Description and Analysis

Lincoln Cents, Wheat Reverse
1938 S 1C MS

Description & Analysis

The low mintage of this issue made it moderately scarce in circulation, but it also attracted speculators who put aside BU rolls at or near the time of minting. Fully red gems thus survive in sufficient numbers to satisfy advanced collectors.

With a slowed economy, the mintage of this issue was sporadic, with nearly all pieces struck in two bursts of activity at the beginning and the end of 1938. Most were not released until the following year, which only encouraged more hoarding.

Two spectacular repunched mintmark varieties are known for 1938-S cent. FS-501 is notably more scarce than FS-502, but both are widely collected as part of the series.