Do you have a 1940 wheat penny? It may be more valuable than you think!
There are a lot of people who collect coins, especially pennies. One of the most popular pennies around is the 1940 Lincoln wheat penny.
A large number of wheat pennies were minted that year and some are more valuable than others.
With that said, let's discuss which is the most valuable, and if your 1940 penny actually is valuable, as well as how many were minted, where they were minted and the types of errors they have.
Generally speaking, it really depends on the condition of the penny and what the coin's mint-mark is.
The short answer is yes, some of the 1940 wheat pennies are valuable, but the value of them does vary. Some are worth more than others.
A good portion of the 1940 wheat cents in circulation have heavy or moderate wear making them less valuable than uncirculated ones.
However, the majority of these pennies have not been cleaned, nor do they usually have much damage.
In fact, it's rare to see a 1940 wheat penny that is bent or have heavy nicks. This is good news because it means they retain their value.
At one time, the 1940 wheat penny was the most minted of all pennies. In fact, each US Mint location created well over 50 million pennies that year.
Here is how many were mined at each US Mint:
The Philadelphia Minted ended up producing around 586 million 1940 wheat pennies, but they weren't mint-marked.
The Denver Mint produced just over 81.3 million pennies. The pennies were mint-marked with the letter D.
The San Francisco Mint produced nearly 113 million pennies. They were mint-marked with the letter S.
Besides from those, the Philadelphia Mint produced around 15,800 proof specimens of the penny.
During the time they were minted, Philly produced nearly all of them. So, as you can see there were quite a few 1940 Lincoln Wheat cents produced.
As previously mentioned, they were produced in only a handful of cities. Those cities are Philadelphia and San Francisco. The other city is Denver.
However, these pennies are not that rare because millions and millions of them were produced.
Although throughout the years there have been many 1940 wheat pennies taken out of circulation due to things like loss, damage, wear or burial to name a few, they are still not considered rare.
In fact, there are still millions upon millions still out there in circulation.
The good news is there are 1940 pennies that are un-circulated, and there are all also proof coins which also went uncirculated. These two types of 1940 cents are actually a rarity.
The most valuable one is the PCGS graded Mint State 68 red. This specific penny sold back in 2006 for nearly $15,000.
It was in nearly perfect condition and it featured very bright red colored faces.
As for what type of errors they typically have, there aren't many. At best, you might find that some of the lettering is crooked due to die alignment.
Other than that, the 1940 wheat coins have done a tremendous job at withstanding the test of time.
As previously mentioned, many of the ones still in circulation haven't been cleaned nor have they been significantly damaged or damaged at all.
There are stores that specialize in buying collector items, including coins. These are the most common places people go to when they want to buy and sell old and rare coins.
However, not all stores are willing to buy and sell coins at the same price.
Some people sell coins or buy coins directly from collectors. There's a lot of work involved because you have to do extensive research to find legitimate collectors.
Once you do, you have to contact them to discuss buying and/or selling the 1940 wheat pennies you have or are after.
Auction sites such as eBay are popular places to find anything for sale or to sell anything.
This includes coins such as the 1940 wheat penny. Some people will just list a single, certified coin, while others will list multiple or they will try to sell a bunch of them as part of a bundle.
Asides from eBay, Amazon is another option.
Then, there are websites that specialize in selling and buying coins. These types of sites are excellent options, but if you want to try to sell your coins for top dollar, then compare a few places before you decide who to sell to or what site to sell on.
Do you own a 1940 Wheat Penny? Maybe you have several or many of them.
If so, either keep hold of them or you can try to sell them. Just make sure you get them valued by a professional before you do sell them.
This is because you want to get what they are worth or even more.
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