1964 Lincoln Penny Values, Errors, and Rarities
1964 Lincoln Penny Values, Errors, and Rarities
Complete collector's guide to identifying valuable 1964 Lincoln cents, understanding copper content, and discovering rare varieties worth thousands
Introduction
The 1964 Lincoln penny holds a special place in numismatic history as one of the last years when pennies were made from 95% pure copper. With nearly 6.5 billion Lincoln cents minted that year across Philadelphia, Denver, and San Francisco, these coins range from common circulation finds to rare varieties worth thousands of dollars. Understanding their value depends on condition, mint marks, and identifying special varieties that make certain 1964 cents highly sought after by collectors.
Copper Melt Value
At current copper prices, a 1964 Lincoln cent has a melt value of 2.3 cents - nearly 2.5 times its face value. This copper content makes 1964 pennies significantly more valuable than modern zinc cents minted after 1982, which have a melt value of only 0.65 cents.
Whether you're new to coin collecting or looking to understand precious metals investments, the principles of evaluating copper content and market premiums in numismatics share similarities with precious metals investing, where understanding intrinsic value versus collector premiums is essential for making informed decisions.
Table of Contents
1964 Lincoln Penny Price Guide
The most valuable Lincoln cents are those earning the highest "Mint State" ratings from certified coin grading services. The standard grading fee for modern coins is $17 at PCGS and $19 at NGC, meaning only the nicest 1964 Lincoln cents are worth professional grading.
Coin Grading Scale
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.
1964 Lincoln Cent (No Mint Mark)
Mintage: 2,648,575,000 (Philadelphia and San Francisco combined)
| Grade | Red (RD) | Red-Brown (RB) | Brown (BN) |
|---|---|---|---|
| MS-60 | $1 | $0.50 | $0.30 |
| MS-63 | $3 | $1.50 | $1 |
| MS-65 | $15 | $8 | $5 |
| MS-66 | $75 | $40 | $25 |
| MS-67 | $1,500 | $750 | $400 |
1964-D Lincoln Cent
Mintage: 3,799,071,500
| Grade | Red (RD) | Red-Brown (RB) | Brown (BN) |
|---|---|---|---|
| MS-60 | $1 | $0.50 | $0.30 |
| MS-63 | $3 | $1.50 | $1 |
| MS-65 | $12 | $6 | $4 |
| MS-66 | $50 | $25 | $15 |
| MS-67 | $800 | $400 | $200 |
1964 Proof Lincoln Cent
Mintage: 3,950,762
| Grade | Value |
|---|---|
| PR-60 | $1 |
| PR-63 | $2 |
| PR-65 | $5 |
| PR-67 | $15 |
| PR-69 | $75 |
| PR-70 | $2,500 |
Historical Context: The National Coin Shortage
The 1964 cent exists within a fascinating period of American monetary history. Until 1965, all dimes, quarters, half dollars, and dollar coins contained 90% pure silver. As silver prices rose in the early 1960s, the intrinsic value of these coins exceeded their face value, creating widespread hoarding that parallels modern precious metals investing strategies.
Silver Price Impact
Rising silver prices made pre-1965 coins worth more as bullion than currency, leading to massive hoarding by "silver stackers" - early precious metals investors.
Mint Mark Removal
Mint Director Mary Adams blamed collectors for the coin shortage and removed mint marks from all 1964 coins except Denver pennies to reduce collector demand.
Copper Concerns
The 95% copper content in Lincoln cents also attracted attention from metal hoarders, foreshadowing future changes to penny composition in 1982.
Historical Parallel
The 1960s coin shortage mirrors modern concerns about currency debasement and inflation that drive investors toward physical silver and other precious metals as stores of value.
Understanding 1964 Mint Marks
The 1964-D Lincoln cent was the only US coin to carry a mintmark that year. This unique distinction adds collector interest, though it's somewhat offset by the fact that Denver produced more 1964 cents than Philadelphia and San Francisco combined.
Philadelphia Mint
- No mint mark (standard practice)
- Indistinguishable from San Francisco cents
- Part of 2.648 billion combined mintage
Denver Mint
- Small "D" mint mark below date
- Highest mintage: 3.799 billion
- Only 1964 coin with mint mark
San Francisco Mint
- 196,630,000 coins struck
- No mint mark due to shortage policies
- Cannot be distinguished from Philadelphia
Red, Red-Brown, and Brown Designations
Lincoln cents receive color designations in addition to numerical grades, reflecting how much original copper luster remains. These classifications significantly impact value and collector desirability.
Red (RD)
Almost all original luster present. Achieved by coins kept in rolls, airtight containers, or mint sets. Commands highest premiums from collectors.
Red-Brown (RB)
Good portion of original luster remaining. Some collectors prefer attractive RB coins over lower-quality RD examples of the same grade.
Brown (BN)
Developed chocolate-brown color from circulation or air exposure. Less desirable to most collectors but still valuable in high grades.
Collector Tip
Eye appeal matters significantly in coin collecting. An attractive RB coin might be preferable to a technically superior but unappealing RD specimen.
Most Valuable 1964 Lincoln Cents
The finest-known examples of 1964 Lincoln cents have achieved remarkable auction prices, demonstrating the potential value in exceptional condition coins.
1964 Lincoln Cent - Record Sale
$7,931 for MS-67 RD (2010, Bowers & Morena)
Finest Known: MS-67+ RD (4 examples graded by PCGS)
1964-D Lincoln Cent - Record Sale
$4,025 for MS-67 (2012, Stacks Bowers)
Finest Known: MS-67+ RD (3 examples graded by PCGS)
1964 Proof Lincoln Cent - Record Sale
$2,585 for PR-70 (2017, Heritage)
Finest Known: PR-70 (10 examples graded by PCGS)
1964 Special Mint Set Cents
Among the rarest 1964 Lincoln cents are those from Special Mint Sets that were never released to the public. These experimental sets were discovered in Mint Director Eva Adams' collection after her death in 1991.
SMS Rarity
Less than 50 intact 1964 Special Mint Sets likely remain. PCGS has graded only 20 specimens, while NGC has certified just 11.
1964 SMS Lincoln Cent - Record Sale
$15,600 for SP-67 RD (2019, Heritage)
Finest Known: SP-68 RD (2 examples graded by PCGS)
These Special Mint Set cents feature a distinctive satin finish unlike regular circulation strikes or proofs, designated by the "SP" (specimen finish) abbreviation from grading services.
Varieties and Error Coins
The main variety of note for 1964 Lincoln cents is the Doubled Die Reverse (DDR), where doubling is most visible in the "States of" portion of "United States of America" on the reverse.
1964 Doubled Die Reverse (DDR)
Auction Record: $187 for MS-64 RD (2012, Great Collections)
This variety is not exceedingly rare, but commands premiums for its distinctive doubling visible on the reverse.
Common Error Types
Mechanical Errors
- Off-center strikes
- Clipped planchets
- Die breaks and cracks
- Double strikes
Planchet Defects
- Wrong metal composition
- Lamination errors
- Blank planchet escapes
- Weight discrepancies
Authentication Important
Error coins and varieties should be authenticated by reputable grading services. Post-mint damage is often mistaken for genuine mint errors by inexperienced collectors.
Conclusion
The 1964 Lincoln penny represents more than just pocket change - it's a tangible piece of American monetary history from the last year of 95% copper cents. Whether you find one in circulation worth its 2.3-cent melt value or discover a pristine example worth thousands, these coins offer an accessible entry point into both numismatics and understanding how metal content drives value.
For collectors interested in the broader world of precious metals beyond numismatics, the principles of evaluating intrinsic value, market premiums, and storage considerations apply whether you're collecting copper cents or investing in gold bullion. Both require understanding market dynamics, authenticity verification, and long-term preservation strategies.
Building Your Collection
Start by examining 1964 pennies for condition and mint marks. Learn to identify the difference between Red, Red-Brown, and Brown designations. Most importantly, understand that while millions were minted, finding high-grade examples requires patience and knowledge - skills that translate well to any form of tangible asset collecting or investing.