An old 1978 Lincoln penny might look like an ordinary copper coin worth a few cents at first glance. But you’ll be surprised to know that this small cent recently sold for over $4,300 in a coin auction! If you want to know whether your 1978 copper penny could make you rich, too, explore this price guide with expert tips on spotting all the rare features worth money!
Brief History of the 1978 Lincoln Memorial Cent
The 1978 Lincoln Penny continued the legacy of the Lincoln Cent series but with the new Lincoln Memorial reverse that replaced the traditional wheat reverse in 1958. The U.S. Mint produced these cents at three facilities in 1978: Philadelphia (no mint mark), Denver (D), and San Francisco (S).
Total production was substantial, with Philadelphia striking approximately 5.558 billion pieces, Denver producing about 4.122 billion, and San Francisco minting around 3.127 billion pieces. San Francisco also produced proof versions for collectors.
These coins are among the last of the original copper Lincoln cents; the composition would change to copper-plated zinc in 1982. In today’s market, circulated coins from this year are worth around the face value unless they exhibit errors or exceptional preservation.
| 1978 Lincoln Memorial Cent | Key Features & Facts |
| Coin Composition | 95% Copper, 5% Tin and Zinc |
| Minting Location | Philadelphia, West Point, Denver, San Francisco |
| Minting Year | 1978 |
| Face Value | 1-cent (0.01$) |
| 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 | 9,841,966,181 coins |
Spotting a Real 1978 Lincoln Penny (Design & Features)
Before finding your 1978 Lincoln cent real value, you must verify its design details and other characteristics, such as weight, composition, and size. Knowing these details is crucial in spotting a counterfeit.
1978 Lincoln Penny Obverse:
- A right-facing profile of Abraham Lincoln
- “IN GOD WE TRUST” above Lincoln’s head
- The word “LIBERTY” to Lincoln’s portrait’s left
- “1978” to the Lincoln’s right side
- The mint mark S or D, if present, below the mint year.
1978 Lincoln Cent Reverse:
- The Lincoln Memorial building in the center
- “UNITED STATES OF AMERICA” along the upper rim
- “ONE CENT” written below the building in large font
- “E·PLURIBUS·UNUM” in small font above the Memorial
- The designer’s initials “FG” (Frank Gasparro) on the Memorial’s stairs’ right side
Finding a 1978 Lincoln Penny Value (4 Key Factors)
The average value of an old 1978 Lincoln Memorial penny in circulated condition is around its face value or slightly more. On the other hand, coins in mint condition or with rare features like errors can fetch up to $1,000 or more.
1. Coin Grades & Condition
The condition of your old 1978 Lincoln Memorial penny is the first and most important factor affecting its value. Now, you can analyze the condition by noticing the sharpness of the details on both sides and signs of wear and tear.
However, this same analysis is done by professional coin grading services using a grading scale ranging from P-1 to MS70, where higher grades indicate better conditions. The better the condition or higher the grades, the more the coin’s value.
For the 1978 Lincoln penny, MS67-grade examples can fetch hundreds of dollars, while low-grade coins are worth just a few cents. For example, an MS67+ 1978-P Lincoln cent was bought for a stunning price of $1,120 at eBay, while the same penny only fetches around $5-7 in MS65 grades.
Apart from grades, the Lincoln cents are also assigned three color designations based on the amount of toning or oxidation: Red (up to 95% original red color), Red-Brown (50% original red color), and Brown (only around 5% original red color; 95% toning).
Among these, Red or RD 1978 pennies are worth the most, typically fetching $10 to $500 or more in high grades. Red-Brown or RB cents range from $5-$15 in mint state, while Brown pennies are worth a few cents unless in an extremely high grade or have a rare error.
For example, an MS62BN 1978 penny sold for over $660 on Heritage Auctions. The high price was due to a rare minting error, in which the penny was stuck on a 1978 dime.
2. 1978 Penny Mint Marks & Mintage
The mintage of a coin directly influences its rarity and, hence, value; the lower the mintage, the rare and more collectible the coin.
While the total mintage of over 9.8 billion makes the 1978 penny quite common, coins produced at different locations with unique mint marks impact their rarity and values.
1978 No Mint Mark Penny Value (Mintage – 5,558,605,000)
While most of the old coins with no mint mark were produced at the Philadelphia Mint, this was not the case with 1978 penny. Three mint facilities: Philadelphia, West Point, and San Francisco (except for proof coins), produced over 5.55 billion 1978 pennies in total, all without any mint mark.
This high mintage makes the 1978 no mint mark penny quite common, typically worth the face value or a few cents in average condition. In uncirculated condition, these coins can range from $5 to $700 or more!
1978 D Lincoln Penny Value (Mintage – 4,280,233,400)
The Denver Mint is the only facility that produced 1978 Lincoln with a mint mark, making them slightly more collectible. Nonetheless, a circulated 1978 D penny is still worth the face value, while the mint condition red coins can fetch $5 to $500 or more in high grades.
3. 1978-S Lincoln Penny Proof Strike
In addition to the no mint mark pennies, the San Francisco Mint also produced about 3,127,781 proof Lincoln cents in 1978. You can easily distinguish these coins from regular strikes by the sharp “S” mint mark on the obverse and their reflective proof finishes.
Some of these proof coins exhibit a sharp contrast, known as Deep/Ultra Cameo, between the frosted devices (raised designs of Lincoln’s profile and Memorial) and mirror-like background. These proof coins are more valuable than business coins or regular proof coins.
The average value of a DCAM or UCAM 1978 S proof penny ranges from $5 to $20 in PR62 to PR69 grades. Rare PR70 DCAM examples can reach values ranging from $900 to $4,300 or more, like this example sold for an auction record price of $4,313 on Heritage Auctions.
4. Rare 1978 Lincoln Penny Errors List
A minting error that occurs to a single coin or a group during the striking process can significantly impact your 1978 penny value. Here are some most notable errors to find:
Off-center Strike
An off-center strike occurs when the planchet is misaligned between the dies during striking, causing part of its design missing. For 1978 cents, values vary significantly based on the percentage off-center and date visibility.
Minor 10-20% off-centers typically bring $20-40, while more dramatic 50%+ off-centers with full dates can reach $120-300. For example, an MS64RB 1978 penny with 70% Off-center Strike sold for $174, while one with 60% Off-center strike sold for $144 on Heritage Auctions!
Struck on a Dime Planchet
The 1978 cent struck on a dime planchet occurred when a Roosevelt dime blank accidentally made its way into the cent press. This error coin appears smaller, thinner, and lighter than a normal 1978 Lincoln penny (2.27g vs 3.11g). Besides, the design also appears incomplete due to the smaller planchet size.
These wrong planchet errors typically sell for $200-400 in uncirculated grades, like this MS65 example sold for over $400 on Heritage Auctions!
Doublestruck with Second Strike 95% Off
A double-struck error happens when a coin is not ejected after being struck and is struck again, creating two overlapping designs. In this case, the second strike is 95% off-center, appearing almost completely separate from the first.
This rare coin can range from $40 to $200 depending on the coin’s condition and the error’s visibility. A 1978-D Doublestruck penny with 2nd 80% off-center was bought for almost $170. Another example is an MS63BN Doublestruck 1978 penny with 2nd strike 95% off sold for about $75.
Die Cap Error with Brockage
A die cap strike happens when a struck coin sticks to the die and strikes subsequent planchets, creating both a raised cup-shaped area. In this case, a die cap error is combined with a brockage error, adding mirror-image impression to the planchets.
Look for the distinctive “bottle cap” shape and the reversed incuse design to spot this error. As for values, you can expect $100-250 in uncirculated condition for these, like this MS563RB example with 15% brockage sold for almost $140 in coin auction!
In addition to these, DDO, re-punched mint marks, and cud die break errors may also increase your 1978 Lincoln penny value. So, use this guide to spot these errors and other rare features to identify the most valuable 1978 penny worth money!
