Lincoln Pennies--A Great Intro to Coin Collecting

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The Mint decided to remove the initials, but not before the Mint at Philadelphia had already produced 27 million coins. The San Francisco Mint had also begun producing pennies bearing the initials, but had only produced 484,000. This relatively tiny minting made the 1909-S VDB cent one of the most popular and publicized rare coins in history. This coin, even in relatively poor condition, can be worth more than $700. The Mint restored Brenner's initials to the penny in 1918, set into the bottom of Lincoln's sleeve.

Everyone knows about the picture of Abraham Lincoln on the OBVERSE (or "Heads") side of the penny. But have you ever noticed the picture of Lincoln on the REVERSE (or "Tails") side of the penny?

The reverse side of the coin contains a depiction of the Lincoln Memorial. Look closely at the center of the Memorial, and there (seated right where he belongs) is Abe!

The year 2009 is the 200th anniversary of Lincoln's birth. Congress has authorized the US Mint to issue four Lincoln Pennies with new designs on the Reverse of the Coin.

You can see a more thorough introduction to the New Lincoln Pennies at www.squidoo.com/newlincolnpenny .

The value of a coin is based on two factors. The first is how rare the coin is. This is a combination of how many coins were originally minted, and what happened to them. Some are destroyed accidentally. Some have been recalled by the government. Collectors have taken some out of circulation. As a particular type of coin has fewer examples available, it becomes more valuable. The other factor is the physical condition of a coin. The closer a specimen is to perfect is, the more valuable it becomes. So a rare, perfect coin is much more valuable than a common, worn coin.

The American Numismatic has developed a grading system to describe the condition of a coin. What I will discuss here is coins that have been minted to go into general circulation, released. The conditions of the coins are represented by names, as well as a combination of letters and numbers. I have summarized some general conditions here. I've also indicated some of the points to look at which are particular to the Lincoln Cent.

Perfect Uncirculated (MS-70) This indicates a coin in perfect, new condition. It shows no trace of handling, wear, or contact with other coins.

Gem Uncirculated (MS-65) This is an above average uncirculated coin. It may be brilliant, or it may be lightly toned. There are very few contact marks either on either surface of the coin or on the rim. Nearly perfect. It has full mint luster, but it may be unevenly toned or lightly fingermarked.

Choice Uncirculated (MS-63) This coin has some distracting contact marks and/or blemishes in the prime focal areas of one or both surfaces. The luster of the coin may be impaired. This coin has full mint luster, but it has noticeable detracting contact marks and/or minor blemishes.

Uncirculated (MS-60) This coin has no trace of wear, but it may show several contact marks, and the surface of the coin may lack luster, or even be spotted. Look at Lincoln's cheek, the tips of the wheat stalks.

Choice About Uncirculated (AU-55) There is evidence of friction on the high points of the coin's design, but most of the mint luster remains.

About Uncirculated (AU-50) This coin shows traces of light wear on many of the high points of the coin. At least half of the original mint luster is still present. Besides the cheek, there is some evidence of wear on Lincoln's jaw.

Choice Extremely Fine (EF-45) The coin exhibits light overall wear on the highest points of the coin. Some of the original mint luster is still evident. All design details are still very clear and sharp. Wear is evident on the hair above Lincoln's ear.

Extremely Fine (EF-40) There is light wear throughout the design, but all features of the design are still sharp and well-defined. Although not an essential element to the the definition of this grade, some traces of mint luster may still exist. The lines on the wheat stalks are still well-defined, but there is wear evident.

Choice Very Fine (VF-30) Light, even wear on the surface and highest parts throughout the design. All major features of the design, as well as al lettering remain sharp. Look for flat spots on Lincoln's cheek.

Very Fine (VF-20) While all major details of the design remain clear, there is moderate wear on high points of the coin's design. Lincoln's tie is worn, but bold.

Fine (F-12) There is moderate to considerable even wear. The design remains bold, and the overall appearance of the coin is still pleasing to the eye. The cheek and jaw are probably worn nearly smooth.

Very Good (VG-8) The coin is well worn with the main features of the design remaining clear and bold, although they have been worn somewhat flat.

Good (G-4) This coin is heavily worn. The design is still visible, but many of the details are flat, and the design is faint in some areas.

About Good (AG-3) This coin is very heavily worn with portions of the lettering, date, and legend have been worn smooth. In many instances, the date is barely readable. of possible values.