The 1940-S Wheat Penny is worth anywhere from $0.10 in heavily worn condition to over $10 in uncirculated grades — and in the finest certified mint state examples, prices can climb well past $50 or more. If you just found one in an old coin jar or inherited a collection, you’re in the right place to find out exactly what you’ve got.
What Is the 1940-S Wheat Penny?
The 1940-S Wheat Penny was struck at the San Francisco Mint, which is indicated by the small “S” mintmark you’ll find on the obverse (front) of the coin, just below the date. It features the classic Lincoln portrait designed by Victor David Brenner, with the iconic wheat stalks on the reverse — giving these coins their beloved nickname.
San Francisco produced a healthy 112,940,000 pennies in 1940, making this coin relatively common in circulated grades. But don’t let those big numbers discourage you — condition is everything in coin collecting, and a well-preserved 1940-S can still fetch a nice premium.
If you’re not sure what you have, using a free coin identifier app is one of the easiest ways to get started. Just snap a photo and let the technology do the heavy lifting for you.
How Much Is the 1940-S Wheat Penny Worth by Grade?
The value of a 1940-S Wheat Penny depends almost entirely on its condition, also known as its “grade.” Coins that spent decades in circulation show heavy wear on Lincoln’s cheek and the wheat stalks, while coins that were set aside soon after minting can look nearly as sharp as the day they were made.
Here’s a quick breakdown of typical 1940-S Wheat Penny values across different grades:
| Grade | Description | Estimated Value |
|---|---|---|
| Good (G-4) | Heavy wear, details visible | $0.10 – $0.25 |
| Fine (F-12) | Moderate wear, some detail | $0.25 – $0.50 |
| Extremely Fine (EF-40) | Light wear on high points | $1.00 – $3.00 |
| Uncirculated (MS-63) | No wear, some bag marks | $5.00 – $12.00 |
| Gem Uncirculated (MS-65+) | Sharp, vibrant red luster | $20.00 – $60.00+ |
For the most current auction data and certified sale prices, you can check out detailed 1940-S Wheat Penny price records in MS Red grades to see exactly what collectors have been paying recently.
What Makes a 1940-S Penny More Valuable?
Beyond basic grade, there are a few things that can push a 1940-S Wheat Penny’s value higher. The coin’s color designation plays a big role — Lincoln cents are graded as Red (RD), Red-Brown (RB), or Brown (BN).
Red coins retain the original bright copper luster and are the most desirable. A 1940-S penny graded MS-65 Red can be worth several times more than the same coin graded MS-65 Brown. Always look for that warm, original red tone when evaluating your coin.
Error coins are another value booster. While major errors on 1940-S pennies are rare, doubled die varieties and strong repunched mintmarks do exist. These can multiply a coin’s value significantly. CoinKnow is a great tool for identifying these varieties — its database covers thousands of known wheat penny errors and die varieties.
How to Check Your 1940-S Wheat Penny’s Condition at Home
You don’t need to be a professional numismatist to get a rough idea of what your coin is worth. Start by examining it under good light — natural daylight or a bright LED lamp works well. Look at Lincoln’s cheekbone and the high points of the wheat stalks on the back. If those areas look smooth and flat, the coin has significant wear.
Next, check for any cleaning. Many old coins were cleaned by previous owners with metal polish or even toothpaste, which actually destroys value. A cleaned coin has an unnatural brightness and tiny hairline scratches visible under magnification.
For a more thorough assessment, CoinKnow lets you scan your coin and get an instant grade estimate right from your phone. It’s one of the fastest ways to figure out if your 1940-S Wheat Penny is worth a few cents or a few hundred dollars.
You can also explore comprehensive 1940 penny value information across all mint marks and grades to compare how the S-mint coin stacks up against Philadelphia and Denver issues from the same year.
Should You Get Your 1940-S Wheat Penny Graded?
Professional grading by PCGS or NGC is really only worth it if your coin appears to be in uncirculated condition with original red color. The submission fees typically run $20–$50 per coin, so submitting a coin worth only a dollar or two doesn’t make financial sense.
However, if you believe you have a gem-quality 1940-S Wheat Penny with blazing red luster, or a potential error coin, professional certification can dramatically increase its marketability and confirmed value. Collectors pay much stronger prices for slabbed, certified coins.
When in doubt, use CoinKnow to get a preliminary assessment before spending money on professional grading. It’s a smart first step that can save you time and money.
Frequently Asked Questions
Q: Is the 1940-S Wheat Penny rare?
A: Not in circulated grades — over 112 million were minted in San Francisco, making it one of the more common wheat penny dates. However, high-grade Red examples are genuinely scarce, and those coins do carry meaningful premiums among serious collectors.
Q: How do I find the mintmark on a 1940-S Wheat Penny?
A: Flip the coin to the obverse (front side showing Lincoln’s portrait). Look just below the date, slightly to the right. The small “S” letter is the San Francisco mintmark. If there’s no letter there at all, you have a Philadelphia Mint coin from the same year.
Q: What’s the most a 1940-S Wheat Penny has ever sold for?
A: In top certified grades like MS-67+ Red, 1940-S Wheat Pennies have sold at auction for several hundred dollars. The exact record depends on eye appeal and the certifying service, but pristine examples with full original red color command the strongest prices in the market.
