1938-D Lincoln Cent – A Collector’s Guide

The United States Mint in Denver struck 20,010,000 Lincoln Wheat cents dated 1938. This mintage is the median for all Denver issues in that decade, with production figures at all Mint facilities picking back up after the lows seen at the beginning of the Great Depression.

Historical Pricing for the 1938-D Lincoln Cent

To get a sense of pricing for rolls of the 1938-D Lincoln cent after its release but before the advent of commercial third-party grading in 1986, consider the following:

Dealer Lu Riggs offered uncirculated rolls for $2.75 in the August 1948 issue of The Numismatist.

Dealer Bob Creps offered uncirculated rolls for $120 in the January 1965 issue of Numismatic Scrapbook Magazine.

Denver, Colorado-based dealer Dan Brown offered uncirculated rolls of the 1938-D Lincoln Wheat penny for $62.50 in the February 1974 issue of The Numismatist.

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Market Data and Noteworthy Specimens

• Top Population: PCGS MS-68RD (3, 2/2024). NGC MS-68RD (3, 2/2024 – up one from 5/2023). CAC MS-67RD (83:0 stickered:graded, 2/2024).

In 2005, the MS-68RD population at NGC was comprised of two coins that were submitted in the same order (certification numbers 120027-001 and 120027-002). Both coins had auction appearances between 2005 and 2011 before disappearing from the condition census–likely crossing over to PCGS at a lower grade, perhaps MS-67+RD.

In 2023, different coins accounted for the NGC population of two, one of these selling recently at GreatCollections. At the time of writing, this population has increased to three.

The three PCGS MS-68RD coins have no recorded public auctions to report, but the pieces are described in our table. All three coins have been imaged by PCGS and are plated on PCGS CoinFacts.

• NGC MS-68RD #6678343-002: GreatCollections, April 16, 2023, Lot 1341537 – View.
• PCGS MS-68RD #42486753: Glassy Lincoln, many scattered dark spots throughout the surfaces of the obverse and reverse. Unsightly copper spot between E and N in CENT.
• PCGS MS-68RD #50230754: Thin scratch on cheekbone, Small hit on the top of O and the bottom on N. Whispy discoloration on reverse. Beautiful coin.
• PCGS MS-68RD #40019027: Later die state than the other two PCGS MS-68RD coins. Scattered hits in Lincoln’s hair, specifically one below D in GOD. Tony hit above E in ONE.
• NGC MS-68RD #120027-001: Heritage Auctions, January 4, 2007, Lot 1838 – $4,312.50; “The Brenda John Collection”, Heritage Auctions, June 3, 2010, Lot 166 – $3,593.75; Stack’s Bowers, January 4, 2011, Lot 208 – $4,000 Reserve Not Met; Stack’s Bowers, August 13, 2011, Lot 6432 – $4,250 Reserve Note Met. Vivid red coin with strong eye appeal. Hairline scratch to the right of Lincoln’s chin. Two tiny hits on E of CENT. Tiny hit between the ends of the two wheat stalks with a die gouge above. Flecks of discoloration on the reverse. Certification number no longer active.
• NGC MS-68RD #120027-002: Heritage Auctions, February 23, 2005, Lot 5541 – $4,036.50; Heritage Auctions, December 2, 2010, Lot 3268 – $2,990; Stack’s Bowers, June 14, 2011, Lot 543 – $4,000 Reserve Not Met. Tiny tick below eye and another one between the eye and ear. Small depression on the shoulder. Three hits on the N of ONE. Small discoloration spots localized on the left wheat stalk and above NE. Certification number no longer active.

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Coin Specifications

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