Price Guide for 1938 Cent Variants
This guide presents price ranges for variants from three sources: eBay sales, third-party auctions, and PCGS guides. Values are shown for various conditions, allowing collectors to compare across different market segments. Price estimates may vary between sources, especially for rarer variants.
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3rd Party PriceCirculated: $50.00Uncirculated: $8.00 – $2,115.00
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eBayCirculated: $43.55 – $424.00Uncirculated: $1.25 – $620.00
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PCGS Price GuideUncirculated: $8.00 – $1,000.00
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3rd Party PriceCirculated: $6.00Uncirculated: $9.00 – $4,313.00
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eBayUncirculated: $5.50 – $2,887.00
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PCGS Price GuideUncirculated: $6.00 – $11,500.00
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3rd Party PriceUncirculated: $10.00 – $6,325.00
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eBayUncirculated: $1.25 – $895.00
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PCGS Price GuideUncirculated: $7.00 – $15,500.00
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3rd Party PriceUncirculated: $111.63 – $275.00
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eBayUncirculated: $275.00
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PCGS Price GuideUncirculated: $70.00 – $750.00
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3rd Party PriceCirculated: $834.00Uncirculated: $13.00 – $633.00
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eBayCirculated: $4.99 – $22.19Uncirculated: $3.25 – $240.00
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3rd Party PriceCirculated: $11.00 – $18.00Uncirculated: $7.00 – $75.00
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eBayCirculated: $0.99 – $26.00Uncirculated: $5.00 – $150.00
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3rd Party PriceCirculated: $4.00 – $31.00Uncirculated: $6.00
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eBayCirculated: $0.99 – $93.00Uncirculated: $4.25 – $125.00
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3rd Party PriceCirculated: $24.00 – $1,323.00Uncirculated: $17.00 – $920.00
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eBayUncirculated: $22.00 – $299.99
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PCGS Price GuideUncirculated: $18.00 – $135.00
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3rd Party PriceUncirculated: $64.00 – $3,163.00
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eBayUncirculated: $5.51 – $228.50
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3rd Party PriceUncirculated: $8.00 – $504.00
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eBayUncirculated: $7.16 – $495.00
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eBayCirculated: $112.17
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eBayUncirculated: $54.00
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3rd Party PriceUncirculated: $7.00 – $57.00
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eBayUncirculated: $7.50 – $75.05
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eBayUncirculated: $75.00
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eBayUncirculated: $16.60 – $48.00
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3rd Party PriceUncirculated: $35.00 – $168.00
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eBayUncirculated: $18.50 – $759.99
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PCGS Price GuideUncirculated: $20.00 – $400.00
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3rd Party PriceCirculated: $43.00 – $101.00
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eBayCirculated: $119.00Uncirculated: $89.30 – $126.90
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eBayUncirculated: $28.00 – $79.00
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3rd Party PriceCirculated: $150.00 – $400.00Uncirculated: $36.00 – $480.00
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eBayUncirculated: $24.74 – $739.99
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PCGS Price GuideUncirculated: $20.00 – $650.00
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3rd Party PriceUncirculated: $22.00 – $2,467.50
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eBayUncirculated: $40.00 – $279.99
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PCGS Price GuideUncirculated: $35.00 – $1,300.00
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3rd Party PriceCirculated: $1,468.75Uncirculated: $16.00 – $4,700.00
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eBayUncirculated: $30.00 – $1,199.00
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PCGS Price GuideUncirculated: $50.00 – $4,300.00
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3rd Party PriceUncirculated: $184.00 – $14,400.00
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eBayUncirculated: $760.00
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PCGS Price GuideUncirculated: $260.00 – $27,500.00
Design and Specifications of the 1938 Cent
The 1938 Lincoln Cent was part of the Lincoln Wheat Penny series, which began in 1909 to commemorate the 100th anniversary of Abraham Lincoln’s birth. 1938 marked the 29th year of the series, which would continue until 1958. This coin was minted during the later years of the Great Depression, a period of significant economic hardship in the United States.
| Weight | 3.11 grams |
|---|---|
| Diameter | 19.05 mm |
| Mint Marks | No mint mark (Philadelphia), D (Denver), S (San Francisco) |
| Composition | 95% copper, 5% tin and zinc |
| Obverse Design | Portrait of Abraham Lincoln, designed by Victor D. Brenner |
| Reverse Design | Wheat ears design, designed by Victor D. Brenner |
Rarity Factors and Value Drivers
Condition plays a crucial role in determining the value of 1938 Lincoln Cents. While these coins are generally common in circulated grades, they become increasingly scarce and valuable in higher mint state conditions.
Coins in MS65 (Gem Uncirculated) condition and above are particularly desirable to collectors. Key factors affecting grade include:
- Strike quality: Well-struck coins with sharp details are more valuable
- Luster: Coins with original mint luster are highly prized
- Surface preservation: Absence of contact marks, scratches, or other imperfections
Toning can also impact value, with attractive, natural toning often enhancing a coin’s appeal to collectors.
Mintage: 156,697,000
Rarity Scale: Common
Circulation Status: Widely Circulated
Preservation Rarity: Common in lower grades, scarce in MS65 and above
Varieties Errors: None significant
Market Demand: Moderate, popular among Lincoln Cent collectors
Mintage: 20,010,000
Rarity Scale: Common
Circulation Status: Widely Circulated
Preservation Rarity: Scarce in MS65 and above
Varieties Errors: None significant
Market Demand: Moderate, slightly higher demand than Philadelphia mint due to lower mintage
Mintage: 15,180,000
Rarity Scale: Common
Circulation Status: Widely Circulated
Preservation Rarity: Scarce in MS65 and above
Varieties Errors: None significant
Market Demand: Moderate to High, due to lowest mintage of the three mints for this year
While the 1938 Lincoln Cent is not considered a key date, several factors can influence its value:
- Mint mark: San Francisco (S) mint coins are generally more valuable due to lower mintage
- Red color: Fully red specimens (RD) are more valuable than red-brown (RB) or brown (BN) examples
- Die varieties: While no major varieties are known for 1938, any discovered could significantly increase value
- Historical significance: As a Depression-era coin, it holds interest for collectors of this period
Preservation of original surfaces and color is paramount for maximizing the coin’s value, especially for high-grade examples sought by advanced collectors and registry set enthusiasts.
