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The 1968 Lincoln cent, recognized for its memorial reverse, holds significant value in Superb Gem Uncirculated (MS67) condition with a Red designation.
Philadelphia-minted specimens can be worth around $2,900, while the Denver version can fetch $3,250. The San Francisco issue, under similar conditions (MS68), can reach as much as $7,400, according to the PCGS (Professional Coin Grading Services) price guide.
Key Takeaways:
- The San Francisco issue is the most valuable variety. In Mint State condition (MS68), it can reach as much as $7,400, according to PCGS' price guide;
- The 1968 Penny depicts Abraham Lincoln, the 16th American president, the first real person to feature in a U.S circulating coin;
- The 1968 Lincoln Pennies are common in circulated condition but become rare in mint state;
- Graded pennies tend to fetch higher prices because of the grading and protective holders;
- Copper pennies in red tend to be more valuable because they indicate better preservation. Copper is quite reactive to the environment and becomes brownish when exposed to air.
Factors Affecting 1968 Penny Value:
Let us dive into the factors that make a 1968 penny valuable, starting with its history design.
Historical Context and Design
1959 marked the 50th anniversary of the Lincoln Center, making it an opportune time for a design change.
The obverse of the 1968 Lincoln penny remained unchanged, featuring a profile portrait of President Abraham Lincoln facing right.
The design, created by Victor David Brenner, includes the inscription "IN GOD WE TRUST" above Lincoln's head. To the left of Lincoln's portrait is the word "LIBERTY," and to the right is the date "1968." Below the date, on some coins, there is a mint mark indicating which of the three mints the coin was produced (D for Denver, S for San Francisco, or no mark for Philadelphia).
The reverse was updated from the old "Wheat Ears" design to a frontal view of the Lincoln Memorial with the E PLURIBUS UNUM American motto, which means "one, out of many," and UNITED STATES OF AMERICA arching the top. The denomination of ONE CENT lies at the bottom.
Consequently, Lincoln appears twice on the New cent: once on the obverse and again as a tiny figure seated in the center of his memorial on the reverse.
Explore our guide on the most valuable pennies ever sold for insights into other extraordinary finds.
Coin Grading
Pennies are usually popular among collectors because they are relatively easy to collect as a complete set. However, in 1968, pennies became scarce and more valuable in higher grades.
Keep reading to understand how grading interferes with a coin's value.
Coin grading evaluates a coin's condition using a numerical scale. The Professional Coin Grading Service (PCGS) uses the Sheldon Scale, ranging from 1 (heavily worn) to 70 (perfect mint condition). Coins above the 60 grade are considered in Mint State, which is often represented as MS. Ex: MS60, MS70, etc.
Grading is crucial for determining a coin's value, as higher grades often mean higher market values. It provides a standardized way to describe a coin's condition, ensuring fair transactions.
Even in circulated conditions, graded coins are more liquid and easier to trade due to their certified condition and protective encapsulation by services like PCGS.
Colors
Have you ever noticed that pennies from the same year are so different in color? Have you ever asked yourself why that is?
The Lincoln cent is composed of 95% Copper and 5% Zinc. Copper coins' color usually plays a significant role, as it indicates the coin's exposure to circulation. They are classified by their hues as Red (RD), Red-Brown (RB), and Brown (BN).
Red (RD): Coins that display 95% or more of their original mint red hue are considered "Red." These coins have not been heavily circulated, making them more valuable to collectors.
Red-Brown (RB): Coins retaining between 5% and 95% of their original red color are "Red-Brown," indicating some oxidation and circulation, which generally reduces their value.
Brown (BN): Coins with less than 5% of their original red color are "Brown." These coins are less desirable and typically fetch lower prices.
The color preference is mostly personal and, for some, one of the various details. However, most collectors often prefer Red specimens for their minimal wear and higher market value.
Errors and Varieties
Now that you understand the main aspects of the 1968 penny value check below a list of the most valuable official errors of the 1968 year and varieties registered by PCGS and NGC so far.
1968 Penny, Red (Regular Strike)
Source || PCGS
The 1968-P Lincoln Memorial Cent is exceedingly common, with over 1.7 billion coins minted. Even uncirculated examples are easily found in circulation.
Coins in MS64 condition or higher are typically found in uncirculated rolls or mint sets. However, in MS67 conditions, they become scarce.
Any coin graded higher than MS67 is particularly valuable and should be set aside. Due to its rarity in such high grades, it commands a significant premium.
The 1968-P Lincoln Memorial Cent auction record is $2,880 for a coin graded MS67+RD, achieved by Stack's Bowers on August 22, 2018.
1968 Double Die Obverse VP-001
Source || NGC
"Doubled die," also recognized as hub doubling, is a numismatic term describing the replication of design elements on working dies. This duplication occurs as a result of misalignment between the die and hub during the hubbing process.
Sometimes abbreviated as 1968 DDO, the doubling in this variety can be spotted in detail in the inscription IN GOD, WE TRUST on the obverse of the coin.
No official or exact price information was found for this piece.
1968-D Penny, Red (Regular Strike)
Source || PCGS
The 1968-D Lincoln Memorial Cent, RD (Regular Strike), has an estimated survival of approximately 288,526,960 coins across all grades.
Around 28,852,696 are believed to be in grade 60 or better. In the higher grade of 65 or better, approximately 2,885,269 coins are estimated to have survived.
The auction record for the 1968-D Lincoln Memorial Cent is $2,300 for a coin-graded MS67, set on November 1, 2008, by Bowers & Merena.
1968-D/D 1C Repunched Mint Mark FS-501, Red (Regular Strike)
Source || PCGS
The mintmark was repunched to the east of the first impression. Frequently, the repunched mintmark served as a secondary effort to accurately imprint the mintmark onto the die. This phenomenon is sometimes due to the punch not being precisely aligned on the die or not being vertically oriented in relation to the coin's design.
The 1968-D Lincoln Memorial Cent auction record is $239 for a coin graded MS66RD, achieved on July 14, 2019, on eBay.
1968-D 1C Double Die Reverse FS-801, Red (Regular Strike)
Source || PCGS
Also referred to as 1968 DDR FS-801, the FS denotes that the encapsulated example is a variety, and 801 refers to the type of error, in this case, a double die reverse.
Under MS 66+, only one individual of this variety exists in the PCGS registries.
The 1968-D Lincoln Memorial Cent auction record is $285 for a coin graded MS65RD, achieved on May 26, 2023, on eBay.
1968-S 1C, Red (Regular Strike)
Source || PCGS
The 1968-S Lincoln Cent is quite common in circulated grades up to MS66. While MS66 examples are less common, plenty is still available to meet demand. High-end MS66 coins are much harder to find. In MS67 condition, the coin is scarce, with fewer than a hundred known examples.
A few exceptional coins from this date have a nearly proof-like appearance, making them especially valuable. These "diamonds in the rough" can command prices similar to non-proof-like coins of the same issue and are worth seeking.
The auction record for the 1968-S Lincoln Cent is $5,000 for a coin graded MS66+RD, set on October 7, 2021, on eBay.
1968-S 1C Penny Struck on Clad 10c Planchet
Source || PCGS
As the name suggests, the error occurred when a Dime planchet accidentally got into the penny production. This coin is made out of a clad material used in Roosevelt Dimes at the time, meaning that the outer layer is a mixture of copper and nickel, while the inside core is hard copper.
In January 2019, a remarkable mint error 1968-S penny struck on a clad 10c planchet and graded MS64RD by PCGS fetched $360 in an eBay auction, setting a notable record for this unique coin.
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Note: The 1968-D Lincoln cent on a Silver dime planchet error coin is widely mentioned on many websites. However, no such coin has been found in the official NGC-recognized variety guide or graded coins on PCGS yet.
If you want to learn more about penny errors please check our article here
FAQs
What makes a 1968 penny rare?
1968 Lincoln Memorial Pennies are generally common but become scarce in uncirculated conditions and red colors. No significant mistake in the series mintage surpasses the value of The San Francisco issue, which, in conditions (MS68), can reach as much as $7,400, according to the PCGS (Professional Coin Grading Services) price guide.How much is a 1968 red penny worth?
According to the PCGS (Professional Coin Grading Services) price guide, as of May of 2024, Philadelphia-minted Red specimens can be worth around $2,900, while the Denver version can fetch $3,250. Under similar conditions and color (MS68), the San Francisco issue can reach as much as $7,400.What is the 1968 1 cent with no mint mark?
A 1968 1-cent coin with no mint mark typically indicates it was minted in the Philadelphia facility. Philadelphia-minted coins often lack a mint mark because it was the sole facility of the US mint for an extended period, obviating the need to track their origin for quality control. With a mintage of 1,707,880,970, the 1968 Lincoln Pennies without a mint mark is not particularly rare.
However, red 1968 coins can hold significant value, up to $2,900 in superb gem condition (MS68), $158 in Red-Brown color and Gem Uncirculated condition, and $154 in superb gem condition with a Brown color designation (MS68).
