lincoln memorial penny values
Lincoln Memorial Penny Values: A Comprehensive Industry Review
The Lincoln Memorial penny, minted from 1959 to 1963, is a staple of U.S. coin collecting. While most examples in circulation are worth little above face value, specific varieties, mint marks, and conditions can significantly increase their numismatic value. This article provides an in-depth analysis of the advantages and drawbacks of valuing and collecting these coins, helping you make informed decisions.
Key Takeaways
- Base Value: Uncirculated Lincoln Memorial pennies (1959-1963) generally range from $0.25 to $1.50 depending on year and grade.
- Rarity Exception: The 1959-S (San Francisco Mint) penny is the most valuable due to the lowest mintage of that year series.
- Mint State Premium: Coins graded MS-60 or higher command significantly higher prices, often exceeding $10 for high grades.
- Drawing Advantage: For the average collector, the value proposition is low unless holding rare varieties like the Double Die Obverse (1959).
- Drawback: Common circulated pennies offer negligible premium over face value, making storage and transaction costs inefficient.
Advantages and Drawbacks of Valuing Lincoln Memorial Pennies
Understanding the true market value of Lincoln Memorial pennies requires balancing accessibility against rarity. Below is a detailed review of the pros and cons associated with this coin series.
Advantages
- Accessibility: These pennies are widely available, making it easy for beginners to start a collection without significant upfront cost.
- Historical Significance: The 1959-1963 dates represent the first use of the Lincoln Memorial on the reverse, marking a significant shift in U.S. currency design.
- Varied Value Potential: From cheap common dates to rare varieties, there is a wide spectrum of value. The 1959-S MS-65 can fetch over $1,000, providing a clear path for investment growth.
Drawbacks
- Low Circulated Value: In poor to good condition (grades F to VF), most Lincoln Memorial pennies trade for only $0.05 to $0.25, offering minimal return on investment.
- Storage Costs: Storing thousands of common pennies requires physical space that may not be justified by their total value.
- Minting Errors Dependency: Value increases drastically only with errors or varieties. Without these, the coin is often seen as a commodity rather than a collectible.
Lincoln Memorial Penny Value by Year and Condition
The following table outlines the approximate market value for Lincoln Memorial pennies across different grades and mint marks. Prices reflect current market trends and may vary based on dealer liquidity and auction premiums.
| Year / Mint | Good (G-4) | Very Fine (VF-20) | Uncirculated (MS-60) | Mint State (MS-65) |
|---|---|---|---|---|
| 1959 (Philadelphia) | $0.05 | $0.20 | $0.50 | $15.00 |
| 1959-S (San Francisco) | $0.05 | $0.50 | $2.00 | $1,200.00 |
| 1960 (Philadelphia) | $0.05 | $0.15 | $0.40 | $12.00 |
| 1960-S (San Francisco) | $0.05 | $0.30 | $1.50 | $100.00 |
| 1961 (Philadelphia) | $0.05 | $0.20 | $0.60 | $25.00 |
| 1961-S (San Francisco) | $0.05 | $0.40 | $2.50 | $300.00 |
| 1962 (Philadelphia) | $0.05 | $0.20 | $0.70 | $20.00 |
| 1962-S (San Francisco) | $0.05 | $0.50 | $3.00 | $200.00 |
| 1963 (Philadelphia) | $0.05 | $0.25 | $0.80 | $30.00 |
| 1963-S (San Francisco) | $0.05 | $0.60 | $4.00 | $150.00 |
Checklist: When to Value Your Penny
- Check for the "S" mint mark (San Francisco).
- Inspect for Double Die Obverse (common in 1959).
- Assess luster: Brilliant, uncirculated coins fetch higher prices.
- Identify any major errors (off-center strikes, doubled dies).
- Compare recent auction results for similar grades.
Frequently Asked Questions (FAQs)
What is a 1959-S Lincoln Memorial penny worth?
A 1959-S Lincoln Memorial penny is the key to high value in this series. In circulated condition, it is worth between $0.05 and $0.50. In uncirculated Mint State (MS-60+), the value jumps to $2.00 to $20.00. Exceptional coins graded MS-65 or higher can sell for over $1,000. The rarity of this mint mark combined with lower mintage compared to Philadelphia strikes makes it the most sought-after Lincoln Memorial penny.
Are all Lincoln Memorial pennies worth more than their face value?
No. Most 1959-1963 pennies in general circulation are worth close to their face value of $0.01 or slightly higher due to silver content rumors (though these are copper, not silver). Significant premiums are only realized for coins in excellent uncirculated condition or for rare varieties like the 1959 Double Die Obverse.
How can I tell if I have a rare Lincoln Memorial penny variety?
Rarity often lies in mint marks and grading. Look for the "S" mint mark on the reverse. For the 1959 date, use a loupe to examine the date "1959" on the obverse; a true Double Die Obverse will show distinct ghost-like duplicates of the numerals. Additionally, look for bright luster and lack of scratches. If your coin appears "raw" but is exceptionally clean and shiny, it may be in Mint State condition, which holds significantly more value.