Price Guide for 1938 Cent Variants

This guide presents price ranges for 1938 Cent variants from three sources: eBay sales, third-party auctions, and PCGS guides. Values are shown for various conditions, allowing collectors to compare across different market segments. Price estimates may vary between sources, especially for rarer variants.

1938-S Penny, RD (Regular Strike)

  • 3rd Party Price
    Circulated: $50.00
    Uncirculated: $8.00 - $2,115.00
  • eBay
    Circulated: $43.55 - $424.00
    Uncirculated: $1.25 - $620.00
  • PCGS Price Guide
    Uncirculated: $8.00 - $1,000.00

1938-D Penny, RD (Regular Strike)

  • 3rd Party Price
    Circulated: $6.00
    Uncirculated: $9.00 - $4,313.00
  • eBay
    Uncirculated: $5.50 - $2,887.00
  • PCGS Price Guide
    Uncirculated: $6.00 - $11,500.00

1938 Penny, RD (Regular Strike)

  • 3rd Party Price
    Uncirculated: $10.00 - $6,325.00
  • eBay
    Uncirculated: $1.25 - $895.00
  • PCGS Price Guide
    Uncirculated: $7.00 - $15,500.00

1938-D/D Penny RPM FS-501, RD (Regular Strike)

  • 3rd Party Price
    Uncirculated: $111.63 - $275.00
  • eBay
    Uncirculated: $275.00
  • PCGS Price Guide
    Uncirculated: $70.00 - $750.00

1938 Penny, BN (Proof)

  • 3rd Party Price
    Circulated: $24.00 - $1,323.00
    Uncirculated: $17.00 - $920.00
  • eBay
    Uncirculated: $22.00 - $299.99
  • PCGS Price Guide
    Uncirculated: $18.00 - $135.00

1938 Penny, RB (Proof)

  • 3rd Party Price
    Uncirculated: $22.00 - $2,467.50
  • eBay
    Uncirculated: $40.00 - $279.99
  • PCGS Price Guide
    Uncirculated: $35.00 - $1,300.00

1938 Penny, RD (Proof)

  • 3rd Party Price
    Circulated: $1,468.75
    Uncirculated: $16.00 - $4,700.00
  • eBay
    Uncirculated: $30.00 - $2,125.00
  • PCGS Price Guide
    Uncirculated: $50.00 - $4,300.00

1938 Penny, BN (Regular Strike)

  • 3rd Party Price
    Circulated: $834.00
    Uncirculated: $13.00 - $633.00
  • eBay
    Circulated: $4.99 - $22.19
    Uncirculated: $3.25 - $240.00

1938 Penny, RB (Regular Strike)

  • 3rd Party Price
    Uncirculated: $64.00 - $3,163.00
  • eBay
    Uncirculated: $5.51 - $228.50

1938-D Penny, BN (Regular Strike)

  • 3rd Party Price
    Circulated: $11.00 - $18.00
    Uncirculated: $7.00 - $75.00
  • eBay
    Circulated: $0.99 - $26.00
    Uncirculated: $5.00 - $150.00

1938-D Penny, RB (Regular Strike)

  • 3rd Party Price
    Uncirculated: $8.00 - $504.00
  • eBay
    Uncirculated: $7.16 - $495.00

1938-S Penny, BN (Regular Strike)

  • 3rd Party Price
    Circulated: $4.00 - $31.00
    Uncirculated: $6.00
  • eBay
    Circulated: $0.99 - $93.00
    Uncirculated: $4.25 - $125.00

1938-S Penny, RB (Regular Strike)

  • 3rd Party Price
    Uncirculated: $7.00 - $57.00
  • eBay
    Uncirculated: $7.50 - $75.05

1938-D/D Penny RPM FS-501, BN (Regular Strike)

  • eBay
    Circulated: $112.17

1938-D/D Penny RPM FS-501, RB (Regular Strike)

  • eBay
    Uncirculated: $54.00

1938-S/S/S Penny RPM FS-502 (016.5), BN (Regular Strike)

  • 3rd Party Price
    Circulated: $43.00 - $101.00
  • eBay
    Circulated: $119.00
    Uncirculated: $89.30 - $126.90

1938-S/S/S Penny RPM FS-502, RB (Regular Strike)

  • eBay
    Uncirculated: $28.00 - $79.00

1938-S/S/S Penny RPM FS-502, RD (Regular Strike)

  • 3rd Party Price
    Circulated: $150.00 - $400.00
    Uncirculated: $36.00 - $480.00
  • eBay
    Uncirculated: $24.74 - $739.99
  • PCGS Price Guide
    Uncirculated: $20.00 - $650.00

1938-S/S Penny RPM FS-501, BN (Regular Strike)

  • eBay
    Uncirculated: $75.00

1938-S/S Penny RPM FS-501, RB (Regular Strike)

  • eBay
    Uncirculated: $16.60 - $48.00

1938-S/S Penny RPM FS-501, RD (Regular Strike)

  • 3rd Party Price
    Uncirculated: $35.00 - $168.00
  • eBay
    Uncirculated: $18.50 - $759.99
  • PCGS Price Guide
    Uncirculated: $20.00 - $400.00

1938 Penny, CAM (Proof)

  • 3rd Party Price
    Uncirculated: $184.00 - $14,400.00
  • eBay
    Uncirculated: $760.00
  • PCGS Price Guide
    Uncirculated: $260.00 - $27,500.00

Design and Specifications of the 1938 Cent

The 1938 Lincoln Cent was part of the Lincoln Wheat Penny series, which began in 1909 to commemorate the 100th anniversary of Abraham Lincoln's birth. 1938 marked the 29th year of the series, which would continue until 1958. This coin was minted during the later years of the Great Depression, a period of significant economic hardship in the United States.

Weight 3.11 grams
Diameter 19.05 mm
Mint Marks No mint mark (Philadelphia), D (Denver), S (San Francisco)
Composition 95% copper, 5% tin and zinc
Obverse Design Portrait of Abraham Lincoln, designed by Victor D. Brenner
Reverse Design Wheat ears design, designed by Victor D. Brenner

Rarity Factors and Value Drivers

Condition plays a crucial role in determining the value of 1938 Lincoln Cents. While these coins are generally common in circulated grades, they become increasingly scarce and valuable in higher mint state conditions.

Coins in MS65 (Gem Uncirculated) condition and above are particularly desirable to collectors. Key factors affecting grade include:

  • Strike quality: Well-struck coins with sharp details are more valuable
  • Luster: Coins with original mint luster are highly prized
  • Surface preservation: Absence of contact marks, scratches, or other imperfections

Toning can also impact value, with attractive, natural toning often enhancing a coin's appeal to collectors.

Philadelphia, No Mint Mark

Mintage: 156,697,000

Rarity Scale: Common

Circulation Status: Widely Circulated

Preservation Rarity: Common in lower grades, scarce in MS65 and above

Varieties Errors: None significant

Market Demand: Moderate, popular among Lincoln Cent collectors

Denver, D

Mintage: 20,010,000

Rarity Scale: Common

Circulation Status: Widely Circulated

Preservation Rarity: Scarce in MS65 and above

Varieties Errors: None significant

Market Demand: Moderate, slightly higher demand than Philadelphia mint due to lower mintage

San Francisco, S

Mintage: 15,180,000

Rarity Scale: Common

Circulation Status: Widely Circulated

Preservation Rarity: Scarce in MS65 and above

Varieties Errors: None significant

Market Demand: Moderate to High, due to lowest mintage of the three mints for this year

While the 1938 Lincoln Cent is not considered a key date, several factors can influence its value:

  • Mint mark: San Francisco (S) mint coins are generally more valuable due to lower mintage
  • Red color: Fully red specimens (RD) are more valuable than red-brown (RB) or brown (BN) examples
  • Die varieties: While no major varieties are known for 1938, any discovered could significantly increase value
  • Historical significance: As a Depression-era coin, it holds interest for collectors of this period

Preservation of original surfaces and color is paramount for maximizing the coin's value, especially for high-grade examples sought by advanced collectors and registry set enthusiasts.

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