1940 Penny Worth Million Dollars – For people who don’t know, collecting old coins or most valuable foreign coins has become quite a hobby, and some people even took it too extreme, investing hundreds of thousands of dollars of their hard-earned money in collecting old coins, in hope of their value will jump, and therefore gaining some of the profits, or just collectors who want to collect some shining rare coins.
For the article today, we are going to talk about the 1940 penny worth million dollars and many other rare pennies that can be worth far more than hundreds and thousands of dollars.
Many people might scoff, and be baffled at the idea of people buying just one penny with more than hundreds of thousands, or maybe even millions of dollars.
However, the 1940 penny worth million dollars isn’t just regular pennies that you can find anywhere, on the couch, or under the rugs.
Some of the 1940 pennies have a lot of intrinsic value, and rarity and some also have their oddities. If you are a heavy collector of the pennies, you would appreciate some of these rare 1940s Lincoln wheat pennies that would fetch quite a heavy price.
If you like articles all about the penny value, rare pennies price, and pennies that are worth more than hundreds and thousands, then you have come to the right place.
You can also see our other article here about the 1957 d wheat penny value to understand more about the Lincoln wheat penny value, what year is the best year for the Lincoln pennies, and what specimens are the most worth it for the Lincoln pennies.
However, before we are starting to discuss, and dissecting information regarding the 1940 Lincoln wheat penny, and some of the 1940 penny worth million dollars on the market, you would need to understand the 1940 Lincoln wheat penny itself, its history, origins, design, and also its specification.
You would also need to understand what makes some of this pence valuable in the eye of collectors.
The 1940 Lincoln Wheatear Penny History, Origins, Design, and Specifications
The Lincoln wheatear penny is one of the most long-lasting pieces of currency ever minted and in circulation by the United States government.
It was minted in the early 90s and later was in circulation for more than several decades before being replaced by the Lincoln memorial penny.
This coin was also minted during wartime both in World War I and World War II.
Before we are starting to discuss some of the rare specimens of the 1940 penny worth million dollars, we should know first about the 1940 Lincoln wheatear penny itself, its history, origins, and design.
So, first here are the complete specifications of the 1940 Lincoln wheatear copper penny.
- Type: Lincoln Memorial Penny
- Year: 1940
- Face Value: $0.01
- Composition: 99.5% copper, 0.5% tin and alloy
- Total Weight: 2.5 grams
Before 1942, the United States of America used bronze as its composition for the cents penny. Bronze is a precious metal that has reddish color made from a composition of copper and tin, but when oxidized after long exposure to the environment turns brownish-red.
However, the copper used in Bronze has been rising in its price, due to the increasing shortage, and the versatile use of copper in industry. Resulting in the increased price of bronze, rising until the price is above one penny.
Then, from 1942 ( see 1942 penny value ) to 1943, the United States American government changes the composition of the penny, to have a very low copper composition, and change it into a Zinc penny, particularly changing the Lincoln copper penny into the current penny, therefore changing the 1940 penny value itself, from the copper penny, into the zinc penny.
This is due to the increasing price of copper, and the copper price has risen to be more expensive than one penny, meaning that to create one penny would need more than just one cent for its copper composition.
So, what can we expect from this information? That means that some coins pre-changes where the copper composition is still high will have a higher value compared with the lower copper composition.
Which 1940s Penny Is Worth The Most? The Value of 1940 Wheat Coin Varieties
There are three varieties in a total of the 1940 wheat penny, each of them is listed on the chart with different distinct categories, and some of them are 1940s pennies worth money while others are just regular pennies that won’t worth too much.
One thing to note is, that there are date and mint mark varieties that differentiate between the 1940 Lincoln wheat pennies.
Mint marks identify which branch of mintage striking each of the coins, for example, there is a D mark from Denver mintage, and no mint mark from Philadelphia mintage.
There are different values and rarity, each attached from these coins, while also some rare specimens of 1940 wheat penny worth a million dollars depending on the category, rarities, and oddities.
Next, there is also a grading system. This grading system is to evaluate the condition of each penny, to differentiate the 1940 Pennies with lower conditions that won’t sell for more than their initial face value, to some of the 1940 D penny worth its money, to even the rarest most incredible 1940 penny worth million dollars.
The grading system, category, and rarities are the key to understanding how much is a 1940 D penny worth.
Understand The 1940 Wheat Penny Value and Varieties
So, how did we know about the 1940 pennies’ worth and value? How did we know if the penny we found is worthless, or have a value of around $5 to $10, or even a lucky rare 1940 penny worth million dollars in the auction?
Well, the key to understanding how it was valued in the eye of collectors is by the process of identification, defined by the correct variety of 1940 pennies, grading of conditions, and rarities.
To start things off, there are three variations of a penny, each with a different confirm date and mint mark combination, and each of these marks represents a different mintage from where they came, and also descriptions of the highlighted differences.
In addition, these varieties are different because they are minted in different quantities, hence one is slightly more common than the other.
So, here are the three varieties of 1940 Lincoln penny:
1940 Lincoln Wheat Penny
The 1940 Lincoln wheat penny was minted in Philadelphia with the total existing coin minted in this year being 586.825.875 struck.
This penny has no mint mark, and hence it is also one of the most common pennies of all varieties. The 1940 penny no mint mark value is at least $0.4 to reach $15.
The high price for Lincoln Cent (Wheat Reverse), 1940 MS in Auction Record by PCGS MS68 sold for $14,950.00 in 2006.
1940-D Lincoln Wheat Penny
The 1940-D Lincoln wheat penny was minted in Denver, with a total amount of 456.725.000. It has a higher value noted within the circulated coins, with better conditions for the D penny.
These old pennies sometimes accumulate dirt and debris in their mint-mark, and lettering area. Auction Record by PCGS MS67+RD sold for $3,120.00 in 2018
1940-S Lincoln Wheat Penny
The 1940-S Lincoln penny is an abundant penny minted in San Francisco. It was struck with the total amount of 112.950.000, cents.
It is also one of the highest ratings of S penny, and also the popular S pennies series. With the larger supplier, however, the stock of this coin is abundant, but it is still one of the 1940 pennies worth money today.
From these different varieties, there are different prices, and rarities for each variety, however, the variety alone isn’t all that factors in when judging the price and value of the penny. There is also grading based on its condition.
The grading system is used by the US coin collectors, and dealers to differentiate between the old coins based on their conditions.
The grading is based on the conditions of the penny, the damage it receives from circulations, error pennies, and if it is uncirculated in pristine conditions.
The lowest grade is a poor grade that is only worth its initial value ($0.01), then a good grade, an extra good grade, an extremely good grade (worth around $0.5 to $15), then a fine, an extra-fine grade, and extremely fine grade (worth around $14 to $28), the AU grade (worth for around $30 to $50), and the extremely rare MS Grade (Near minted state, worth far more than hundreds and thousands of dollars.
The high price for 1940-S Lincoln Wheat Penny in Auction Record by PCGS MS68RD sold for $9,600.00 in 2018.
The 1940 penny worth million dollars are most expensive, and incredibly rare MS-67 Grade of the 1940 Lincoln wheat penny has brilliant lusters of bronze, and it is in a perfect state of minted-state. It was sold in an auction back then in 2016, with a total amount of 2 million dollars.
Frequently Asked Questions of The 1940 Lincoln Penny Collections
When it comes to the Lincoln penny, especially those that were minted around 1945 to the 1950s, it is quite an iconic coin, partially due to its produced while on wartime, during the World War II efforts. The Lincoln Wheat penny was one of the longest-lasting currencies that the US government minted, and with it also comes several collectibles coin from the 1940 series of Lincoln penny.
If you want to start your collection of old coins, one of the most popular collections was the penny minted during wartime, and you can start with the 1940s penny, such as the 1940 pence.
How to Find The Most Valuable Wheat Pennies?
Considering most of the 1940 pennies are very common, and few of them were rarely minted, it is quite hard to find some of the 1940 pennies that worth money. However, you can still find a few of the rare 1940 Pennies by going to the old coin auction and gallery.
Some of the rarest and most valuable of the 1940 Lincoln penny could even reach more than hundreds of thousands, or even some of the 1940 penny worth million dollars in the auction. These are the rarest, most pristine MS 65 to MS 67 grades.
How Much is a 1940 Wheat Penny Worth?
1940 wheat Lincoln Penny is mostly worth its initial face value of one cent ($0.01). If you decide to melt the 1940 Lincoln penny, the melting price for the 1940 Lincoln Penny is around $0.02 which isn’t much, most of the common grade of the 1940 Lincoln penny was around the worth of its initial value, however, some 1940 pennies error could bring its value for around $5 to $20.
Some of the error pennies might be much worth it, even if it is such a common penny as the 1940 Lincoln penny. Some error pennies can get you around $10 to $50; it also depends on the grade, as well as its category.
How Much is a 1940 Penny Worth and How Do We Know About It?
How much are 1940 pennies worth? And how to know the specimens of 1940 pennies are worth millions of dollars? Everything relies upon the grading of each penny of 1940. The grade is divided into a couple of grades, from the least expensive grade Poor grade (PR) to the most unblemished, grade of MS.
Terrible scores would just barely esteem one penny, the passing mark can get you around 0.06 dollars up to 2 dollars.
Looking for More Information About Coins? Check Other Years From This Lincoln ( Wheat ) Penny Series:
1909 1910 19111912
1913 1914 1915 1916
1917 1918 1919 1920
1921 1922 1923 1924
1925 1926 1927 1928
1929 1930 1931 1932
1933 1934 1935 1936
1937 1938 1939 1940
1941 1942 1943 1944
1945 1946 1947 1948
1949 1950 1951 1952
1953 1954 1955 1956
As for the 1940 penny worth, remember that is affected by several factors, from the conditions, grading, and error pennies, and it is also subject to the United States law of supply and demand.
The answer to how much it is valuable in the eye of collectors also depends on how the coin was appreciated by another collector.
However, some rare grade, especially some of the higher-end grade of MS is incredibly rare and very expensive.
The most elevated grade is the MS 70, it is in immaculate, totally mint condition that whenever unloaded is essential and could get you a great many dollars (thousands). However, to get your hand on these pristine gems would require much effort, both time and money.
It is very rare to get your hands on the 1940 penny that has a value of more than a couple of dollars. It is already good value to get the 1940 pennies that have a value of more than a couple of dollars, or maybe hundreds of dollars. Some of the rarest, 1940 penny worth million dollars are mostly locked behind the collectors’ glass, or behind the museum, safely kept.