If you're looking to add to your coin collection, consider the 1959 Lincoln Memorial Penny. It's a fitting tribute to one of our greatest presidents and a great piece of coin in history. But what is it worth these days? Today, we're exploring the rich history, intricate details, and multifaceted value of the 1959 Lincoln Memorial Penny!
Historical Background
In 1959, the United States Mint significantly changed the Lincoln penny. For the first time since its introduction in 1909, the design on the reverse (back) side of the coin was altered.
Until then, the penny featured two wheat ears surrounding the words "ONE CENT" and "UNITED STATES OF AMERICA." The new design, however, showcased the Lincoln Memorial, a tribute to President Abraham Lincoln.
The decision to change the design was not made lightly. The Lincoln penny was beloved by many, but the year 1959 marked the 150th anniversary of Lincoln's birth.
This milestone was the perfect occasion for a refresh. The U.S. Mint wanted a design that would pay more direct homage to Lincoln's legacy. The Lincoln Memorial was an ideal choice because of its grandeur and significance.
Frank Gasparro, the Assistant Engraver at the U.S. Mint at the time, was the man behind this new design.
His task was to create a reverse design that would complement the existing obverse (front) side of the coin. It bore the iconic image of Lincoln's head, designed by Victor David Brenner.
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The Elements of the New Design
The new penny showcased a detailed depiction of the Lincoln Memorial. Looking closely, you can even see a representation of Lincoln himself sitting inside.
The words "E PLURIBUS UNUM" (meaning "Out of many, one") and "UNITED STATES OF AMERICA" encircle the memorial's top, while "ONE CENT" is prominently displayed below the building.
This design was not just about aesthetics. It was about tangibly honoring one of America's most revered presidents.
The introduction of the Lincoln Memorial penny was a significant moment in American numismatics. It represented a bridge between past and present, blending historical reverence with contemporary design. Collectors and historians alike appreciate this penny for its artistic merit and celebration of Lincoln's enduring legacy.
The 1959 Lincoln Memorial Penny
On the front of the penny, you'll find the familiar face of President Abraham Lincoln looking to the right. This design has been on the penny since 1909, commemorating the centennial of Lincoln's birth.
1959 brought a new look to the coin's back or reverse. For the first time, the Wheat Ears design was replaced with the Lincoln Memorial, a fitting tribute to Lincoln's legacy. The level of detail is striking, with even a miniature statue of Lincoln visible to those who look closely.
Mint Marks and Their Significance
A mint mark is a small letter found on a coin that tells us where it was made. There are three possibilities for the 1959 Lincoln Memorial Penny: no mark for those made in Philadelphia, a "D" for Denver, and an "S" for San Francisco.
This mark is on the obverse side of the penny, just below the date. The presence and type of mint mark can affect a coin's rarity and, by extension, its value to collectors.
Metals and Dimensions
The 1959 Lincoln Memorial Penny's composition is mostly copper, which makes up 95% of its material. The remaining 5% is a mix of tin and zinc, which gives the penny its characteristic reddish color.
It measures 19.05 millimeters in diameter and weighs 3.11 grams. The edges of the coin are smooth, which is typical for pennies.
Rarity and Error Coins
The 1959 Lincoln Memorial Penny holds a special spot in the world of coin collecting, not just for its historical significance but also for the rare and error coins that emerged from its production. These unique variations add excitement to collecting, as they can be both rare and valuable.
Lincoln Memorial Penny Rarity
Coins become rare due to limited production, mistakes during minting, or because they were part of a special edition. Error coins, on the other hand, are the result of mistakes made during the minting process.
These can range from small errors that are hard to spot, to major mistakes that are obvious to even the casual observer. The value of these coins often depends on how rare or unusual the error is.
Lincoln Memorial Penny Errors
The 1959 Lincoln Memorial Penny has several known errors that make certain coins highly sought after by collectors. One common error is the double die obverse, where the letters and date appear doubled.
Another error is off-center strikes, where the coin's design is not centered properly. There are also instances where the coin has been struck on the wrong material, making it a rare find. Each of these errors makes the coin unique and, in many cases, more valuable.
Rarity and errors can significantly increase a coin's value. Collectors are often willing to pay a premium for coins that are unique or have interesting stories behind them.
However, the exact value can vary widely based on the type of error, the coin's condition, and current market interest. Some error coins might fetch only a small amount over their face value, while others can be worth hundreds or even thousands of dollars.
The Importance of Condition
A coin's condition is assessed through a process known as grading, which helps collectors and sellers alike understand its market worth. A grade is assigned based on a coin's level of preservation and the degree of wear it has experienced.
This grading process is important because it provides a standardized way for collectors to assess the value of their coins. A coin in better condition is generally more desirable and, therefore, more valuable.
Grading Scale
The grading scale for coins ranges from Poor (P-1), where the coin is barely identifiable, to Perfect Uncirculated (MS-70), which means the coin is in mint condition with no signs of wear.
A 1959 Lincoln Memorial Penny in Poor condition might be heavily worn, with Lincoln's image and the memorial design barely visible. However, a penny in good (G-4) condition would still show considerable wear but have clearer details, including Lincoln's profile and the memorial's columns.
As the scale progresses, a Very Fine (VF-20) penny would have light wear on the highest points, and the finer details of Lincoln's image and the memorial's steps would be more pronounced.
An Extremely Fine (EF-40) coin would exhibit only slight wear, with most details sharp and clear. An Uncirculated (MS-60) 1959 penny would show no signs of wear, although it might have some minor manufacturing imperfections.
How Condition Impacts the Penny's Value
The condition of a 1959 Lincoln Memorial Penny directly impacts its value. For instance, a penny in an Uncirculated condition could be worth significantly more than one in Good condition.
The rarer a coin in high-grade conditions, the higher its potential value. Collectors are often willing to pay a premium for coins in superior condition because they are more visually appealing and less common.
Understanding the grading and condition of the 1959 Lincoln Memorial Penny is essential for anyone interested in collecting or selling these coins. The better the condition, the higher the value, making the grading scale a vital tool in the numismatic community.
Whether you're a seasoned collector or new to the hobby, recognizing the importance of a coin's condition can help you make informed decisions and possibly find a hidden treasure in your collection.
Collecting the 1959 Lincoln Memorial Penny
The journey of collecting the 1959 Lincoln Memorial Pennies opens a window to a fascinating era of American numismatics.
Focusing on the 1959 edition as the cornerstone of a Lincoln Memorial penny collection is an exciting starting point. This year marks the introduction of a new design and holds the potential for discovering coins with unique attributes.
Collectors often begin by setting specific goals, such as acquiring pennies from each mint that produced them that year: Philadelphia (no mint mark), Denver (D), and San Francisco (S). Understanding the historical context and the design changes can enrich the collecting experience, making each find more meaningful.
Tips for Finding and Acquiring 1959 Pennies
Finding 1959, the rare and mint condition versions of Lincoln Memorial Pennies, can be as thrilling as it is challenging. Auctions, both online and in-person, are great places to start. They often offer a wide range of coins, from common finds to rare gems.
Coin shows and conventions provide opportunities to purchase coins and learn from seasoned collectors and experts. Local and online coin dealers are valuable resources, too, offering coins at various grades and prices.
Building relationships with dealers can lead to more personalized finds as they understand your collecting preferences.
When searching for 1959 pennies, pay attention to condition, mint marks, and any error coins, as these factors significantly affect value. Patience is key in this hobby, as finding the perfect addition to your collection might take time.
The Allure of Building a Collection
Part of the charm in collecting the 1959 Lincoln Memorial Penny lies in the pursuit of rare and error coins.
These unique pieces not only provide a sense of accomplishment but also tell intriguing stories of minting mishaps. Adding such coins to your collection can offer both aesthetic pleasure and the potential for financial appreciation.
Proper care and preservation are crucial for maintaining the value and appearance of your pennies.
Storing coins in acid-free holders, away from extreme temperatures and humidity, helps protect them from damage. Regularly inventorying your collection allows you to keep track of your coins and their conditions, ensuring they remain a source of pride and joy for years to come.
Embarking on a journey to collect the 1959 Lincoln Memorial Penny can be a rewarding venture. It blends the excitement of the hunt with the satisfaction of preserving pieces of American history.
As you grow your collection, each penny becomes a testament to your dedication and passion for the world of numismatics.
What Is a 1959 Lincoln Memorial Penny Worth?
In recent years, there's been a noticeable increase in the popularity of collecting Lincoln Pennies, pushing the prices of rare and error coins from this year higher.
Generally speaking, though, most of the variations you'll likely find are worth 1 cent. However, their value increases as you move higher up on the grading scale.
There will be a range of values based on grade, with the highest value coming in at around $22 for Mint condition. But a few varieties, such as the ones with no mint mark, are valued at thousands of dollars.
Comparison of Values Based on Rarity, Error, and Condition
The value of a 1959 penny can vary widely based on several factors. Rarity is a significant determinant. Pennies with low mintages or those from specific mints can be more valuable. Error coins, such as those with double dies or off-center strikes, garner higher prices due to their uniqueness.
Condition is perhaps the most critical factor. Pennies in uncirculated condition with no signs of wear are at the premium end of the market, while those in less pristine states are more affordable.
Coins graded by reputable services can fetch higher prices, as the grade provides a trusted assessment of the coin's condition. For example, a 1959 Lincoln Memorial Penny in an uncirculated, mint state might sell for several times more than one in a circulated condition, with prices adjusting based on the grading scale.
Several notable sales and auctions have highlighted the value potential of the 1959 Lincoln Memorial Penny. Rare error coins from 1959 have been featured in prestigious auctions, attracting attention from collectors worldwide.
These sales not only set benchmarks for pricing but also stimulate interest in the broader collecting community.
The Beauty of the 1959 Lincoln Memorial Penny
The 1959 Lincoln Memorial Penny encapsulates a moment in American numismatics that bridges historical reverence with the joy of collecting.
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