Lincoln Cents are among the most popular and well-known coins in the United States. They have been minted since 1909 and are still in production today.
From its composition to redesigns on the reverse, the currency has undergone several changes over the years. Today we’ll look at the 1962 Lincoln Penny, which already had a difference on the front and became known as the Lincoln Memorial cent.
More than 60 years have passed since the coin was issued, and it is now considered a collectible; however, because it is still relatively new, its price remains very low. Only gem-quality, uncirculated coins can command such high prices.
Prepare to learn everything there is to know about this fascinating coin and how to identify the 1962 penny value.
1962 Lincoln Penny Details
- Category: Lincoln Cents, Memorial Reverse (1959-2008)
- Mint: Philadelphia, Denver
- Mintage: 2,402,411,419
- Obverse Designer: Victor D. Brenner
- Reverse Designer: Frank Gasparro
- Composition: Brass
- Weight: 3.11g
- Diameter: 19mm
- Edge: Plain
The 1962 Lincoln Penny is notable because, following that date, the coin began to undergo various changes over the years, ranging from its composition, which was restored to copper with zinc, to various modifications to the coin, such as the removal of the mint.
The Philadelphia and Denver mints produced the 1962 penny. San Francisco had stopped producing coins by that time, and they remained for a few more years.
The new design of the Lincoln Memorial, on the other hand, is one of the coin’s most striking features, and it was not without controversy during the design process.
According to legend, the new design was chosen in an internal contest with all of the mint’s engravers, and the winner was Frank Gasparro, who never had the opportunity to personally visit the monument in Washington, DC.
Several expert coin critics described the Frank Gasparro reverse as a total disaster, lacking in artistic value, but the Mint decided to continue producing it for several years despite the criticism.
Obverse
The coin’s obverse depicts President Abraham Lincoln. The design was created in 1909 as a result of President Roosevelt’s impulse to create a currency to commemorate the 150th anniversary of former President Lincoln’s birth.
The designer was Victor D. Brenner, and it is speculated that the design was inspired by a photograph taken by the president in 19864. Others claim that the design was inspired by a commemorative plaque of Abraham Lincoln created by Brenner in 1907 and that this plaque convinced Roosevelt to commission the artist to create the new coin.
The obverse depicts President Lincoln in profile, facing right. The phrase IN GOD WE TRUST appears on the coin’s top edge, and the word LIBERTY appears on the coin’s left side, behind the image of Lincoln.
The year of printing is printed on the right side of the coin, and if it was made in Denver, there is a letter D under the year.
Reverse
The reverse of the coin depicts the Lincoln Memorial and was designed by Frank Gasparro, who won the right to redesign the coin in a controversial internal contest.
It is considered a one-of-a-kind coin because a very small image of Lincoln’s statue in the memorial was added to the reverse. If you look closely, you can see Lincoln’s image between the monument’s two central columns.
This is the only coin in which the same person appears on both the obverse and reverse. This is one of the characteristics that make the coin appealing and valuable to collectors.
Despite being relatively new, it still does not command the same prices as other pennies from previous years.
The top edge of the coin has the words UNITED STATES OF AMERICA and the bottom edge has the words ONE CENT.
The phrase “E PLURIBUS UNUM,” which means “One of many,” is found above the Memorial. This is a well-known phrase that appears on most American coins.
Also Read: Top 20 Most Valuable Old Pennies Worth Money (Penny Collection)
1962 Lincoln Penny Value Chart
| Quality | 1962 Philadelphia Lincoln Penny | 1962 Proof Lincoln Penny | 1962 Denver Lincoln Penny |
| MS 60 | $0.41 | $0.25 | $0.2 |
| MS 61 | $0.51 | $0.25 | $0.2 |
| MS 62 | $0.61 | $0.25 | $0.3 |
| MS 63 | $0.75 | $0.25 | $0.6 |
| MS 64 | $1.51 | $1 | $1.1 |
| MS 65 | $3 | $30 | $2.9 |
| MS 66 | $25 | $75 | $18 |
| MS 67 | $240 | $475 | $1000 |
1962 Lincoln Penny Value and Varieties Guides
The Lincoln Penny, which has been minted since 1909, has a wide range of prices. Older coins are generally more expensive, but even coins that were not minted in a specific year can be valued based on a variety of other factors.
Mint houses are one of them. The United States produced its coins primarily at the Philadelphia mint, but also at the San Francisco and Denver mints.
The 1962 penny did not rely on the San Francisco mint for production, and something unusual occurred. More coins were minted at the Denver mint that year, with Philadelphia typically producing the majority of them.
There were a total of 2,402,411,419 coins produced. Denver produced 1,793,148,400 coins, while Philadelphia only produced 606,045,000.
Another anomaly existed with the 1962 coin. In total, 3,218,019 proof coins were produced. This is extremely rare, as proof coins were usually limited to a few thousand pieces.
According to the tale, this was done because silver and copper prices had risen at the time, and people kept small coins as a personal reserve of silver. There were also many collectors at the time who gradually removed the coins from circulation in order to preserve them.
This way, enough collector coins would be sold to keep them from disappearing from the market. However, this move made uncirculated coins very common, and proof coins are still very cheap.
1962 Philadelphia Lincoln Penny
- Category: Lincoln Cents, Memorial Reverse (1959-2008)
- Mint: Philadelphia
- Mintage: 606,045,000
- Obverse Designer: Victor D. Brenner
- Reverse Designer: Frank Gasparro
- Composition: Brass
- Weight: 3.11g
- Diameter: 19mm
- Edge: Plain
This was one of the few occasions when the Philadelphia Mint did not produce the majority of the coins. In 1962, only 606,045,000 coins were minted.
This is a substantial sum, and because the coin was only recently introduced as a collectible coin, only uncirculated samples are valuable.
Coins in mint condition range in price from 50 cents to $3.00. Even the most expensive gem-quality pieces can cost more than $20.
MS 66 coins with details such as a specific shade of red can sell for up to $250. An MS 67 coin sold for an unusual $8,813 at a public auction holds the record.
All coins minted in Philadelphia do not bear a mint mark.
In addition, 3,218,019 proof coins were minted in Philadelphia. This is unusual because the number of proof coins is always much lower, never exceeding a million, but these measures were implemented to prevent collectors from creating coin shortages.
If you are interested in acquiring one of these proof coins, you will need to set aside between $100 and $500 for the higher grades.
1962 Denver Lincoln Penny
- Category: Lincoln Cents, Memorial Reverse (1959-2008)
- Mint: Denver
- Mintage: 1,793,148,400
- Obverse Designer: Victor D. Brenner
- Reverse Designer: Frank Gasparro
- Composition: Brass
- Weight: 3.11g
- Diameter: 19mm
- Edge: Plain
In 1962, the Denver Mint was in charge of striking 1,793,148,400 coins. This is unusual because the Denver Mint has never had a monopoly on coin production.
However, due to the large number of coins produced, Denver coins are very easy to find on the market, so their price is very low, making it an ideal opportunity if you are just beginning to build your collection.
However, for experienced collectors or those hoping to find some value in this coin, we must inform you that its price is very low. Uncirculated copies are $3, and gem-quality coins can fetch $10 or $20. In fact, an MS 66-grade coin can be purchased on the open market for $20.
However, after grade MS 67, the specimens become scarcer and more expensive. A coin-graded MS 67 costs around $1,000.
The most expensive Denver mint Lincoln penny sold in 2013 for $12,000.
The letter “D” is used as the mintmark on Denver coins. It is located on the coin’s obverse, just below the minting date.
1962 Lincoln Penny History
The Mint was already planning a redesign of the Lincoln cent in 1952. Gilroy Roberts, the Mint’s Chief Engraver at the time, agreed with the idea.
However, Eisenhower was about to take office, and mint officials feared that removing the image of a Republican president from the penny would annoy the new president.
Several thousand proof coins were produced, but due to their scarcity, they were never widely known. However, during the same Eisenhower administration, his press secretary announced the production of the new design for the back of the Lincoln cent.
Frank Gasparro, who won an internal contest among the mint’s engravers, was in charge of the new design. The coin went into circulation on February 1, 1959, to commemorate the 150th anniversary of the legendary President Lincoln’s birth.
The 1962 coin is notable for the use of copper and silver on the coin that year. This coin previously contained tin, which was later removed from the copper when the price of the material rose in the market.
The current coin is made of brass with a zinc coating, but the coin from 1962 is thought to be the last to be made of pure copper. It contained 95% copper and 5% silver. It was the silver that gave the penny coins their distinctive shine.
Because of the high copper content, the coin is more durable and develops a distinct red hue over time, which many collectors appreciate.
Among the rarer coins available today, most have some special reddish coloration due to the copper component and the effect over time.
1962 Lincoln Penny Grading
The value of a coin is determined by its degree of conservation. There are coins ranging in condition from normal to uncirculated. There are uncirculated coins that are considered to be of gem quality. We’ve included a video to help you understand all of these concepts and learn more about the value of the 1962 penny.
List of 1962 Lincoln Penny Errors
Coin errors are common, especially if the coins have been in circulation for a long time. The Lincoln cent from 1962 is no exception.
Because there are so many copies of a coin, you must always carefully review what unique marks your coin may have. However, there are some well-known and documented patterns in this coin’s errors.
1. Duplicate Die
The same number or letters are repeated in duplicate tropes. There are no well-known duplicates of the 1962 coin. Only a few coins with duplicates in the internal numbers can be seen with a magnifying glass. They are underappreciated and can be purchased for $5 to $20 each.
2. BIE Error
The BIE error may be visible on some pennies. The BIE error is well documented because it appears on coins dating back several years. It is not particularly noticeable in 1962, but some copies have this error.
The error is that the letter I is placed between the letters B and E in the word LIBERTY. However, it is not a costly error because these copies can be found on the open market for $10. If you get a coin with the letter I minted on it, the value can skyrocket to $50.
1962 Lincoln Penny FAQ
Is there anything special about a 1962 penny?
In rare cases, the 1962 Lincoln Penny D with almond gold tone may be found. Sticking the penny onto a silver dime planchet caused this error. Such coins can be valuable, with an MS 62 coin selling for $823 at auction in 2013.
How much is a 1962 D rare penny worth?
There is no price assigned to this coin, but the most common uncirculated copies can be had for 5 or 10 dollars. While coins in higher grades can sell for up to $300.