Our saga of the Lincoln cent brings us to contemporary coins—the ones in circulation today.
A new design for Lincoln cents was released in 1959 and is known as the Lincoln Memorial cent. Designed by mint engraver Frank Gasparro, the new coin marked both the 50th anniversary of the Lincoln cent and the 150th anniversary of the late president.
The Wheatie’s End
The face (obverse) of the new coin remained unchanged, but the wheat stalks on the reverse were replaced by a rendition of the Lincoln Memorial in Washington, DC. Sniping over coin design is inevitable—some claimed Gaparro’s design looked more like a streetcar than the memorial—but it stayed in use for fifty years. The coins kept the 95% copper composition of the postwar years until copper became too expensive to continue using in their manufacture.
Aluminum Pennies?
In 1973 copper prices had risen to near parity with the cent’s content. The coins started to be hoarded by speculators, creating a shortage to go along with the high production cost. To address the situation the Mint decided to abandon copper and switch to aluminum cents, but that plan was quickly discarded when the vending machine industry complained the coins wouldn’t work in their equipment. Not before over 1.5 million coins had been made, though, many of which were distributed to members of Congress. The Mint Director asked that they all be returned to be scrapped, but 14 never made it back. One survivor was donated to the Smithsonian and another was supposedly found by a Capitol Police officer. The other twelve…still missing.
Another experiment involved bronze-clad steel coins. That was also abandoned, but not before a bag of the coins slated for melting broke open and several were kept by mint workers. They, along with any remaining aluminum coins, are considered illegally held government property.
Kicking Out Copper
Metal prices dipped for a while, allowing the cent composition to remain 95% copper, but Congress saw the writing on the wall and authorized the Mint to decide composition of the cent coin at its discretion. As copper prices rose again, the coin’s makeup was changed to a 99% zinc core plated with a thin layer of 100% copper beginning with 1982 mintages. The coin’s diameter remained at ¾ inch, but the mass was reduced from 3.11 grams to 2.5 grams. This composition remains today.
Lincoln Memorial Cent Values
Billions of Lincoln Memorial cents remaining in circulation and most used coins are only worth face value. Uncirculated coins range in value from 10-25¢, but there are exceptions for both circulated and uncirculated coins. They include:
- 1969-S Doubled Die Obverse
Die doubling is noticeable only in the inscriptions “In God We Trust” and “Liberty” on the face of the coin. Very rare in all grades, one was discovered in circulation and sold several times, ultimately for $6,000. An uncirculated example sold for over $126,000 in 2008. There are also double-strike coins that are worth much less, as well as counterfeits, so if you think you’ve found one, consult a coin grading service before buying a Maserati. - 1970-S Small Date
The San Francisco Mint used two different dies to make Lincoln cents in 1970, one with a smaller date. An MS67 small date coin sold for $2,464 in 2008. - 1972 Doubled Die Obverse
Another doubled die obverse coin was struck in Philadelphia in 1972. The coin’s value increases with the prominence of the doubling. Circulated samples start around $150. An MS67 coin sold for $12,075 in 2014. Some may still be in circulation, so keep sharp. - 1983 Doubled Die Reverse
This zinc coin’s doubling is most noticeable in the word “One” on the reverse but can also be seen on other devices. Circulated coins go for a few hundred with the record set by an MS68 coin sold in 2017 for $7,050. - 1984 Doubled Die Obverse
This coin’s doubling is most noticeable on Lincoln’s ear and beard. Circulated coins can bring several hundred dollars: The record is $3,910 for an MS68 coin in a 2009 auction. - 1992 “Close AM” Reverse
A 1993 reverse die was accidentally used on circulation coins in both Denver and Philadelphia in 1992. This resulted in the spacing between the A and M in “America” nearly touching on the production coins. A few dozen Denver coins remain and are worth up to a few thousand dollars in top condition, but a much rarer MS67 Philadelphia coin sold for $25,850 in 2017. - 1995 Doubled Die Obverse
This coin marks the end of an era. Toward the end of the 90s, both Denver and Philadelphia began using a single-hub striking technique for making production dies, virtually eliminating the possibility of die doubling. Doubling on this coin is most noticeable at the tops of the letters in “Liberty.” As more of the coins have been found in mint condition, prices have dropped from $300 to around $25, but it’s still a significant coin to own.
Collecting Lincoln Cents
Many coin enthusiasts start their collections with Lincoln cents. It can be a life-long pursuit as collections are expanded and upgraded, often resulting in very valuable portfolios.
To assist you in collecting Lincoln cents, we’ll continue with future articles about key dates to look for, so visit our blog pages frequently
