total All Mints | 191,871,734 | — | All four varieties combined | |
Composition specs: 95% copper, 5% tin and zinc · Weight: 3.11 grams · Diameter: 19 mm · Designer: Victor David Brenner (obverse); James B. Longacre reverse design adapted by Brenner · Series: Lincoln Wheat Cent 1909–1958 · Edge: Plain
Grade determines 90% of a 1938 penny's value. Here's how to assess yours at each condition tier.
Major features of Lincoln's portrait visible but flat. Cheekbone, jaw, and hair above the ear are heavily rubbed smooth. Wheat stalks on the reverse show wear but remain outlined. LIBERTY and date legible. Worth $0.20–$0.55 depending on mint mark. Brown color typical.
Lincoln's portrait retains moderate to significant detail. Hair strands visible in protected areas. At AU-58, only the highest points show slight friction. Wheat ears well-defined. Value ranges from $0.49 to $5 depending on mint mark and exact grade. Color ranges brown to partial red.
No trace of wear anywhere on the coin. Contact marks (bag marks) may be present. At MS-63, expect minor distracting marks. MS-65 requires only a few small marks with strong eye appeal. Color designation — Brown (BN), Red-Brown (RB), or full Red (RD) — dramatically affects value at this tier.
Near-flawless surfaces with only the most minor of marks. MS-67 requires exceptional eye appeal and full original red luster with no distracting spots or blemishes. These are trophy coins — the MS-67 and above tier is where auction competition becomes fierce and prices jump dramatically, especially for 1938-S and Proof Cameo specimens.
🔍 CoinHix lets you photograph your 1938 penny and compare it against graded examples to help narrow down the condition tier before submitting for professional grading — a coin identifier and value app.
The right venue depends on the coin's value tier. Match your coin to the best marketplace below.
The best choice for high-grade 1938 pennies — MS-67 Red, Proof Cameo, or any PCGS/NGC certified example worth $500+. Heritage's numismatic buyer pool is global, and their 1938 cent auction records ($9,000 Philadelphia MS-68 RD, $14,400 San Francisco MS-68 RD) confirm they achieve maximum market prices. Consignment is free; buyer's premium is charged to the winning bidder. Allow 6–10 weeks for listing and settlement.
Ideal for mid-range 1938 pennies in MS-63 to MS-66 grade, or error varieties like BIE breaks and RPMs. Search actual sold prices for 1938 wheat pennies in current eBay completed listings to set a realistic asking price before listing. Certified (slabbed) coins in PCGS or NGC holders sell faster and at higher prices than raw (ungraded) examples. Use auction format for rare errors; fixed price for common circulated examples.
Best for quick cash on circulated 1938 pennies worth under $20. Dealers will typically offer 30–50% of retail value as they need room to profit on resale. Bring multiple coins — dealers are more motivated when buying a collection. Use the value table above so you walk in informed. For anything MS-65 or better, get a second opinion before accepting a dealer's offer.
The r/coins and r/wheatpennies communities can help you identify your coin, get informal value assessments, and find interested buyers for affordable examples. Not ideal for high-value coins — stick to Heritage or eBay for anything worth $100+. Useful for getting community feedback before deciding which selling venue to use. Post clear, high-resolution photos for the best responses.
If your 1938 penny might be MS-65 Red or better, a genuine Proof, or a confirmed error variety — submit it to PCGS or NGC before selling. Grading fees start around $30–$50 per coin. A PCGS or NGC holder dramatically increases buyer confidence and typically results in 20–50% higher realized prices versus selling raw. For a coin that might fetch $200+, certification pays for itself many times over.