1978 Lincoln Penny Value Guide

What Is Special About The 1978 Lincoln Penny?

A 1978 Lincoln penny might just be worth one cent, but for the people who appreciate their true value, they may be worth hundreds or thousands of dollars.

So, what is so special about the 1978 Lincoln penny? For one, it has been more than four decades since this coin was produced by the U.S. Mint. Its sentimental value is way higher than its face value.

The 1978 Lincoln penny was made of 95% copper and 5% zinc. The U.S. Mint never produced a silver penny.

Its value is $0.01, making it the coin with the smallest denomination. It has a mass of 3.11 grams, which is heavier compared to the current mass of the Lincoln penny, which is 2.5 grams. The diameter of the Lincoln penny is 19.05 mm.

The obverse of the 1978 penny features the right profile of Abraham Lincoln, the 16th president of the United States. This Lincoln bust was designed by Victor D. Brenner. Inscriptions include the following:

• IN GOD WE TRUST
• LIBERTY
• 1978 (year of minting)
• Mint mark (D or S)

On the reverse, Frank Gasparro designed the new look of the Penny in 1959. Instead of the previous wheat image, the reverse features the front view of the Lincoln Memorial.

Inscriptions include the following:

• UNITED STATES oF AMERICA
• E PLURIBUS UNUM
• ONE CENT
• FG (Frank Gasparro’s initial)

It’s worth noting that the penny coin has not always been a Lincoln penny. From 1859 up until 1909, the Indian bust was used. On the reverse, ears of wheat were retained until 1959 when it was replaced by the Lincoln memorial.

It was only in 1909 that the U.S. Mint started to create the Lincoln penny. This year was chosen because it is the same year when Lincoln could have been 100 years old.

What’s more interesting is that the addition of Lincoln to the penny was the first time a president has graced a coin’s design.

Today, the penny is the most minted coin in the United States. Its production reached the billions. Moreover, the current reverse design was changed to the Union Shield.

1978 Penny Varieties

The 1978 penny comes in different varieties. Most of them differ based on the mint mark. Aside from that, errors in the minting process gave rise to other types of Lincoln pennies.

Here are some of the penny varieties worth mentioning:

1978 P Penny (With No Mint Mark)

The 1978 Lincoln penny from Philadelphia doesn’t have any mint mark. The common price of this coin is from $0.01 to $9.00. The Philadelphia Mint produced more than 5.5 billion 1978 pennies.

1978 D Penny

The 1978 penny with a mint mark of D was produced in the Denver Mint. There are more than four billion of these coins ever produced from the same minting center. Its value isn’t that big compared to other penny varieties.

1978 S Proof Penny

The San Francisco Mint produced beautiful and attractive 1978 Lincoln penny proof coins. The process of producing proof penny coins is meticulous. It has to be treated, hand-polished, and cleaned to ensure optimum beauty. It is shinier than the other standard varieties.
Because it takes more time to produce penny-proof coins, there were only more than 3 million of them produced in 1978.

List of errors

With billions of 1978 pennies, it is not surprising to see some of these coins receiving errors. However, the year 1978 seems to have more errors than other series.

Usually, the errors happened during the minting process. Some examples of errors are doubled die, repunched mint mark, off-center strike, broad strike, broken die, blank or folded planchet, and others.

For the 1978 pennies, the most common errors include the double strike, which resulted in a coin that looks like two incomplete coins smashed together.

Another common error during this year is the penny struck on a planchet intended for dimes. So, you have a penny that was struck on a copper-nickel blend instead of a copper blend. Aside from these, the off-center strikes were also part of the errors for this series.

Are There Any Rare 1978 Pennies?

Yes, there are rare 1978 pennies. However, these rare pennies are actually pennies with errors. For example, a 1978 penny with a doubled die on the inscriptions LIBERTY and 1978 are considered rare. Thus, its owner sells it for $79.95 on eBay.

Here’s a photo of the coin:

As long as you find a 1978 Lincoln penny with an error that makes it unique and one-of-a-kind, then that penny is most likely a rare one. Aside from that, if there’s a huge demand for a particular 1978 penny but there’s only a limited supply, then that creates an illusion that a coin is rare.

If you are looking for other Lincoln rare pennies, there are those that have already been known among the experts.

One good example would be the 1944 steel Lincoln penny. In 1944, all pennies were supposed to be made with copper. However, during the minting process, some steel left over from the 1953 pennies made it to the mintage. There are 30 steel 1944 pennies today. Pennies like these can be sold for about $375,000.

Why Is A 1978 S Penny Worth So Much?

The 1978 S penny is worth more than usual because of the low mintage. The “S” in 1978 S penny refers to where it was minted, which is San Francisco.

The San Francisco Mint only created about 3 million of 1978 S pennies. Aside from that, these pennies from the San Francisco Mint are proof, meaning they are specially created with more shine, luster, and beauty.

While you may think that three million is a lot, it is really a small number considering that these coins came into circulation and with more than four decades of years that have passed, it is most likely that only a few now have survived in a good condition.

How Much Is A 1978 Penny Worth Today?

The 1978 penny isn’t that really expensive today. Most 1978 pennies would only sell as much as their face value, which is $0.01.However, the melt value of 1978 pennies is slightly higher, which is $0.02.

If you have the rare Lincoln pennies, then you might be able to sell them for a few hundred or thousand bucks.

To give you an idea and compare the usual prices of a 1978 Lincoln penny, here’s a table for you:

How Does The Grading System Work?

The Sheldon Scale is used by numismatists to provide a numerical value to coins. The Sheldon Scale goes from poor (P-1) to perfect mint state (P-1) (MS-70). Coins were originally evaluated using words to reflect their condition (Good, Fair, Excellent, Etc.). Unfortunately, coin collectors and dealers had different ideas about what each of these terms represent.

Professional numismatists joined together in the 1970s and established CoinGrading standards. These numismatists now assign grades at key places on the seventy-point scale, using the most regularly utilized numeric points in conjunction with the original adjective grade. The following are the most common coin grades:

1. 1. • (P-1) Poor – Indistinguishable and probably damaged; if used, must have a date and mintmark; otherwise, rather battered.
      • (FR-2) Fair – Nearly smooth, but without the damage that a coin graded Poor often possesses. The coin must have enough detail to be identified.
      • (G-4) Fair – Inscriptions have merged into the rims in some areas, and important elements have been mostly erased.
      • (VG-8) Very Good- A little weathered, but all of the primary design elements are visible, albeit faintly. There is little if any, central detail left.
      • (F-12) Good – The item is very worn, yet the wear is even, and the overall design details stand out clearly. Rims are almost completely isolated from the field.
      • (VF-20) Very Fine – Moderately weathered, with some finer features still visible. The motto or all letters of LIBERTY are readable. Both sides of the coin have entire rims that are separated from the field.
      • (EF-40) Extremely Fine – Gently used; all gadgets are visible, and the most important ones are bold. The finer details are bold and clear, however, light wear may be seen.
      • (AU-50) Uncirculated – Slight evidence of wear on the coin’s design’s high points; may have contact marks; eye appeal should be adequate.
      • (AU-58) Uncirculated Choice – Slight traces of wear, no severe contact marks, almost full mint shine, and great eye appeal.
      • (MS-60) Mint State Basal – Strictly uncirculated; no indication of wear on the coin’s highest points, but an unsightly coin with reduced luster, visible contact marks, hairlines, and other flaws.
      • (MS-63) Mint State Acceptable – Uncirculated, but with contact scratches and nicks, little reduced shine, but otherwise appealing appearance. The strike is weak to average.
      • (MS-65) Mint State Choice – Uncirculated with great mint shine, very little contact blemishes, and exceptional eye appeal. The strike is unusually severe.
      • (MS-68) Mint State Premium Quality – Uncirculated with superb luster, no obvious contact marks to the naked eye, and exceptional eye appeal. The strike is quick and appealing.
      • (MS-69) Almost Perfect Mint State – Uncirculated with perfect brilliance, a sharp and appealing strike, and extremely good eye appeal. A near-perfect coin with minor imperfections in the planchet, strike, and contact markings (seen only under 8x magnification).
      • (MS-70) Mint State Perfect – Under 8x magnification, there are no tiny imperfections discernible; the strike is crisp, and the coin is perfectly centered on a beautiful planchet. Rarely seen on a coin, this coin is bright and whole, with original luster and exceptional eye appeal.

Where To Buy Or Sell 1978 Pennies?

Buying and selling 1978 pennies are way easier today with the help of the Internet. eBay, Amazon, and Etsy are among the most popular marketplaces for coin trading. Aside from that, you can do a Google search and find specialized websites for coins and other collectibles.

You can also visit coin shops, pawn shops, and antique shops to sell or buy 1978 pennies. Check out local auction shops as well because they can sell you some of the rarest 1978 pennies.

FAQs

What is the highest price ever paid for a 1978-D proof penny?

The most expensive 1978-D proof penny to this date was sold for $546 during an auction in 2008. The grade of this coin was MS67RD.

Is 1978 Canadian penny worth anything?

Yes, like any other coin, the 1978 Canadian penny is worth something. However, the question is how much.

Most 1978 Canadian pennies, it is just as expensive as their face value, which is $0.01. There are some factors that can easily increase a Canadian penny’s value, which include quality, preservation, eye appeal, and rarity.

Where is the mint mark on a 1978 penny?

The mint mark of the 1978 penny is found under the inscription 1978, on the obverse side. It can be a D or S. If it is minted in Philadelphia, you won’t find any mint mark on the coin.

How many grams is a 1978 penny?

The 1978 penny weighs 3.11 grams. Pennies today are lighter, which is 2.5 grams. Pennies minted during World War II were made of steel and are 2.7 grams.