As a collector and numismatic expert, I often get asked about the value of old pennies. One of the most common dates I‘m asked about is 1972. And for good reason – while over 5 billion 1972 pennies were struck, certain rare varieties and high grade examples can be worth a substantial amount to collectors.
In this in-depth guide, I‘ll share my knowledge and perspective on collecting the 1972 penny. We‘ll explore the coin‘s historical significance, the most valuable varieties and errors to look for, and how 1972 penny values have shifted over time. Whether you‘re a seasoned Lincoln cent collector or just stumbled upon a 1972 penny in change, this article will give you expert insight into the potential value of your coin.
The 1972 Penny in Historical Context
To understand the 1972 penny, we first need to place it in the context of the long-running Lincoln Memorial cent series. Introduced in 1959 to replace the classic "wheat back" design, pennies from 1959-2008 featured the Lincoln Memorial building on the reverse to honor the sesquicentennial of Abraham Lincoln‘s birth. The obverse portrait of Lincoln remained unchanged from Victor David Brenner‘s original 1909 design.
1972 represented an important year in the series for a few reasons:
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It was the final year that pennies would be composed of 95% copper (with the rest being zinc and tin). Faced with rising copper prices, the U.S. Mint transitioned to a cheaper 99.2% zinc core with a pure copper coating in 1982. 1972 pennies are prized by collectors as the last majority-copper cents.
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The obverse portrait of Lincoln received some subtle engraving modifications in 1972. Lincoln‘s hair and facial features were slightly sharpened and refined, a change that would last until 1998 when his bust was restored to look more like the original 1909 design. Specialists collect these different iterations of Lincoln‘s portrait.
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1972 saw an unusually high number of striking errors and die varieties. The most famous is the 1972 doubled die obverse, where the lettering and date were prominently doubled due to a misaligned die. Other errors like off-center strikes, die clashes, and wrong planchets are also seen. Minor die varieties like repunched mint marks abound.
So while 1972 pennies are extremely common in general, the date includes some coveted key varieties for Lincoln cent collectors. Over 5.9 billion pennies were struck across the Philadelphia (no mint mark), Denver (D mint mark), and San Francisco (S mint mark) mints, including over 3 million proofs. But only a tiny fraction of those billions are collectible varieties and errors.
What Makes a 1972 Penny Valuable?
As with all collectible coins, the value of a 1972 penny depends on a few key factors:
Condition/Grade – The better the condition of the penny, the more it‘s worth. Uncirculated coins that look like they just left the mint with original reddish-orange copper luster are the most desirable. Circulated coins with wear, scratches, and discoloration are worth the least. Coin grading services like PCGS and NGC evaluate condition on the Sheldon 1-70 scale.
Mint Mark – Generally, the mint that produced the fewest pennies will have the most valuable examples. In 1972, that was the San Francisco mint which struck about 376 million pennies and 3.2 million proofs compared to nearly 3 billion each in Philadelphia and Denver. S-mint proofs are usually more valuable than P and D coins.
Varieties and Errors – Pennies with obvious striking mistakes like off-center designs, double die impressions, and wrong metal planchets are scarce and highly collectible. The 1972 doubled die obverse penny is the most famous of these errors. Even tiny die variations like repunched mint marks (RPMs) have a following.
The sweet spot for value is a high grade uncirculated or proof penny with a rare die variety or error. Pristine examples graded MS/PR65 and up by PCGS or NGC with original red color are the most valuable, especially for varieties like the doubled die.
Let‘s look at some specific data and values for the most notable 1972 penny varieties.
The Most Valuable 1972 Pennies by Variety
1972 Doubled Die Obverse (FS-101) – Easily the key variety for the entire Memorial series, the 1972 DDO shows sharp doubling on the date, lettering, and bust. Only an estimated 20,000 were struck. PCGS has graded 5,116 examples as of early 2023. Prices range from $150-$500 circulated, $1,000-$3,000 in MS60-MS63, and $3,500-$10,000 or more in MS64-MS66 red. The record is $14,400 for an MS67+.
Look for strong doubling on the date, "LIBERTY", and "IN GOD WE TRUST". The spread between doubled elements is much wider than on more common minor doubled dies. An extra column is visible in the Lincoln Memorial. Specialists have identified 8 different die stages and varieties, but all are rare and valuable.
1972 No Mint Mark MS67 Red – Only 33 1972 Philadelphia pennies have been graded MS67 red by PCGS. Current estimated value is $3,000-$4,000. The record auction price is $4,230 in 2007.
1972-D MS67 Red – PCGS reports just 15 1972-D pennies grading MS67 red. Value estimate is $2,500-$4,000+. The record price is $4,250 in a 2012 sale.
1972-S Proof Penny – Only a specimen graded PR67 Deep Cameo by PCGS has approached five-figure territory at auction, selling for $11,500 in 1997. PCGS has graded 227 examples in PR69 DCAM with a value of $150-$200.
1972 Aluminum Cent – It‘s a common misconception that all 1972 pennies are copper. A few extremely rare prototype cents were struck in aluminum by the U.S. Mint as experiments. Heritage Auctions sold one graded PCGS MS62 for $52,875 in January 2021. These federal property aluminum cents are not legal to own.
Other 1972 Penny Errors – While not as stunning as the doubled die, various striking errors can still bring solid premiums:
- A 1972 penny struck 10% off center sold for $161 in 2016
- A 1972-D struck on a dime planchet brought $2,233 in 2008
- An example with a ragged clip fetched $1,116 in 2006
- A boldly struck die clash error was auctioned for $517 in 2013
Even mint set 1972 cents with major die breaks, cuds, or rotated dies can be worth $50-$150 to error collectors. It pays to check those old uncirculated sets!
How 1972 Penny Values Have Changed
As with most modern coins, values for 1972 pennies have gradually climbed over time with occasional spikes and dips due to market forces. Here‘s a look at how the top varieties have trended, per the PCGS price guide:
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1972 DDO (MS64 Red) – Rose from $450 in 2002 to a peak of $3,500 in 2008. Currently at $3,200.
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1972 DDO (MS65 Red) – Jumped from $1,300 in 2007 to $5,000 by 2009. Now at $3,250.
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1972 No Mint Mark (MS67 Red) – Climbed from $140 in 2003 to $3,500 in the 2010s, consistent since.
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1972-S (PR69 DCAM) – Peaked at $200 in 2008, settled to $150 today. PR70 examples have held at $400-$600.
The key takeaway is that the most coveted varieties like the DDO have generally appreciated significantly as they‘ve been widely publicized and Registry Set collecting has expanded. Gem red business strikes are always condition rarities. Proofs are surprisingly stable in value.
How to Collect 1972 Pennies
Trying to amass a complete set of 1972 pennies is a fun goal for Lincoln Memorial cent collectors. A basic four-coin set would include the Philadelphia (no mint mark), Denver (D), San Francisco (S), and San Francisco proof (S) issues. You can pursue mint state, proof, or circulated examples.
Assembling a respectable mint state set in MS64-MS66 red is very attainable. There are over 32,000 1972 (P) cents graded MS65 red and higher by PCGS and NGC combined. MS65 reds can often be found for under $20 each. The 1972-S is scarcer, but even gem proofs only run about $50-$75 in PR65-PR67. It‘s an affordable way to start collecting Memorial cents by date.
Of course, no 1972 set is truly complete without the famed doubled die obverse. This is where a nice circulated or low mint state example comes in handy. You can find attractive Fine to AU specimens for under $500 if you‘re patient. An MS62-MS63 DDO should cost around $1,000-$2,000. That‘s not cheap, but it‘s the key to the series.
Personally, I‘d recommend new Lincoln cent collectors start by learning the diagnostics of the 1972 DDO and cherrypicking circulated examples. Over 10,000 are estimated to exist, often in the VF-AU range. Hunting for that rare variety in loose cents, rolls, or albums is a thrill. Once you find a few DDOs, then move on to the regular P-D-S sets in uncirculated grade.
The Future of the 1972 Penny
With the elimination of the penny looming as a real possibility, many collectors wonder about the future of the Lincoln cent series. Will all that saved pocket change suddenly become valuable? As with most things in numismatics, it depends.
The vast majority of 1972 pennies will never be worth more than face value due to their sheer abundance. Even choice uncirculated examples are unlikely to skyrocket in value because they simply aren‘t rare in the absolute sense. With enough searching, even superb gem reds can be found.
However, the 1972 doubled die is a legitimately scarce variety that I believe has enduring numismatic value. It‘s estimated that 50% of the 20,000 or so minted have been certified between PCGS and NGC. Assuming some have been lost or damaged over the years, that leaves maybe 5,000-7,000 left to be discovered in all grades. That‘s a low population for such a popular variety. We can expect mint state examples to remain coveted and pricey.
The retirement of the penny would likely renew some nostalgia-driven interest in the Lincoln series. Collectors may gravitate toward the 1972 date as a key transitional year between the classic copper cents and the more modern zinc coins. If Lincoln cents rise in popularity again, key business strike and proof dates like the 1972 No S and the elusive 1970-S Small Date will rise the most.
Ultimately, collecting coins like the 1972 penny should be about the thrill of the hunt and studying the rich history and idiosyncrasies behind each year. There‘s something rewarding about examining a handful of old cents and finding that elusive doubled die or repunched mint mark. Cherrypicking a rare variety from pocket change or a dealer‘s inventory is far more exciting than simply buying one in a slab.
That‘s what I love about the Lincoln series. Seemingly common coins can have fascinating varieties and stories to discover. The 1972 penny is the perfect intersection of attainability and potential jackpot rarity. If you have one in your pocket, take a closer look – you may be surprised at what you find!
1972 Penny FAQs
To wrap up, let‘s answer some of the most frequently asked questions collectors have about the 1972 penny:
Q: Is a 1972 penny made of pure copper?
A: 1972 pennies are composed of 95% copper with the rest being zinc and tin. They‘re often called the last copper cents.
Q: How much is a 1972 penny worth?
A: The majority of circulated 1972 pennies are worth 1 cent. Uncirculated examples range from 10 cents to $5 or more based on grade. The 1972 doubled die obverse penny is worth $150-$10,000+ depending on condition.
Q: What makes a 1972 penny rare?
A: The rarest 1972 pennies are the doubled die obverse variety (20,000 minted) and examples in very high mint state grades (MS66-MS67) with original red color.
Q: What are the most valuable 1972 penny errors?
A: The 1972 doubled die obverse (FS-101) is the most famous and valuable at $150-$14,000 based on grade. Other rare errors include off-center strikes, wrong planchet, and die clashes ($100-$2,000)
Q: How many 1972 pennies were made?
A: The U.S. Mint struck a total of 5,975,265,500 pennies in 1972 across the Philadelphia, Denver, and San Francisco facilities. Over 3.2 million proofs were also minted in San Francisco.
