In the fascinating world of numismatics, even the most unassuming coins can hold remarkable value. The 1960 penny, a seemingly ordinary piece of copper, is one such example that continues to captivate collectors and investors alike. This comprehensive guide will delve deep into the intricacies of the 1960 penny, exploring its history, varieties, and potential worth in today's market.
Historical Context and Significance
The Lincoln Cent Legacy
The 1960 penny holds a special place in American coinage history as it represents the early years of the Lincoln Memorial reverse design. Introduced in 1959 to commemorate the 150th anniversary of Abraham Lincoln's birth, this design would grace the reverse of the penny for nearly five decades, making it one of the longest-running designs in U.S. coinage.
A Transitional Year
1960 was a pivotal year for the penny, as it saw the introduction of significant die varieties that would become highly sought after by collectors. The interplay between large and small date varieties adds an extra layer of complexity and interest to these coins.
Physical Characteristics of the 1960 Penny
Design Elements
- Obverse: Features the iconic profile of Abraham Lincoln, designed by Victor David Brenner in 1909
- Reverse: Displays the Lincoln Memorial, with Lincoln's statue visible between the columns, designed by Frank Gasparro
- Inscriptions:
- Obverse: "IN GOD WE TRUST", "LIBERTY", and the date
- Reverse: "UNITED STATES OF AMERICA", "E PLURIBUS UNUM", and "ONE CENT"
Technical Specifications
- Composition: 95% copper, 5% tin and zinc
- Weight: 3.11 grams
- Diameter: 19.05 millimeters
- Edge: Plain
Varieties and Mint Marks
Philadelphia Mint (No Mint Mark)
- Large Date variety
- Small Date variety (scarcer)
Denver Mint (D)
- Large Date variety
- Small Date variety
Proof Coins
- Struck at the Philadelphia Mint
- Large Date and Small Date varieties exist
Factors Influencing the Value of a 1960 Penny
1. Mint Mark
Pennies minted in Denver (D) generally command higher prices than those from Philadelphia, especially in higher grades. This is due to lower mintage numbers and perceived better strike quality.
2. Date Size Variety
The Small Date variety, particularly for Philadelphia-minted coins, is typically more valuable. This disparity is most pronounced in higher grades.
3. Condition and Grading
The grade of a coin significantly impacts its value. Uncirculated coins in mint state (MS) grades command the highest prices. The Sheldon Scale, ranging from 1 to 70, is used to grade coins, with 70 being a perfect specimen.
4. Color
For copper coins like the 1960 penny, color plays a crucial role in determining value:
- Red (RD): Highest value, retaining at least 95% of original mint luster
- Red-Brown (RB): Moderate value, with 5% to 95% red color
- Brown (BN): Lowest value, with less than 5% red color remaining
5. Errors and Die Varieties
Certain mint errors or die varieties can dramatically increase a coin's value. These include:
- Doubled dies
- Repunched mint marks
- Off-center strikes
- Broad strikes
Comprehensive 1960 Penny Value Chart
The following chart provides a more detailed look at the potential values of 1960 pennies in various grades and color designations:
| Variety | G4 | F12 | VF20 | XF40 | AU50 | MS60(RB) | MS63(RD) | MS65(RD) | MS67(RD) |
|---|---|---|---|---|---|---|---|---|---|
| 1960 (P) Large Date | $0.02 | $0.02 | $0.02 | $0.05 | $0.10 | $0.30 | $4 | $14 | $375 |
| 1960 (P) Small Date | $0.02 | $0.02 | $0.02 | $0.05 | $0.10 | $0.40 | $6 | $27 | $525 |
| 1960-D Large Date | $0.02 | $0.02 | $0.02 | $0.05 | $0.10 | $0.35 | $8 | $16 | $475 |
| 1960-D Small Date | $0.02 | $0.02 | $0.02 | $0.05 | $0.10 | $0.45 | $10 | $20 | $340 |
| 1960 Proof Large Date | – | – | – | – | – | – | $3 | $7 | $75 |
| 1960 Proof Small Date | – | – | – | – | – | – | $4 | $10 | $125 |
Note: Values are approximate and subject to market fluctuations. Prices are in USD as of 2023.
Notable 1960 Penny Errors and Their Values
1. 1960-D Over D, Small Over Large Date
This fascinating error features a repunched mint mark and a small date struck over a large date. Values range significantly:
- Good to Very Fine condition: $5 – $20
- Extremely Fine to About Uncirculated: $30 – $100
- Mint State (Red-Brown): $150 – $500
- Mint State (Full Red): $600 – $2,000+
2. 1960 Proof Small Over Large Date
A rare minting error where the die was hubbed with both date sizes. These can be worth:
- Proof 60-63: $50 – $200
- Proof 64-65: $250 – $750
- Proof 66-67: $800 – $2,500
- Proof 68+: $3,000 – $7,500+
3. 1960 Doubled Die Obverse
While not as prominent as some other years, doubled die errors from 1960 can still command a premium:
- Circulated: $25 – $100
- Uncirculated: $150 – $500+
How to Identify a Valuable 1960 Penny
-
Examine the Date Size:
- Compare the height of the "9" to the "1" in 1960
- Large Date: The "9" is noticeably taller than the "1"
- Small Date: The "9" is closer in height to the "1"
-
Check for Mint Mark:
- Look beneath the date on the obverse
- "D" indicates Denver mint
- No mint mark means Philadelphia
-
Assess the Color:
- Use good lighting to determine the percentage of original red color
- Remember: Red (RD) > Red-Brown (RB) > Brown (BN) in terms of value
-
Look for Errors:
- Use a 10x magnifying glass or loupe
- Check for doubling, particularly on lettering and date
- Look for repunched mint marks or other oddities
-
Grade the Condition:
- Familiarize yourself with the Sheldon Grading Scale (1-70)
- Pay attention to luster, strike quality, and presence of marks or wear
Preservation Techniques for 1960 Pennies
To maintain the value and condition of your 1960 pennies:
- Handle coins by their edges, using cotton gloves if possible
- Store in non-PVC, archival-quality holders or albums
- Maintain a consistent environment with moderate temperature and low humidity
- Avoid cleaning coins, as improper techniques can damage the surface and reduce value
- Consider professional conservation for valuable specimens
Market Trends and Investment Potential
The market for 1960 pennies has shown steady growth over the past decades, particularly for high-grade specimens and rare varieties. Key points for collectors and investors:
- Mint State Red examples continue to appreciate, especially in grades MS66 and above
- Error coins, particularly the 1960-D Over D Small Over Large Date, have seen significant price increases
- Proof coins in high grades (PR67 and above) have shown strong performance in recent auctions
According to data from major coin grading services, the population of high-grade 1960 pennies remains relatively low, suggesting potential for future appreciation.
Where to Buy and Sell 1960 Pennies
For those looking to acquire or sell 1960 pennies, consider these options:
Buying:
- Reputable online coin dealers (e.g., APMEX, JM Bullion)
- Local coin shops
- Major coin shows (e.g., ANA World's Fair of Money)
- Online marketplaces (e.g., eBay, Heritage Auctions)
Selling:
- Coin dealers specializing in Lincoln cents
- Online auction sites with numismatic focus
- Consignment with major auction houses for valuable specimens
- Coin shows and exhibitions
For valuable or rare specimens, consider having your coin authenticated and graded by a reputable third-party grading service such as PCGS or NGC before selling.
Conclusion: The Enduring Appeal of the 1960 Penny
The 1960 penny, despite its humble appearance, holds a special place in American numismatics. From its historical significance as part of the early Lincoln Memorial series to the intriguing varieties and potential for valuable errors, these coins offer something for collectors at every level.
Whether you're a seasoned numismatist or just beginning your journey into coin collecting, the 1960 penny provides an accessible entry point with the potential for surprising rewards. By understanding the factors that influence its value and learning to identify key varieties, you can unlock the hidden potential in these common yet captivating coins.
Remember, the true value of coin collecting extends beyond monetary worth. It's about preserving history, appreciating craftsmanship, and participating in a rich tradition that connects us to our past. So, the next time you come across a 1960 penny, take a moment to examine it closely – you might just be holding a small piece of numismatic treasure.
