The 1939 Wheat Penny Value Guide

The 1939 DDO FS-101 is the premier variety for this date, officially catalogued in the Fivaz-Stanton reference (PCGS #FS-101). It results from Class I hub doubling — the working die was hubbed twice at a rotational shift, permanently embedding a doubled image into every coin struck from that die.

The doubling is strongest on "LIBERTY," particularly the letters "L" and "I," and on the first "9" in the date. "IN GOD WE TRUST" shows a shadow-like thickening on several words. Under a 10× loupe, genuine hub doubling appears as rounded, raised separation on both sides of affected letters — quite different from the flat, shelf-like appearance of worthless machine doubling (MD).

Collector demand for this variety is strong at every grade level. Circulated examples in XF–AU sell for $75–$150 depending on doubling strength. An MS67+ RD example realized $2,350 at auction in 2019, and an MS66 sold for $1,440. The variety is accessible enough for budget collectors yet desirable enough to maintain steady auction premiums. Consulting the Cherrypickers' Guide or CONECA listings confirms attribution.

The 1939 Philadelphia Mint struck 13,520 proof Lincoln cents for collectors — a modest mintage that makes any certified example desirable. Standard non-Cameo proofs feature brilliant, mirror-like fields with sharp device detail. The Cameo designation is extraordinarily rare: it occurs only on the very first strikes from a freshly polished die, before die polish erodes the frosted contrast on the portrait and legends.

A Cameo 1939 proof shows unmistakable frosted white devices — Lincoln's portrait, "LIBERTY," and "IN GOD WE TRUST" — set against deeply reflective mirror fields. This stark contrast creates the visual appeal that defines the Cameo designation. For years, only a single PCGS-certified 1939 proof with a Cameo designation was confirmed; a November 2025 Stack's Bowers auction confirmed at least one NGC Cameo example as well.

Even a standard PR-63 RD proof brings $60–$100 today. A PR-65 RD proof is worth $150–$600. The Cameo-designated example graded PCGS PR-65 RD CAM with CAC approval sold for $2,160 at Heritage Auctions in August 2020 — widely considered an undervaluation given the extreme population rarity. Non-Cameo PR-67 RD proofs have sold for up to $6,900, making this the highest-value 1939 variety outside of gem business strikes.

Off-center strikes occur when the blank planchet is not fully seated within the collar die before the dies descend. The hammer die strikes the planchet in the wrong position, leaving part of the design completely missing and a distinctive plain metal crescent along one edge. These errors vary dramatically in their percentage of misalignment.

The key diagnostic features are the offset percentage and date visibility. A 10–20% off-center strike shows slight misalignment with most design elements still visible. Dramatic examples at 50% or more reveal extensive blank area across nearly half the coin face. Collectors prize examples where the full four-digit date remains clearly readable even at extreme off-center percentages, since an undated off-center coin cannot be definitively attributed to any year.

Minor 10–20% off-center 1939 pennies sell for roughly $25–$35 in circulated grades. Moderate 30–40% examples with visible dates bring $50–$75. The most desirable — showing 50%+ misalignment with the complete date visible and original surfaces — command $75–$150 or more. Extreme examples at 75%+ with full, readable dates are the rarest and can exceed $200–$400 at auction, particularly in uncirculated condition with original luster intact.

The BIE error is one of the most recognizable and widely collected die-crack varieties in the Lincoln cent series, appearing with regularity across multiple dates including 1939. It gets its memorable name from the small vertical die crack that forms between the "B" and "E" in "LIBERTY" on the obverse — a crack that leaves a raised vertical line resembling the letter "I," creating the visual sequence B-I-E between those two letters.

These cracks develop as the working obverse die ages and accumulates stress fractures from repeated striking. An early die-state BIE shows only a faint raised line that requires 5–10× magnification to see clearly. A late die-state example displays a bold, well-defined "I" shape clearly visible at arm's length. The raised line should have the same color and surface character as the surrounding coin — if it appears sunken or looks different in texture, it may be post-mint damage rather than a genuine die crack.

BIE errors are popular precisely because they're accessible to beginners. Faint early-state examples in circulated condition sell for $5–$10 and are a fun find without costing much. Well-developed BIEs with a prominent "I" bring $15–$30. Uncirculated specimens with strong BIE characteristics can reach $40–$75, and MS64 or better examples with dramatic, complete BIE formations have sold for $100–$150. Multiple 1939 dies produced BIE varieties, so the specific die state affects rarity and premium.

Repunched mint marks (RPMs) on pre-1990 Lincoln cents result from the manual process of punching mint marks into working dies. In the 1930s, mint workers punched the "D" or "S" into each individual working die by hand, using a separate punch tool after the master die was hubbed. If the punch was applied more than once in slightly different positions, or if the die was rotated between punches, the result was a doubled or misaligned mint mark impression embedded permanently in the die.

For 1939-D, variety specialists have catalogued at least three distinct RPM varieties. RPM-001 (FS-501) shows the most dramatic repunching, with a clear secondary "D" shifted noticeably to the north — it appears on the CONECA Top 100 RPM list. Under 10–15× magnification, look for doubled serif edges on the "D" or a complete secondary letter impression above or beside the primary mark. The secondary impression may be partial or complete depending on how far the punch shifted.

The combination of the 1939-D's already-scarce mintage (only about 15.16 million struck) with a documented RPM variety makes these particularly appealing to variety collectors. Common circulated RPM examples sell for $10–$25. Stronger examples with clear separation between the primary and secondary impressions fetch $35–$75 in uncirculated condition. Premium MS65+ examples with the most dramatic RPM-001 separation have sold for $100–$200 at auction, and authentication through a certification service is recommended for any example above $50 in value.

Like its Denver counterpart, the 1939-S Lincoln cent features documented repunched mint mark varieties produced during the hand-punching die preparation process at the San Francisco Mint. San Francisco workers manually punched the "S" into each working die, and slight misalignments between successive punches resulted in the RPM varieties collectors seek today. At least two distinct 1939-S RPM varieties have been catalogued.

The most prominent variety, 1939-S RPM-001 (FS-501), shows a clear secondary "S" shifted to the northeast of the primary mint mark. RPM-002 shows a secondary impression to the north or northwest. Under 10–15× magnification, look for extra serifs on the "S," doubled curves on the top or bottom loops, or a partial secondary letter impression in the northeast direction. The secondary impression may overlap with the primary, creating a slightly bloated or distorted appearance to the mint mark even at modest magnification.

The 1939-S RPM varieties appeal to variety collectors seeking affordable pre-war examples. Common circulated RPM examples sell for $3–$8. Stronger varieties with clearly separated secondary impressions fetch $10–$20 in average circulated grades. Uncirculated examples with clean surfaces and dramatic repunching reach $25–$50. Premium MS64 or better specimens with the most dramatic displacement have sold for $75–$150, particularly when combined with original red luster. A certified ANACS MS-66 RD example of RPM-001 has been offered at $50 by variety dealers.