A circulated 1940 penny is worth about 15 to 80 cents as of October 2026, depending on the mint and how worn it is. A red uncirculated coin is about $24 to $28 in PCGS MS65 and about $160 to $200 in MS67. The real money is at the very top: PCGS MS68 red coins have sold for $9,600 (1940-S), $10,800 (1940-D) and $14,950 (1940).
There is no famous doubled die for 1940. The 1940-S does have a set of repunched mint marks that variety collectors look for, and they add a few dollars to about $75. Here is how to sort a 1940 cent in a few minutes.
Quick answer
- A worn 1940, 1940-D or 1940-S wheat penny is worth about 15 to 80 cents, as of October 2026.
- Red MS65 coins are about $24-28 in the PCGS price guide; MS67 red runs about $160-200.
- The jump comes at MS67+ ($650-800) and MS68 ($9,000-10,000 guide), where very few coins exist.
- The best-known 1940-S variety, an S/S repunched mint mark catalogued as RPM-001, lists at about $5.50 in F12 to $75 in gem.
- PCGS lists no FS-numbered doubled die or mint mark variety for any 1940 cent.
How do you value a 1940 penny, step by step?
The mint mark and the grade decide almost everything for this date.
- Confirm the wheat reverse. Two wheat stalks around ONE CENT means a wheat cent, made from 1909 to 1958.
- Read the mint mark under the date. No letter is Philadelphia, which struck 586,810,000. D is Denver, 81,390,000. S is San Francisco, 112,940,000. These mintages come from PCGS CoinFacts.
- Check whether it is a proof. Philadelphia also struck 15,872 proofs for collectors, according to CopperCoins. A proof has mirror-like fields and sharp, squared rims. A normal circulation strike has satiny luster.
- Judge wear. Look at Lincoln's cheekbone and jaw and at the lines in the wheat stalks. Any flattening there means circulated.
- Judge color. Red (RD), red-brown (RB) and brown (BN) are priced separately. Original orange-red luster with no spots is what reaches the gem prices.
- On a 1940-S, magnify the S. Look for a second outline or an extra serif beside or inside the S. That is a repunched mint mark (RPM).
- Glance at the lettering. Minor doubled dies exist for all three mints. They show as raised thickening on LIBERTY, the motto or the date, and they add only a few dollars.
- Price from sold results for the same mint, grade and color.
What is a 1940 penny worth?
Prices as of October 2026. Circulated values are from the CopperCoins series price guide (August/September 2026 edition); red uncirculated values are from the PCGS price guide.
| Coin | Mintage | Circulated (F12 to AU50) | MS65 red | MS67 red | MS67+ red | MS68 red |
|---|---|---|---|---|---|---|
| 1940 (no mint mark) | 586,810,000 | 15-45 cents | About $24 | About $200 | About $650 | About $9,000; sold for $14,950 (2006) |
| 1940-D | 81,390,000 | 15-75 cents | About $28 | About $160 | About $725 | About $10,000; sold for $10,800 (Jan 2025) |
| 1940-S | 112,940,000 | 25-80 cents | About $24 | About $160 | About $800 | About $9,500; sold for $9,600 (Oct 2018) |
| 1940-S S/S RPM-001 | Not recorded | About $5.50-19 | Gem about $75 | Not priced | Not priced | Not priced |
| Other 1940-S RPMs | Not recorded | About $1-4.50 | Gem about $8.50-22 | Not priced | Not priced | Not priced |
The pattern is the same for all three mints: cheap up to MS66, then steep. CopperCoins lists slightly different top-grade figures from PCGS, for example $4,700 to $9,400 for MS68 red depending on the mint, which shows how few trades there are at that level. Treat any MS68 figure as a range, not a fixed price.
How many 1940 pennies survive?
Tens of millions, which is why a worn one is worth so little. PCGS CoinFacts estimates that about 58 million 1940 Philadelphia cents survive in brown alone, along with about 8 million 1940-D and 11 million 1940-S. CopperCoins ranks the Philadelphia mintage 13th highest of the 140 wheat cent issues, with Denver 71st and San Francisco 64th.
The picture changes once you move to uncirculated coins. PCGS estimates about 12,000 brown 1940 Philadelphia cents survive in MS60 or better and about 6,000 in MS65 or better. Those are small numbers next to 586 million struck, but large enough that a typical gem still costs about the price of a lunch. Only the very finest red coins, those that grade MS67+ and MS68, are truly scarce. That is why the price chart below barely moves for four grades and then leaps.
Which 1940 pennies are worth the most?
Top-grade red coins, by a wide margin. The PCGS auction record for a 1940 Philadelphia cent is $14,950 for an MS68 at Bowers and Merena in August 2006. A PCGS MS68 red 1940-D sold for $10,800 at Heritage in January 2025, and a PCGS MS68 red 1940-S for $9,600 at Stack's Bowers in October 2018.
What separates an MS68 from an MS66 is hard to see without practice: unbroken luster across the cheek and the field in front of the face, no carbon spots, no nicks under a 5x loupe, and a sharp strike on the hair and wheat. A coin that looks perfect to the naked eye usually grades MS64 to MS66, which is a $14 to $40 coin. The coin grading scale guide explains the steps in more detail.
What 1940-S varieties are worth money?
The 1940-S varieties are repunched mint marks and minor doubled dies, and they are worth a few dollars to about $75. CopperCoins catalogs 11 repunched mint marks, 5 doubled die obverses and 6 doubled die reverses for the 1940-S. PCGS lists no FS-numbered variety for the date, so none of them carries the kind of premium the 1941 doubled die does.
The one to look for is RPM-001 (Wexler WRPM-001), an S/S with a close but well-defined spread to the northeast. CopperCoins notes the same die also shows a doubled obverse, with a medium spread on the motto and LIBERTY, catalogued as DDO-001. It lists at $5.50 in F12, $9 in VF20, $14 in EF40, $19 in AU50 and $75 in gem uncirculated. RPM-002, an S/S with the extra image mostly inside the upper loop of the S, lists at $2 to $22. RPM-003, a light extra lower serif and curve to the south, lists at $1 to $8.50. A 1940-S doubled die reverse with distorted and pivoted doubling lists at $3 to $32.
Philadelphia and Denver have minor varieties too. CopperCoins catalogs 9 doubled die obverses and 7 doubled die reverses for Philadelphia. One, DDO-002, shows extra thickness on the date and LIBERTY and lists at $3 in F12 to $35 in gem. Our error coins worth money guide explains the difference between this hub doubling and machine doubling.
What grade and color factors move a 1940 penny's price?
| Factor | What to check | Effect on value |
|---|---|---|
| Wear | Cheek, jaw and wheat stalk lines | Circulated: 15 to 80 cents |
| Color | Orange-red, mixed or brown | Red MS65 about $24-28; brown MS65 about $4-8 |
| Spots | Carbon flecks on the face and fields | Hold a coin below MS66 |
| Luster | Unbroken satiny cartwheel | Needed for MS67 and up |
| Cleaning | Pink, uniform color with hairlines | Cuts value to near circulated |
| Variety | 1940-S RPM-001 and minor dies | Adds a few dollars to about $75 |
The brown MS65 range is from the CopperCoins guide, which lists $3.60 for Philadelphia, $7.20 for San Francisco and $7.80 for Denver.
A worked example
Say you find a bright 1940-S in an old album. There is no wear on the cheek, the color is mostly red with a few dark specks near the rim, and under a 10x loupe the S has a thin extra outline at its upper right.
The extra outline to the northeast fits the description of RPM-001. As an uncirculated coin with a few spots it would likely grade around MS64 to MS65 red, which is about $15 to $24 as a normal coin, and CopperCoins lists RPM-001 at $50 in choice uncirculated and $75 in gem. Realistically the coin is worth about $25 to $75 to a variety collector. Grading would eat most of that, so the sensible move is to compare with the CopperCoins plate photos and sell it, if you sell, to someone who collects RPMs.
Common mistakes
- Expecting a big doubled die. There is no famous 1940 doubled die; the big variety is 1941.
- Pricing from the MS68 column. Five-figure prices are for a handful of coins in PCGS holders.
- Calling any thick S a repunched mint mark. Worn or mushy mint marks look thick; an RPM shows a distinct second outline.
- Missing a proof. A 1940 with mirror fields and squared rims may be one of the 15,872 proofs and should be priced separately.
- Cleaning the coin. It removes the original red; see should you clean old coins.
- Assuming 1940-D is rare. At 81 million it was the smallest of the three mintages, but it is still common.
How WorthPic reads 1940 penny photos
WorthPic runs on the newest and most capable AI model available, tuned for exactly this kind of identification. From photos of both sides it reads the date and mint mark, confirms the wheat reverse, judges wear on the cheek and the stalk lines, and estimates color. It looks at the mint mark for a second outline and at the lettering for the raised thickening of a doubled die, and it notes when a coin looks like a proof. It then gives an honest US dollar value range with a most likely figure, explains what drives it, and says which close-up would settle any doubt. It cannot tell an MS67 from an MS68 through a phone camera, and it cannot confirm a specific catalogued die the way a variety specialist can. It identifies and estimates. It does not authenticate, grade or appraise.
What to photograph
- Both sides straight on, in even daylight.
- The mint mark as close as your camera will focus.
- LIBERTY and the date close up.
- The cheek and the field in front of the face at a slight angle, to show luster and marks.
- The rim, if you think the coin may be a proof.
When to get it looked at in person
A worn 1940 needs no expert; dealers buy wheat cents by the roll or by the pound. For a 1940-S with a clear second outline on the S, a variety specialist or a member of CONECA can confirm the die. For a spotless red coin you honestly think could reach MS67+ or MS68, PCGS or NGC grading is the only route to the top prices, and an experienced Lincoln cent dealer can tell you whether it is worth the fee. For the rest of the jar, start with what pennies are worth money and our wheat penny value guide.
Sources
- PCGS CoinFacts: 1940, RD: Philadelphia mintage, red price guide and the $14,950 MS68 record.
- PCGS CoinFacts: 1940-D, RD: Denver mintage, red price guide and the $10,800 MS68 red sale.
- PCGS CoinFacts: 1940-S, RD: San Francisco mintage, red price guide and the $9,600 MS68 red sale.
- CopperCoins: 1940 date guide: circulated and brown values from the August/September 2026 guide, proof mintage and the count of catalogued varieties.
- CopperCoins: 1940-S RPM-001: diagnostics and values for the main 1940-S repunched mint mark.