As a seasoned US coin collecting expert, I'm excited to delve into the fascinating world of the 1962 penny. This seemingly ordinary coin holds a special place in American numismatic history and can be surprisingly valuable under the right circumstances. Let's explore the history, features, and potential worth of this intriguing piece of currency.
Historical Context: The Lincoln Cent Series
The 1962 penny is part of the long-running Lincoln cent series, which began in 1909 to commemorate the 100th anniversary of Abraham Lincoln's birth. This series marked a significant shift in U.S. coin design, as it was the first time a real person was featured on a circulating American coin.
Key historical points:
- Designed by sculptor Victor David Brenner
- Obverse design has remained largely unchanged since 1909
- Reverse design changed from wheat ears to the Lincoln Memorial in 1959
1962: A Year of Transition for the Penny
1962 was a notable year for the penny, as it marked the end of an era in terms of composition:
- It was the last year pennies were made of bronze (95% copper, 5% tin and zinc)
- Congress authorized a change to brass (95% copper, 5% zinc) in September 1962
- The change was implemented to improve striking quality without sacrificing durability
This transition makes the 1962 penny particularly interesting to collectors, as it represents the end of an era in American coinage.
Physical Characteristics of the 1962 Penny
Understanding the physical attributes of the 1962 penny is crucial for collectors:
- Diameter: 19 millimeters
- Weight: 3.11 grams
- Composition:
- Early 1962: 95% copper, 5% tin and zinc
- Late 1962: 95% copper, 5% zinc
Mint Marks and Production Statistics
1962 pennies were produced at two mints:
- Philadelphia: No mint mark
- Production: 606,045,000 coins
- Denver: "D" mint mark below the date
- Production: 1,798,022,000 coins
These production numbers are significant, as they help explain why most 1962 pennies are not particularly rare. However, high-grade specimens can still command premium prices.
Grading the 1962 Penny
The value of a 1962 penny depends heavily on its condition. Coins are graded on a scale from 1 to 70, with 70 being perfect condition. Here's a more detailed breakdown of key grades:
- MS60-62: Uncirculated with some imperfections
- MS63-64: Choice Uncirculated
- MS65-66: Gem Uncirculated
- MS67+: Superb Gem Uncirculated (extremely rare for 1962 pennies)
The Crucial Role of Color
For copper coins like the 1962 penny, color plays a vital role in determining value:
- Red (RD): At least 95% of the original copper color
- Red-Brown (RB): A mixture of red and brown coloration
- Brown (BN): At least 95% of the surface has turned brown
Red coins generally command the highest premiums, especially in higher grades. This is due to their rarity, as most copper coins naturally tone to brown over time.
Comprehensive 1962 Penny Value Guide
Let's break down the potential values of 1962 pennies based on mint mark, grade, and color:
1962 Philadelphia (No Mint Mark) Penny
| Grade | Red (RD) | Red-Brown (RB) | Brown (BN) |
|---|---|---|---|
| MS63 | $7 | $3 | $2 |
| MS65 | $18 | $8 | $5 |
| MS67 | $350 | $150 | $100 |
| MS68 | $10,000+ | N/A | N/A |
*Note: Only one MS68 RD example is known to exist, making it extremely valuable.
1962-D (Denver) Penny
| Grade | Red (RD) | Red-Brown (RB) | Brown (BN) |
|---|---|---|---|
| MS63 | $3 | $2 | $1 |
| MS65 | $20 | $10 | $6 |
| MS67 | $1,100 | $500 | $300 |
1962 Proof Penny
| Grade | Red (RD) | Cameo | Deep Cameo |
|---|---|---|---|
| PR63 | $7 | $10 | $15 |
| PR65 | $12 | $20 | $30 |
| PR67 | $22 | $30 | $35 |
*Note: Cameo and Deep Cameo designations refer to the contrast between the frosted devices and mirrored fields on proof coins.
Rare 1962 Penny Errors and Their Values
Errors can significantly increase a coin's value. Some notable 1962 penny errors include:
-
1962-D Full Brockage Reverse:
- Description: A coin struck with an already-struck coin as the die
- Value: Sold for over $500 despite wear
-
1962-D Struck Fragment:
- Description: An irregular-shaped strike due to a planchet fragment
- Value: Sold for over $1,000
-
1962 Double Die Obverse:
- Description: Doubling visible on lettering and date
- Value: Can range from $50 to $500+ depending on the severity
-
1962 Off-Center Strike:
- Description: Part of the design missing due to misaligned dies
- Value: $20 to $200+ depending on the degree of off-center and visible date
Factors Affecting 1962 Penny Value
Several factors can influence the value of a 1962 penny:
- Mint mark: Denver pennies are generally rarer in high grades
- Condition: Higher grades command significant premiums
- Color: Red pennies are most desirable and valuable
- Strike quality: Well-struck coins with sharp details are more valuable
- Errors: Unusual mistakes can greatly increase value
- Preservation: Original surfaces free from cleaning or damage are crucial
Expert Tips for Collectors
As a seasoned collector, I recommend the following:
- Examine coins carefully: Use a 10x magnifying glass to look for sharp details and original red color
- Use proper storage: Store coins in non-PVC holders to protect from environmental damage
- Consider professional grading: For potentially valuable specimens, third-party grading can add credibility and value
- Study the market: Stay informed about current trends and prices using resources like the "Red Book" or online auction results
- Be patient: Building a quality collection takes time and knowledge
- Focus on quality over quantity: A few high-grade coins often outvalue many lower-grade specimens
Where to Buy and Sell Your 1962 Penny
If you're looking to acquire or sell a valuable 1962 penny, consider these options:
- Online marketplaces: eBay, Heritage Auctions, Great Collections
- Local coin shops: For expert evaluation and potential purchase
- Coin shows: To connect with dealers and collectors
- Auction houses: For rare, high-value specimens
- American Numismatic Association (ANA) events: For networking and education
Conclusion: The Enduring Appeal of the 1962 Penny
The 1962 penny, while common in circulation, holds a special place in American numismatic history. Its role in the transition of penny composition, combined with the potential for valuable errors and high-grade specimens, makes it a fascinating subject for collectors of all levels.
While most 1962 pennies in circulation are worth only face value, those special few in pristine condition or with unique characteristics can be true numismatic treasures. Whether you're a seasoned collector or just starting your journey, the 1962 penny offers an accessible entry point into the world of coin collecting with the potential for surprising rewards.
Remember, the joy of collecting isn't just in the monetary value, but in the connection to history and the thrill of the hunt. Happy collecting!
