1940 Wheat Penny Value (2026): Errors List, D, S & No Mint Mark Worth

In 2026, a typical 1940 wheat penny in circulated condition is worth $0.05 to $0.50, regardless of whether it has no mint mark, a “D,” or an “S.” The real value emerges with condition: high-grade uncirculated examples with full red color can reach $1,500 to $7,500+, especially in the rare MS67 and MS68 grades. Key mint marks are Philadelphia (no mint mark), Denver (D), and San Francisco (S). The most valuable error varieties are the Doubled Die Obverse, valued around $70, and Repunched Mint Marks, which can add $100 to $175+. This guide breaks down these values by mint mark and explains how to identify the key errors and grades that matter.

1940 Wheat Penny Value by Mint Mark: No Mint Mark vs D vs S Comparison

1940 Wheat Penny Value Chart: Circulated vs Uncirculated vs MS67-MS68 by Mint Mark

The table shows that for everyday circulated coins, mint mark makes little difference—all are worth mere cents. The divergence happens at the highest grades. Philadelphia no-mint-mark coins command the absolute ceiling, with MS68 red examples selling for $7,500+. Denver follows closely, while San Francisco, despite a slightly higher baseline for circulated coins, peaks lower in the top-tier market. This is because Philadelphia minted the largest quantity by far, but surviving examples in pristine MS68 condition are exceptionally scarce, creating fierce competition among set collectors.

Is a 1940 Penny with No Mint Mark Rare? No—Philadelphia Produced 586.8 Million

A 1940 wheat penny with no mint mark is not rare at all. The absence of a mint mark means it was struck at the Philadelphia Mint. In 1940, Philadelphia produced approximately 586,810,000 pennies, a massive mintage that makes this variety very common. You will find them easily in circulation or in bulk collections. The perception that “no mint mark” might indicate an error is incorrect; it is simply the standard mint identifier for Philadelphia. Rarity for 1940 wheat pennies comes from two factors: exceptional condition (MS67-MS68) and specific error varieties, not from the mint mark itself. A common-date 1940 Philadelphia penny in average circulated condition is worth only a few cents.

1940 Wheat Penny Error Values: Doubled Die & Repunched Mint Marks

Doubled Die Obverse (~$70) and Repunched Mint Marks ($100-$175+): Top 1940 Error Values

• Doubled Die Obverse (DDO): This is the most sought-after error for 1940 wheat pennies. It occurs during the die-making process when the design is impressed twice, creating visible doubling. Look for doubled lettering in “LIBERTY,” “IN GOD WE TRUST,” or on Lincoln’s profile. A clear DDO in good condition typically fetches around $70, but stronger, more dramatic examples can sell for more.
• Repunched Mint Mark (RPM): This error happens when the mint mark punch is struck more than once, resulting in a doubled or blobby “D” or “S” beneath the date. The value depends entirely on the visibility and clarity of the repunching. A noticeable RPM can add a premium of $100 to $175+ to the coin’s base value. A Penny with a strong, easily seen repunched mint mark is a significant find.

Both errors are relatively scarce compared to normal strikes, but they are not ultra-rare. The Doubled Die Obverse is generally considered the more valuable and desirable of the two due to its dramatic visual impact on the primary design elements.

Identifying 1940 Error Coins: Check Date, Mint Mark, and Rim Areas

1. Locate the mint mark first. It is positioned directly below the date on the reverse (tails) side. Use a magnifying glass (10x power is ideal) to examine it closely for any signs of doubling, blobbiness, or overlapping shapes that indicate a Repunched Mint Mark.
2. Examine the obverse (heads) date and lettering. Slowly rotate the coin under good light. Look for any doubling in the words “LIBERTY,” “IN GOD WE TRUST,” “ONE CENT,” or the year “1940.” Also check Lincoln’s profile, especially the cheek and jawline, for any doubled outlines characteristic of a Doubled Die Obverse.
3. Inspect the rim (edge) of the coin. While less common, rim errors like the “L” rim error can occur. Check the border all around the coin for any irregularities, cracks, or missing sections.
4. Consider professional certification. If you suspect you have a valuable error, do not clean the coin. Professional grading services like PCGS or NGC can authenticate the error, assign a grade, and encapsulate it, which significantly increases market confidence and value.

1940 Wheat Penny Grading: Why MS67-MS68 Red Coins Fetch $1,500-$7,500+

MS67-MS68 and Full Red (RD): The High-Grade Keys to Four-Figure Values

Coin grading on the Sheldon scale runs from 1 to 70. For a 1940 wheat penny, anything below MS60 is considered worn. MS60-MS64 are uncirculated but may have minor contact marks. MS65 is a solid uncirculated grade. The leap to MS67 and MS68 is enormous. These grades represent near-perfect coins with only the most microscopic flaws visible under magnification. For a 1940 wheat penny, achieving this grade is extremely difficult due to the soft copper alloy and the era’s striking technology. Furthermore, the “Red” (RD) color designation is critical. It means the coin retains its original mint red luster with no brown toning. A coin graded MS67 RD or MS68 RD is a trophy item. Value progression is stark: a clean MS65 might be worth $50-$200, while an MS66 could reach $300-$800. The final step to MS67-MS68 red places the coin in the $1,500 to $7,500+ range, driven by collectors completing sets of perfect red Lincoln wheat cents.

What is the rarest 1940 penny to find? High-Grade MS68 Red Examples

The rarest 1940 wheat pennies to find are those graded MS68 with full red (RD) color, particularly from the Philadelphia mint. While millions of 1940 pennies exist, almost none survived 80+ years in pristine, gem-like condition. The copper planchets were soft, and handling, storage, and environmental factors cause wear and toning. An MS68 grade requires perfect sharpness of strike, zero visible flaws even under 5x magnification, and full original red luster. The combination is exceptionally scarce. These coins command premiums in the thousands of dollars at auction, with Philadelphia-mint MS68 red examples consistently at the top of the price spectrum, sometimes exceeding $7,500. The scarcity is due to a low survival rate; the vast majority of 1940 pennies were circulated and worn down, making these high-grade survivors true rarities for advanced collectors.

The most surprising insight is that the most common 1940 wheat penny—the Philadelphia no-mint-mark coin—can also be the most valuable, but only at the absolute peak of condition. Your first step is to check the mint mark and color. If your coin looks unusually sharp and red, have it professionally graded. For error hunting, use magnification on the mint mark and date. A confirmed Doubled Die Obverse or Repunched Mint Mark on a well-preserved coin could be worth significantly more than its face value.