Lincoln Penny Price Guide: The Lincoln penny is one of the most recognized coins in American history. First minted in 1909 to commemorate the centennial of Abraham Lincoln’s birth, it became the first United States coin to feature a real historical figure. Over the decades, the Lincoln penny has undergone design changes, shifts in metal composition, and variations in mint marks. While most pennies remain worth only their face value, certain rare examples are highly prized by collectors. Understanding the history, key dates, and value chart of Lincoln pennies can help collectors identify which coins are worth saving.
The Origins of the Lincoln Penny
The Lincoln penny was designed by Victor David Brenner and initially featured two wheat stalks on the reverse side, giving rise to the nickname Wheat Penny. From 1909 until 1958, this design remained in circulation. In 1959, the reverse was changed to the Lincoln Memorial, and later in 2009, a series of commemorative designs marked the bicentennial of Lincoln’s birth. Since 2010, the reverse has displayed a shield design symbolizing Lincoln’s preservation of the Union. Each design era has produced coins that are now sought after by collectors.
Why Certain Pennies Are Valuable
The value of a Lincoln penny depends on several factors. Rarity is the most important, as coins with low mintage numbers are harder to find. Mint errors, such as double dies or missing mint marks, can also make a penny valuable. Condition plays a major role, with coins graded at Mint State levels often commanding premium prices. Finally, changes in metal composition, such as the switch from copper to zinc in 1982, create distinct categories that collectors track closely.
Key Dates and Mint Marks
Some Lincoln pennies stand out as legendary among collectors. The 1909-S VDB penny is one of the most famous, with only 484,000 minted. Another key date is the 1914-D penny, which is rare in high grades. The 1922 “No D” penny, struck in Denver without a visible mint mark, is another highly prized coin. The 1955 double die penny, showing dramatic doubling in the date and lettering, remains one of the most recognized error coins. More recent varieties such as the 1992 Close AM and the 1999 Wide AM are also valuable due to their rarity.
Lincoln Penny Value Chart
Below is a general guide to some of the most valuable Lincoln pennies by year and mint mark. Values vary depending on condition, but this chart provides a useful overview.
| Year | Mint Mark | Notable Feature | Approximate Value |
|---|---|---|---|
| 1909 | S VDB | Low mintage, designer initials | $700 to $15,000 |
| 1914 | D | Rare in high grade | $150 to $5,000 |
| 1922 | No D | Mint error, missing mark | $500 to $12,000 |
| 1931 | S | Low mintage | $75 to $1,000 |
| 1955 | None | Double die obverse | $1,000 to $15,000 |
| 1969 | S | Double die obverse | $10,000 to $75,000 |
| 1972 | None | Double die obverse | $250 to $3,000 |
| 1983 | None | Double die reverse | $75 to $1,500 |
| 1992 | Close AM | Rare variety | $500 to $5,000 |
| 1999 | Wide AM | Rare variety | $250 to $3,000 |
Collecting Lincoln Pennies
For beginners, Wheat Pennies are often the easiest way to start a collection. These coins are relatively affordable and widely available. Searching through rolls of pennies from banks or coin dealers can yield surprises, as valuable coins sometimes slip through circulation. Collectors often use albums to organize their coins by year and mint mark, creating a visual timeline of the Lincoln penny’s history.
Grading and Condition
Professional grading services evaluate coins based on their condition, with grades ranging from Poor to Mint State. A penny in Mint State 65 or higher is considered gem quality and can be worth significantly more than the same coin in circulated condition. Collectors should learn to recognize signs of wear, scratches, and discoloration, as these factors influence value. Even small differences in grade can result in large differences in price.
Metal Composition and Varieties
Lincoln pennies have been struck in different metals over the years. From 1909 to 1982, most pennies were made of copper. In 1943, due to wartime shortages, pennies were made of steel coated with zinc, creating the famous Steel Penny. In 1982, the composition changed to copper-plated zinc, which remains the standard today. These changes create distinct varieties that collectors seek out. For example, the 1943 copper penny, an error coin, is one of the rarest and most valuable Lincoln pennies, with values reaching hundreds of thousands of dollars.
Tips for Identifying Rare Pennies
Collectors should pay close attention to mint marks, which indicate where the coin was struck. The most common marks are D for Denver, S for San Francisco, and no mark for Philadelphia. Errors such as doubled dies can be identified by examining the lettering and numbers for signs of duplication. Close AM and Wide AM varieties can be spotted by looking at the spacing between the letters in America on the reverse side. Using a magnifying glass or coin loupe can help spot these details.
The Market for Lincoln Pennies
The market for Lincoln pennies remains strong, with collectors around the world seeking rare examples. Auction houses regularly feature high-grade Lincoln pennies, and online marketplaces provide access to coins at all price levels. Prices fluctuate based on demand, rarity, and condition, but the Lincoln penny continues to be one of the most collected coins in the United States. For many collectors, the thrill lies in finding a rare coin in everyday change.
Conclusion
The Lincoln penny is more than just a small piece of currency. It is a symbol of American history, a tribute to Abraham Lincoln, and a fascinating collectible. From the famous 1909-S VDB to modern varieties like the 1999 Wide AM, Lincoln pennies offer endless opportunities for discovery. Whether you are a beginner searching through rolls of coins or an experienced collector hunting for rare varieties, the Lincoln penny provides a rewarding journey. Understanding the history, key dates, mint marks, and values is the first step toward building a meaningful collection.