How Much is a 1942 Penny Worth?
At a Glance:
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- 1942 pennies with no mint mark aren’t valuable, but S and D 1942 pennies can be.
- Certain high-grade 1942 pennies can be worth several hundred dollars or more.
- The mint mark and the presence of certain errors can also impact a 1942 penny’s value.
- On this page, learn more about how much a 1942 penny could be worth.
How Much is a 1942 Penny Worth? | 1942 Wheat Penny Value Guide
Finding a wheat penny in your change is always an exciting experience. The wheat penny was discontinued after 1958 when the U.S. Mint began producing the modern “Lincoln Memorial” design. The 1942 wheat penny occupies an especially fascinating spot in American coinage history. This one-cent coin was minted in the midst of World War Two, one year before the U.S. Mint produced the 1943 steel penny in order to conserve vital metal resources for the war effort.
If you’ve found a 1942 penny on the ground, received it in your change, or even just bought one at an antique shop, you might be wondering how much a 1942 penny is worth. Here’s the bad news – 1942 pennies are usually not worth much more than their face value of one cent. 1942 pennies that are in exceptional condition, possess certain rare errors, or were produced at either the Denver or San Francisco Mint can be worth considerably more than a cent, though.
On this page, we’ll walk you through how much a 1942 penny is worth – and whether you might have a hidden treasure on your hands!
About the 1942 Wheat Penny | Mint Marks, Mintage Figures, Errors, and Varieties
1942 wheat pennies were produced at three mints:
- Philadelphia (No Mint Mark)
- Denver (‘D’ Mint Mark)
- San Francisco (‘S’ Mint Mark)
Of these three mints, Philadelphia produced by far the greatest number of 1942 pennies (657,796,000) compared to Denver (206,698,000) and San Francisco (85,590,000). In general, 1942 cents with no mint mark are worth only a bit more than their face value, but they can be more valuable depending on condition, the presence of valuable errors, and a few other numismatic valuation elements.
1942 wheat pennies can feature several mint-made errors, which can be popular with collectors and increase their value. Doubled die errors, planchet errors, strike-through errors, and numerous other common minting mistakes are sometimes found on 1942 pennies. If your coin features a rare mint-made error, consider getting it evaluated by an expert who can attest to the error’s authenticity.
There are no varieties of the 1942 wheat penny, at least not in the classical sense. However, numismatists generally distinguish between red and brown 1942 pennies. Pennies turn brown over time because of improper storage or exposure to the elements. This is why most of the pennies you find on the ground will seem more brown than red. Red 1942 pennies are usually more valuable than brown variants, since the red tint typically implies a better condition.
What Makes a 1942 Penny Valuable?
Some 1942 wheat pennies are worth only a penny, while others have auctioned for thousands of dollars. Why the discrepancy? Like most numismatic coins, the value of a 1942 penny depends chiefly on three factors:
- Mint mark – Which mint produced this coin?
- Condition – How weathered is this coin compared to mint condition?
- Rare errors – Did the U.S. Mint make a rare error when striking this coin?
The extremely valuable 1942 pennies you see listed on auction sites are usually coins that have been kept in exceptional condition for over 80 years. Additionally, 1942 wheat pennies minted at San Francisco are rarer than pennies minted in either Denver or Philadelphia, so 1942-S pennies have higher minimum value on the secondary market.
Mint Mark
A coin’s mint mark always plays a role in determining its value. Because of the large difference in mintage figures between the Philadelphia, Denver, and San Francisco Mints for pennies in 1942, this factor is especially important in determining how much a 1942 wheat penny is worth. Because only 85,590,000 1942 pennies were minted at the San Francisco Mint compared to 206,698,000 at Denver and a whopping 657,796,000 at the Philadelphia Mint, 1942 cents with the ‘S’ mint mark are usually worth more than other pennies from the same year.
To find the mint mark on your 1942 wheat penny, look for a small digit on the obverse (front) side, which is the side featuring Abraham Lincoln’s head. If the penny has no mint mark, it was produced at the Philadelphia Mint. A 1942 penny with a ‘D’ mint mark was minted in Denver. The rarest 1942 penny mint mark is ‘S,’ which means that the coin was minted at the San Francisco Mint.
How much is my 1942 penny worth? As a general reference, the PCGS value estimate for a 1942 penny in MS-61 condition is about face value ($0.01). For a 1942-D penny graded MS-62, this value jumps to $5. 1942-S pennies are worth around $8 in MS-60 condition and $9 in MS-62, according to the PCGS pricing guide.
As you probably already know by now, a coin’s mint mark is not the only factor used to determine its value. Condition is perhaps even more important in figuring out how much a 1942 penny is worth.
Condition
At this point, most 1942 pennies are nearly 85 years old. The vast majority of surviving specimens of this one-cent coin are in terrible condition and are worth little more than face value. But as you’ll see on most modern pricing guides, the value for a 1942 penny jumps significantly at the higher grades. The auction record for a 1942-S penny is $12,000, when a coin graded MS-68 sold to a collector at Heritage Auctions.
Whether you’re looking at a 1942, 1942-D, or 1942-S penny, expect your coin’s value to climb considerably as you get into the high-MS grading territory. Because so many 1942 pennies were produced, particularly at the Philadelphia Mint, these coins usually don’t fetch high auction values in the low-MS grading range. Expect the big money to come from coins that are graded MS-65 or higher.
Should you grade your 1942 penny? Not necessarily. A simple at-home coin grading won’t be perfect, but it should tell you whether or not it’s worth paying to have your penny professionally graded. The vast majority of 1942 pennies still in the wild won’t grade MS-60 or higher, so most coins you come across won’t be worth the money you’d spend sending them off to NGC or PCGS for grading.
If you think your 1942 penny might qualify for the coveted Ms-68 designation, it’s almost always worth the money and effort to have it professionally graded.
Rare Errors
Like all other numismatic coins, some 1942 pennies may feature rare mint-made errors. Mint-made errors occur when the mint producing a coin makes a mistake during the minting process. These errors can sometimes be tricky to spot, since certain errors are subtle and hard to notice with the naked eye alone. The most valuable errors are spectacular, which means that they’re easily visible without intense magnification.
The value of an error coin is tricky to pin down, both because error coins are rare and the market for them is considerably smaller than for regular strike, non-error coins. However, certain 1942 pennies with errors could be worth thousands of dollars, depending on which error the coin demonstrates and how spectacular the mistake is.
To identify errors on your 1942 pennies, keep your eye out for imperfections and other visual elements that just don’t look right. Some coins that appear to be error coins may actually feature post-mint damage, which occurs when a citizen intentionally or unintentionally changes the appearance of the coin to mirror the look of a common or valuable error.
That being said, the market for error pennies is rather large. Because the U.S. Mint has produced billions and billions of pennies, errors are relatively plentiful. The result has been a robust international market of rare coin collectors that are almost always willing to pay a decent premium over face value for spectacular or subtle 1942 error pennies.
Are 1942 Pennies Steel?
If you found a 1942 penny, you may be wondering if you’ve come across one of the famous steel cents produced during World War II. You wouldn’t be faulted for thinking so! 1942 is squarely in the middle of the second world war, and the U.S. military needed high amounts of copper, tin, and zinc for the war effort. However, steel pennies were only officially produced in 1943, one year after the 1942 penny entered circulation.
The 1942 penny is composed of 95% copper and a 5% alloy of tin and zinc, regardless of your coin’s mint mark or condition.
Final Thoughts: Could Your 1942 Penny Be Valuable!
San Francisco (S) 1942 pennies are more valuable then 1942 cents produced in either Denver or Philadelphia, but even these relatively rare pennies are usually not worth much unless they’re kept in excellent condition. The value of a 1942 penny hinges largely on the coin’s mint mark, condition, and the presence (or lack) of rare mint-made errors on the coins faces.
Chances are, the 1942 penny you picked up on the road isn’t worth much more than one cent. But if you’ve got a rare mint mark, an interesting error, or an exceptionally well-maintained 1942 penny on your hands, you might be looking at a fortune!
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About The Author
Michael Roets
Michael Roets is a writer and journalist for Hero Bullion. His work explores precious metals news, guides, and commentary.