Archive for January, 2010
Lincoln Memorial Cents
Lincoln Memorial Cents
The Lincoln Memorial Cent (or Penny) has been issued since 1959. This design is the most common in circulation. It features Lincoln’s profile on the front, and a raised feature of the Abraham Lincoln Memorial on the reverse. Due to the low cost of most quality pennies, they are a great place to start Coin Collecting.
Copper or Zinc Lincoln Memorial Pennies
Lincoln Memorial Pennies minted prior to 1982 are made of 95% copper, while those minted after 1982 are 97.5% zinc with a copper coating. Pennies dated 1982 can be either, and must be weighed to tell the difference.
Another way to tell the difference is to do a drop test. Drop several Lincoln Cents that you know are copper on a hard surface. Listen to the tone. Drop several that are newer, and listen to that tone. This will aid in the separation of 1982 pennies.
Gold-Diggers Find
During 1983, there were mint errors when the mint used copper blanks to mint the “supposedly” zinc pennies. Check any 1983 pennies for this mint error, as the copper pennies are worth more.
Copper Bullion
Depending on the price of copper, many copper pennies are worth more in copper bullion than they are in coin value. Because of this, many Lincoln Memorial Coins are being melted down.
Many coin dealers will recommend that you hold on to your copper cents, as the melting of copper coins should create a shortage of pennies in the future.
The Value of a Lincoln Memorial Cent
Since they need to make a profit on them, most coin dealers will only pay a penny for a penny. But there are several exceptions.
Lincoln Memorial Cents dated 1966 are worth about $.02 wholesale, as are the 1969 and 1971 mintings. Any year’s “S” cents are Slightly more valuable, at about $.03 wholesale — with one exception. The 1970-S with a “High 7″ is worth at least $3.00.
Rare Lincoln Penny Values
Then there are the true exceptions. In 1969, there was an “S” Mint Mark that is known as a “Double Die”. If you look at the front of the penny, you will notice a doubling of the lettering and date on the front. This coin is VERY rare, with only a few dozen ever having been found.
In 1972, there was another Double Die minting. These coins are more common, but still quite valuable. Prices are near $50.00 each, and should be checked against eBay for current values.
Again in 1984, there was a Double Die error, showing up in Lincoln’s ear on the front of the penny. Pictures and values should be researched on eBay for this coin.
These Double Die errors occured in various other locations in nearly every year’s mintings. It pays to buy a coin price guide on these errors and make a quick review in the key areas of every penny you look at.