If you got an old 1971 Lincoln Penny in your coin jar, you could get instantly rich! Why? Because this small cent can be worth up to $17,500 today. Let’s find out if your 1971 penny is also a hidden gem in this detailed price guide that’ll give you a walkthrough of all valuable features to spot!
The average value of a 1971 Lincoln penny in circulated condition ranges around 2 cents, while that of one in uncirculated condition or with rare flaws or features can reach up to $10,000!
1971 Lincoln Memorial Cent History
The Lincoln penny was first introduced in 1909 to commemorate the centennial of President Abraham Lincoln’s birth. The coin was designed by Victor David Brenner and originally featured a wheat reverse design until 1959, when it was changed to the Lincoln Memorial.
In 1971, the U.S. Mint produced these coins in large quantities due to high demand. The total mintage for the year reached approximately 2.5 billion coins across various mint locations.
Apart from being one of the last copper pennies, the 1971 Lincoln penny is also significant for its potential minting errors and varieties, which can greatly increase its value among collectors.
| 1971 Lincoln Memorial Cent | Key Features & Facts |
| Coin Composition | 95% Copper, 5% Tin and Zinc |
| Minting Location | Philadelphia, Denver, San Francisco |
| Minting Year | 1971 |
| Face Value | 1-cent (0.01$) |
| Weight | 3.11 grams |
| Diameter | 19.05 mm |
| Thickness | 1.52 mm |
| Designer | Victor David Brenner, Frank Gasparro |
| Mint Marks | D – Denver Mint, S – San Francisco Mint, No Mint Mark – Philadelphia Mint |
| Total Mintage | Around 5,358,889,792 coins |
Identifying a 1971 Lincoln Cent Design & Composition
Before you begin assessing the value of your 1971 cent, it’s important to identify its unique design elements, composition, and dimensions to make sure it’s a genuine coin.
1971 Lincoln Penny Obverse:
- A right-facing portrait of Abraham Lincoln
- The words “IN GOD WE TRUST” above Lincoln’s head
- The word “LIBERTY” to Linconl’s back
- The mint date “1971” to the right of Lincoln’s chest
- The mint mark D or S, if present, below the mint year
1971 Lincoln Penny Reverse:
- Image of the Lincoln Memorial at the center
- The words “UNITED STATES OF AMERICA” along the upper edge
- The words “E PLURIBUS UNUM” right above the building
- The denomination “ONE CENT” in large font at the bottom
- The designer’s initials, “FG” for Frank Gasparro, to the right of the building staircase
1971 Lincoln Penny Composition & Other Features
Just like all pre-1982 cents, the 1971 Lincoln penny was also composed of bronze alloy with 95% copper and 5% zinc, which gave its unique red luster. The coin weighs approximately 3.11 grams or 0.110 ounces.
As for its physical characteristics, the 1971 cent measures 19.05 millimeters or 0.75 inches in diameter and 1.52 millimeters or 0.059 inches in thickness. The edge of this small coin is smooth, which distinguishes the Lincoln cent from other old coins!
Finding a 1971 Lincoln Penny Value (4 Key Factors)
| Coin Grades | Condition Details | 1971 No Mint Mark Penny Value | 1971 D Penny Value | 1971 S Penny Value |
| Poor (0) to Extremely Fine (XF45) | Significant wear, faded but visible details | 1-2 cents | 1-2 cents | 1-2 cents |
| Almost Uncirculated (AU50) to Mint State (AU58+) | Slight wear on highest points, visible marks or blemishes | 20 cents to 50 cents | 10 cents to 30 cents | 15 cents to 40 cents |
| Mint State (MS60 – MS64) | Uncirculated with minimal wear | $1 – $7 | $1 – $6 | $2 – $6 |
| Mint State (MS65 – MS66+) | Nearly flawless with very minor imperfections | $8 – $60 | $7 – $40+ | $7 – $90 |
| Mint State (MS67 – MS67+) | Well-preserved with no major flaws | $90 – $4,600+ | $100 – $1,500+ | $200 – $4,500 |
| Mint State (MS68 or Above) | Nearly perfect, luster, no major marks or flaws | N/A | N/A | N/A |
There are several factors that influence the final value of an old 1971 Lincoln Memorial penny, including its condition, mint marks, variety, type, and errors. Let’s understand what role each factor plays!
1. Coin Grading and Condition
The first and most vital factor that impacts your 1971 penny worth is its condition. The better the condition, the more valuable the coin. Now, the coins are graded professionally on a scale ranging from PO-1 to MS-70, with higher grades indicating better condition.
1971 Lincoln cents in high grades, such as MS-67+ or above, can fetch up to $5,000. On the other hand, the same coin in an MS-65 or lower grade will only be worth $5-$10!
Note: For best value, get your coin graded by professional grading facilities, such as PCGS (Professional Coin Grading Service) and NGC (Numismatic Guaranty Company).
2. Coin Toning & Color of 1971 Lincoln Penny
While all new coins are red, the color of the 1971 Lincoln penny can vary over the years due to toning, which affects its value. Depending on the intensity of toning, there are three designations a Lincoln cents:
- Red (RD): 1971 cents with their original bright red color are graded Red and are highly desirable. In uncirculated conditions, RD 1971 pennies can fetch $5 to a few thousand dollars, depending on grades.
- Red-Brown (RB): RB-graded pennies feature a mix of red and brown hues due to partial toning. Red and Brown 1971 pennies can still fetch around $5 to $10 in an uncirculated state.
- Brown (BN): This designation indicates a 1971 penny that has oxidized over time, appearing mostly brown. Brown cents are often worth around 1 cent unless they have rare features.
3. 1971 Penny Mint Marks & Mintage
A coin’s total mintage and mint marks can greatly affect its value. Although the total production of the 1971 Lincoln Cent was quite high, the mintage and the mint marks from different locations, such as Philadelphia, Denver, and San Francisco, were different.
1971 No Mint Mark Lincoln Penny (Mintage – 1,919,490,000)
The Philadelphia Mint produced over 1.9 billion Lincoln cents in 1971, distinguished by their no mint mark obverse.
Quite common in average condition, 1971 no-mint mark penny coins are worth around $0.01. Uncirculated cents can be worth $2 to $180, with MS-67+ or above grades reaching $4,600 or more!
1971 D Lincoln Penny (Mintage – 2,911,045,600)
The Denver Mint produced even more Lincoln pennies than the Philadelphia Mint, crossing over 2.9 billion coins. Although the 1971 D penny is more common than the no-mint-mark version, its value in circulated condition ranges around $0.01.
In mint state, a 1971 D Lincoln penny can range from $2 to $300 in MS-61 to MS-67. MS-67+ or higher examples can fetch thousands. However, no such cents have been found or graded yet!
1971 S Lincoln Penny (Mintage – 525,133,459)
The San Francisco Mint struck over 525 million 1971 cents, making them slightly rarer than others. While an average coin is still worth a few cents, a mint-state 1971 Lincoln penny can fetch $5 to $480 in MS-61 to MS-67 grades, with MS-67+ or higher grades reaching $4,500, like the one sold on eBay, as per PCGS!
1971 S Penny Proof (Mintage – 3,220,733)
Apart from releasing business strike cents, the San Francisco Mint produced over 3.2 million proof 1971 Lincoln Memorial cents. Although these coins bear an S mint mark like the regular 1971 S pennies, you can distinguish them by their reflective proof finish and extremely sharp details.
The proof variety of Lincoln Penny is also categorized in three designations:
- Regular Proof (PR): A standard-proof 1971 S-proof penny that displays the typical proof features and high-quality finish. Values of these proof coins range from $5 to $30, depending on proof grades.
- Cameo (CAM) Proof: Proof coins with a strong contrast between the frosted designs and mirror-like backgrounds are graded CAM. Their unique features make them more desirable, increasing their values to $20-$130 in high grades, like PR-68 and PR-69.
- Deep Cameo (DCAM) Proof: These 1971 proof cents feature a sharper contrast on both sides. Most collectible of all, a high-grade 1971 1C DCAM coin can fetch up to $3,000. For example, a 1971-S 1c PR-69 DCAM coin sold for $2,950 at the David Lawrence auction!
The highest price released for a PR-69 1971-S DCAM penny is $17,250 on Heritage Auctions!
4. Valuable 1971 Lincoln Penny Errors
The last factor that influences your 1971 penny worth is mint errors. Certain errors during the striking process can make the coin extremely rare and valuable. Here are the ones you must look for:
Struck on a Thick Planchet
This error is caused by an oversized planchet being fed into the press. This rare 1971 penny coin will appear noticeably thicker and heavier than normal (over 3.11 grams). Check edge thickness as well.
The value of these error coins ranges from $50-$200, depending on the thickness difference and overall condition.
Struck on an Aluminum Planchet
This error happens when a planchet intended for aluminum coins (possibly experimental or foreign) mistakenly enters the press for Lincoln cents. In the ’70s, the U.S. Mint was experimenting with aluminum as a potential replacement for copper in cents, which could explain the production of such coins.
A rare 1971-S Aluminum penny graded AU58 by PCGS sold for a staggering price of $8,050 on Heritage Auctions!
Double Die Obverse
A double die obverse occurs during die production when the hub impresses the die twice at slightly different angles. The doubled design was then impressed with the 1971 penny.
To spot this penny error on a regular or proof coin, look for doubling on the obverse lettering of “LIBERTY”, the mint date, and Lincoln’s features, using a magnifier. 1971 DDOs are generally minor.
A 1971 Lincoln penny with DDO can be worth $100 to $3,500 in MS-61 to MS-66+ grades. The most expensive 1971 DDO penny is one that sold for $10,925 at Bowers & Mererrena auctions!
Struck Through Error
This error happens when a foreign object gets between the die and planchet during the striking of a 1971 penny. It can be identified by unusual textures, indentations, or missing details on the coin’s surface. Depending on the appearance and condition, the value of this error ranges from $10-$100+.
Off-Center
This error results from misaligned dies or improperly fed planchets, causing a part of the design to be missing, with a blank crescent on the coin. Most off-center 1971 cents are worth $20-$250.
While these errors are highly collectible, don’t overlook common errors such as curved clips and repunched mint marks. They can also increase your penny’s worth. Once you have analyzed all the special features, you can find the best value for your 1971 Lincoln cent!
