1938-S Wheat Penny Value: What Is It Worth in 2026?
Mintage: ~15.2 million struck
Estimated value · Source: USACoinBook price guide (updated Feb 2026)
1938 S Wheat Penny
Mint: San Francisco (S)
Keep it
Common date: not worth selling one by one. Keep it for your collection, or bundle it with other wheat pennies by the roll or bag.
Value by condition
| Good (G-4, heavily worn) | $0.49 |
| Very Good (VG-8) | $0.61 |
| Fine (F-12) | $0.74 |
| Very Fine (VF-20) | $0.93 |
| Extremely Fine (XF-40) | $1.37 |
| About Uncirculated (AU-50) | $3.62 |
| Mint State (MS-63, uncirculated) | $7.29 |
A 1938 Lincoln Wheat Cent struck at the San Francisco mint — a later common date, affordable in circulated grades.
What a 1938 wheat penny looks like
Your 1938-S looks exactly like this, with "1938 and a small S below it" where the date sits in the photo.
How to judge the condition of your coin
- Look at the wheat stalks first. On a worn coin (like the photo — about "Good" grade), the stalk lines are mostly smooth. If every line and grain in the stalks is sharp, you are looking at Extremely Fine or better.
- Then check Lincoln's cheek and jaw. These are the highest points on the front. Wear shows there before anywhere else; a flat cheek means a lower grade.
- When in doubt, grade down. Sellers systematically overgrade; use the lower row of the price table and you will not be disappointed.
Worn-coin photo: Mark Morgan, CC BY 2.0, via Wikimedia Commons.
1938 penny: mints compared
| Version | Mintage | Value range |
|---|---|---|
| 1938-D Wheat Penny | ~20.0 million struck | $0.24–$8.64 |
| 1938 Wheat Penny | ~157 million struck | $0.18–$8.64 |
| 1938-S Wheat Penny (this page) | ~15.2 million struck | $0.49–$7.29 |
Mintage and value can differ a lot by mint mark — compare the versions above before assuming yours is the common one.
How to confirm it's genuine
- The mint mark sits directly below the date — it should be the letter "S". A magnifier with light at a 45° angle works best.
- Never clean the coin: cleaning destroys the original surface and can cut the value in half.
- For any coin worth more than $200, PCGS/NGC grading fees (~$20–50) are money well spent.
Where to sell this coin
- eBay works best in the $1.00–$200 range. Take clear photos of both sides in natural light, and put the year, mint mark, and approximate grade in the title.
- A local coin dealer is the fastest way to cash out, but expect 60–70% of guide prices. Best for selling common dates in bulk.
- Graded high-value coins do best at auction houses like Heritage Auctions or Stack's Bowers, where realized prices are public.