Some Lincoln pennies are worth over $100,000, with rare examples nearing $2 million. Their value often comes down to rarity, condition, and demand. Coins that stayed out of circulation, keeping their original color and details, are especially prized.
Mistakes can also make pennies valuable. For instance, the 1943 bronze pennies, accidentally struck instead of steel, are highly sought after. Collectors often turn to coin dealers or auctions to find these rare, high-quality coins. The love for pennies among collectors ensures that their value continues to soar.
Lincoln Cent:
The Lincoln cent, often called the Lincoln penny, is a one-cent coin produced by the United States Mint since 1909. Designed by Victor David Brenner, the obverse features a portrait of Abraham Lincoln, making it the first U.S. coin to depict a president. Over the years, the Lincoln cent has seen various reverse designs, evolving with the times while keeping its place as a staple in American currency.
History of the Lincoln Cent
The Lincoln Cent was introduced in 1909 to celebrate the centennial of Abraham Lincoln’s birth. At the time, the idea of a coin having a president on it was unique because past American presidents, such as George Washington, disapproved of the idea because they felt it was too a monarchy. However, Lincoln’s legacy made him a fitting choice for this groundbreaking design.
Originally, the reverse of the coin depicted two stalks of wheat, earning the nickname “wheat pennies.” This design remained until 1958. Over time, the reverse design changed to reflect cultural milestones:
- 1959: The wheat design was replaced by the Lincoln Memorial by Frank Gasparro to honor Lincoln’s 150th birth anniversary.
- 2009: Four commemorative designs were issued to celebrate Lincoln’s 200th birthday.
- 2010: The reverse was updated to a Union shield designed by Lyndall Bass, symbolizing national unity.
Specifications of the Lincoln Cent
The Lincoln Cent has undergone several changes in composition to meet economic demands:
- 1909–1942, and 1944–1982: It is made with 95% copper and a mix of tin or zinc.
- 1943: It is strucked in zinc-plated steel with copper for the war effort.
- 1982–present: Made of copper-plated zinc (97.5% zinc, 2.5% copper).
Other key specifications include:
- Weight:
- Pre-1982 bronze coins: 3.11 g
- Current coins: 2.5 g
- Diameter: 19.05 mm (0.750 inches)
- Edge: Plain
Design Details
Obverse
The obverse side of the coin has Abraham Lincoln’s profile, designed by Victor D. Brenner. It has remained a constant since 1909, with a minor change in 1918 when Brenner’s initials, VDB, were added discreetly on Lincoln’s shoulder.
Reverse
The reverse has seen several designs:
- 1909–1958: Wheat stalks symbolizing prosperity.
- 1959–2008: Lincoln Memorial honoring his role as a unifier.
- 2010–present: The Union Shield, representing the strength and unity of the United States.
Interesting Facts
- The Lincoln cent was initially released on August 2, 1909, creating massive public excitement.
- In 1943, the zinc-coated steel penny sparked interest due to its unique appearance and materials used during wartime.
- Coins struck between 1965 and 1967 had no mint marks, a rarity for U.S. coins.
A Legacy of Change
The Lincoln Cent reflects both America’s history and its enduring connection to one of its greatest leaders. From the wheat pennies of the early 20th century to today’s shield design, it remains a small yet powerful piece of Americana, cherished by collectors and citizens alike.
Top 10 Most Valuable Lincoln Penny
- 1969 Doubled Die Lincoln Penny – $126,500
- 1992 Close AM Penny – $25,850
- 1970-S Small Date Penny – $18,400
- 1983-D Bronze Lincoln Penny – $1,400
- 1983 Doubled Die Reverse Penny – $7,050
- 1979-S Type II Proof Penny – $4,000
- 1998 Wide AM Penny – $5,000
- 1971-S Doubled Die Obverse Proof Penny – $3,220
- 1960-D Over D Small Date Over Large Date Penny – $4,025
- 1981-S Type II Proof Lincoln Penny – $900 to $1,200
1. 1969 Doubled Die Lincoln Penny – $126,500
The 1969 Lincoln Memorial penny with a doubled die error is extremely rare and highly valuable. Discovered only in the 1990s, decades after minting, this error is easily visible with clear doubling on LIBERTY and IN GOD WE TRUST. Its rarity and striking features make it a collector’s dream.
Several dozen of these pennies are known to exist, with a few mint-state examples still surfacing. One graded MS64 sold for $126,500 in 2005. If you find one with visible doubling, you might be holding a fortune in your hand.
2. 1992 Close AM Penny – $25,850
In 1992, the letters AM in AMERICA were generally separated on Lincoln pennies. However, a transitional design resulted in some coins with a Close AM, meant for 1993. This unique error makes the 1992 Close AM penny extremely rare.
Only three examples are known. The most recent was graded MS67 with a Red color designation, selling for $25,850 at auction in 2017. This transitional design anomaly is one of the most exciting finds for collectors.
3. 1970-S Small Date Penny – $18,400
The 1970-S small date Lincoln penny is a scarce variation of the San Francisco Mint’s production. The difference lies in the alignment of the 7 in the date and the strength of the word LIBERTY. Small date pennies have a higher 7, while large dates align lower.
Even circulated examples fetch high values, but mint-state coins are the most sought after. One graded PF69 with Deep Cameo status sold for $18,400. Spotting this rare variety can make searching through rolls of change worthwhile.
4. 1983-D Bronze Lincoln Penny – $1,400
By 1983, the U.S. Mint transitioned from copper pennies to zinc ones due to rising metal costs. However, some 1983 pennies were mistakenly struck with the older bronze composition, making them transitional coins.
The 1983-D bronze Lincoln penny is scarce, particularly in high grades. In mint condition, a red-colored specimen can sell for at least $1,400, making it a prized find among collectors.
5. 1983 Doubled Die Reverse Penny – $7,050
The 1983 doubled die reverse penny features a clear doubling on the words E PLURIBUS UNUM, ONE CENT, and UNITED STATES OF AMERICA. This error is highly visible, adding to the coin’s appeal.
Higher-grade examples are rare and valuable. One graded MS68 sold for $7,050 at auction. If you find a 1983 penny with this strong doubling, it’s worth having it appraised.
6. 1979-S Type II Proof Penny – $4,000
The 1979-S Type II proof penny features a clear, well-defined S mint mark, distinguishing it from the Type I variety. These were minted in smaller quantities, making them more valuable.
A Type II penny graded PF69 has sold for as much as $4,000. Its sharp details and rarity make it a favorite among collectors of proof coins.
7. 1998 Wide AM Penny – $5,000
The 1998 Wide AM penny resulted from an error where the reverse die for proof coins was used on circulation strikes. This variation shows the letters AM in AMERICA separated, unlike typical coins of the era.
While circulated examples are common, mint-state coins graded MS68 are extremely rare and valuable. A pristine Wide AM penny can fetch upwards of $5,000, making it a lucrative find.
8. 1971-S Doubled Die Obverse Proof Penny – $3,220
The 1971-S doubled die obverse proof penny shows doubling on LIBERTY and IN GOD WE TRUST. Strong doubling is much rarer than weak doubling, making it the more desirable variety.
Cameo and Deep Cameo examples are particularly valuable. A PF67 cameo specimen sold for $3,220 in 2005, and interest in this coin continues to grow.
9. 1960-D Over D Small Date Over Large Date Penny – $4,025
This coin features two distinct errors: a re-punched D mint mark and a small date struck over a large date. Mint workers mistakenly punched the D mint mark twice and used adjusted dies for the dates, creating a unique and scarce variation.
A gem-condition example graded MS66 sold for $4,025 in 2008. Coins with these layered errors are fascinating finds for numismatists.
10. 1981-S Type II Proof Lincoln Penny – $900 to $1,200
The 1981-S Type II proof penny has a sharper S mint mark compared to the Type I variety. Only about 10% of the coins minted that year bear the Type II mark, making them significantly rarer.
Specimens graded PF68 or higher are worth between $900 and $1,200, with their value rising as collectors seek these scarcer proofs. Keep an eye out for this unique variation in coin collections or auctions.
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Bottom Line:
Lincoln pennies have a unique place in numismatics, with specific rare and error coins becoming highly valuable because of their historical value, rarity, and collector demand. These gems highlight the importance of paying awareness to small details, as even a simple penny can hold high value. Whether you’re a seasoned collector or a curious enthusiast, exploring Lincoln pennies offers a fascinating journey through American history and the artistry of coinage.
