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.
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.
The 1962 Lincoln Cent coin has Abraham Lincoln on the obverse (front) with "LIBERTY" and the date, and the Lincoln Memorial on the reverse (back). Observe the motto "E PLURIBUS UNUM" (or PLURIBUS UNUM) on the reverse, along with "ONE CENT" and "UNITED STATES OF AMERICA."
The obverse has the motto "IN GOD WE TRUST." Throughout the period, Lincoln cents continued to be made up of 95% copper and 5% zinc, the same percentages that imparted the reddish-brown color.
Several factors influence the value of any coin, and the 1962 penny is no exception.
Most of the 1962 pennies were made by Philadelphia. Denver made fewer, yet both are abundant in low grades.
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.
In uncirculated coins, the mint luster (the brightness of the coin when originally minted) adds much to its value and attractiveness.
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.
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:
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.
Circulated Condition (G-XF): As in the Philadelphia mint, expect $0.05-$0.25.
Of Uncirculated (AU): $0.50 - $1.50.
Uncirculated (MS-60 to MS-63): Valued at $2-$5.
High-Grade Uncirculated (MS-64 to MS-66): A 1962-D in MS-65 Red (RD) could be in the $15-$30.
Gem Uncirculated (MS-67 and higher): Once more, extremely scarce and costly, perhaps $100+. Although more lincoln cents were made by the Denver mint in 1962, high-grade ones are scarcer than their Philadelphia counterpart for this year.
When a copper coin is graded by professional graders (NGC, PCGS), they also give a color grade:
The coin has a minimum of 95% of its natural red copper color when minted. These are the most prized and valuable.
The coin is a combination of original red and rusty brown color, usually 5% to 95% red.
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.
Though regular 1962 pennies in worn condition won't set you up for life, discovering an error or a special variety can be exhilarating. Check the date and lettering with a magnifying glass for doubling, or examine off-center strikes where the planchet wasn't aligned exactly. Even small mistakes can increase the value for error coin specialists by a few dollars.
If you think you have a worthwhile 1962 penny (particularly if it is uncirculated or an apparent mint error):
They may give an on-the-spot appraisal and perhaps even make a cash bid for your coins.
Good spot to receive a variety of opinions and view how other similar coins are selling.
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.
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.
The 1962 penny is, in general, a low-value coin with hardly anything more than face value to speak of. Don't count it out entirely, however! Uncirculated pennies, particularly those with complete original red luster, will find a buyer for decent money from collectors.
And the very real chance of some unexplained error or variety keeps it always worth a look. The next time you come across a 1962 penny, make sure to study its obverse and reverse sides, verify the existence of the mint mark, and consider its history as a Lincoln cent. You may be clutching a piece of history with a story and worth of its own that you didn't anticipate. Click here to learn more about collecting Lincoln pennies!
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