The Rarity of 1968 Pennies: A Comprehensive Guide

Understanding Coin Collecting: An Introduction to Rarity

Collecting coins is a popular hobby across the globe, with enthusiasts ranging from dedicated starters to experienced experts. Coin rarity plays a crucial role in determining a coin's value and importance. Rarity can be influenced by various factors, such as the year of minting, the mint's location, the method of production, and historical events. One such rare coin is the 1968 penny, which is an anomaly in the world of numismatics due to its scarcity.

Why Are 1968 Pennies Uncommon?

The 1968 penny is exceptionally rare, leading many collectors to wonder why. It turns out that the production of pennies in 1968 and 1969 came to a halt, which is a rare occurrence in the U.S. monetary history. Understanding this can help collectors and enthusiasts appreciate the unique and valuable nature of these coins.

Production Suspension of the 1968 and 1969 Pennies

U.S. Mint records indicate that pennies were not struck in 1968 and 1969 due to the introduction of new copper-nickel clad materials. This decision was made to address rising copper prices, which had reached unprecedented levels. As a result, pennies for that period were made from different alloys, leading to a historic scarcity in these years.

During the years leading up to the production suspension, the U.S. Mint produced significant numbers of pennies to meet circulation demands. However, when the decision was made to switch to the new copper-nickel clad alloy in 1969, the minting process was paused, leaving no pennies struck for those specific years.

Identifying a 1968 Penny

Identifying a 1968 penny is crucial if you believe you might have found one. Here are some key features to look for:

The date '1968' will be clearly visible on the obverse (heads) side of the coin. On the obverse side, you will see a portrait of Abraham Lincoln, the 16th President of the United States. The reverse (tails) side features the Lincoln Memorial. Check for smooth edges, as some counterfeiters may try to create forgeries by refining the edges of the metal.

While these features help distinguish a 1968 penny from other coins, it is always advisable to have any potentially rare coin authenticated by a professional coin dealer or appraiser.

Rarity Factors and Value Considerations

Rarity is a critical factor in determining the value of a coin. In the context of the 1968 penny, its historical and practical scarcity makes it a valuable collectible for both novice and experienced collectors. However, it is important to consider several factors when evaluating the value of a rare coin:

Historical Context and Significance

The historical and cultural significance of a coin can greatly influence its value. The 1968 penny holds a unique place in numismatic history, as it represents a temporary halt in the production of a key U.S. currency. Collectors and researchers view this as a significant event that impacted the monetary system of the time.

Condition and Preservation

The condition and preservation of a coin are also crucial in determining its value. A well-preserved 1968 penny can fetch a much higher price than one that has been circulated extensively or shows signs of wear. Factors such as wear, discoloration, and edge grain can all affect the coin's grade and, consequently, its value.

Authentication

Verification and authentication are paramount in the world of coin collecting. Authenticating a 1968 penny can be challenging due to the potential for counterfeits. Reputable coin dealers, certified grading services, and professional numismatists can provide authoritative assessments, ensuring that the coin is genuine and its rarity is accurately valued.

Handling and Storage of Rare Coins

Proper handling and storage are essential to preserve the value of rare coins, including the 1968 penny. Here are some tips for collectors and enthusiasts:

Handling Coins

Handle coins with clean, dry hands. Fingertips and oils can leave residues that could damage the coin's surface over time.

Storage Techniques

Store rare coins in acid-free, archival-quality storage containers. Mylar sleeves, coin albums, and flips are popular choices. Avoid contact with other metals, as they can cause corrosion. Keep coins in a dry place away from moisture and extreme temperatures. Consider investing in a humidity and temperature-controlled display cabinet to provide the best possible conditions for long-term preservation.

Conclusion: The 1968 Penny as a Collector's Treasure

The 1968 penny is a prime example of a rare and valuable coin that captures the attention of many collectors. Its historical significance, combined with its rarity, positions it as a unique and coveted item in the world of coin collecting. Whether you are a casual observer or a dedicated numismatist, understanding the value and rarity of the 1968 penny can deepen your appreciation for the hobby and enrich your collection.

For those interested in diving deeper into the world of rare coins, consulting with expert coin dealers, attending numismatic conventions, and exploring online resources can provide valuable insights and further enhance your understanding.