1912-S Penny Values, Errors, and Rarities
1912-S Penny Values, Errors, and Rarities
Complete guide to this scarce semi-key Lincoln cent with expert grading tips, auction records, and error variety identification
Introduction
The 1912-S is a scarce "semi-key" Lincoln penny that has been in high demand since shortly after they were made. A low mintage and heavy circulation has greatly reduced the number of surviving coins. Even circulated XF-45 to AU-55 examples are very difficult to find.
Only 4,431,000 Lincoln pennies were struck at the San Francisco Mint in 1912, making this one of the more challenging early Lincoln cents to find in any condition. Mint State 1912-S Lincoln pennies are so rare that even the usually ignored "Brown" ones sell for hundreds of dollars.
Understanding the 1912-S penny requires knowledge of coin grading, color classifications, and the various error varieties that can significantly increase value. This comprehensive guide covers everything collectors need to know about identifying, grading, and valuing these important early Lincoln cents.
Table of Contents
Understanding the 70-Point Grading Scale
Coin Grading Fundamentals
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.
Professional coin grading provides the foundation for accurate valuation and market confidence. For 1912-S pennies, even small differences in grade can mean hundreds or thousands of dollars in value difference, making understanding this system crucial for collectors and investors.
Circulated Grades (1-58)
- Good (G-4): Heavily worn, date visible
- Very Good (VG-8): Major details clear
- Fine (F-12): Moderate wear, all details visible
- Very Fine (VF-20): Light wear, sharp details
- Extremely Fine (XF-40): Minimal wear on high points
- About Uncirculated (AU-50/55/58): Slight wear only
Mint State Grades (60-70)
- MS-60: No wear, but poor quality
- MS-63: Average mint state quality
- MS-65: Attractive with few marks
- MS-66: High quality with excellent eye appeal
- MS-67+: Exceptional quality, very rare
Professional Grading Services
For valuable 1912-S pennies, professional grading from PCGS or NGC provides authentication and standardized grades that are recognized throughout the numismatic community. This is especially important for Mint State examples and error varieties.
Color Classifications: Brown, Red-Brown, and Red
Lincoln Cents are not only graded by condition but also by how much of their original color remains. There are three classifications that significantly impact value: Brown (BN), Red-Brown (RB), and Red (RD).
Circulated cents and uncirculated ones exposed to air develop a brown, sometimes chocolatey color. All things being equal, cents graded BN are far less desirable to collectors than RB or RD coins.
Red-brown cents have a good portion of their original luster remaining. Some collectors find that certain RB cents can have more eye appeal than a "better" RD coin of the same condition grade.
Red coins have almost all their original luster present. For older cents like the 1912-S, this is usually only possible for new coins kept in rolls or airtight containers.
Subjective Nature of Color Grading
These color definitions are more subjective than the physical grades laid out in the 1-70 grading scale. The exact amount of red remaining for a coin to be considered RB can differ among grading services, making professional certification particularly valuable for valuable specimens.
1912-S Mint State Values by Grade
Extreme Rarity in Mint State
1912-S Lincoln pennies in Mint State condition are extraordinarily rare. Even Brown examples command substantial premiums, while Red examples can reach five-figure values in higher grades.
1912-S Brown (BN) Values
| Grade | Value Range |
|---|---|
| MS-60 BN | $400-600 |
| MS-63 BN | $800-1,200 |
| MS-65 BN | $2,000-3,500 |
1912-S Red-Brown (RB) Values
| Grade | Value Range |
|---|---|
| MS-60 RB | $800-1,200 |
| MS-63 RB | $1,800-2,800 |
| MS-65 RB | $4,500-7,500 |
1912-S Red (RD) Values
| Grade | Value Range |
|---|---|
| MS-60 RD | $2,000-3,500 |
| MS-63 RD | $5,500-8,500 |
| MS-65 RD | $15,000-25,000+ |
Investment Perspective
For collectors interested in diversifying their portfolios, consider that rare coins like the 1912-S penny can complement precious metals investments. While tracking gold prices and silver market trends, numismatic rarities provide a different type of tangible asset with their own unique market dynamics.
Most Valuable 1912-S Pennies: Auction Records
Record Auction Price
MS-65 RD • 2003 Heritage Auction
The finest-known examples of the 1912-S Lincoln cent are all graded MS-66 RD. Only 14 of these have been graded by PCGS, and one at NGC, making them among the most coveted early Lincoln cents.
Finest Known Details
- Highest grade: MS-66 RD
- PCGS population: 14 coins
- NGC population: 1 coin
- No MS-67 examples known
Market Dynamics
- Record prices may not reflect highest private sales
- Auction results provide public market benchmarks
- Rarity drives consistent collector demand
- Professional grading essential for authenticity
Important Note on Auction Records
Recorded auction records may or may not reflect the highest price ever paid for a coin, since person-to-person private sales are not recorded. The auction market provides valuable benchmarks, but the true highest prices achieved may be higher than public records indicate.
1912-S/S Error and Varieties
The only major 1912-S Lincoln penny error coin is the 1912-S/S, which has a second S mint mark punched over and slightly off-center of the first S. This variety is highly sought after by collectors.
Understanding Varieties vs. 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.
1912-S/S Brown (BN) Values
| Grade | Value Range |
|---|---|
| G-4 BN | $45 |
| VF-20 BN | $100+ |
| AU-58 BN | $200-250 |
| MS-63 BN | $800-1,200 |
1912-S/S Red-Brown (RB) Values
| Grade | Value Range |
|---|---|
| VF-20 RB | $150+ |
| AU-58 RB | $275-325 |
| MS-60 RB | $400-600 |
| MS-63 RB | $1,200-1,800 |
1912-S/S Red (RD) Values
| Grade | Value Range |
|---|---|
| AU-58 RD | $325 |
| MS-60 RD | $600-900 |
| MS-63 RD | $2,000-3,000 |
Note: Mint State 1912-S/S RD Lincoln pennies do not appear above MS-63.
1912-S/S Rarity Factors
This is one reason the higher Mint State RB and BN versions fetch such high prices. The fact that no 1912-S/S examples have been graded above MS-63 in Red makes even lower-grade Red examples extremely valuable.
- Clear repunched mintmark variety
- Limited high-grade availability
- Strong collector demand across all grades
- No MS-64 or higher Red examples known
- Historical significance as early variety
Professional Collecting Strategies
Collecting 1912-S pennies requires strategic planning due to their rarity and high values. Whether you're building a complete Lincoln cent set or focusing on key dates, understanding market dynamics helps optimize acquisition timing and budget allocation.
Entry-Level Strategy
- Start with VF-20 to XF-40 examples
- Focus on eye appeal over numerical grade
- Consider Brown (BN) examples for budget-conscious collecting
- Look for original, uncleaned surfaces
Advanced Strategy
- Target AU-58 to MS-63 range for quality/value balance
- Consider 1912-S/S varieties for portfolio diversity
- Focus on Red-Brown or Red for long-term appreciation
- Professional grading essential for authenticity
Portfolio Diversification
While focusing on rare coins like the 1912-S penny, consider diversifying your tangible assets portfolio. Many collectors complement their numismatic holdings with precious metals investments, taking advantage of the different market cycles and demand factors that affect silver and gold markets versus rare coin values.
Long-Term Investment Considerations
The 1912-S represents one of the most solid semi-key Lincoln cents for long-term holding. Its established rarity, consistent collector demand, and limited population in higher grades create favorable supply-demand dynamics.
- Established track record of value appreciation
- Limited supply unlikely to increase significantly
- Strong foundation collector demand
- Professional authentication readily available
- Liquid market for quality examples
Conclusion
The 1912-S Lincoln penny stands as one of the most challenging and rewarding coins in the early Lincoln cent series. With only 4,431,000 originally minted and heavy circulation reducing the surviving population, these coins command respect from collectors at all levels.
Understanding the grading scale, color classifications, and variety differences enables collectors to make informed decisions whether pursuing circulated examples for type sets or investing in rare Mint State specimens. The 1912-S/S repunched mintmark variety adds another dimension of collecting interest, offering opportunities across a wide range of grades and budgets.
Success in collecting 1912-S pennies comes from patience, knowledge, and strategic planning. Whether you're building a comprehensive Lincoln cent collection or focusing on key dates, the 1912-S represents a cornerstone holding that combines historical significance with proven long-term value appreciation.
Disclaimer: Coin values fluctuate based on market conditions, precious metal prices, and individual coin characteristics. This guide provides general information and should not be considered definitive pricing. Always consult with qualified numismatic professionals for accurate valuations and authentication before making significant purchases or sales.