1938-D cents were very well made, and Mint State examples are almost always sharply struck from dies that show no more than moderate wear. Fully red gems are slightly scarcer than for most cents of the late 1930s, but not enough to make them rare.
Several minor varieties are known for this issue, but the only one to draw much collector interest.
Mintage:
| Philadelphia | Denver | San Francisco |
| 156,682,000 | 20,010,000 | 15,180,000 |