The United States Mint in Denver produced 20,010,000 Lincoln Wheat Cents in 1938. This number is about average for the Denver Mint during the 1930s. After the Great Depression, coin production at all Mint locations started to increase again.
Historical Pricing for the 1938-D Lincoln Cent
To get an idea of how much rolls of the 1938-D Lincoln cent were priced after their release but before 1986, when commercial third-party grading began, consider these examples:
In August 1948, dealer Lu Riggs was selling uncirculated rolls for $2.75, according to The Numismatist. By January 1965, dealer Bob Creps listed uncirculated rolls for $120 in the Numismatic Scrapbook Magazine. Then, in February 1974, Dan Brown, a dealer from Denver, Colorado, offered uncirculated rolls of the 1938-D Lincoln Wheat penny for $62.50 in The Numismatist.
Market Data and Noteworthy Specimens
As of August 2024, the top populations for a particular coin grade are as follows: PCGS MS68RD with 3 coins, NGC MS68RD with 4 coins (an increase from 2 in February 2024 and 2 in May 2023), and CAC MS67+RD with none stickered and 1 graded.
In 2005, the NGC MS68RD population included two coins submitted in the same batch (certification numbers 120027-001 and 120027-002). These coins appeared in auctions between 2005 and 2011 before likely being re-graded by PCGS at a lower grade, possibly MS67+RD.
By 2023, the NGC population of MS68RD coins had changed, with different coins making up the two listed in that year. One of these coins recently sold at GreatCollections, and the population has now increased to four. There are five distinct NGC MS68RD certification numbers listed, and at least one of these coins has been re-graded by another service.
The three PCGS MS68RD coins have no recorded public auction sales, but details about them are listed below. All three have been photographed by PCGS and can be viewed on PCGS CoinFacts.
NGC MS68RD Coins:
- #8207408-010: Sold at Heritage on May 9, 2024, for $2,640.
- #1921328-002: Sold at GreatCollections on October 29, 2023.
- #6678343-002: Sold at GreatCollections on April 16, 2023.
PCGS MS68RD Coins:
- #42486753: Features numerous dark spots on both sides and a noticeable copper spot between E and N in CENT.
- #50230754: Has a thin scratch on the cheekbone, small marks on the letters O and N, slight discoloration on the reverse, but overall a beautiful coin.
- #40019027: Later die state than the other PCGS MS68RD coins, with scattered hits in Lincoln’s hair and a noticeable mark above E in ONE.
Former NGC MS68RD Coins:
- #120027-001: Sold at various auctions from 2007 to 2011, with the highest recorded price being $4,312.50. The coin has a vivid red color with strong eye appeal but also has a few small scratches and discoloration spots. The certification number is no longer active.
- #120027-002: Sold at auctions from 2005 to 2011, with the highest recorded price being $4,036.50. This coin has minor imperfections, including small ticks and discoloration spots. The certification number is no longer active.
Coin Specifications
| Country | United States of America |
|---|---|
| Year of Issue | 1938 |
| Denomination | One Cent (USD) |
| Mintmark | D (Denver) |
| Mintage | 20,010,000 |
| Alloy | 95% Copper, 5% Tin and Zinc |
| Weight | 3.11 g |
| Diameter | 19.00 mm |
| Edge | Plain |
| Designer (OBV & REV) | Victor David Brenner |
| Quality | Business Strike |