1968 Lincoln Penny Values, Errors, and Rarities
1968 Lincoln Penny Values, Errors, and Rarities
Explore the unique 1968-D silver dime planchet error, worn hub quality issues, and complete value guide for the 4.8 billion Lincoln cents struck this pivotal year
Introduction
The 1968 Lincoln penny represents a fascinating chapter in American numismatic history, with over 4.8 billion cents struck across Philadelphia, Denver, and San Francisco mints. Despite this massive production, most 1968 cents remain affordable even in high grades due to their abundance and unique quality challenges stemming from worn master hubs used during the national coin shortage crisis.
Copper Content Value
Composed of 95% copper and 5% zinc like all Lincoln cents from 1909-1982, each 1968 penny has a melt value of 2.3 cents - more than double its face value at current copper prices.
This intrinsic metal value demonstrates fundamental principles that apply across tangible asset investing. Whether evaluating copper cents or precious metals like gold, understanding how commodity content provides baseline value helps investors assess both numismatic premiums and long-term wealth preservation potential.
Worn Hub Quality Impact
The 1968 Lincoln cent suffers from poor strike quality due to overused master hubs during the coin shortage crisis. Details in Lincoln's hair, beard, and clothing appear soft or missing entirely, making accurate grading particularly challenging.
Table of Contents
Quality Challenges and Worn Hub Impact
The 1968 Lincoln cent's poor strike quality resulted from the extraordinary circumstances of the 1960s coin shortage crisis. As all three US Mints operated 24/7 to meet demand, the Philadelphia Mint's engraving department shipped hundreds of dies daily, keeping worn master hubs in service far beyond their normal replacement time.
Worn Hub Problems
- High points and details buffed away
- Master hubs used past normal service life
- Missing details transferred to dies and coins
- Dramatic quality difference from 1969
Visible Quality Issues
- "In God We Trust" bleeds into rim
- Lincoln's hair shows no detail
- Bowtie appears as shapeless lump
- Jacket and shirt lack definition
Grading Difficulties
- Lack of fine details even on perfect strikes
- Hard to distinguish wear from weak strikes
- Professional grading becomes subjective
- Eye appeal varies dramatically
Historical Context
The coin shortage crisis began when rising silver prices made pre-1965 coins worth more for their metal content than face value. This created widespread hoarding similar to modern silver stacking, where investors accumulate precious metals for their intrinsic value and inflation hedge properties.
1968 Lincoln Penny Price Guide
Due to the massive mintage and quality issues, most 1968 Lincoln cents below MS-66 RD are not worth professional grading. The standard grading fees of $17 (PCGS) and $19 (NGC) exceed the value of lower-grade specimens.
Mint Set Source
Almost all high-grade 1968 cents trace back to 1968 Mint Sets, which contained coins from all three mints plus a 40% silver Kennedy half dollar. These sets remain available on the secondary market for under $15.
1968-P Lincoln Cent (Philadelphia)
Mintage: 1,707,880,970
| Grade | Red (RD) | Red-Brown (RB) | Brown (BN) |
|---|---|---|---|
| MS-60 | $0.05 | $0.03 | $0.03 |
| MS-63 | $0.25 | $0.15 | $0.10 |
| MS-65 | $3 | $2 | $1 |
| MS-66 | $15 | $8 | $5 |
| MS-67 | $300 | $150 | $75 |
1968-D Lincoln Cent (Denver)
Mintage: 2,886,269,600
| Grade | Red (RD) | Red-Brown (RB) | Brown (BN) |
|---|---|---|---|
| MS-60 | $0.05 | $0.03 | $0.03 |
| MS-63 | $0.25 | $0.15 | $0.10 |
| MS-65 | $2 | $1 | $1 |
| MS-66 | $12 | $6 | $4 |
| MS-67 | $250 | $125 | $60 |
1968-S Lincoln Cent (San Francisco)
Mintage: 258,270,001
| Grade | Red (RD) | Red-Brown (RB) | Brown (BN) |
|---|---|---|---|
| MS-60 | $0.10 | $0.05 | $0.03 |
| MS-63 | $0.50 | $0.25 | $0.15 |
| MS-65 | $8 | $4 | $2 |
| MS-66 | $40 | $20 | $12 |
| MS-67 | $1,000 | $500 | $250 |
1968-S Proof Lincoln Cent
Mintage: 3,041,506
| Grade | Value |
|---|---|
| PR-60 | $1 |
| PR-63 | $2 |
| PR-65 | $3 |
| PR-67 | $250 |
| PR-69 | $25 |
Red, Red-Brown, and Brown Designations
Lincoln cents receive color designations reflecting original copper luster retention. Unlike the standardized 70-point grading scale, color classifications can vary between grading services, adding subjectivity to valuation.
PCGS Standards
- Red (RD): More than 95% original luster
- Red-Brown (RB): 5% to 95% original color
- Brown (BN): Less than 5% original luster
NGC Standards
- Red (RD): More than 85% original luster
- Red-Brown (RB): 15% to 85% original color
- Brown (BN): Less than 15% original luster
Grading Service Differences
The variation in color standards between PCGS and NGC demonstrates how subjective elements affect coin values. This principle extends to precious metals, where factors like toning, strike quality, and eye appeal influence premiums beyond basic metal content.
Most Valuable 1968 Lincoln Cents
Despite quality challenges, exceptional 1968 Lincoln cents have achieved significant auction prices, demonstrating the premium collectors place on superior examples.
1968-P Lincoln Cent - Record Sale
$2,880 for MS-67+ RD (2018, Stack's Bowers)
Finest Known: MS-67+ RD (4 examples by PCGS)
1968-D Lincoln Cent - Record Sale
$2,300 for MS-67 RD (2008, Bowers & Merena)
Finest Known: MS-67+ RD (1 example by PCGS)
1968-S Lincoln Cent - Record Sale
$5,000 for MS-66+ RD (2021, eBay)
Finest Known: MS-68 RD (1 example by PCGS)
1968-S Proof Lincoln Cent - Record Sale
$14,375 for PR-67 (2004, Heritage)
Finest Known: PR-69 (352 examples by PCGS)
Unique 1968-D Silver Dime Planchet Error
The most remarkable 1968 Lincoln cent error is the unique 1968-D struck on a silver dime planchet - a coin that shouldn't exist since Denver's last silver dimes were minted in 1966.
1968-D Lincoln Cent on Silver Dime Planchet
Unique Specimen - Never Auctioned
PCGS Grade: XF Details (98 - Damage)
The silver blank remained wedged in equipment for two years before striking
Amazing Story
- Silver dime blank from 1966 production
- Wedged in hopper for two years
- Survived millions of other blanks
- High-speed press didn't detect error
Technical Details
- 90% silver composition
- Smaller than cent planchet
- Incomplete design impression
- Substantial planchet damage
Silver Content Value
Beyond its numismatic rarity, this error coin contains 90% silver, making it valuable for both its metal content and uniqueness. This dual value proposition mirrors modern silver investing, where coins provide both precious metal exposure and potential collector premiums.
Common Varieties and Errors
Beyond the unique silver planchet error, 1968 Lincoln cents exhibit various die varieties and mechanical errors that add collector interest.
Die Varieties
1968-D DDR (RS-801)
Auction Record: $285 for MS-65 RD
Finest Known: MS-66+ (1 graded by PCGS)
1968-S DDO Proof (FS-101)
Auction Record: $517 for PR-68 RD
Finest Known: PR-68 (10 graded by PCGS)
1968-D/D RPM (FS-501)
Auction Record: $239 for MS-66 RD
Repunched mint mark variety
Common Error Types
Mechanical Errors
- Off-center strikes
- Double strikes
- Rotated dies
- Die breaks and cracks
Planchet Defects
- Clipped planchets
- Lamination errors
- Wrong metal strikes
- Blank planchet escapes
Authentication Critical
Post-mint damage often mimics genuine mint errors. Professional authentication protects collectors from costly mistakes, similar to how precious metals buyers verify authenticity when making significant investments.
Conclusion
The 1968 Lincoln penny tells a compelling story of American monetary history during the coin shortage crisis. While most examples remain inexpensive due to quality issues and massive mintage, exceptional specimens and unique errors can command substantial premiums, with the silver dime planchet error representing one of numismatics' most fascinating anomalies.
Understanding the 1968 Lincoln cent market requires appreciating how historical circumstances affected coin quality, rarity, and value. These same analytical skills apply to precious metals investing, where historical context, supply factors, and quality considerations influence both gold prices and collector premiums on numismatic items.
Collector Strategy
Focus on the highest available grades given the inherent quality limitations of 1968 cents. Look for exceptional eye appeal over technical grade alone, and always verify authenticity for error coins and varieties. The principles of quality assessment, historical context, and value analysis developed through coin collecting provide excellent preparation for evaluating any form of tangible asset investment.
Whether collecting 1968 Lincoln cents for their historical significance, hunting for the rare varieties, or using them as an introduction to numismatics, these coins offer lessons in quality evaluation, market dynamics, and the enduring value of tangible assets that extend far beyond the coin collecting realm.