The value of a circulated 1942 wheat penny depends on its condition and rarity. In general, a circulated 1942 wheat penny is worth around $0.15 to $0.25. However, some 1942 wheat pennies may be worth more due to their condition or rarity. For example, a 1942 wheat penny in mint state (MS-65) may be worth around $10, while a 1942 wheat penny with a rare error may be worth even more.