The 1938-D Lincoln Cent is a rare and sought-after coin among collectors. Struck by the U.S. Mint in Denver, this coin is part of the famous Lincoln Wheat series. While the 1938-D has a relatively high mintage, it has become a valuable piece in the numismatic world. Over time, its rarity in high grades has made it especially desirable to collectors. In this guide, we’ll take a closer look at the history, pricing, and specifications of the 1938-D Lincoln Cent, offering insights into why this coin is still highly prized today.
History and Mintage of the 1938-D Lincoln Cent
The Minting Process
In 1938, the U.S. Mint in Denver produced a total of 20,010,000 Lincoln Wheat Cents. This was a fairly standard number for the Denver Mint during the 1930s, especially as production numbers were rising again after the economic challenges of the Great Depression. This year’s mintage isn’t as low as some other years, but it still stands out among Lincoln Wheat Cents for its significance in coin collecting.
The Great Depression and Its Impact
The coin was produced at a time when the United States was recovering from the economic effects of the Great Depression. As the economy slowly improved, more coins were being minted, including the Lincoln Wheat Cent. Despite its relatively high mintage, the coin has become rare in pristine condition, making it highly desirable for collectors.
Pricing History of the 1938-D Lincoln Cent
Early Price History
The 1938-D Lincoln Cent has experienced notable changes in value over the years. In the early years following its release, the coin was relatively affordable. For example, in August 1948, dealer Lu Riggs offered uncirculated rolls for $2.75. By January 1965, the price had risen to $120 per uncirculated roll, as reported by dealer Bob Creps in Numismatic Scrapbook Magazine. The price continued to increase over the following decades, with Denver-based dealer Dan Brown offering uncirculated rolls for $62.50 in 1974.
Rising Demand and Value
As the years passed and interest in coin collecting grew, especially after the introduction of commercial third-party grading in 1986, the value of high-grade 1938-D Lincoln Cents skyrocketed. Coins that were once affordable became much more expensive as collectors sought to obtain the best examples available. In particular, those graded MS68RD (Mint State 68 Red), which is an extremely high grade, have become some of the most sought-after specimens.
Market Data and Noteworthy Specimens
Population of High-Grade Coins
As of early 2025, the highest graded specimens of the 1938-D Lincoln Cent are the MS68RD coins. The population of these coins is extremely limited, with only a small number known to exist. PCGS (Professional Coin Grading Service) has graded eight coins in this condition, while NGC (Numismatic Guaranty Corporation) has graded four. These high-grade examples are highly coveted and have been sold at auction for impressive prices.
Auction Results
The 1938-D Lincoln Cent has appeared at several notable auctions over the years, with some MS68RD coins fetching significant sums. For example, one NGC MS68RD coin sold for $2,640 at Heritage Auctions in May 2024. Another NGC MS68RD specimen fetched $4,312.50 at a Heritage Auctions event in January 2007. These high auction prices reflect the rarity and desirability of the coin in exceptional condition.
Coin Specifications
Basic Information
- 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 grams
- Diameter: 19.00 mm
- Edge: Plain
- Obverse Designer: Victor David Brenner
- Reverse Designer: Victor David Brenner
- Quality: Business Strike
The 1938-D Lincoln Cent features the famous portrait of President Abraham Lincoln on the obverse, designed by Victor David Brenner. The reverse shows two wheat stalks, symbolizing the nation’s agriculture. These iconic designs have made the coin a part of American history and an important piece for collectors.
Conclusion
The 1938-D Lincoln Cent remains a valuable coin for collectors, particularly in high grades like MS68RD. Its relatively high mintage during a time of economic recovery does not take away from its rarity in top condition, making it an important addition to any coin collection. As demand continues to grow and collectors seek out rare coins, the value of the 1938-D Lincoln Cent is likely to rise, especially for well-preserved specimens.
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