Unearthing the Value of the 1962 Penny: Is Your Lincoln Cent Worth More Than a Cent?

The unassuming penny, so readily overlooked in our wallets and forgotten in jars, can at times possess secret value. Although most contemporary one-cent coins are really worth, well, a cent, some years and specific characteristics can actually make their value balloon for coin collectors. We're going to break open the 1962 Lincoln Cent—a penny that could really surprise you.

To the common man, a 1962 penny is just a copper cent coin. But to collectors, knowing its subtleties can reveal to us whether it’s a run-of-the-mill circulation find or worth a collection. Let’s break down everything you need to know about the value of the 1962 penny.

     Key Factors Determining 1962 Penny Value

Several factors influence the value of any coin, and the 1962 penny is no exception.

Mint Mark:

• This is significant: The 1962 penny was made in two different United States Mint plants:
• Philadelphia (No Mint Mark): Pennies minted in Philadelphia lack a mint mark.
• Denver (D Mint Mark): Pennies minted in Denver feature a small "D" letter stamped below the date on the obverse.

Most of the 1962 pennies were made by Philadelphia. Denver made fewer, yet both are abundant in low grades.

Condition (Grade):

The most important of all. The higher the condition, the greater the value. Coin grading is a technical exercise, but anyone can see the general categories. The finest specimens are in Mint State (MS) condition, i.e., they are not worn and retain their original shine.

MS has sub-grades (e.g., MS-60 to MS-70), with MS-70 being a perfect coin. PCGS and NGC are trusted grading services that grade the coins for value, placing much value on their worth. Just as professional grading adds credibility to numismatic coins, investment-grade silver coins like American Silver Eagles are also authenticated and valued for collectors and investors alike.

Luster:

In uncirculated coins, the mint luster (the brightness of the coin when originally minted) adds much to its value and attractiveness.

Toning/Color:

Natural copper oxidation can result in a range of colors from brown through firm red and blues. Although some collectors prefer original red (RD) coins, nice uniform toning may sometimes be desirable.

Errors and Varieties:

Here's where the "needle in a haystack" comes into play. Errors are mis-strikes that take place during minting, and varieties are deliberate changes or deviations from the die. The known errors on the 1962 penny are fairly rare, but always be on the lookout for:

• Doubled Dies (DDO/DDR): When the design is doubled. It might be subtle or very apparent.
• Off-Center Strikes: Where the coin planchet is not centered when struck.
• Repunched Mint Marks (RPMs): Where a mint mark was double struck and a slight overlap remains.
• Die Cracks/Cuds: Less frequent for high denomination, but exciting finds.

     1962 Penny Values—What to Expect

Now let's go back to the numbers. Keep in mind that these are estimates and will vary with market demand, dealer premiums, and the real condition of the coin. Professional grading is advised for accurate appraisals.

1962 (Philadelphia—No Mint Mark)

1962-D (Denver Mint Mark)

Important Note on Red (RD), Red-Brown (RB), and Brown (BN) Designations:

When a copper coin is graded by professional graders (NGC, PCGS), they also give a color grade:

• RD (Red):

The coin has a minimum of 95% of its natural red copper color when minted. These are the most prized and valuable.

• RB (Red-Brown):

The coin is a combination of original red and rusty brown color, usually 5% to 95% red.

• BN (Brown):

The coin lost nearly all or even the entire original red tint and became largely brown through oxidation.

A 1962 penny in MS-65 RD will be worth significantly more than an MS-65 BN.

     Where to Sell or Get Your 1962 Penny Valued

If you think you have a worthwhile 1962 penny (particularly if it is uncirculated or an apparent mint error):

• Local Coin Shops:

They may give an on-the-spot appraisal and perhaps even make a cash bid for your coins.

• Coin Shows:

Good spot to receive a variety of opinions and view how other similar coins are selling.

• Professional Grading Services:

For potentially valuable uncirculated coins or possible errors, have your coin graded by a professional third-party grading service such as PCGS (Professional Coin Grading Service) or NGC (Numismatic Guaranty Company).

Their grade and authenticity will offer an impartial determination and greatly increase the coin's liquidity and value in the collector market. Their websites usually list quoted prices for their services.

• Online Marketplaces:

eBay can be used to sell coins. Be careful of fees and needing quality photos and truthful descriptions. eBay Partner Network is used by many numismatic collectors to seek out and purchase coins.

Professional grading for higher-end coins is nearly a requirement to use when selling online to build trust with customers. There are likely many links to eBay auctions with prices listed on coin collector forums.