In the world of numismatics, even the most recent coins can hold unexpected value. The 2017 penny, despite its modern mintage, is no exception. This comprehensive guide will explore the fascinating history, unique features, and potential worth of 2017 pennies, with a special focus on the 2017-P variety.
The Lincoln Penny: A Brief History
Before diving into the specifics of the 2017 penny, it's crucial to understand its place in American coinage history:
- 1909: The Lincoln penny series began, commemorating President Abraham Lincoln's birth centennial
- 1959: The reverse design changed from wheat stalks to the Lincoln Memorial
- 2010: The reverse design changed again to feature the Union Shield, symbolizing Lincoln's efforts to preserve national unity
- 2017: The penny continues this legacy, with a special twist for Philadelphia-minted coins
The Unique 2017-P Penny: A Numismatic Milestone
The 2017 penny holds a special place in coin collecting history due to a notable feature:
- For the first time ever, Philadelphia-minted pennies bore a "P" mint mark
- This change celebrated the U.S. Mint's 225th anniversary
- The "P" mint mark appeared only in 2017, making these pennies a one-year type coin
According to the United States Mint, this decision was made to recognize the significance of the Philadelphia Mint, which has been in continuous operation since 1792.
Physical Characteristics and Design Elements
Understanding the coin's specifications is crucial for both identification and valuation:
Specifications:
- Composition: 97.5% zinc core with 2.5% copper plating
- Weight: 2.5 grams
- Diameter: 19 mm
- Edge: Plain
Obverse Design:
- Portrait of Abraham Lincoln facing right
- Inscription "IN GOD WE TRUST" above
- "LIBERTY" to the left
- Date and mint mark (if present) to the right
- Designer's initials "VDB" on Lincoln's shoulder
Reverse Design:
- Union Shield design
- "ONE CENT" on a banner across the shield
- "E PLURIBUS UNUM" above the shield
- "UNITED STATES OF AMERICA" around the top edge
- Designer's initials "LB" and "JFM" on either side of the scroll
Mintage Figures and Varieties
The 2017 penny was produced at three different mints:
| Mint Location | Mintage | Mint Mark |
|---|---|---|
| Philadelphia | 4,361,220,000 | P |
| Denver | 4,272,800,000 | D |
| San Francisco | Not disclosed (Proof coins only) | S |
These figures, provided by the U.S. Mint, show the massive production of pennies in 2017, with over 8.6 billion coins minted for circulation.
Grading 2017 Pennies
The condition of a coin significantly impacts its value. Here's a detailed grading scale for 2017 pennies:
| Grade | Description |
|---|---|
| MS-70 to MS-63 | Uncirculated condition with varying degrees of luster and contact marks |
| AU-58 to AU-50 | About Uncirculated, showing slight wear on high points |
| XF-45 to XF-40 | Extremely Fine, with light wear but all major details clear |
| VF-30 to VF-20 | Very Fine, moderate wear but major design elements still sharp |
| F-12 | Fine, considerable wear with some merging of design details |
| VG-8 | Very Good, heavily worn with outline of design visible |
| G-4 | Good, very heavily worn with major features still outlined |
The Value of 2017-P Pennies
Now, let's focus on the main question: What is a 2017-P penny worth?
| Condition | Estimated Value |
|---|---|
| Circulated | Face value (1 cent) |
| MS-63 to MS-65 | $0.30 to $2 |
| MS-66 | $5 to $10 |
| MS-67 | $20 to $50 |
| MS-68 | $100 to $500+ |
These values are based on recent sales data from major coin grading services and auction houses. It's important to note that these values can fluctuate based on market conditions and the specific characteristics of individual coins.
Factors Affecting Value
Several factors can influence the value of a 2017-P penny:
- Condition: As shown above, higher grades command higher prices
- Color: Full red specimens are more desirable than brown or red-brown examples
- Strike quality: Well-struck coins with sharp details are more valuable
- Errors or varieties: Coins with notable minting errors can be worth significantly more
Notable 2017 Penny Errors
While most 2017 pennies are worth face value, certain errors can dramatically increase their worth:
| Error Type | Estimated Value Range |
|---|---|
| Doubled Die Errors | $25 to $100+ |
| Off-Center Strikes | $50 to $200+ |
| Die Cracks or Cuds | $5 to $50+ |
The value of error coins can vary widely depending on the severity and rarity of the error. For example, a minor doubled die might only fetch $25, while a dramatic off-center strike could sell for over $200 to the right collector.
Collecting and Investing in 2017-P Pennies
For collectors and investors interested in 2017-P pennies:
- Focus on acquiring high-grade, uncirculated examples
- Look for full red specimens, which are more scarce and desirable
- Consider purchasing certified coins to ensure authenticity and grade
- Keep an eye out for potential errors or varieties that could increase value
According to the Professional Coin Grading Service (PCGS), as of 2023, only a small fraction of 2017-P pennies have been graded MS-67 or higher, making these examples particularly desirable to collectors.
Preservation and Storage
To maintain the value of your 2017-P pennies:
- Handle coins by the edges to avoid leaving fingerprints
- Store in non-PVC holders or albums designed for long-term coin preservation
- Keep coins in a cool, dry environment to prevent discoloration or corrosion
Proper storage is crucial, as even minor environmental damage can significantly reduce a coin's grade and value.
The Future of 2017-P Pennies
While currently not highly valuable, the 2017-P penny's unique status as a one-year type coin could increase its desirability in the future:
- As more enter circulation and become worn, uncirculated examples may become scarcer
- The historical significance of the "P" mint mark may be more appreciated by future collectors
- Any potential changes to U.S. coinage (such as discontinuing the penny) could impact values
Some numismatists speculate that if the U.S. were to discontinue the penny, as has been discussed in recent years, the 2017-P could become a notable "last of its kind" coin, potentially increasing its collectible value.
Expert Insights
John Dannreuther, a renowned numismatic researcher and author, notes, "The 2017-P cent is a fascinating modern issue. While not rare in the traditional sense, its status as a one-year type makes it an important milestone in American coinage. Collectors should pay attention to high-grade examples, as these may appreciate in value over time."
Conclusion
The 2017-P penny, while not a rare or particularly valuable coin at present, holds a special place in American numismatic history. Its unique status as the first Philadelphia-minted cent to bear a "P" mint mark makes it an interesting addition to any collection.
For most collectors, the value of this coin lies more in its historical significance than its monetary worth. However, high-grade examples and error coins can still command respectable premiums. As with all numismatic pursuits, the joy of collecting often transcends pure financial considerations.
Whether you're a seasoned collector or just starting out, the 2017-P penny offers an accessible entry point into the fascinating world of modern coin collecting. Keep your eyes open – you never know when a valuable 2017-P penny might turn up in your pocket change!
Remember, while the potential for financial gain exists, the true value of coin collecting lies in the appreciation of history, artistry, and the thrill of the hunt. Happy collecting!
