Are Any Pennies From the 1960s Worth Anything?

Factors Influencing Penny Value

A coin’s condition, often referred to as its grade, plays a significant role in determining its market value. Coin grading is a standardized process that evaluates a coin’s appearance, surface preservation, and strike quality. The Sheldon Scale, a 70-point numerical system, is widely used to rate a coin’s condition from 1 (Poor) to 70 (Mint State), with higher numbers indicating better preservation. A coin graded MS-70 is flawless and mint-fresh, while a G-4 (Good) grade signifies a heavily worn coin where key details are still visible. The quality of a coin’s strike, its luster, and any contact marks all contribute to its overall grade.

Rarity heavily influences a coin’s desirability and price among collectors, and is not solely based on initial mintage figures. A coin might have a high mintage but a low survival rate if many were lost, melted down, or damaged over time, increasing its rarity. Conversely, a coin with a low mintage is more difficult to find and commands higher prices.

Mint marks are small letters or symbols on a coin that identify the facility where it was produced. These marks indicate the mint location. The presence or absence of a specific mint mark can significantly impact a coin’s value, as some years and mint locations produced fewer coins or notable variations. Mint marks were generally placed on the reverse side of coins until 1968, when they moved to the obverse.

Errors and varieties represent unintentional deviations or unique characteristics that occurred during the coin’s production process. Mint errors are accidental mistakes during striking, such as a misaligned strike or a coin struck on the wrong planchet. Varieties, in contrast, are distinct features resulting from intentional or unintentional changes to the dies before striking, leading to a group of coins sharing the characteristic, like a doubled die. These anomalies, if genuinely from the minting process and not post-mint damage, can make a coin valuable due to their scarcity and visual distinctiveness.

Specific 1960s Pennies of Interest

While most Lincoln cents from the 1960s are primarily worth their face value, specific issues and conditions can elevate their worth considerably. The 1960 Lincoln cent is notable for its “small date” and “large date” varieties, which can be found in both Philadelphia (no mint mark) and Denver (“D” mint mark) productions. The “0” in the date of the small date variety was prone to breakage, leading the Mint to create a new die with enlarged digits, making the small date scarcer.

The 1960-D Small Date penny is particularly sought after, with some uncirculated examples achieving values of $100 or more. While the Philadelphia small date variety (no mint mark) also exists, its value is lower than the Denver counterpart, though higher-grade examples can still command a premium. Identifying the small date involves closely examining the “6” and “0” in the date; the small date’s “0” appears more oval and closer to the “9,” and the “6” has a shorter, more pointed tail.

Another highly valuable coin from this decade is the 1969-S Doubled Die Obverse Lincoln cent. This error is characterized by a clear doubling of the date and the “LIBERTY” inscription on the obverse side of the coin. The doubling is distinct enough to be seen with the naked eye, appearing as if the elements were struck twice with a slight offset due to a die misalignment. The 1969-S Doubled Die Obverse is considered one of the most prominent doubled die errors, making it rare and valuable. Its scarcity is amplified because many of these coins were initially confiscated and destroyed by the Secret Service, who mistakenly believed them to be counterfeits. Only a limited number of these error coins are known to exist, and their value can range from tens of thousands to hundreds of thousands of dollars, depending on their condition and the extent of the doubling.

While not an error, the 1964 Lincoln cent is also noteworthy, especially those found in Special Mint Sets (SMS). Although most 1964 pennies are common, a small number were struck with a unique finish for these collector sets. These SMS coins exhibit a satin-like luster, sharp details, and often lack the heavy contact marks seen on circulating coins, due to different production handling. Pennies from 1965 to 1967 notably did not feature mint marks on circulating coins due to a change in coinage law designed to discourage collecting during a coin shortage. Therefore, any 1960s penny without a mint mark (other than 1965-1967) indicates it was minted in Philadelphia.

How to Inspect Your Pennies

To identify valuable features, ensure your hands are clean before handling any coin. Consider wearing lint-free cotton or nitrile gloves to prevent transferring oils and dirt, which can cause discoloration and corrosion. Always hold coins by their edges to avoid touching the main surfaces. Work over a soft, clean surface, such as a cloth or velvet pad, to cushion the coin if it is accidentally dropped.

Good lighting and magnification are required for examination. An incandescent light source is often recommended for examining coins, as it can reveal details that fluorescent or natural light might obscure. A magnifying glass or jeweler’s loupe is an indispensable tool for close inspection. For general examination, a magnification between 4X and 10X is sufficient, while identifying minute die varieties or errors may require 10X magnification or more.

Begin your inspection by checking the date and looking for a mint mark, typically found below the date on the obverse. Once the date and mint mark are identified, carefully examine the details of the coin’s design, paying close attention to areas known for errors or varieties, such as the date digits for the 1960 small/large date variations or the lettering for doubled die errors. Compare the features of your coin to reliable reference images of known valuable varieties to confirm any suspected anomalies.

What to Do with Potentially Valuable Pennies

If you believe you have identified a potentially valuable penny, the next step involves professional verification. Seeking authentication from a reputable coin dealer or a third-party grading service is recommended. Organizations like the Professional Coin Grading Service (PCGS) or the Numismatic Guaranty Company (NGC) offer expert evaluation, assign a grade to the coin, and encapsulate it in a tamper-proof holder, confirming its authenticity and condition. This professional assessment provides an objective measure of the coin’s quality and value.

It is important to never clean old coins. Cleaning a coin, even gently, typically reduces its numismatic value significantly. Cleaning can remove the coin’s natural patina or toning, and can also cause microscopic scratches or alter the surface, making it appear artificially bright. These alterations are permanent and can decrease a coin’s value by 20-50%.

Proper storage is essential to preserve the coin’s condition. Valuable or potentially valuable coins should be stored in inert, non-PVC flips or capsules. These materials prevent environmental damage. Storing coins individually prevents them from rubbing against each other.

Once a coin is authenticated and graded, several avenues exist for selling. Reputable coin dealers, both local and online, can provide offers, though they typically buy at a lower price. Auction houses are another option, particularly for high-value pieces, as they can attract competitive bidding, although they charge commissions. Online marketplaces also allow direct sales, but require careful attention to clear photos and detailed descriptions.