1940 Wheat Penny Value Guide 

Uncirculated (MS-60 and higher): A 1940 wheat penny in uncirculated condition, meaning it shows no signs of wear and retains its original mint luster, can range in value from about $1 to $5 or more, depending on its overall condition and mint mark. 

Extremely Fine (EF-40): In extremely fine condition, the coin will have minimal wear with most of the original details still visible. A 1940 wheat penny in EF-40 condition is typically valued around $0.25 to $0.50. 

Very Fine (VF-20): A very fine 1940 wheat penny will show moderate wear but the major design elements and lettering are clear. Its value ranges from approximately $0.10 to $0.25. 

Fine (F-12): Coins in fine condition have noticeable wear but the overall design is still well-defined. A 1940 wheat penny in F-12 condition is valued around $0.05 to $0.15. 

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Good (G-4): Good condition indicates a well-circulated coin where the details are worn but still recognizable. A 1940 wheat penny in G-4 condition is generally valued at around $0.03 to $0.10. 

It's important to note that rare mint errors or variations can significantly increase the value of a 1940 wheat penny.  

Also, coins with full wheat lines on the reverse (indicating strong strikes) tend to be more desirable to collectors. 

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