1964 Penny Value: The Complete Collector‘s Guide

Are you curious what your old 1964 pennies are worth? You‘ve come to the right place. In this comprehensive guide, we‘ll cover everything you need to know about collecting and valuing these classic Lincoln cents, from mintage figures to rare varieties and errors.

Whether you‘re a seasoned numismatist or just starting to collect coins, understanding the key factors that affect 1964 penny values can help you build a valuable and meaningful collection. We‘ll share expert tips and insights gleaned from decades of experience in the coin collecting world.

Historical Context

1964 marked a key transitional year for United States coinage. It was the last year that circulating coins, including the Lincoln cent, were struck in the traditional 95% copper alloy used since 1864.

Facing rising copper prices and supply concerns, the U.S. Mint would switch to a cheaper copper-plated zinc composition for cents starting in 1982. That means that 1964 pennies represent the end of an era, and are prized by collectors for their high copper content.

Additionally, 1964 was a busy year for the Mint, as a coin shortage led to increased production of cents, nickels, dimes, and quarters. The Philadelphia and Denver Mints worked overtime to keep up with demand, striking billions of coins.

Mintage Figures

Here‘s a breakdown of how many 1964 Lincoln cents were produced at each Mint facility:

Mint Mark	Mintage	% of Total
(P)	2,631,075,200	40.6%
D	3,799,071,500	58.6%
1964 Proof	3,950,762	0.1%
Total	6,434,097,462	100%

As you can see, Denver narrowly edged out Philadelphia in terms of production, but both mints struck over 2.5 billion pennies – a staggering number! The 1964 proof cents minted at the San Francisco Mint for collectors are much scarcer.

While these mintage figures are high, it‘s important to remember that many 1964 cents have been lost, damaged, or worn down in circulation over the last 60 years. High-grade examples in pristine condition are much harder to come by.

Grading and Condition

A coin‘s grade is the single most important factor for determining its value, and 1964 Lincoln cents are no exception. Grades are assigned by third-party grading services like PCGS and NGC using the Sheldon scale from 1 to 70.

Here are the main components of a coin‘s grade:

Wear: The amount of detail remaining on the high points of the design, where a coin experiences friction and wear from circulation. Ranges from "poor" (barely identifiable) to "uncirculated" (no wear at all).
Luster: The reflectivity and shine of a coin‘s surface, imparted by the dies during minting. Ranges from "dull" to "prooflike" to "deep mirror prooflike" in top-quality examples.
Marks: Nicks, scratches, dings, and other imperfections on a coin‘s surface from contact with other coins or objects. Fewer/smaller marks mean a higher grade.
Strike: The amount of detail and sharpness transferred from the dies to the coin during minting. Weak strikes can be flat and mushy, while strong strikes have crisp details.
Eye Appeal: The overall visual impression and attractiveness of a coin. Bright, warm colors and "flashy" luster are prized by collectors.

Put together, these factors determine a coin‘s numeric grade:

MS-60 to MS-70: Mint State (uncirculated) coins with varying degrees of luster, marks, and eye appeal. MS-60 is the lowest uncirculated grade, while MS-70 represents a perfect coin.
AU-50 to AU-58: About Uncirculated coins with traces of light wear on the highest points but at least half of the original mint luster remaining.
XF-40/EF-40: Extremely Fine coins with light wear on the design and some luster remaining in protected areas.
F-12 to F-15: Fine condition coins with moderate wear and all major design features visible.
G-4 to G-6: Good condition coins with heavy, even wear but all lettering and design distinct.

Remember, the difference between a mint state and heavily circulated coin can be huge in terms of value and desirability!

Value Ranges

So what are 1964 Lincoln pennies worth today? Here‘s a table breaking down approximate values for each major grade and variety:

Grade	1964 (P)	1964-D	1964 Proof
MS-67	$100	$150	$500+
MS-65	$10	$15	$50
MS-63	$0.20	$0.25	$5
AU-58	$0.10	$0.15	N/A
XF-40	$0.05	$0.05	N/A
F-12	$0.02	$0.02	N/A
G-4	$0.01	$0.01	N/A

As you can see, there‘s a huge spread between low-grade circulated coins and pristine gems in full red mint state condition. A few key takeaways:

Uncirculated coins are always more valuable than circulated examples. Look for original luster and minimal marks.
Denver cents are slightly more valuable than Philadelphia cents in higher grades due to somewhat lower survival rates in top condition.
Proof cents are much scarcer and carry high premiums in any grade, but especially cameo contrasted and deep cameo examples.
Circulated coins from 1964 generally only carry a slight premium over face value due to their high 95% copper content. With copper around $4 per pound, the melt value of a 1964 penny is about 2 cents.

For comparison, here are a few record auction prices for superb 1964 Lincoln cents:

1964 MS-67+ Red PCGS: $7,800 (Stack‘s Bowers, 2021)
1964-D MS-67+ Red PCGS: $10,200 (Heritage Auctions, 2014)
1964 Proof-69 Red Deep Cameo PCGS: $5,875 (Heritage Auctions, 2014)

Of course, these ultra-rarities represent the best of the best. But even gems graded MS-65 red regularly sell for $15 to $30 each in today‘s market.

Rare Varieties and Errors

Beyond regular-issue pennies, there are also some rare and valuable varieties and errors that collectors should be aware of. Here are a few key ones:

1964 Special Mint Set (SMS): These special coins were struck with polished dies and have a satiny matte finish. Only 20-30 SMS pennies are known, with gems selling for over $15,000!
1964 Doubled Die Obverse: Doubling of the lettering and design on the front of the coin from a misaligned die. Prices range from $50 to $250+ depending on the strength of the doubling.
1964 Transitional Error Cents: Experimental cents on bronze-plated zinc or aluminum planchets, likely from early tests of alternative compositions. Only a few are known, including one that sold for over $40,000!
1964 Penny on Dime Planchet: These rare off-metal strikings happen when a cent die strikes a 10c piece planchet by mistake. Values range from $1,000 to $10,000+ for a full brockage (incuse mirror image).
1964 Struck Through Errors: When foreign objects like staples, cloth fragments, or grease get between the dies and the planchet during striking, leaving an impression. Minor struck-throughs often sell for $100 or more.

These are just a few of the rare varieties that can be found with enough patience and luck! Keeping an eye out for these treasures is part of the thrill of collecting Lincoln Memorial cents.

Collector Tips

If you‘re interested in collecting 1964 Lincoln pennies, here are some tips for getting the most out of your hobby:

Start with circulation finds: Look through bank rolls, change jars, and coin flips for higher-grade examples. You can build a complete set of 1964 cents from all three mints for just a few dollars.
Focus on quality: As your budget allows, try to buy the best-looking, highest-grade coins you can afford. A few gem uncirculated pieces will appreciate better than many worn coins.
Use proper storage: Keep your coins safe from the elements in archival-quality albums, flips, or hard cases. Never clean coins, as it will cause abrasions and lower the value.
Invest in a magnifying glass: A good 5-10x loupe will allow you to see minute details, varieties, and imperfections in your coins that are invisible to the naked eye.
Consider professional grading: For high-value coins, it‘s often worth paying to have them authenticated and encapsulated by a trusted third-party grading service like PCGS or NGC. It offers peace of mind and can boost resale value.
Build relationships: Get to know other collectors and dealers at coin club meetings, shows, and online forums. They can be a wealth of knowledge and leads for finding interesting coins.

Remember, the most important things are to have fun, keep learning, and collect what you love! You don‘t need to spend a fortune to enjoy these fascinating little pieces of history.

Key Takeaways

To sum up, here are the key points that we‘ve covered about 1964 Lincoln penny values:

Composition: 95% copper, 5% zinc, the last year for this traditional alloy
Mints: Philadelphia (no mark), Denver (D), and 1964 Proof/SMS cents from San Francisco
Mintages: Over 6.4 billion total, but much lower survival rates in high grades
Condition: Uncirculated examples are most desirable and valuable, especially in MS-66+ Red
Varieties: Watch for rare and valuable doubled dies, off-metal strikes, and errors
Value: Ranges from 1c in worn condition to over $10,000 for finest-known specimens

Whether you‘re an experienced numismatist or a novice collector, 1964 pennies offer something for everyone. Their accessibility, historical significance, and surprising scarcity in top grades make them a perennially popular series.

By using this guide and learning to grade your coins accurately, you‘ll be able to cherrypick valuable examples from circulation, assemble a beautiful collection, and maybe even discover a rare variety. Dive in and see what treasures await!