The Value of the 1979 Penny: A Comprehensive Guide
The 1979 penny, also known as the Lincoln penny, holds a unique place in the world of numismatics. While many may dismiss it as just another common coin, it has various factors that contribute to its value, including its condition, mint mark, and unique characteristics. This article explores the historical significance, market value, and collecting nuances of the 1979 penny, providing a detailed overview for both novice and seasoned collectors.
Historical Context
The Lincoln penny was first introduced in 1909, celebrating the centennial of Abraham Lincoln’s birth. Designed by sculptor Victor David Brenner, the obverse features a profile of Lincoln, while the reverse showcases the Lincoln Memorial, a tribute to the 16th president of the United States. The design was altered in 1959 for the penny’s 50th anniversary, but the Lincoln portrait remained a constant feature.
By the time the 1979 penny was minted, the U.S. economy was experiencing significant changes. The late 1970s marked a period of rising inflation and economic uncertainty, which led to an increased demand for lower-denomination coins. The 1979 penny was struck in the context of a country grappling with these economic challenges, making it not just a piece of currency but a historical artifact reflecting the era.
Mint Marks and Their Importance
One of the key factors influencing the value of a 1979 penny is its mint mark. Mint marks indicate where a coin was produced and can greatly affect its rarity and desirability among collectors. The 1979 penny comes with three main mint marks:
No Mint Mark (Philadelphia Mint): The majority of 1979 pennies were minted in Philadelphia without a mint mark. These are the most common versions of the coin and are typically worth only their face value unless they are in exceptional condition.
“D” Mint Mark (Denver Mint): Coins bearing the “D” mint mark were produced in Denver. While these coins are also relatively common, they may command slightly higher prices than their Philadelphia counterparts due to demand.
“S” Mint Mark (San Francisco Mint): The 1979-S pennies are produced in significantly lower quantities compared to the other two types. Because of their scarcity, especially in uncirculated condition, these coins can be much more valuable to collectors.
Understanding Coin Grading
The condition of a coin is crucial in determining its market value. Coins are graded using a scale that ranges from Poor (P) to Mint State (MS), with various levels in between. Here’s a breakdown of the grading scale that is commonly used:
Poor (P): Coins in this grade are heavily worn and may have significant damage. These are often considered only worth their face value.
Fair (F): Some details are visible, but wear is significant. These coins may be worth a few cents above face value.
Good (G): Coins in this condition have clear markings, though they may still show considerable wear. They might be valued at around 5 to 10 cents.
Very Fine (VF): These coins exhibit only minor wear, and many details are still visible. They could be worth between 10 and 25 cents.
Extremely Fine (EF): Coins with minimal wear and excellent detail may be valued between 25 cents to a few dollars.
About Uncirculated (AU): Coins that have been lightly circulated but show no significant wear may be worth a few dollars.
Uncirculated (MS): Coins in this category retain their original luster and show no signs of wear. Depending on the grade (e.g., MS60, MS65), these coins can range from $3 to $15 or more.
Unique Variations: The “Wide AM” and “Close AM”
Among the more interesting aspects of the 1979 penny are the variations related to the spacing between the letters “A” and “M” in “AMERICA” on the reverse side. These variations are classified as:
Wide AM: In this version, there is a noticeable gap between the letters “A” and “M.” The Wide AM variety is less common and is sought after by collectors, often fetching prices of $100 or more, especially in uncirculated condition.
Close AM: This version features the letters “A” and “M” closer together. The Close AM variety is more commonly found and typically holds a lower value compared to its Wide AM counterpart.
Identifying these variations requires close inspection, and collectors often use magnifying tools to differentiate between them.
Current Market Value
As of now, the value of a 1979 penny can vary widely based on factors such as condition, mint mark, and rarity:
Common Circulated Pennies: Most circulated 1979 pennies are typically worth only their face value (1 cent) to a few cents, depending on their overall condition.
1979-S Uncirculated Pennies: For coins that have been well-preserved, prices can range from $3 to $15 or more, particularly if graded MS65 or higher.
Rare Varieties (e.g., Wide AM): The Wide AM variation can command prices upwards of $100 or more, depending on demand and condition.
The market for coins can fluctuate, so it’s advisable for collectors to consult price guides or professional numismatists for the most accurate valuations.
Tips for Collectors
For those interested in starting or expanding their collection of 1979 pennies, here are some tips to keep in mind:
Educate Yourself: Understanding coin grading, mint marks, and variations will empower you to make informed decisions when buying or selling.
Use Reliable Resources: Refer to reputable numismatic price guides, online databases, and coin grading services for current market values.
Inspect Coins Carefully: If you’re evaluating coins, use magnifying tools to look for unique features and signs of wear.
Join a Community: Engaging with fellow collectors through clubs or online forums can provide valuable insights and opportunities for trading or purchasing.
Store Coins Properly: Protect your collection by using appropriate storage solutions, such as coin holders or albums, to avoid damage.
Be Patient: The coin market can be unpredictable, and values may change over time. Patience is essential when collecting and investing.
Conclusion
The 1979 penny may seem like a simple piece of currency, but it offers a fascinating glimpse into both American history and the world of coin collecting. With its various mint marks, grading nuances, and unique variations, the 1979 penny can be much more than just a common coin. Whether you’re a seasoned collector or just beginning your journey, understanding the value and significance of the 1979 penny can lead to rewarding discoveries and a deeper appreciation for numismatics. Always consider consulting with professional numismatists or using reliable price guides to get the most accurate valuation for your 1979 pennies. Happy collecting!