The first coins with Lincoln’s profile on the obverse were Wheat pennies, minted in honor of the hundredth anniversary of the birth of this great man. After fifty years, the first Memorial cents appeared. They were actual for the next half century, when the US Mint changed these coins reverse once again.
Since pieces minted during the 70s belong to the second group of coins with Lincoln’s face on the obverse, their collectible value is typically lower than those with wheat stalks instead of Memorial. So, you can expect that the 1978 penny coin value is modest, except in a few cases.
(CoinValueChecker)
History of the 1978 Penny
Lincoln pennies appeared in 1909 as the first American coins that depicted one person who was not the result of fiction. That honor went to Lincoln, the assassinated 16th President.
Fifty years later, the US Mint changed the reverse design to celebrate Lincoln’s 150th birth anniversary. New coins showed the Memorial with his small statue hidden inside. They were actual until 2008 when the new change was made.
1978 Wheat Penny Value Guides
In 1978, three mints produced a total amount of 9,841,996,181 Memorial cents. While two facilities minted exclusively regularly struck coins, the San Francisco facility released only proofs.
You can find these pennies in three colors, but only red pieces are collectible. The possible reason is the relatively low price of these modern coinages.
1978 No Mint mark Penny Value
The 1978 Memorial penny is relatively inexpensive small American coin that belong to one of the most famous series in the rich coinage history of this great country, if you want know the rare penny, Here is most valuable wheat penny list from CoinValueChecker you can find.
Since these one-cent coins are only 45 years old and the Philadelphia Mint issued a significant number of 5,558,605,000 pieces, they are still not particularly valuable. You can expect to get more money for red specimens in the mint state, while brown pennies are worth their face value.
For instance, 1978 red cents in MS 60 to MS 63 grades typically cost $0.40 to $0.75, while you can get $1.50 for a piece rated MS 64. As expected, the highest-graded Lincoln cents in pristine condition are even more valuable.
However, their prices vary significantly and often depend on the tiniest details. So, you can count on $3 for an MS 65-rated coin, while the one graded MS 66 is worth approximately $25.
The highest sums are reserved for the best-preserved pennies with MS 67 rating, which commonly reach $140. However, surprises are always possible, so one MS 67+ graded Memorial cent minted in Philadelphia in 1978 sold at $4,259 in 2014.
1978 D mint mark Penny Value
The mint from Denver issued 4,280,233,400 regular cents in 1978, and most ended up in circulation. Even though the number of perfectly preserved pieces is lower than those spending years in use, their number is still high.
Therefore, you can count on the price range from $0.20 to $1.25 for coins graded under MS 65. Those ranked MS 66 often cost $17, while the best-priced pieces in MS 67 grade can reach $165.
Only rare specimens look beautiful enough to be costlier like one red penny minted this year. One collector set aside $546 in 2008 to get it.
1978 S mint mark Penny Value
As mentioned, the mint in San Francisco issued only proofs in 1978. You can expect survived pieces of 3,127,781 minted pennies to cost differently, depending on their quality and color. For instance, you can get $0.25 to $3.50 for brown and red-brown cents, depending on grade.
Red Lincoln cents minted this year are the most valuable, but even they are more than affordable. Most pieces come with a price range from $0.30 to $4. Only CAM pieces can reach $5.
The situation is slightly different with DCAM red coins. Most are worth less than $15, but the real surprise is perfectly looked specimens with a PR 70 ranking. They can reach $1,000 at auctions, including the most expensive 1978 proof penny sold at $4,313 in 2008.
Here, it is recommended to use a free online coin value tool CoinValueChecker to check your penny, dime, dollar or quarter, if you have other coins.
Features of the 1978 Penny
All Memorial pennies minted from 1959 kept the original Victor D. Brenner’s design, but the US Mint officials decided to change the reverse side this year. So, the image of the Memorial made by Frank Gasparro replaced wheat stalks after half a century.
Obverse
Like all Lincoln pennies in the series, which minting started in 1909 and has lasted until today, those from 1978 have this President on the obverse. Besides, this coin side includes initials VDB, the date with or without the mint mark, and inscriptions IN GOD WE TRUST and LIBERTY.
Reverse
Unlike the original design, which included two wheat ears, cents minted after 1959 depicted the Memorial on the reverse. So, you can see this building on pennies minted in 1978 and the letterings E • PLURIBUS • UNUM • and UNITED STATES oF AMERICA above it. The bottom design half includes ONE CENT and the initials FG.
Other features
The 1978 pennies belong to one of the Lincoln cent sets minted from 1959 to 2008. These round one-cent coins mostly contain copper, and only 5% of the alloy is tin or zinc.
Each specimen has a plain edge and a diameter of standard 1.75 inches, which is equal to 19.05 mm according to the metric system. You can sometimes determine these cents’ preservation level by measuring their weight.
New coins that never spend time in circulation are 3.11 grams (0.11 ounces) heavy, while used ones often have a lower weight. Finally, you can expect that Memorial cents are thick 0.06 inches, equaling 1.52 millimeters if you use the metric system.
1978 Penny Errors
The 1978 Lincoln cents are still modern coins of low value, but some pieces can be worth more. That is especially true for error coins because most collectors like their uniqueness.
BIE
Cents with an extra I-looked line positioned vertically between two letters in the word LIBERTY (B and E) resulted from the damaged or broken die. These pieces cost $5 to $20, depending on the line’s look, depth, size, and direction.
Doubled die
The 1978 pennies with this error have a doubled design because of an imperfectly produced die. Collectors appreciate coins with this atypical double image, so you can expect their value to be approximately $30 to $50.
Penny struck on the wrong planchet
Some pennies minted in 1978 were struck on the wrong dime or nickel planchet by mistake. So, you can find specimens that deviate from the standard look, weight, and shape for this coinage type. You can expect to get about $150 to $180 for such a piece.
Off-center
This error is standard in the Lincoln cent series and appears when the coin is misaligned during striking. The price depends on how much the design is moved and is typically $2 to $3.
Re-punched mint mark
This error type was typical for the period when mint workers punched the mint mark by hand. Sometimes, they struck it in the wrong position or upside down. In such cases, it was required to re-punch the same letter properly, resulting in this error. You can buy one of these 1978 pennies for $3 to $10.
1978 Penny Grading
The grading system divides American coinage into three primary groups. The first includes circulated pieces that spent more or less time in use. The About Uncirculated specimens deserve a separate status because they spent only a short time out of the money bags.
Finally, you can recognize uncirculated coins that have never been used but have different qualities depending on preservation. Depending on the details, you can classify them from MS 60 to MS 70 grades.
What makes the 1978 Penny with the Memorial reverse rare?
The 1978 cents are modern and common coins, meaning they are affordable no matter which mint they come from. Even some of the numerous errors that reach prices over a few dozen dollars are not particularly rare.
How much are the 1978 No Mint mark Penny worth?
The 1978 cents are modern, typically inexpensive coins. Collectible red pices are worth about $0.40 to $3, while those graded MS 66 and MS 67 cost about $25 to $140.
Which 1978 cents with the Memorial reverse are the costliest in the series?
- · The 1978 S PR70 DCAM penny sold at $4,313 (2008)
- · The 1978 MS67+ red penny sold at $4,259 (2014)
- · The 1978 MS62 brown penny sold at $661 (2004)
- · The 1978 D MS67 red penny sold at $546 (2008)
- · The 1978 D MS67 red-brown penny sold at $205 (2020)
- · The 1978 red-brown penny sold at $135 (2018)
- · The 1978 D MS66 brown penny sold at $100 (2021)
What is the priciest cent with the Memorial reverse?
The costliest penny with Memorial on the reverse is the one minted in 1999. This coin in MS 66 grade reached a fantastic $138,000 at a 2006 auction. In second place is the coin struck in 1959 in Denver. It was sold at a significantly lower price in 2003, $48,300.