Lincoln pennies have been produced in the United States for well over 100 years now, and the earlier versions of them are popular collector’s items. Whether it be the historical significance, attractive design, or any of the host of other factors, the fact of the matter is that collectors will do anything to get their hands on these coins.
The 1940 Lincoln penny features, on its obverse side, the profile of Abraham Lincoln. Lincoln’s image takes up a lot of the coin’s face, but to his left you will see the raised inscription of the word “Liberty.” Directly to Lincoln’s right will be a marking indicating the 1940 year of minting. Rounding out the features of the obverse is an inscription which arches over the top and reads, “In God We Trust.”
The coin’s reverse features in the middle two inscriptions, one that reads “United States of America” and one that reads “One Cent.” To the left and right of these central inscriptions are single stalks of wheat, which is why the penny is often referred to as a “Wheat Penny.” Arching overtop of the reverse is the Latin phrase “E Pluribus Unum.”
For collectors, the only 1940 Lincolns that strike a chord are those that have been graded. This is so because these coins are so old it becomes necessary to have their condition and authenticity professionally assessed. Because these coins are so old, however, the condition in which they are in is variable. Below, we will outline the different coin grades as well as what these grades mean.
Uncirculated: A coin that is graded as being Uncirculated is one that likely never spent any time on the open market. Having never been circulated, these coins will have been perfectly preserved to the point where they look today much like they did back in 1940. The only real noticeable defect is that the coloration of the coin might have faded due to age.
Extremely Fine: If a coin is worthy of an Extremely Fine grade, this means that the piece in question is mostly pristine, but will feature a small imperfection or two. Most often, the flaws on these coins come in the form of a single scratch or other mark. All things considered, these pieces are in excellent shape.
Fine: Fine is the grade given to coins that have been circulated extensively, but have not been too heavily damaged during that time. Though you will see plenty of scratching and smoothing thanks to years of exchanging hands, the lettering and imagery featured on the coin will have been mostly preserved.
Good: A coin is determined to be of Good grade if it features a lot of damage. These 1940 Lincoln pennies were likely in circulation throughout the whole of their existence, and during that time have been heavily damaged. Some of the imagery and lettering might have been worn away completely thanks to years and years of use.
As far as assigning value to one of these coins is concerned, this is something that can be done by taking into consideration the type of coin you have and the condition it is in. Because there were up to 3 different types of Lincoln pennies produced most years, the type of coin you have will go a long way in determining its value. Below is a chart that will help you gain a better idea of what the value of a 1940 Lincoln penny is given its grade and type.
|1940 Lincoln Penny||$0.15||$0.20||$0.60||$1|
|1940 Lincoln Penny (D)||$0.15||$0.25||$0.75||$2|
|1940 Lincoln Penny (S)||$0.15||$0.20||$1||$1.75||Source: Red Book|