1968 Lincoln Penny Values, Errors, and Rarities

More than 4.8 billion Lincoln cents were struck in 1968 between the Philadelphia, Denver, and San Francisco Mints. With such a prodigious output, it is no surprise that the 1968 cent is cheap even in high grades.

In fact, only a tiny fraction of those 4.8 billion coins are worth more than their “melt value,” aka metal content. Lincoln cents from 1909 to 1982 (aside from the 1943 “WWII steel cents”) were composed of 95% copper and either 5% zinc or 5% zinc and tin.

At current copper prices (October 2023), a 1968 Lincoln penny has a melt value of 2.3 cents. Note that Lincoln cents struck since 1982 have been made from zinc with a thin copper coating. These coins have a melt value of only 0.65 cent.

A 1968 and 1969 Lincoln cent, both graded MS-66 RD for quality (PCGS)

1968 Lincoln Penny Values

The 1968 Lincoln cents with the highest values are those with the highest “Mint State” ratings from certified coin grading services. It does not make financial sense to have any 1968 Lincoln cent certified that will grade less than an MS-66 RD. The standard grading fee for modern coins is $17 at PCGS and $19 at NGC, the top two coin grading services. (Bulk submissions can bring down the per-coin cost.)

DID YOU KNOW?
Coins are graded on a 70-point scale, where 1 is so worn as to be almost unidentifiable, and 70 is perfect, with no damage or blemishes visible even under magnification.

Almost all 1968 Mint State cents can be traced back to 1968 Mint Sets that have been broken out of their packaging. 1968 Mint Sets contain cents, nickels, dimes, and quarters from all three Mints (Philadelphia, Denver, and San Francisco) and a 40% silver Kennedy half dollar. 1968 Mint Sets are still available on the secondary market for less than $15.

Below are the prices as of November 2023 for high-quality “Mint State” 1968 Lincoln cents. Prices were obtained through PCGS Coinfacts.

1968 Lincoln Cent Prices

1968-P LINCOLN CENT VALUE

MINTAGE: 1,707,880,970

1968-D LINCOLN CENT VALUE

MINTAGE: 2,886,269,600

1968-S LINCOLN CENT VALUE

MINTAGE: 258,270,001

1968-S PROOF LINCOLN CENT VALUE

MINTAGE: 3,041,506

RD, RB, BN: What Do They Mean for Lincoln Pennies?

Lincoln cents are not only graded by condition but also by how much of their original color remains. There are three classifications: Red (RD), Red-Brown (RB), and Brown (BN).

Unlike the 1-70 scale used to rate the condition of coins, the definitions of Red, Red-Brown, and Brown can widely differ. PCGS defines RD copper coins as having more than 95% of the original luster remaining. RB coins display between 5% and 95% of their original color, while BN coins have less than 5% of their original luster.

In contrast, NGC rates any copper coin with more than 85% of its original luster as RD, those with between 15% and 85% luster as RB, and those copper coins with less than 15% luster are graded BN.

Grading 1968 Lincoln Cents

Accurately grading 1968 Lincoln cents is made difficult due to the lack of fine details, even on perfectly-struck coins. This was a by-product of the rush to issue coins during the coin shortage crisis in 1964. The engraving department at the Philadelphia Mint was pressing and shipping hundreds of coin dies a day as all three US Mints churned out coins 24/7.

As a result, the master hubs used to make Lincoln cent coin dies remained in use far past the time that they would normally be replaced due to excess wear. The Engraving Department continued to buff out any damage on the hubs and put them back in service. This eventually wore away the high points and details on the hubs.

Since a coin die is only as good as the hub they’re created with, this meant that the missing parts on the hub were also missing on the dies, and on the coins struck with those dies.

The results of the worn master hubs used in 1968 can clearly be seen, compared to the new hubs made in 1969. The top inscription “In God We Trust,” “Liberty,” the 8 in the date 1968, and the bottom of Lincoln’s jacket all bleed into the rim. Lincoln’s hair and beard show almost no details, his bowtie is just a lump, and his shirt and jacket have lost all detail.

It’s hard to believe that both these coins were struck to the same standards! You can learn more about grading coins by following the link.

Most Valuable 1968 Lincoln Cents: Auction Records and Finest Known

This is a list of the finest-known examples of each 1968 Lincoln penny mintage. The auction records listed may or may not reflect the highest price ever paid, since person-to-person private sales are not recorded.

The numbers in the PCGS and NGC entries are the number of coins at that grade that each service has graded. The year and auction house are also listed.

1968-P LINCOLN CENT VALUE

AUCTION RECORD: $2,880 for MS-67+ RD (2018, Stack’s Bowers)

FINEST KNOWN: MS-67+ RD (4, PCGS); MS-68 RD (1, NGC)

1968-D LINCOLN CENT VALUE

AUCTION RECORD: $2,300 for MS-67 RD (2008, Bowers & Merena)

FINEST KNOWN: MS-67+ RD (1, PCGS); MS-66 RD (2, NGC)

1968-S LINCOLN CENT VALUE

AUCTION RECORD: $5,000 for MS-66+ RD (2021, eBay)

FINEST KNOWN: MS-68 RD (1, PCGS); MS-67+ RD (5, NGC)

1968-S PROOF LINCOLN CENT VALUE

AUCTION RECORD: $14,375 for PR-67 (2004, Heritage)

FINEST KNOWN: PR-69 (352, PCGS); PF-69 (59, NGC)

1968 Lincoln Cent Varieties and Errors

Variety coins are coins that have had something happen to the die before the coin is struck. Common coin varieties include Doubled Die on Reverse (DDR), Doubled Die on Obverse (DDO), and Repunched Mint Mark (RPM.)

The difference between variety coins and error coins is that variety coins result from a mistake on the coin die. Many hundreds or even thousands of coins with the same defect can be minted before the mistake is noticed.

1968-D DDR LINCOLN CENT RD RS-801

AUCTION RECORD: $285 for MS65 RD (2023, eBay)

FINEST KNOWN: MS-66+ (1 graded by PCGS)

1968-S DDO LINCOLN CENT FS-101 RD PROOF

AUCTION RECORD: $517 for PR-68 RD (2015, Heritage)

FINEST KNOWN: PR-68 (10 graded by PCGS)

1968-D/D RPM LINCOLN CENT FS-501 RD

AUCTION RECORD: $239 for MS-66 RD (2019, eBay)

Error coins are a result of a mechanical malfunction of the coin press or a defect or mistake in the coin blank itself. (Anything that happens to them after they are ejected from the coining press is referred to as “post-mint damage.”)

Common error coins are:

Rarest 1968 Penny: Unique 1968-D Lincoln Cent on Silver Dime Planchet

The most amazing 1968 Lincoln cent error coin is the 1968-D struck on a silver dime planchet. It isn’t just that it was struck on a silver dime planchet, but that the Denver Mint struck its last silver dime two years earlier, in 1966.

This silver dime blank somehow got wedged into a hopper in 1966 and remained wedged in there for two years, while many millions of coin blanks were dumped in it and transported around the mint. Due to the high speed at which modern coin presses run, the silver cent wasn’t detected before it was sent into circulation.

1968-D Lincoln cent, mistakenly struck on a silver dime planchet. PCGS image shared on Collectors Universe forum

PCGS rates this remarkable and unique coin as XF Details (98 - Damage) due to the substantial damage on the planchet. If this coin were undamaged, it would grade out at “eXtremely Fine” XF (40 to 45 on the 70-point scale.)

The 1968-D Lincoln cent on a silver dime planchet has never been seen at auction and, therefore, has no price history.

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