The 1940 Lincoln wheat penny sits at an interesting crossroads in American numismatics. It was the last full year of peacetime production before World War II transformed the U.S. Mint's operations. Within five years, the Mint would cycle through steel blanks in 1943 and recycled shell casings in 1944. But in 1940, factories were still running normally, copper was still plentiful, and the Mint struck hundreds of millions of pennies across three facilities.
Most 1940 wheat pennies are common coins. You can find them in jars, albums, and estate collections all over the country. But "common" does not mean "worthless." Certain mint marks, error varieties, and high grade specimens can surprise you.
Here is what your 1940 wheat penny is actually worth.
Standard 1940 Wheat Penny Values by Mint Mark
The U.S. Mint produced 1940 Lincoln cents at three facilities. Here is what each version is worth in 2026.
| Mint Mark | Mintage | Circulated Value | Uncirculated (MS65 Red) |
|---|---|---|---|
| No mint mark (Philadelphia) | 586,825,872 | $0.03 to $0.15 | $18 to $35 |
| D (Denver) | 81,390,000 | $0.03 to $0.20 | $20 to $40 |
| S (San Francisco) | 112,940,000 | $0.05 to $0.25 | $25 to $55 |
Total mintage: 781,155,872 coins.
The Philadelphia mint produced the lion's share, which is why no mint mark examples are the most common. The Denver mint had the lowest production that year, making the 1940 D penny slightly scarcer in theory, though still very available in circulated grades.
The San Francisco mint mark carries the highest premiums in uncirculated condition because fewer collectors set aside S mint coins during this era.
What Makes a 1940 Wheat Penny Valuable
At the lower grades, a 1940 penny is worth a few cents above face value. The real value starts climbing at MS65 Red and above.
The "Red" designation matters enormously. Copper coins are graded by their color: Red (RD) means the coin retains its original bright copper luster. Brown (BN) means it has fully toned. Red Brown (RB) falls in between. A 1940 penny in MS65 Red might be worth $25, while the same coin in MS65 Brown might only bring $5.
At the top of the grading scale, things get serious. A 1940 no mint mark penny in MS68 Red has sold for $4,888 at auction. A 1940 S in MS67+ Red brought $3,819. These are coins that spent 86 years in near perfect condition, and the market rewards that preservation.
1940 Proof Pennies
The Philadelphia Mint struck 15,872 proof pennies in 1940. These were specially made coins with mirror like fields and sharp details, sold directly to collectors.
| Grade | Value Range |
|---|---|
| PR63 Red | $45 to $75 |
| PR65 Red | $100 to $175 |
| PR66 Red | $300 to $600 |
| PR67 Red | $1,500 to $3,000 |
Proof 1940 pennies are recognizable by their exceptionally sharp strike, mirror like surfaces, and squared off rims. If you find one, it was almost certainly part of a proof set purchased from the Mint in 1940 for $1.89. The Mint also produced proofs in 1941 and 1942, but proof production was suspended after 1942 for the duration of the war.
1940 Wheat Penny Errors Worth Money
Error coins are where the real treasure hunting begins. Here are the varieties collectors pay premiums for.
Doubled Die Obverse. Some 1940 cents show doubling on the obverse lettering, particularly on "LIBERTY" and "IN GOD WE TRUST." Strong doubled die examples can sell for $50 to $300 depending on the strength of the doubling and the coin's grade. The 1941 wheat penny has an even more dramatic DDO variety that has sold for $35,000, so if you own both years, check them carefully.
Repunched Mint Mark. On some 1940 D and 1940 S cents, the mint mark was punched into the die more than once, creating a visible shadow or overlapping letter. These varieties are cataloged by attribution services and can bring $15 to $100 in premium over a normal coin.
Off Center Strikes. When a blank was not properly seated in the press, the resulting coin shows a shifted design. A 1940 penny struck 5% to 10% off center might bring $10 to $25. Strikes that are 20% to 50% off center with the date still visible can sell for $50 to $200.
Die Cracks and Cuds. Late stage dies sometimes developed cracks that transferred raised lines onto the coins. Large die breaks near the rim, called cuds, are particularly collectible. Values range from $5 to $75 depending on size and location.
Lamination Errors. Impurities in the copper planchet sometimes caused the metal to separate in layers. A 1940 penny with a visible lamination peel or flake can sell for $15 to $50.
How to Grade Your 1940 Wheat Penny
Understanding the condition of your coin is the single most important factor in determining its value. Here is a simplified grading guide.
Good (G4 to G6). The outline of Lincoln is visible but most details are worn smooth. The wheat ears on the reverse show but individual lines are merged. Worth face value to 5 cents.
Fine (F12 to F15). The major details of Lincoln's portrait are visible including some hair strands. The wheat ears show separation between lines. Worth 5 to 15 cents.
Extremely Fine (EF40 to EF45). Sharp detail remains on Lincoln's hair and jawline with only light wear on the highest points. Worth 15 to 50 cents.
Uncirculated (MS60 to MS63). No wear on any part of the coin. May have contact marks or dull luster. Worth $2 to $12 for Red Brown examples.
Gem Uncirculated (MS65 to MS67). Full original luster with minimal marks. Red designation means at least 95% original copper color remains. This is where values climb to $18 and beyond.
Recent Auction Results
| Coin | Grade | Sale Price | Year |
|---|---|---|---|
| 1940 Lincoln Cent | PCGS MS68 Red | $4,888 | 2024 |
| 1940 S Lincoln Cent | PCGS MS67+ Red | $3,819 | 2024 |
| 1940 D Lincoln Cent | PCGS MS67+ Red | $2,640 | 2023 |
| 1940 Proof | PCGS PR67 Red CAC | $2,700 | 2024 |
| 1940 S Lincoln Cent | PCGS MS67 Red | $504 | 2025 |
What to Do If You Find a 1940 Wheat Penny
Step 1: Check the mint mark. Look on the obverse (front) of the coin, below the date. No letter means Philadelphia. "D" means Denver. "S" means San Francisco.
Step 2: Assess the color. Is the coin still bright copper (Red), partially toned (Red Brown), or fully dark (Brown)? Red coins are worth significantly more at every grade level.
Step 3: Look for errors. Use a magnifying glass to check for doubled lettering on LIBERTY and IN GOD WE TRUST. Check the mint mark for repunching. Look at the rim for die cracks or cuds.
Step 4: Evaluate the condition. If the coin shows no wear on Lincoln's cheekbone, jawline, and hair above the ear, it may be uncirculated. These details wear first and are the key checkpoint for determining grade.
Step 5: Do not clean it. Cleaning a coin permanently damages its surface and can reduce the value by 50% or more. Leave it exactly as you found it.
If you think you have a high grade or error 1940 penny, professional grading from PCGS or NGC is the best next step. Grading fees start around $20 to $40 per coin.
Where the 1940 Penny Fits in the Lincoln Wheat Series
The 1940 penny represents the tail end of Depression era production and the beginning of the pre war buildup. Within a few years, everything about American coinage would change. The Mint would switch to steel in 1943, then recycled shell casings in 1944 and 1945.
If you are building a collection of 1940s Lincoln cents, the 1940 is a natural starting point. It is affordable, available in all three mint marks, and available in proof format. From here, you can work through 1941 and 1942 before hitting the dramatic wartime changes that make the 1943 steel penny one of the most famous coins in American history.
For collectors interested in the full wartime story, our guides to the 1941 wheat penny, 1942 wheat penny, 1944 shell case penny, and 1945 wheat penny cover every year of this fascinating era, with the 1946 penny closing out the wartime chapter.
Sources
Written by
Thomas Whitfield
Numismatic writer and ANA member covering rare coin values and collecting strategies.
