The 1964 Lincoln penny is a classic American coin that has captured the interest of collectors for decades. As the last year of the 95% copper penny composition, 1964 pennies have an added layer of numismatic significance.
Whether you‘re a seasoned Lincoln penny collector or just starting out, this comprehensive guide will tell you everything you need to know about 1964 penny values, key varieties, rare errors, and more.
History of the 1964 Lincoln Penny
1964 marked the fifth year of the Lincoln Memorial penny series which replaced the older Wheat Ears reverse design in 1959. The obverse features a portrait of Abraham Lincoln, while the reverse depicts the Lincoln Memorial building.
1964 was a key transitional year for the U.S. Mint and the last year that pennies would be minted with a 95% copper composition – the same metallic profile used since 1864. Due to a spike in copper prices, the Mint would switch to a copper-plated zinc composition in 1965 and beyond.
Over 6.4 billion Lincoln pennies were struck in 1964 between the Philadelphia and Denver Mints, making it a fairly common year in general. However, some rare varieties and errors can be worth a significant premium to collectors.
Understanding the Different Varieties of 1964 Pennies
There are three main varieties of 1964 pennies:
1. 1964 Penny (No Mint Mark)
The majority of 1964 pennies were minted at the Philadelphia Mint and do not carry a mint mark. Philadelphia struck over 3.7 billion pennies in 1964. Even in uncirculated condition, no mint mark 1964 pennies are plentiful and can be acquired for less than $1.
2. 1964-D Penny
Pennies minted at the Denver Mint in 1964 carry a "D" mint mark on the obverse just below the date. Just over 2.2 billion pennies were struck in Denver that year. Like their Philadelphia counterparts, uncirculated 1964-D pennies are extremely common and trade for around $1.
3. 1964 Special Mint Set (SMS) Penny
In 1964, the U.S. Mint began producing special mint sets, or SMS coins, to meet collector demand for high-quality uncirculated coins. The 1964 SMS penny has a sharp satin finish and was made using polished dies and planchets.
Only around 40-50 SMS pennies are estimated to have survived from the original mintage. As a result, 1964 SMS pennies are extremely rare and valuable, with prices ranging from $15,000 to over $50,000 in top condition.
Key Factors That Determine 1964 Penny Values
Several important factors influence the value of a 1964 Lincoln penny:
1. Mintage
In general, pennies with lower mintage figures will be more valuable than those with higher mintages from the same year. 1964 SMS pennies have the lowest mintage by far, followed by 1964-D pennies, and then 1964 (no mint mark) pennies.
2. Condition
The condition, or grade, of a coin is one of the most important factors in determining its value. Pennies are graded on the Sheldon scale from 1 to 70, with higher numbers representing coins in better condition.
For 1964 pennies, even low-end uncirculated examples (MS-60 to MS-63) are highly common and trade for a dollar or less. Gem uncirculated pennies graded MS-65 and above are scarcer and worth more.
3. Errors and Varieties
Pennies with notable errors and die varieties can also bring big premiums over common examples. Some of the most popular 1964 penny errors include doubled die obverses, off-center strikes, and re-punched mint marks.
1964 Penny Value Chart
Here is a chart showing 1964 penny values for different varieties and grades:
Variety | Good | Fine | Uncirculated (MS-60) | Gem Uncirculated (MS-65)
1964 (No Mint Mark) | $0.02 | $0.05 | $0.20 | $0.65
1964-D | $0.02 | $0.05 | $0.30 | $1.25
1964 SMS | N/A | N/A | $15,000 | $50,000+
Values for 1964 pennies jump dramatically in grades of MS-67 and higher. A 1964 SMS graded MS-67 Red by PCGS sold for a record $158,625 in 2014.
Notable 1964 Penny Errors and Varieties
Here are a few of the most notable and valuable 1964 penny errors and varieties that collectors should be aware of:
1. 1964 Doubled Die Obverse
Doubled dies occur when a misaligned hub imprints an image twice onto a die at slightly offset angles. The 1964 doubled die pennies show clear doubling on the obverse lettering and date. Prices for 1964 DDO pennies can range from $25 to $150+ based on the strength of the doubling.
2. 1964 Penny Struck on Silver Dime Planchet
Off-metal errors occur when a coin is accidentally struck on the wrong size planchet. In 1964, a few pennies were mistakenly struck on dime-sized silver planchets, resulting in an rare off-metal error. 1964 pennies on silver dime planchets have sold for over $5,000.
3. 1964 BIE Variety
The BIE variety refers to pennies that show a vertical die break between the "B" and "E" of "LIBERTY" on the obverse, giving the appearance of an "I". BIE varieties are popular with collectors and can add $5 – $20 in value versus coins without the die crack.
Tips for Collecting 1964 Pennies
Assembling a collection of 1964 Lincoln pennies is a fun and affordable pursuit for many hobbyists. Here are a few tips to consider when collecting these coins:
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Focus on quality over quantity. A few high-grade examples will appreciate better over time than a large number of low-grade coins. Look for uncirculated coins with original luster and no signs of cleaning or damage.
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Keep an eye out for errors and varieties. Taking the time to cherry pick coins for errors like doubling, off-center strikes, and BIE varieties can pay off in the long run. Error coins are highly sought-after by collectors.
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Store coins properly to preserve their condition. Use inert plastic holders, albums, or envelopes to protect pennies from the elements. Never clean coins as this will permanently reduce their value.
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Consider building a complete date and mintmark set of Lincoln pennies. Assembling a set of pennies from each year and mint can be a rewarding challenge. The 1964 SMS is by far the toughest issue needed for a complete set.
Buying and Selling 1964 Pennies
For most collectors, buying and selling 1964 pennies is relatively straightforward. Common raw examples can be found at local coin shops and shows for a dollar or less. Online marketplaces like eBay are also popular venues for trading affordable, circulated 1964 pennies.
For high-end certified coins, collectors should consider major auction houses like Heritage, David Lawrence, and Stacks Bowers which regularly feature 1964 pennies in their sales. These venues are also the best places to find rare varieties like the 1964 SMS and notable errors.
Regardless of where you buy, look for sellers with strong feedback and numismatic reputations. Coins certified by PCGS and NGC bring added confidence for buyers. As always, buy the best coin you can afford for your budget and collecting goals.
In Summary
While common 1964 Lincoln pennies can still be found in circulation for 1-2 cents, the series boasts several exciting and valuable varieties for collectors to pursue. The 1964 SMS is the undisputed "Holy Grail" of Memorial pennies and a major prize for Lincoln cent aficionados.
Beyond the special mint sets, collectors can focus on high-grade uncirculated examples, errors, and notable varieties like the doubled die and BIE pennies. By assembling a collection of premium quality 1964 pennies, numismatists can enjoy a fun and potentially lucrative collectible for years to come.
