The 1998 penny is among the favorite collectibles of coin enthusiasts and collectors. Many people go out of their way to get their hands on these, with some looking to collect them while some are looking to sell them.
Overall, there are quite prized among the coin-collector-community, and so it won’t be too far-fetched to think that some of you would want to know more about them. We are here to help with that. Without further ado, let’s learn about the 1998 penny:
1998 Penny Details
- Category: Lincoln Penny
- Mints: Philadelphia, Denver, and San Francisco
- Total Mintage: around 9,223,740,000
- Obverse Designer: Victor David / Frank Casparro
- Edge: Plain or Smooth
- Diameter: 19.05 mm
- Thickness: 1.52 mm
- Composition: Zinc 97.5%, Copper 2.5%, tin 0.5%
- Weight: 2.5 grams
Also Read: Top 20 Most Valuable Old Pennies Worth Money (Penny Collection)
1998 Penny Value chart
Following is a 1998 penny value chart describing different 1998 pennies:
| Mint Mark | Extremely Fine (XF) | MS63 | MS65 | MS67 |
| 1998 (P) Penny | $0.05 | $0.10 | $0.25 | $1.50-$2.00 |
| 1998 D Penny | $0.05 | $0.10 | $0.25 | $1.50-$2.00 |
| 1998 S Penny (Proof) | x | x | x | $5-$10 |
You need to take note that the estimates, mentioned in the table above, may change according to the exact condition of the coin.
The letters “P,” “D,” and “S” on a coin’s mint mark designate Philadelphia, Denver, and San Francisco, respectively, as the locations where the currency was produced.
A coin is described as “Extremely Fine” if it has little signs of wear and most of its original shine. A coin’s condition is determined by one of three grading categories, with MS67 being the highest grade: MS63, MS65, and MS67. The above prices refer to unaltered coins because cleaning or other modifications can greatly lower their value.
1998 Penny Value and Varieties Guides
Given below are the 1998 varieties and their values. Again, remember that any modifications and changes to the coins can greatly affect their values:
1998 (P) Penny Value
- Type: Lincoln Penny
- Edge: Smooth
- Mint Mark: None
- Place of Minting: Philadelphia
- Year of Minting: 1998
- $ Price: 1 cent for circulated coins, $1 to $5 for uncirculated coins
- Quantity Produced: 5,707,000,000
- Designer/s: Victor D. Brenner (obverse), Frank Gasparro (Reverse)
The obverse of the 1998 Penny (P), which was minted in Philadelphia, has a portrait of Abraham Lincoln looking to the right. The Lincoln Memorial, created by Frank Gasparro in recognition of the 16th president’s centennial in 1909, is depicted on the reverse. The coin has a smooth edge.
The 1998 Penny (P ) ‘s value is mostly determined by its originality and condition; circulating coins are only worth their face value of one cent. On the other hand, the value of uncirculated coins can range from $1 to $5.
1998 D Penny Value
- Type: Lincoln Penny
- Edge: Smooth
- Mint Mark: D
- Place of Minting: Denver
- Year of Minting: 1998
- $ Price: 1 cent for circulated coins, $1 to $5 for uncirculated coins
- Quantity Produced: 6,150,000,000
- Designer/s: Victor D. Brenner (obverse), Frank Gasparro (Reverse)
The Denver Mint produced the 1998 Penny (D), which shares the same design as the 1998 Penny (P) but lacks the mint mark on the reverse. The coin’s edge is likewise smooth.
Similar to the 1998 Penny (P), the 1998 Penny (D) ‘s value is mostly based on its rarity and condition, with circulating coins only being worth their face value of one cent. The value of uncirculated coins ranges from $1 to $5.
1998 S Penny (Proof) Value
- Type: Lincoln Penny
- Edge: Plain
- Mint Mark: S (San Francisco)
- Place of Minting: San Francisco
- Year of Minting: 1998
- $ Price: $1 to $5 for circulated coins, $10 to $20 for proof coins
- Quantity Produced: 3,950,762
- Designer/s: Victor David Brenner (obverse), Frank Gasparro (Reverse)
Due to the fact that it was struck in San Francisco with a proof finish, the 1998 Penny (S) Proof is a unique coin. A proof coin is a uniquely designed coin that is made using polished dies and planchets, giving it a mirror-like surface and fine features. The 1998 Penny (S) Proof is another example of the superior proof coins that the San Francisco Mint is famous for creating.
The 1998 Penny (S) Proof has the right-facing face of Abraham Lincoln on the obverse and the Lincoln Monument, a memorial to Lincoln’s administration and a symbol of national unity, on the reverse.
The 1998 Penny (S) Proof’s market value ranges from $1 to $5 for circulating examples, while proof coins may cost up to $20. The quality and rarity of this penny have a significant impact on its value, with coins in the best grades of PR70 being among the most valued ones.
History of the 1998 Penny
This new Lincoln penny was introduced by the United States Mint in 1998 as part of a collection of coins honoring the 50th anniversary of the conclusion of World War II. The 1998 penny’s design included a portrait of Abraham Lincoln on the obverse and an illustration of an airplane from World War II on the reverse.
Lyndall Bass, a participant in the U.S. Mint’s Artistic Infusion Program, created the new penny. Out of more than 9,000 submissions, Bass’ design was chosen, and it was widely recognized for its subtle beauty. Reactions to the 1998 penny’s release were conflicting. Some criticized the design as being overly basic and unimaginative, while some hailed it as an appropriate memorial to the sacrifices made during World War II.
Regardless of the conflicting opinions, the 1998 penny immediately gained popularity as a collector’s item, and many individuals were anxious to add it to their collections. The coin is still widely valued by coin collectors and enthusiasts today.
The U.S. Mint additionally produced a unique proof variant of the 1998 penny in addition to the standard coin. The proof coin was repeatedly struck on dies that had been polished, giving it a high level of detail and a mirror-like gloss. One of the most beautiful and expensive coins in the whole Lincoln penny series is the proof version of the 1998 penny.
Overall, the 1998 penny occupies an important position in American coinage history because of its distinctive appearance and its function in honoring World War II sacrifices. There are several online resources, like the U.S. Mint’s official website, if you want to learn more about the history of the Lincoln cent or the U.S. Mint.
The 1998 penny is a copper-plated zinc coin with a zinc ratio of 97.5% and the copper ratio of 2.5%, and 0.5% tin. It weighs 2.5 grams and has a 19.05mm diameter. The coin had a total mintage of 9,223,740,000 and was produced in Philadelphia, Denver, and San Francisco.
A 1998 penny’s worth is generally weak because it is still in use and hasn’t increased much in value as a collectible. The value of a 1998 penny, however, can be influenced by a few important factors.
The condition of the coin is one of these factors. A 1998 cent that has never been used in circulation might be worth a little bit more than one that has. The value disparity is usually not big enough to make much of a difference, though.
Errors or uncommon types are another aspects that may affect a 1998 penny’s worth. For instance, the 1998 Wide AM penny has the letters “AM” in the phrase “AMERICA” spread wider apart than usual on the reverse side of the coin. Because of its uniqueness, this type can range in value from $150 to $600, depending on how well it is preserved.
The value of a 1998 penny may also be affected by multiple dies, off-center strikes, and re-punched mintmarks. These mistakes are rare, though, and they might not have a big impact on the coin’s value.
In general, a 1998 penny is usually worth 0.01 to 1 cent at face value. But, if you do somehow manage to get your hands on the few rare ones, have one in extremely good condition, or find an uncirculated coin, you can get a good amount of cash out of it.
1998 Penny Grading
A 1998 penny is graded by looking at its condition and giving it a numerical grade on a range from 1 to 70. These include things like the degree of wear, surface stains, and shine. The value of a penny increases with grade. The following video shows how to evaluate pennies:
List of 1998 Penny Errors
Here are a few errors found in the 1998 Penny series:
1. 1998 Lincoln Cent Doubled Die Obverse Error
One of the most well-known and sought-after errors in current U.S. coinage is doubled die obverse error on the 1998 Lincoln Cent. This error happens when the design on the die is replicated, producing a coin with a design that is somewhat distorted or doubled. The letters “LIBERTY” and the year “1998” are doubled, which is the error’s most noticeable characteristic. This mistake is quite valuable and is worth a lot of money.
2. 1998 Wide AM Reverse Error
Another error with 1998 Lincoln Cents is the Wide AM Reverse Error. This mistake happens when the “AM” in “AMERICA” on the coin’s reverse is spaced apart from its normal position. The use of a reverse die meant for proof coins rather than circulation coins is what led to this error. This error could sell for a great price and is highly sought by collectors.
3. 1998 Close AM Reverse Error
An error that appears on 1998 Lincoln Cents far less frequently is the 1998 Close AM Reverse Error. The “AM” in “AMERICA” on the coin’s reverse must be closer together than normal for this error to happen. The use of a reverse die meant for circulation coins rather than proof coins resulted in this inaccuracy. This mistake is quite valuable.
4. 1998 Lincoln Cent Off-Center Error
When the dies used to strike the coin are not properly aligned, it results in the 1998 Lincoln Cent Off-Center Error, which causes the design to be off-center or even totally absent. The amount of off-centering has a significant impact on the coin’s value.
5. 1998 Lincoln Cent Broadstrike Error
When the currency is struck without the collar in place, the result is a coin with an extended diameter and a flat edge, known as the 1998 Lincoln Cent Broadstrike Error. This can result in an unfinished or off-center design, increasing the coin’s value.
6. 1998 Lincoln Cent Struck Through Error
When a foreign item or piece of debris gets stuck in the die and creates a gap or hollow dip in the coin’s design, it is known as the 1998 Lincoln Cent Struck-Through Error. This error is not only highly sought-after by collectors but also increases the coin’s value by a lot.
If you want to learn more details about the errors connected with 1998 Penny, then you would find this video quite interesting:
1998 Penny FAQs
1. Is a 1998 penny worthless?
1998 penny normally goes for less as compared to other coins in the U.S. coinage history, but if you manage to find the right one, it can even go about for over $100.
2. What is a 1998 penny worth?
The majority of circulating 1998 pennies are only worth their $0.01 face value. The only state in which these coins may be sold for a premium is uncirculated. In uncirculated form with an MS 65 grade, the 1998 D penny and the 1998 penny with no mint mark are each valued at around $0.30.
3. How do I know if my penny is minted or not?
You will see that the light dances about the surface of the coin if you hold it under a single source of light and tilt it from side to side and top to bottom. This is called the cartwheel effect and is seen in every uncirculated coin.
4. Where can I buy or sell 1998 pennies?
These pennies can be sold in retail shops, through coin dealers, and even online. However, it is suggested that you first get in touch with a professional coin dealer to get your coin evaluated correctly. You never know, your penny may just be worth hundreds of dollars.
5. Why are 1998 Close Am penny valuable?
The 1998 close AM pennies have the A and M of America printed much closer than the other coins which were in circulation. Since this mistake is among the very rare ones, it increases the overall value of the coin by a lot. A normal 1998 penny goes for around $0.01 to $1 at max, but a close AM penny can go up to hundreds of dollars, with $100 being the starting Price.