As a coin collector, you‘re probably well aware of the small letter (or sometimes symbol) known as a mint mark found on many U.S. and world coins. Located on the obverse, reverse, or edge of a coin, the mint mark indicates which facility struck that particular piece. For the U.S. Mint, these mint marks include "P" for the Philadelphia Mint, "D" for the Denver Mint, "S" for the San Francisco Mint, and "W" for the West Point Mint.
But have you ever come across a coin that seems to be missing its mint mark entirely? In the world of numismatics, a coin without a mint mark can be a source of curiosity, confusion, and even excitement. In this in-depth guide, we‘ll explore the various reasons a coin may lack a mint mark, what that means for its origins and value, and how to differentiate a genuinely unmarked coin from one with an error.
Mint Marks vs. Mintmarks: A Quick Clarification
*A silver tetradrachm from Syracuse, Sicily circa 480 BC with the ΣΥ "mintmark" denoting the city‘s name. Source: CoinWeek*
Before we dive in further, it‘s important to note that the term "mintmark" can actually refer to two related but distinct concepts in numismatics. While we typically use "mintmark" to mean the identifying letter(s) or symbols indicating a coin‘s Mint of origin, ancient coin experts may use it differently.
On ancient Greek and Roman coinage, a "mintmark" referred to special symbols, monograms, or other small punches used not to show mint location, but to identify individual coin dies. These "banker‘s marks" were thought to be a form of quality control so that mint workers could be held accountable for any issues with the coins they produced. So if you see the term "mintmark" in reference to an ancient coin, know that it isn‘t quite the same as the modern mint marks we‘re discussing here.
5 Reasons a U.S. Coin Might Be Missing Its Mint Mark
Now that we have that distinction out of the way, let‘s examine the primary reasons you might find a U.S. coin that appears to be lacking an expected mint mark:
1. Struck at the Philadelphia Mint before 1838
The very first U.S. coins were struck at the Philadelphia Mint starting in 1793. As the only Mint in operation at the time, there was no need for Philadelphia to use a mintmark to distinguish its coins from any others. It wasn‘t until 1838, when the first branch Mints opened in Charlotte, Dahlonega, and New Orleans, that the concept of mint marks as we know them came into use on U.S. coinage.
So if you have a U.S. coin dated between 1793 and 1837 that lacks a mint mark, you can safely assume it was produced at the Philadelphia Mint. This includes early copper coins like the Chain Cent and Draped Bust Cent, as well as silver denominations like the Flowing Hair and Capped Bust Half Dimes, Dimes, Quarters, and Half Dollars.
2. Struck at the Philadelphia Mint after 1838
Curiously, even after the other branch Mints began using mint marks on their coins (C for Charlotte, D for Dahlonega, O for New Orleans, etc.), the Philadelphia Mint continued to leave its coins unmarked as a way of distinguishing them. The "P" mintmark was used on Philadelphia coins only sporadically, mainly in the 1940s and 1970s. So a lack of mint mark on most U.S. coins after 1838 still indicates a Philadelphia Mint product.
There are, however, a few notable exceptions to this rule that make certain no mintmark Philadelphia coins quite rare and valuable. One famous example is the 1922 "No D" Lincoln Cent. While 1922 cents were supposed to be struck only at the Denver Mint with the "D" mint mark, some were accidentally made from an obverse die with no mint mark at all. These rare off-metal error coins are worth thousands of dollars today.
3. Struck during the 1965-1967 moratorium on mint marks
In the mid-1960s, a severe coin shortage caused the U.S. Mint to take drastic measures to discourage hoarding of freshly-minted coins by collectors and speculators. One such step was the elimination of mint marks on all denominations across all minting facilities from 1965 through 1967. By making the coins more uniform in appearance and removing the coveted mint marks, the Mint hoped to limit saving and keep coins in circulation.
Coins dated 1965, 1966, or 1967 with no mint marks can seem like oddities to modern collectors, but they are relics of this unprecedented period in U.S. numismatics. Certain coins from these years, like the Special Mint Sets, can actually be quite valuable because of their unique finish and limited mintages despite lacking the mint marks collectors generally prefer.
4. Struck at a foreign mint that does not use mint marks
Not all world mints use mint marks on their coins like the U.S. Mint does. If you find a foreign coin without a mintmark, chances are it was produced by one of the many world mints that have historically foregone them, such as:
- The British Royal Mint
- The Royal Canadian Mint
- The Perth Mint of Australia
- The Austrian Mint
- The South African Mint
- The Monnaie de Paris of France
- The Real Casa de la Moneda of Spain
- The Japan Mint
- The People‘s Bank of China
Without mint marks, these world mints rely on other design elements like dates, denominations, and portraits to differentiate their many coin issues. So a lack of a mintmark on a world coin typically won‘t tell you much about its relative rarity or value – you‘ll have to rely on other diagnostics like problem-free condition, low mintage, and overall market demand.
5. Mint mark worn off over time or not struck up fully
One final reason you may not be able to discern a mint mark on an otherwise normal U.S. coin is that it has simply worn off over time. Many 20th century coins were weakly struck to begin with, and years of circulation can easily obliterate such shallow mint marks.
Alternatively, some mint marks are known to be missing on certain die varieties due to an obstruction or planchet problem during the minting process. The various "No FG" (designer‘s initials) Kennedy Half Dollars and the recently discovered 2019 "Missing W" Lincoln Cents from the West Point Mint are two good examples.
If you suspect a coin is missing a mint mark that it should have, your best bet is to consult a detailed coin attribution guide or variety reference for that specific coin series. Knowing exactly what to look for and where will increase your chances of spotting a valuable mint mark-less error or variety.
*Data from the U.S. Mint showing annual coin production totals by Mint facility from 2010 through 2020. Notice how Philadelphia outproduces all other Mints each year, often by a significant margin.*
How a Lack of Mint Mark Affects Value
As the table above shows, the Philadelphia Mint produces by far the most U.S. coins across all denominations each year compared to the other Mint facilities. So in most cases, a coin with no mint mark is a Philadelphia product and thus more common and less valuable than an equivalent example from Denver, San Francisco, or West Point.
There are always exceptions to this rule, however, as we saw with the "No D" Lincoln Cent and the Special Mint Sets. In those cases and others, a lack of mint mark can make a coin significantly rarer and more valuable to collectors. It really depends on the specific coin series and the reasons it is missing the expected mint mark.
In general, collectors and third-party grading services will value coins with no mint marks (whether normal or errors) based on the same factors as any other coin:
- Overall rarity and mintage
- Condition and eye appeal
- Existence of errors, varieties, or other unusual features
- Popularity of the series with collectors
- Bullion value of precious metal content (if applicable)
As professional numismatist Q. David Bowers sums it up in his 2006 book A Guide Book of Philadelphia Mint Coins, "The collection and study of Philadelphia Mint coins, the vast majority of which have no mintmark, is a fascinating pursuit…The Philadelphia Mint has produced the largest quantity of coins, and its pieces are the foundation of just about any collection of U.S. coins."
Conclusions
From the earliest days of the U.S. Mint to the 21st century, a coin with no mint mark has almost always been a product of the Philadelphia Mint. Whether left intentionally blank, missing its mark due to Mint policy changes or die problems, or simply worn slick over many decades, an unmarked U.S. coin is still a piece of American numismatic history with a story to tell.
As a collector, it pays to arm yourself with authoritative resources on mint mark practices, varieties, and errors so you‘ll know when a lack of a mint mark is totally ordinary, a coveted rarity, or even a potential red flag for counterfeiting or post-mint alteration. Gathering such knowledge is all part of the fun and challenge of the hobby. Happy collecting!
Sources and Further Reading
- Bowers, Q. David. A Guide Book of Philadelphia Mint Coins. Whitman Publishing, 2006.
- Bressett, Kenneth, ed. A Guide Book of United States Coins 2021. Whitman Publishing, 2020.
- Yeoman, R.S. A Guide Book of United States Coins. Whitman Publishing, various dates.
- https://www.usmint.gov/learn/coin-and-medal-programs/american-innovation-1-coin-program
- https://www.pcgs.com/news/why-are-there-no-west-point-mint-marks-on-cents
- https://www.ngccoin.com/news/article/10115/
