In the vast world of coin collecting, few pieces capture the imagination quite like the humble 1964 penny. At first glance, this small copper disc might seem unremarkable, just another cent destined for piggy banks or couch cushions. However, to the discerning eye of a numismatist, the 1964 penny holds secrets, stories, and sometimes significant value. Let's embark on a journey through the history, value, and allure of this fascinating coin.
Historical Context: 1964, A Year of Change
1964 was a pivotal year in American history, marked by social upheaval, technological advancement, and significant changes in U.S. coinage. The assassination of President John F. Kennedy in late 1963 cast a long shadow over the nation, leading to the creation of the Kennedy half dollar in 1964. This year also saw:
- The passage of the Civil Rights Act
- The Beatles' invasion of America
- The introduction of the Ford Mustang
In the world of numismatics, 1964 holds special significance:
- It was the last year of 90% silver coinage for dimes, quarters, and half dollars
- The mint produced a record number of coins to combat a national coin shortage
- It marked the end of an era in American coinage, as the following year would see major changes in coin composition and production
The Anatomy of a 1964 Penny
Design and Specifications
The 1964 penny continues the Lincoln cent design, which has been a staple of American coinage since 1909. Here are the key details:
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Obverse (Front):
- Portrait of Abraham Lincoln
- Inscription: "IN GOD WE TRUST"
- Date: 1964
- Designer: Victor David Brenner (initials VDB on some issues)
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Reverse (Back):
- Lincoln Memorial design
- Inscriptions: "UNITED STATES OF AMERICA," "E PLURIBUS UNUM," "ONE CENT"
- Designer: Frank Gasparro
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Specifications:
- Diameter: 19.05 mm
- Weight: 3.11 grams
- Composition: 95% copper, 5% zinc
- Edge: Plain
Mint Marks
1964 pennies were minted at two locations:
- Philadelphia (no mint mark)
- Denver (D mint mark)
The mint mark, when present, can be found on the obverse, below the date.
Valuing the 1964 Penny: More Than Meets the Eye
While most 1964 pennies in circulation are worth their face value of one cent, certain specimens can command impressive prices. The value of a 1964 penny depends on several factors:
1. Condition
The condition of a coin is paramount in determining its value. Numismatists use the Sheldon Scale, ranging from Poor (P-1) to Perfect Mint State (MS-70). For 1964 pennies, coins in high Mint State grades (MS-65 and above) can be quite valuable.
2. Color
Copper coins are graded on color, which affects their value:
- Red (RD): Coins with 95% or more original red color
- Red-Brown (RB): 5% to 95% red color
- Brown (BN): Less than 5% red color
Red specimens typically command the highest prices.
3. Mint Mark
While both Philadelphia and Denver mints produced large quantities of pennies in 1964, some variations in value exist between the two.
4. Special Strikes
Proof coins and the rare Special Mint Set (SMS) coins from 1964 can be particularly valuable.
5. Errors and Varieties
Mint errors or die varieties can significantly increase a coin's value.
1964 Penny Value Guide
Here's a detailed breakdown of 1964 penny values based on mint mark, condition, and color:
1964 (P) No Mint Mark Penny
| Grade | Brown (BN) | Red-Brown (RB) | Red (RD) |
|---|---|---|---|
| MS60 | $0.30 | $0.40 | $0.50 |
| MS63 | $1 | $3 | $6 |
| MS65 | $8 | $12 | $18 |
| MS67 | $200 | $500 | $1,000 |
| MS67+ | $2,000 | $6,000 | $13,500 |
1964-D Penny
| Grade | Brown (BN) | Red-Brown (RB) | Red (RD) |
|---|---|---|---|
| MS60 | $0.30 | $0.40 | $0.50 |
| MS63 | $1 | $3 | $6 |
| MS65 | $7 | $10 | $16 |
| MS67 | $150 | $350 | $650 |
| MS67+ | $1,500 | $3,000 | $4,750 |
1964 Special Mint Set (SMS) Penny
These extremely rare coins can command significant premiums:
| Grade | Value |
|---|---|
| SP60 | $1,300 |
| SP63 | $3,500 |
| SP65 | $11,500 |
| SP67+ | $21,500 |
1964 Proof Penny
| Grade | Red (RD) | Cameo | Deep Cameo |
|---|---|---|---|
| PR63 | $7 | $10 | $12 |
| PR65 | $10 | $14 | $20 |
| PR67 | $18 | $20 | $32 |
| PR70 | $12,500 | N/A | N/A |
Note: Only one PR70 1964 penny is known to exist, making it extremely valuable.
Rare 1964 Penny Errors and Varieties
Errors and varieties can dramatically increase a coin's value. Here are some notable examples:
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1964 (P) Penny Struck on Clad Dime Planchet
- An MS64 example sold for $5,750 at auction
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1964-D Penny Struck on 1951-D Penny
- An AU58 specimen fetched over $1,800
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1964-D Over D Penny (Re-punched Mint Mark)
- An MS65 RD example sold for approximately $10
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1964 Doubled Die Obverse
- While not as dramatic as the famous 1955 Doubled Die, these can still command a premium
-
Off-Center Strikes
- Depending on the degree of off-center, these can range from $20 to several hundred dollars
How to Identify a Valuable 1964 Penny
To determine if your 1964 penny might be worth more than face value, follow these steps:
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Check the date and mint mark: Ensure it's a 1964 penny and note whether it has a D mint mark or not.
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Assess the condition: Look for signs of wear, particularly on Lincoln's cheek and hair. Pristine coins will have sharp details.
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Evaluate the color: The more original red color present, the more valuable the coin generally is.
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Look for errors or varieties: Use a magnifying glass to check for doubling, off-center strikes, or other irregularities.
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Consider the luster: Uncirculated coins should have a bright, cartwheel luster when tilted under light.
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Weigh and measure: If the coin seems off in size or weight, it could be a valuable error.
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Compare to known examples: Use reputable coin guides or online resources to compare your coin to verified valuable specimens.
Preserving Your 1964 Penny
If you believe you have a valuable 1964 penny, proper preservation is crucial:
- Handle the coin by its edges to avoid leaving fingerprints or causing damage
- Store it in a non-reactive holder (e.g., mylar flips or capsules)
- Keep it in a cool, dry environment away from direct sunlight
- Avoid cleaning the coin, as this can significantly reduce its value
- Consider professional grading for authentication and protection
The Numismatic Significance of the 1964 Penny
Beyond potential monetary value, the 1964 penny holds significant numismatic interest:
- It represents the end of an era in American coinage
- The high mintage numbers (over 7 billion combined from both mints) make it an accessible entry point for new collectors
- It serves as a tangible connection to a pivotal year in American history
- The coin's composition (95% copper) makes it valuable for its metal content alone, with each coin worth about 2 cents in copper (as of 2023)
Conclusion: The Enduring Legacy of the 1964 Penny
The 1964 penny stands as a testament to the fascinating world of numismatics, where history, artistry, and economics intersect. While most examples are worth only their face value, the potential for discovering a rare and valuable specimen makes every 1964 penny worthy of a second look.
For coin collectors, the 1964 penny offers:
- An accessible entry point into serious collecting
- The thrill of the hunt for rare variations and errors
- A connection to mid-20th century American history and coinage
Whether you're a seasoned numismatist or simply curious about the change in your pocket, the 1964 penny invites us to look closer at the coins we handle every day. It reminds us that sometimes, great value can be found in the most unassuming places. So the next time you come across a 1964 penny, take a moment to appreciate its history and potential – you might just be holding a small copper treasure in your hand.
