The 1960 Lincoln penny is a one-cent coin produced by the US Mint and remains a popular choice among coin collectors. With over 60 years of history, this penny holds a significant place in the coin world. Whether you’re a seasoned collector or just curious about its value and characteristics, here’s everything you need to know.
What Makes the 1960 Lincoln Penny Special?
The 1960 Lincoln penny is composed of 95% copper, with the remaining 5% made up of tin and zinc. This composition was consistent for Lincoln pennies from 1909 to 1982, except for the year 1943, when copper was replaced with zinc-coated steel due to World War II metal shortages. Starting in 1982, the penny’s composition changed to 97.5% zinc and 2.5% copper.
Key features of the 1960 Lincoln penny include:
- Weight: 3.11 grams
- Diameter: 19 mm
- Edge: Plain
The Lincoln penny has been in production since 1909, making it one of the longest-running coin series in US Mint history.
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Design of the 1960 Penny
Victor David Brenner designed the Lincoln penny’s obverse (front side) in 1909, featuring a detailed image of Abraham Lincoln. This iconic design remains in use today, making it a timeless piece. On the reverse side, the penny originally featured a “wheat” design, which was replaced by the Lincoln Memorial in 1959. Therefore, the 1960 penny was only the second year with the Lincoln Memorial design.
Varieties of the 1960 Penny
One of the unique aspects of the 1960 Lincoln penny is the two date varieties: the small date and the large date. The US Mint in Philadelphia and Denver both produced these varieties. The small date version was created first, but after discovering a flaw in the die, the Mint introduced the large date to prevent further issues.
The small date varieties are rarer than the large date versions, making them more valuable to collectors.
Variety Overview:
- 1960 D Lincoln Penny (Denver Mint): 1.58 billion minted
- 1960 P Lincoln Penny (Philadelphia Mint): 586 million minted
- 1960 Proof Penny (Philadelphia): 1.69 million proof coins
The large date varieties were more commonly produced, while the small date pennies are considered more sought after due to their limited numbers.
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Notable Error Coins from 1960
Given the mass production of pennies in 1960, it’s no surprise that several error coins made their way into circulation. Error coins can significantly increase the value of a coin. Here are a few examples of 1960 penny errors:
- Repunched Mintmark (RPM): This error occurs when the mintmark “D” from the Denver Mint is punched twice. While this might be subtle, noticeable RPM errors can increase a coin’s value.
- Cracked Skull Error: This error features a die crack on Lincoln’s head, giving it the appearance of a “cracked skull.” Coins with such visible errors can become highly collectible.
- Doubled Die Error: This happens when the die strikes the coin twice at slightly different angles, creating a doubling effect. Collectors prize doubled die coins, especially if the doubling is noticeable.
How Much Is a 1960 Penny Worth Today?
The face value of a 1960 Lincoln penny is one cent, and since it contains no precious metals, its melt value is around two cents due to its copper content. However, depending on its condition and rarity, some 1960 pennies are worth much more.
- Circulated coins usually range in value from $0.01 to $0.35.
- Uncirculated coins from Philadelphia can fetch up to $11 or more.
- Error coins or coins in superb condition can sell for thousands at auction.
For example, a 1960 D Lincoln penny with a large date in superb uncirculated condition (MS 67) sold for $20,000 in 2018. Similarly, proof coins with a small date have also fetched high prices.
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Grading System for 1960 Lincoln Pennies
Like all coins, the value of the 1960 Lincoln penny depends on its grade. Coin graders use the Sheldon Scale, a 70-point system, to determine a coin’s condition, with MS-70 being a perfect coin. Here’s a brief overview of the most common grades:
- G-4 (Good): Heavily worn but recognizable.
- VF-20 (Very Fine): Moderate wear, with finer details still visible.
- AU-58 (Almost Uncirculated): Slight traces of wear, excellent eye appeal.
- MS-65 (Mint State): Uncirculated with minimal contact marks and great luster.
For Lincoln pennies, the color of the coin also affects its grade. Pennies can be designated as Brown (BN), Red and Brown (RB), or Red (RD), with redder coins being more valuable.
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Where to Buy or Sell a 1960 Lincoln Penny?
Whether you want to buy or sell a 1960 Lincoln penny, you have several options. Online platforms like eBay and dedicated coin sites are popular choices, offering a wide range of buyers and sellers. Local coin shops and antique stores may also have 1960 pennies in stock, but it’s worth calling ahead to confirm.