What is the Value of a 1939 Wheat Penny?
The value of a 1939 Wheat Penny varies greatly depending on its condition, but most circulated examples are worth only a few cents. Rare and uncirculated 1939 Wheat Pennies, particularly those with certain mint marks or errors, can be worth significantly more, reaching tens, hundreds, or even thousands of dollars.
A Humble Coin with Historical Significance
The 1939 Wheat Penny, officially known as the Lincoln Wheat Cent, represents a significant era in American history. Minted during the end of the Great Depression and the dawn of World War II, these coins are tangible reminders of a nation facing unprecedented challenges. Beyond their nostalgic appeal, understanding their intrinsic and collectible value requires a closer look at factors such as mint marks, condition, and scarcity.
Understanding Mint Marks
A crucial aspect of determining a 1939 Wheat Penny’s value is identifying its mint mark. The U.S. Mint produced these coins at three locations in 1939: Philadelphia, Denver, and San Francisco.
- Philadelphia: Coins minted in Philadelphia do not have a mint mark.
- Denver: Coins minted in Denver are marked with a “D” under the date.
- San Francisco: Coins minted in San Francisco are marked with an “S” under the date.
The scarcity of a particular mint mark significantly impacts the coin’s value. Generally, the 1939-D and 1939-S pennies are more valuable than the 1939 penny from Philadelphia, especially in higher grades.
The Importance of Condition
The condition of a coin, or its grade, is perhaps the most significant factor in determining its value. Coin grading is a complex process, but here’s a simplified overview:
- Poor/Fair: Heavily worn, details barely visible. Very low value.
- Good: Well-worn, but major details are visible. Low value.
- Very Good: Moderately worn, some details visible. Slightly higher value.
- Fine: Moderate wear, most details visible. More desirable, higher value.
- Very Fine: Light wear, most details sharp. Quite desirable, significantly higher value.
- Extra Fine (EF or XF): Very light wear, almost all details sharp. Highly desirable, valuable.
- About Uncirculated (AU): Minimal wear, almost like new. Extremely desirable, valuable.
- Mint State (MS): Uncirculated, like new condition. Most valuable, potentially rare.
Professional grading services, such as PCGS (Professional Coin Grading Service) and NGC (Numismatic Guaranty Corporation), assign grades to coins based on established standards. Coins graded by these services often command higher prices in the market.
Scarcity and Population Reports
Scarcity refers to the number of surviving coins of a particular type and grade. Population reports, provided by grading services, track the number of coins they have graded at each level. Higher grades that have low populations are more desirable and will generally command higher prices. For example, a 1939-D Wheat Penny graded MS67 (Mint State 67) will be much rarer and more valuable than a 1939-D Wheat Penny graded MS63.
Errors and Varieties
Error coins, those with minting mistakes, can be incredibly valuable. Common errors found in Wheat Pennies include:
- Double Die: Occurs when the die used to strike the coin has been impressed twice, resulting in doubled imagery.
- Off-Center Strike: Occurs when the coin is not properly aligned during the striking process, resulting in a portion of the design being missing.
- Planchet Errors: Errors related to the metal blank (planchet) before it’s struck, such as being improperly prepared or composed.
Discovering a confirmed error or variety can substantially increase the value of a 1939 Wheat Penny.
Factors Beyond Condition: Eye Appeal
While condition is paramount, eye appeal is another subjective but relevant factor. A coin with attractive toning, luster, and overall aesthetics may be more desirable to collectors, potentially increasing its value, especially in higher grades. Toning refers to the natural change in a coin’s surface color over time, and some collectors find certain toning patterns aesthetically pleasing.
Where to Buy and Sell
Several avenues exist for buying and selling 1939 Wheat Pennies:
- Coin Dealers: Reputable coin dealers can provide expert appraisals and offer fair prices.
- Coin Shows: These events offer opportunities to buy, sell, and trade coins with other collectors and dealers.
- Online Auction Sites: Websites like eBay are popular platforms, but require caution and research.
- Numismatic Auctions: Specialized auction houses cater to rare and valuable coins, potentially fetching higher prices.
Always research potential buyers or sellers and understand prevailing market conditions before transacting.
Common Mistakes When Valuing
Beginner collectors often make the following mistakes when trying to determine the value of a 1939 Wheat Penny:
- Overestimating the Grade: It’s common to overestimate a coin’s condition, especially without professional grading experience.
- Ignoring Mint Marks: Failing to identify and understand the significance of mint marks.
- Assuming All Old Coins are Valuable: Age alone doesn’t guarantee value; condition and rarity are more important.
- Neglecting Errors: Overlooking potential errors or varieties that could significantly increase value.
- Ignoring the Market: Not researching current market prices and demand.
Frequently Asked Questions (FAQs)
What makes a 1939-D Wheat Penny more valuable than a 1939 Wheat Penny without a mint mark?
The 1939-D (Denver) Wheat Penny is generally more valuable because it was minted in smaller quantities than the 1939 (Philadelphia) Wheat Penny. This lower mintage makes it scarcer, especially in higher grades, thus increasing its desirability among collectors.
How can I tell if my 1939 Wheat Penny is uncirculated?
An uncirculated 1939 Wheat Penny will show no signs of wear. The details will be sharp and well-defined, and the original mint luster will be evident. Look for microscopic scratches or abrasions, which indicate that the coin has been handled or circulated.
What is the best way to clean a 1939 Wheat Penny?
Do not clean your Wheat Penny. Cleaning can damage the coin’s surface and significantly reduce its value. Leave any cleaning to professional conservators who can address specific issues without harming the coin.
How do professional coin grading services, like PCGS and NGC, impact the value of a 1939 Wheat Penny?
PCGS and NGC are reputable third-party grading services that provide expert opinions on a coin’s authenticity and condition. A coin graded by these services, especially in higher grades, is generally considered more valuable because the grading is unbiased and standardized.
Where can I find reliable price guides for 1939 Wheat Pennies?
Reputable coin publications like “A Guide Book of United States Coins” (the Red Book) and online resources from PCGS and NGC provide price guides. However, remember that these are just guides, and actual selling prices may vary.
What is the difference between a ‘proof’ and a ‘business strike’ 1939 Wheat Penny?
While 1939 Proof Wheat pennies were not produced, this question addresses the general difference. Business strike coins are made for general circulation, while proof coins are specially produced with extra care and often feature a mirror-like surface and sharp details. Proof coins are typically more valuable than business strikes.
What tools do I need to evaluate my 1939 Wheat Penny at home?
A magnifying glass (ideally 5x or 10x), a well-lit area, and a reliable price guide are essential. Avoid handling the coin directly; use cotton gloves to prevent fingerprints.
What is ‘toning,’ and how does it affect the value of a 1939 Wheat Penny?
Toning is the natural discoloration of a coin’s surface over time due to environmental factors. Some collectors find certain toning patterns aesthetically appealing, which can increase the coin’s value. However, unattractive or uneven toning can decrease value.
Are there any specific 1939 Wheat Penny errors that are particularly valuable?
While specific and highly valuable 1939 Wheat Penny errors are relatively scarce, any confirmed doubling on the date or mint mark, or a significant off-center strike, can increase its value. It is best to have such coins examined by an expert.
How can I protect my 1939 Wheat Penny to preserve its value?
Store your 1939 Wheat Penny in a coin holder or album specifically designed for coin storage. Avoid storing coins in PVC holders, as they can damage the coin’s surface over time. Keep coins in a cool, dry place.
If I find a 1939 Wheat Penny in my spare change, what should I do?
Carefully examine it for mint marks and its overall condition. Consult a price guide to get a general idea of its value. If it appears to be in excellent condition or has a mint mark, consider having it professionally graded.
Is it worth buying a 1939 Wheat Penny as an investment?
Investing in coins requires careful consideration and research. While rare and high-grade 1939 Wheat Pennies can appreciate in value over time, there’s no guarantee of profit. Consider factors like market trends, coin condition, and professional grading before making any investment decisions.