As a long-time coin collector and numismatic expert, I‘m often asked about Lincoln pennies and how much they‘re worth. The Lincoln cent series, minted from 1909 to the present, is one of the most popular and widely collected U.S. coin types. With well over 300 billion pennies produced over more than 11 decades, there‘s a huge range in values and rarities.
In this in-depth guide, I‘ll share everything you need to know about Lincoln penny values, from the key dates and varieties to look for, to record-setting prices for the rarest examples. I‘ll also provide detailed data tables and grading insights so you can accurately assess any Lincoln pennies in your collection. Whether you‘re a new collector or a seasoned numismatist, my goal is to give you a comprehensive but easy-to-follow resource on this fascinating series. Let‘s dive in!
The Evolution of Lincoln Penny Designs and Compositions
The first Lincoln pennies were struck in 1909, replacing the Indian Head cent that had been issued since 1859. The obverse features a profile bust of Abraham Lincoln designed by Victor David Brenner, while the reverse shows two wheat stalks flanking the denomination and country name. This "Wheat Ears" reverse design was used until 1958.
From 1959 through 2008, the reverse design changed to a depiction of the Lincoln Memorial building. This is commonly known as the Lincoln Memorial cent.
In 2009, four special bicentennial pennies with different reverse designs showing stages of Lincoln‘s life were issued to mark the 200th anniversary of his birth.
Starting in 2010, the reverse design changed again to a Union shield with "ONE CENT" superimposed on it. This design is still being used as of 2023.
The original 1909 pennies were struck in the same 95% copper and 5% tin/zinc composition that had been used since 1864. This composition was used for all Lincoln pennies up until 1982, except for one year.
In 1943, due to wartime copper shortages, pennies were struck in zinc-coated steel. These "steelies" are unique one-year-only issues.
To cut production costs as the price of copper rose in the 1970s, the composition was changed to 97.5% zinc with a pure copper coating starting in 1982. Both bronze and zinc cents can be found dated 1982. The zinc composition has been used ever since, except for the special 2009 issues which used the original 95% copper alloy.
Lincoln Wheat Penny Values (1909-1958)
Most Common Wheat Pennies
Here are values for the most common dates in Average Circulated (AC) and Mint State-63 (MS63) condition, two of the most widely used grades:
| Date | AC Value | MS63 Value |
|---|---|---|
| 1940-1958 PDS | $0.02 | $0.50 |
| 1930-1939 PDS | $0.05 | $1.00 |
| 1920-1929 PDS | $0.10 | $2.50 |
| 1910-1919 PDS | $0.25 | $10.00 |
As you can see, common wheat pennies are worth very little in worn condition but the values rise for uncirculated examples, especially for older issues.
Better Date Wheat Pennies
These better dates are worth substantially more than the common dates in all grades:
| Date | AC Value | MS63 Value |
|---|---|---|
| 1909 VDB | $8.00 | $30.00 |
| 1909-S | $50.00 | $400.00 |
| 1909-S VDB | $650.00 | $1,800.00 |
| 1914-D | $125.00 | $600.00 |
| 1922 No D | $600.00 | $15,000.00 |
| 1931-S | $70.00 | $100.00 |
| 1955 Doubled Die | $1,000.00 | $2,000.00 |
The 1909-S VDB and 1922 No D are the key dates of the entire Lincoln series. Pristine examples have sold for six figures! The 1955 Doubled Die is the most dramatic and valuable error in the series.
Finest Known Wheat Penny Values
Here are the auction records for the absolute finest known examples of the most valuable issues, per PCGS:
| Date | Grade | Auction Price |
|---|---|---|
| 1909-S VDB | MS68 Red | $117,500 (2005) |
| 1914-D | MS66 Red | $158,625 (2006) |
| 1922 No D Strong Rev. | MS64+ Brown | $504,000 (2018) |
| 1931-S | MS67+ Red | $149,500 (2018) |
| 1943-D Bronze | MS64 Brown | $1,700,000 (2010) |
| 1955 Doubled Die | MS65+ Red | $114,000 (2018) |
As you can see, super high-grade examples of the rarest wheat pennies can sell for astronomical prices. The 1943-D bronze cent listed is one of just a handful of pennies mistakenly struck on bronze planchets in 1943 and is considered the holy grail of Lincoln errors.
Lincoln Memorial Penny Values (1959-2008)
Most Common Memorial Pennies
Values for the most common Memorial cents in Average Circulated versus Mint State:
| Date | AC Value | MS65 Value |
|---|---|---|
| 1959-1981 PDS | $0.02 | $0.50 |
| 1982-2008 Zinc PDS | $0.01 | $0.10 |
With a few exceptions, Memorial pennies issued through 2008 are extremely common. Billions were minted every year. Worn examples are worth little beyond face value. Even most uncirculated examples are worth less than a dollar.
Better Date Memorial Pennies
A few rare issues stand out and are worth chasing:
| Date | AC Value | MS65 Value |
|---|---|---|
| 1960 Small Date | $10.00 | $50.00 |
| 1969-S Doubled Die | $50,000.00 | $100,000.00 |
| 1970-S Small Date | N/A | $3,000.00 |
| 1983 Doubled Die Reverse | $200.00 | $1,500.00 |
| 1984 Doubled Die Obverse | $100.00 | $800.00 |
| 1992 Close AM | $1,000.00 | $20,000.00 |
| 1995 Doubled Die Obverse | $15.00 | $50.00 |
The 1969-S Doubled Die is the undisputed king of the Memorial cents. Doubling is visible on all the lettering and on Lincoln‘s eye. Less than 100 are known in all grades. One graded MS64 Red fetched $126,500 at auction in 2008! That‘s the record price for any Memorial cent.
The 1970-S Small Date, 1983 Doubled Die Reverse, and 1984 Doubled Die Obverse are also popular with variety collectors and worth big money in high grades. The 1992 Close AM is extremely rare with just a handful known to exist – one graded MS66 Red reached $33,600 at auction in 2006.
Lincoln Union Shield Penny Values (2010-Present)
With billions of each date minted of the Union shield design so far, there are no issues that stand out as particularly scarce. Most circulated examples are still worth only face value. Uncirculated rolls and bags generally sell for a nominal premium of 10 to 50 cents each over face.
A few minor doubled die varieties have been discovered such as the 2015 Doubled Die Reverse and 2016 Doubled Die Obverse. However, these are more novelties at present time rather than valuable rarities. Uncirculated examples usually sell for under $100.
Collecting Lincoln Pennies
Due to their affordability and ubiquity, Lincoln pennies make a great series for any collector, whether you‘re a beginner or an advanced numismatist. Here are some tips:
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Decide on what you want to collect. Most collectors focus on a particular series such as the Wheat Ears or Memorial pennies. Some collect by type, seeking just one example of each major design or metallic composition.
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Watch your budget. It‘s easy to spend a lot of money chasing the rare dates. Most collectors will never own a 1909-S VDB or 1922 No D. That‘s okay. Focus on collecting the coins you can afford.
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Choose a grade level. Uncirculated grade coins are always more desirable and valuable than circulated issues. But they also cost significantly more. Decide what grade you want to collect and stick to that.
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Get your coins graded. For any rare varieties or high-grade examples, consider having them professionally graded by PCGS or NGC. These services authenticate your coins and assign a numeric grade from 1 to 70. Graded coins trade for a premium because of the trust and confidence provided.
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Handle your coins properly. Lincoln pennies may not be made of gold or silver, but they‘re still delicate, especially any Mint State examples. Always hold them by the edges over a soft surface. Store them in a holder or album made for coins. Never clean them! Cleaning will permanently reduce a coin‘s value.
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Store your coins safely. Keep your collection somewhere dark, dry, and cool like a safe deposit box or fireproof home safe. This will help maintain their condition and protect them from potential theft or damage.
The Future of Lincoln Penny Collecting
What does the future hold for Lincoln pennies and their collectors? A few thoughts:
It seems likely the U.S. Mint will keep producing Lincoln cents for many years to come in huge numbers for circulation. With the rising cost of zinc, don‘t be surprised if the Mint changes the composition again to something cheaper like aluminum or even plastic. Such a major change would be a huge boon to the hobby, creating new types to collect.
There will probably be additional design changes to the reverse in the coming decades while the Lincoln portrait on the obverse will likely remain the same. Special themed pennies marking anniversaries or important historical events are a strong possibility.
Collector interest in the series remains robust. While prices for some of the super rarities have leveled off in recent years, that actually makes them more affordable to a wider range of collectors, which is healthy for the long-term prospects of the market.
Copper continues to have a strong following due to the potential for rising melt values. With over 100 billion copper cents minted from 1909 to 1982, don‘t expect them to disappear from circulation anytime soon. Hoarding copper pennies remains a popular practice and will likely continue.
The rarest dates seem poised to perform well in the future. The number of serious Lincoln penny collectors is always growing as new people enter the hobby. But the supply of those rare dates remains fixed and tiny compared to the common issues. High demand and low supply is the recipe for rising prices over the long-term.
In short, Lincoln pennies make a great series to collect now and likely will remain so well into the future. There will always be something special about holding one of the most iconic and longest-running coin designs in U.S. history in your hand. Happy collecting!
