What is a 1940 Wheat Penny Worth?
A 1940 Wheat Penny in circulated condition is typically worth only a few cents, perhaps slightly above its face value. However, uncirculated examples and those with certain errors or variations can command prices ranging from a few dollars to hundreds or even thousands of dollars.
Introduction: The Allure of the 1940 Wheat Penny
The Wheat Penny, officially the Lincoln Wheat Cent, holds a special place in American numismatic history. Minted from 1909 to 1958, it’s a common but cherished find for collectors. The 1940 Wheat Penny is a particularly interesting example due to its relatively high mintage figures, making it generally affordable, yet still offering potential for valuable discoveries depending on its condition and any existing errors. Understanding the factors that influence its value is key for both seasoned collectors and casual enthusiasts.
Mintage Figures and Rarity
The United States Mint struck millions of 1940 Wheat Pennies across three mints: Philadelphia (no mint mark), Denver (D), and San Francisco (S). Higher mintage figures typically translate to lower values, but condition and specific errors play a significant role.
- Philadelphia: 406,700,000
- Denver: 133,480,000
- San Francisco: 123,970,000
Although these are substantial numbers, the sheer volume of coins doesn’t automatically disqualify a 1940 Wheat Penny from being valuable.
Grading and Condition
The condition of a coin is a primary determinant of its value. Coins are typically graded on a scale from Poor (PR) to Mint State (MS), ranging from MS-60 to MS-70. Higher grades indicate better preservation and less wear.
| Grade | Description | Impact on Value |
|---|---|---|
| Poor (PR) | Heavily worn, details barely visible. | Minimal value, close to face value. |
| Good (G) | Significant wear, some details visible. | Slightly above face value. |
| Fine (F) | Moderate wear, most details visible. | A few cents above face value. |
| Very Fine (VF) | Light wear, details are clear and sharp. | Higher than lower grades, but still relatively common. |
| Extremely Fine (EF) | Very light wear, almost all details are present. | Noticeably more valuable than circulated coins. |
| About Uncirculated (AU) | Very little wear, retains much of its original luster. | Valuable, especially if the luster is strong. |
| Mint State (MS) | No wear, original luster. Graded MS-60 to MS-70, with higher numbers denoting better quality. | Significantly more valuable, potentially worth hundreds or thousands of dollars for high-grade examples. Full red luster significantly increases the price. |
Key Varieties and Errors
Certain errors or varieties can dramatically increase the value of a 1940 Wheat Penny. These include:
- Doubled Die Obverse (DDO): A doubling of the design elements, such as the date or “LIBERTY”. Rare and highly sought after.
- Repunched Mint Mark (RPM): The mint mark appears to be doubled or slightly offset.
- Off-Center Strikes: The design is not properly centered on the coin blank. Can be valuable depending on the severity of the off-center strike.
- Planchet Errors: Errors in the metal blank itself before striking (e.g., incorrect metal composition).
Identifying Your 1940 Wheat Penny and Determining Value
To determine the value of your 1940 Wheat Penny, follow these steps:
- Identify the Mint Mark: Locate the mint mark below the date. No mint mark means it was minted in Philadelphia.
- Assess the Condition: Carefully examine the coin for wear and damage. Use a magnifying glass for closer inspection. Compare your coin to grading guides online.
- Check for Errors: Look for any unusual features or doubling of the design. Use online resources to identify potential errors.
- Consult Price Guides: Reputable coin price guides (e.g., PCGS, NGC, Greysheet) can provide estimated values based on grade and rarity.
- Consider Professional Grading: For potentially valuable coins, consider submitting them to a professional grading service like PCGS or NGC. This provides an objective assessment of the coin’s condition and authenticity.
Common Mistakes When Assessing Value
- Overestimating Condition: Novice collectors often overestimate the condition of their coins, leading to unrealistic value expectations.
- Ignoring Minor Damage: Even small scratches or imperfections can significantly reduce the value of a coin.
- Focusing Solely on Price Guides: Price guides are just estimates. The actual selling price depends on market demand and the specific qualities of the coin.
- Failing to Research Errors: Mistaking minor variations for genuine errors can lead to wasted time and effort.
Frequently Asked Questions (FAQs)
1. Is every 1940 Wheat Penny worth keeping?
No. Most circulated 1940 Wheat Pennies are worth only a few cents. However, it’s always a good idea to check for errors, varieties, and to assess the condition carefully before discarding or spending them.
2. What is the most valuable 1940 Wheat Penny?
The most valuable 1940 Wheat Pennies are those that are uncirculated (MS-65 or higher) and possess a significant error, such as a doubled die obverse. These can fetch hundreds or even thousands of dollars.
3. How can I tell if my 1940 Wheat Penny is uncirculated?
An uncirculated coin will have no signs of wear and will retain its original luster. Look for sharp details and a smooth, reflective surface.
4. What does “Full Red” (RD) mean on a coin grading report?
“Full Red” refers to the original copper color of the coin. Coins that retain their original red color, especially those in uncirculated condition, are generally more valuable.
5. Where can I sell my 1940 Wheat Penny?
You can sell your 1940 Wheat Penny to coin dealers, at coin shows, on online auction sites (like eBay), or through numismatic auction houses.
6. Should I clean my 1940 Wheat Penny?
Never clean coins! Cleaning can damage the surface and reduce their value. Leave them as they are.
7. What is a good resource for learning more about Wheat Pennies?
Reputable websites like PCGS (Professional Coin Grading Service) and NGC (Numismatic Guaranty Corporation), along with coin collecting books are excellent resources for learning more.
8. What is the difference between a “mint state” and “proof” coin?
A mint state coin is a business strike intended for general circulation, while a proof coin is a specially struck coin with enhanced detail and a mirror-like surface, intended for collectors. 1940 Wheat Pennies were not produced as proofs.
9. How much is a 1940-D Wheat Penny worth?
A 1940-D (Denver) Wheat Penny in circulated condition is worth roughly the same as a Philadelphia-minted 1940 penny. However, an uncirculated 1940-D could be worth significantly more, especially if it has full red color or exhibits an error.
10. What is a “key date” in the Wheat Penny series?
A key date refers to a year in which the mintage was particularly low, making those coins rarer and more valuable. The 1940 Wheat Penny is not considered a key date. Some key dates are 1909-S VDB, 1914-D, and 1931-S.
11. Why are some Wheat Pennies reddish-brown while others are brown?
The color depends on the level of oxidation. New coins are a bright red. Over time, they naturally oxidize and turn brown. Coins stored improperly oxidize faster and turn a darker brown.
12. Is it worth getting a low-grade 1940 Wheat Penny graded?
Generally, it is not worth grading a low-grade 1940 Wheat Penny. The cost of grading (typically $20-$50) would likely exceed the coin’s value unless it has a rare error. Grading is typically reserved for coins that might be worth significantly more due to their condition or rarity.