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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.