By Charles Morgan and Hubert Walker for CoinWeek Notes …..
1974 was an attention-grabbing 12 months in American numismatic historical past. The nation was placing the ending touches on its deliberate Bicentennial celebrations and the United States Mint was gearing as much as produce a variety of commemorative cash and medals to mark the event. The 12 months would additionally mark the ultimate Blue and Brown Pack silver-clad Ike Greenback points, and the Mint was exhausting at work considering the way forward for the nation’s longest-serving denomination, the cent.
From 1971 to 1974, cent manufacturing elevated dramatically, exacerbating a development that started within the mid-Nineteen Sixties when the Mint transitioned from silver to clad coinage. Cent demand was so excessive by the late ’60s, that the Mint resumed manufacturing of circulating cent coinage on the San Francisco Assay Workplace in 1968. By 1974, demand for cents had gotten so excessive that the Mint started to make use of the West Level Bullion Depository to strike them as nicely. By the top of the 12 months, West Level would contribute 128,957,523 cents towards Philadelphia’s reported mintage of 4,232,140,523.
The West Level cents carry no mintmark and, so far as we all know, can’t be differentiated from cash struck at Philadelphia. If unique unopened mint luggage of 1974 cents are ever positioned and will be traced to the power, we might anticipate these cash to convey vital premiums over their Philadelphia Mint counterparts and that the third-party certification business would establish the cash as 1974 (W).
Complicating issues was a development of volatility within the copper market.
Copper costs rose by 43% from 1969 to 1970 earlier than erasing most of these good points by the beginning of ’71. From 1971 to ’74, nonetheless, copper costs rose 12 months to 12 months, reaching nearly 86 cents a pound firstly of ’74.
To deal with this difficulty, the Mint investigated methods to decrease the price of cent manufacturing, deciding on a 96% aluminum alloy as a attainable alternative to bronze.
In complete, the Mint struck roughly 1.5 million 1974-dated aluminum cents on the finish of 1973. On March 27, the cash had been reviewed by the Shopper Affairs subcommittee of the Home of Representatives. After prolonged deliberation and stress from the merchandising business, Congress rejected the aluminum alloy, however did (October 11) authorize the Secretary of the Treasury to scale back the quantity of copper within the cent. By the top of 1974, copper costs receded to an appropriate stage and the bronze alloy remained in use by the remainder of the last decade.
In 1982, the difficulty could be revisited and a brand new alloy manufactured from copper-plated zinc would substitute the bronze cent.
How A lot Is the 1974 Lincoln Cent Value?
Uncirculated Brown or Muted Pink (Pink Brown) Philly enterprise strikes in excessive Mint State (above MS65) can promote for between $10 and $15. Except these cash are spectacularly toned, they haven’t any foreseeable upside and needs to be prevented as a enough variety of vibrant Pink examples survive.
In full Mint State Pink, MS65 examples have a worth of between $10 and $20. The worth of the 1974 Lincoln Cent edges up by just a few {dollars} in MS66 Pink. Our anticipated worth of a coin on this grade is between $20 and $30 – kind of equal to the price of submitting the coin for grading. 1974 cents have a bigger premium in MS67 Pink. One glorious instance was bought in March 2020 at a David Lawrence Uncommon Cash (DLRC) on-line public sale for $90.
PCGS and NGC report a mixed inhabitants of 28 cash in MS68 Pink (NGC has one finer; see under). These cash promote for hundreds of {dollars}. Only a half step down in MS67+ Pink, examples promote for lots of.
As for the worth of the priceless 1974 Aluminum Cent patterns? It is a query we’re requested fairly often at CoinWeek. It’s practically not possible to quantify how unlikely it’s that an genuine instance heretofore unknown by the numismatic neighborhood would flip up, nevertheless it is attainable. Of the 1.5 million examples struck, 11 are believed to be excellent. Of that 11, solely two are identified.
One is at the moment on show on the Smithsonian Establishment’s Worth of Cash exhibit and is completely impounded within the Nationwide Numismatic Assortment, a donation of the US Mint. The second instance was found in 1973, reportedly by U.S. Capitol Police Officer Albert Toven. Based on the story, the coin was dropped by a authorities official after a Congressional listening to on the efficacy of changing the bronze alloy with an aluminum alloy. When Toven supplied it again to the official, the official instructed Toven he may maintain it.
This story has been revealed and repeated a number of occasions all through the years however has all the earmarks of a canopy story. One instructed to “legalize” the personal possession of a sample coin that was not formally launched to the general public. This instance stays in personal palms and was authenticated by PCGS in October 2005 and given the grade MS62. The worth of this instance possible exceeds six figures, however given its legally questionable standing, a possible purchaser could be suggested to train warning when making a suggestion or putting a bid, as a protracted authorized battle over the standing of a privately held 1974-D Aluminum Cent resulted within the coin being returned to the Federal Authorities.
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Market Information and Noteworthy Specimens
Prime Inhabitants: PCGS MS68RD (5, 11/2024), NGC MS68+RD (1, 11/2024), and CAC N/A (0:0 stickered:graded, 11/2024).
- NGC MS68+RD #6605092-001: GreatCollections, June 2, 2024, Lot 1168151 – View.
- PCGS MS68RD #50497514: GreatCollections, October 6, 2024, Lot 1593162 – View. Safe Protect holder.
- NGC MS68RD #6604116-003: GreatCollections, August 27, 2023, Lot 1168533 – View.
- NGC MS68RD #6604017-002: GreatCollections, August 27, 2023, Lot 1168511 – View.
- NGC MS68RD #6604294-003: GreatCollections, August 27, 2023, Lot 1168178 – View.
- NGC MS68RD #6604485-004: GreatCollections, August 27, 2023, Lot 1168152 – View.
- NGC MS68RD #6604784-002: GreatCollections, August 27, 2023, Lot 1168150 – View.
- PCGS MS67+RD #48756078: GreatCollections, Might 19, 2024, Lot 1580555 – View. Safe Protect holder.
- NGC MS67+RD #6604144-002: GreatCollections, August 13, 2023, Lot 1168154 – View; GreatCollections, February 11, 2024, Lot 1526029 – View.
- PCGS MS67+RD #38595742: GreatCollections, July 2, 2023, Lot 1340795 – View.
- PCGS MS67+RD #38909199: GreatCollections, June 18, 2023, Lot 1340148 – View.
- NGC MS67+RD #6604420-002: GreatCollections, June 4, 2023, Lot 1169092 – View.
- PCGS MS67+RD #25392786: David Lawrence Uncommon Cash (DLRC), January 29, 2023, Lot 4086 – $300; Heritage, Might 9, 2023, Lot 23119 – $576.
- NGC MS67+RD #6073396-001: Heritage, October 25, 2022, Lot 27069 – $149.
- PCGS MS67+RD #82925960: Legend Uncommon Coin Auctions, August 27, 2020, Lot 32 – $910.63; Heritage, December 8, 2020, Lot 23158 – $800.40; Heritage, January 5, 2021, Lot 21153 – $630.
- PCGS MS67+RD #38206840: Stack’s Bowers, December 21, 2020, Lot 3218 – $192.
- PCGS MS67RD #04549918: GreatCollections, July 28, 2024, Lot 1621030 – View. Ex: Jack Lee, “Jack Lee” on insert.
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Design
Obverse:
The obverse of the 1974 Lincoln Cent was designed by Victor David Brenner and seems largely because it did when the sort was first minted in 1909. The principle distinction on the 1974 obverse versus the 1909 model is the placement of Brenners’ initials, V.D.B., which had been added beneath President Abraham Lincoln’s bust in 1918 after their elimination from the reverse in late 1909. The date 1974 seems to the correct of Lincoln, and the motto IN GOD WE TRUST seems above. To the left of the sixteenth president is the phrase LIBERTY.
Reverse:
Frank Gasparro designed the 1959 Lincoln Memorial reverse that changed the unique 1909 Brenner wheat stalk design. Gasparro’s initials FG seem on the lower-right facet of the Memorial. Under the edifice and alongside the rim is the denomination ONE CENT, whereas the legend UNITED STATES OF AMERICA runs alongside the highest half of the reverse alongside the rim. Between the highest of the Lincoln Memorial and UNITED STATES OF AMERICA is the motto E PLURIBUS UNUM.
Edge:
The sting of the 1974 Lincoln Cent is apparent or clean, with out reeding or edge lettering.
Designers
Lithuanian-born coin designer Victor David Brenner is greatest identified for his iconic design for the Lincoln cent (1909-Current) (View Designer’s Profile).
Frank Gasparro was an American medalist and coin designer. After serving as an assistant engraver to Gilroy Roberts, he turned the tenth Chief Engraver of the US Mint, serving from 1965-1981. Moreover the Lincoln Cent Memorial Reverse, Gasparro additionally designed the Eisenhower Greenback obverse and common reverse, and Susan B Anthony Greenback. He retired from the Mint on January 16, 1981 (View Designer’s Profile).
1974 Lincoln Memorial Cent Coin Specs
| Nation: | United States of America |
| 12 months of Problem: | 1974 |
| Denomination: | One Cent (USD) |
| Mintmark: | None (Philadelphia and West Level) |
| Mintage: | 4,232,140,523 (consists of 128,957,523 struck on the West Level Bullion Depository) |
| Alloy: | .950 copper, .050 tin and zinc |
| Weight: | 3.11 g |
| Diameter: | 19.00 mm |
| Edge: | Plain |
| OBV Designer: | Victor David Brenner |
| REV Designer: | Frank Gasparro |
| High quality: | Enterprise Strike |
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