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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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MIC-Info: RSA-MD5,RSA,
 Kuc7mDfBwJDtqAM9JDsUXQsYG2sA165uLemU7TL7X2Fe4CjgFRT7pXYwGoZLMo/X
 407SOST8y6/oX2Yf26IVyw==

<SEC-DOCUMENT>0001246089-04-000003.txt : 20040106
<SEC-HEADER>0001246089-04-000003.hdr.sgml : 20040106
<ACCEPTANCE-DATETIME>20040106163331
ACCESSION NUMBER:		0001246089-04-000003
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20040102
FILED AS OF DATE:		20040106

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			LOTTER CHARLES R
		CENTRAL INDEX KEY:			0001246089

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-15274
		FILM NUMBER:		04510565

	MAIL ADDRESS:	
		STREET 1:		6501 LEGACY DR
		CITY:			PLANO
		STATE:			TX
		ZIP:			75024

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			J C PENNEY CO INC
		CENTRAL INDEX KEY:			0001166126
		STANDARD INDUSTRIAL CLASSIFICATION:	RETAIL-DEPARTMENT STORES [5311]
		IRS NUMBER:				260037077
		STATE OF INCORPORATION:			DE

	BUSINESS ADDRESS:	
		STREET 1:		6501 LEGACY DRIVE
		CITY:			PLANO
		STATE:			TX
		ZIP:			75024-3698
		BUSINESS PHONE:		9722431100

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	J C PENNEY HOLDINGS INC
		DATE OF NAME CHANGE:	20020128
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>form4lotter1504_ex.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<!-- - EDGAR Ease Plus 1.0                                   07/25/03  TT    -->
<ownershipDocument>
    <schemaVersion>X0201</schemaVersion>

    <documentType>4</documentType>
   <periodOfReport>2004-01-02</periodOfReport>
   <notSubjectToSection16>0</notSubjectToSection16>
    <issuer>
        <issuerCik>0001166126</issuerCik>
        <issuerName>J C PENNEY CO INC</issuerName>
        <issuerTradingSymbol>JCP</issuerTradingSymbol>
   </issuer>
   <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001246089</rptOwnerCik>
            <rptOwnerName>LOTTER CHARLES R</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>6501 LEGACY DRIVE</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>PLANO</rptOwnerCity>
            <rptOwnerState>TX</rptOwnerState>
            <rptOwnerZipCode>75024</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
            <reportingOwnerRelationship>
         <isDirector>0</isDirector>
         <isOfficer>1</isOfficer>
         <isTenPercentOwner>0</isTenPercentOwner>
         <isOther>0</isOther>
         <officerTitle>EVP, Sec. and General Counsel</officerTitle>
      </reportingOwnerRelationship>
   </reportingOwner>
 <nonDerivativeTable>
   <nonDerivativeTransaction>
      <securityTitle>
         <value>Common Stock of 50 cent Par Value</value>
            <footnoteId id="F2"/>
      </securityTitle>
      <transactionDate>
         <value>2004-01-02</value>
      </transactionDate>
      <deemedExecutionDate>
         <value>2004-01-02</value>
      </deemedExecutionDate>
      <transactionCoding>
         <transactionFormType>4</transactionFormType>
         <transactionCode>S</transactionCode>
         <equitySwapInvolved>0</equitySwapInvolved>
      </transactionCoding>
      <transactionAmounts>
         <transactionShares>
           <value>42550</value>
         </transactionShares>
         <transactionPricePerShare>
           <value>25.98</value>
         </transactionPricePerShare>
         <transactionAcquiredDisposedCode>
           <value>D</value>
         </transactionAcquiredDisposedCode>
      </transactionAmounts>
      <postTransactionAmounts>
         <sharesOwnedFollowingTransaction>
           <value>82569</value>
         </sharesOwnedFollowingTransaction>
      </postTransactionAmounts>
      <ownershipNature>
         <directOrIndirectOwnership>
            <value>D</value>
         </directOrIndirectOwnership>
      </ownershipNature>
   </nonDerivativeTransaction>
   <nonDerivativeTransaction>
      <securityTitle>
         <value>Common Stock of 50 cent Par Value</value>
            <footnoteId id="F2"/>
      </securityTitle>
      <transactionDate>
         <value>2004-01-05</value>
      </transactionDate>
      <deemedExecutionDate>
         <value>2004-01-05</value>
      </deemedExecutionDate>
      <transactionCoding>
         <transactionFormType>4</transactionFormType>
         <transactionCode>S</transactionCode>
         <equitySwapInvolved>0</equitySwapInvolved>
      </transactionCoding>
      <transactionAmounts>
         <transactionShares>
           <value>82500</value>
         </transactionShares>
         <transactionPricePerShare>
           <value>26.11</value>
         </transactionPricePerShare>
         <transactionAcquiredDisposedCode>
           <value>D</value>
         </transactionAcquiredDisposedCode>
      </transactionAmounts>
      <postTransactionAmounts>
         <sharesOwnedFollowingTransaction>
           <value>69</value>
         </sharesOwnedFollowingTransaction>
      </postTransactionAmounts>
      <ownershipNature>
         <directOrIndirectOwnership>
            <value>D</value>
         </directOrIndirectOwnership>
      </ownershipNature>
   </nonDerivativeTransaction>
 </nonDerivativeTable>
 <derivativeTable>
   <derivativeHolding>
      <securityTitle>
         <value>Options/Right to Buy/Grant</value>
      </securityTitle>
      <conversionOrExercisePrice>
            <footnoteId id="F1"/>
      </conversionOrExercisePrice>
      <exerciseDate>
         <value>2004-02-24</value>
      </exerciseDate>
      <expirationDate>
         <value>2013-02-23</value>
      </expirationDate>
      <underlyingSecurity>
         <underlyingSecurityTitle>
           <value>Common Stock</value>
         </underlyingSecurityTitle>
         <underlyingSecurityShares>
            <footnoteId id="F1"/>
         </underlyingSecurityShares>
      </underlyingSecurity>
      <postTransactionAmounts>
         <sharesOwnedFollowingTransaction>
           <value>346000</value>
         </sharesOwnedFollowingTransaction>
      </postTransactionAmounts>
      <ownershipNature>
         <directOrIndirectOwnership>
           <value>D</value>
         </directOrIndirectOwnership>
      </ownershipNature>
   </derivativeHolding>
 </derivativeTable>
   <footnotes>
      <footnote id="F1"> Price and Expiration Date vary based on date of options award.</footnote>

      <footnote id="F2"> The shares covered by this Form 4 are being sold pursuant to a Rule 10b5-1 Trading Plan dated September 18, 2003, which plan is intended to comply with Rule 10b5-1; a portion of the shares sold will cover substantial withholding tax, FICA and other obligations associated with the vesting of the restricted stock award.</footnote>
   </footnotes>
   <remarks>***Under Continuing POA as filed with the S.E.C.</remarks>
   <ownerSignature>
      <signatureName>Ralph H. Richardson***</signatureName>
      <signatureDate>2004-01-06</signatureDate>
   </ownerSignature>
</ownershipDocument>

</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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