By Charles Morgan and Hubert Walker for CoinWeek Notes …..
The 1988 Lincoln penny is a one-cent coin struck for circulation on the Philadelphia Mint. The coin is fabricated from copper-plated zinc and includes a low-relief likeness of President Abraham Lincoln on the obverse and the Lincoln Memorial in Washington, D.C. on the reverse. Philadelphia struck a prodigious 6,092,810,000 Lincoln pennies in 1988, and the cash proceed circulating right this moment. Nonetheless, most now exhibit a toned look and put on on the small print.
1988 Lincoln pennies are extra widespread than these struck in 1986 and 1987, due to a surge in demand for cash April by way of July that considerably decreased the United States Mint’s inventory (the Mint reported an 8.8% enhance in cent demand over Fiscal 12 months 1987, although demand for different cash was rising at a better charge). To keep away from a coin scarcity, the Mint licensed its workers to work additional time.
To provide such a big amount of pennies, the Mint consumed over 58 million kilos of one-cent blanks in Fiscal 12 months 1988. From FY87 to FY88, the price of cent manufacturing elevated by 1.4% to $639 per $1,000, in keeping with the Mint Director’s Annual Report.
What to Know Earlier than You Purchase or Promote a 1988 Lincoln Penny
Circulated 1988 Lincoln pennies carry little, if any, premium over their one-cent face worth and could be spent safely. Mint State specimens are plentiful as collectors saved tens of 1000’s of rolls. Moreover, Alternative and higher examples of each circulating coin struck on the Philadelphia and Denver mints could be acquired by buying a U.S. Mint 1988 Uncirculated Coin Set.
The 1988 Lincoln penny is one in all 10 cash within the set. These units had a face worth of $1.82 and had been bought at an preliminary retail worth of $7 ($19.09 in 2024 inflation-adjusted {dollars}). The Mint bought 1,646,204 of those units, which is on the low finish of typical for the interval. 1988 Uncirculated Coin Units seem often on eBay and promote for $10 or much less.
The situation of the cash discovered inside these units will fluctuate, however the cash included within the Eighties cents are sometimes Gems that will grade MS65 or higher if submitted to CAC, NGC, or PCGS for grading.
To submit a coin for certification, one will need to have submission privileges to one of many main companies. These privileges can be found to the general public for a small price. Moreover, submitting a 1988 Lincoln penny for grading prices between $17 and $23, relying on the service, plus a transport and dealing with price. When all is claimed and executed, anticipate to pay $30 to find out which Mint State grade your penny qualifies for. If the coin grades something lower than MS67RD, the submitter will doubtless lose cash for his or her effort.
Many a long time from now, the scenario could also be totally different. For the time, nonetheless, it prices extra to certify a Very good Gem 1988 Lincoln penny than it prices to amass one uncooked.
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Market Information and Noteworthy Specimens
The PCGS inhabitants of extremely high-end 1988 Lincoln pennies has elevated from 22 at MS68RD with none finer on the finish of 2016 to 33 at MS68RD with 5 finer, together with three at MS69RD. As we talked about within the earlier part of this text, the pool of Very good Gem cash in Uncirculated Units has not been exhausted and with PCGS snug making use of the MS68+RD and MS69RD grades, it could not be a shock to see the inhabitants proceed to climb, albeit at a sluggish tempo, within the coming years.
MS68RD cash, when that was the highest pop grade, bought for $600 or extra {dollars} a decade in the past however now commerce for $300 much less.
On the time this text was printed, just one coin earned NGC’s prime pop grade of MS68+RD. That coin appeared at a September 2024 GreatCollections sale and realized $489.38. That is primarily what an upper-end instance of a PCGS MS68RD may commerce for on day. In April 2023, the identical firm bought a PCGS MS68+RD for roughly twice as a lot.
Two of the three PCGS MS69RD cash have additionally bought at GreatCollections, whereas the third bought on eBay. Chronologically, the primary PCGS MS69RD reported sale occurred on October 31, 2021, when the top pop, pop one coin sold for $6,581.25. This worth was crushed two months later when a second example sold on eBay for $7,500. The third public sale look for 1988 Lincoln Penny in PCGS MS69RD occurred on April 28, 2024, where that coin hammed $5,906.25.
Earlier than one assumes their 1988 Lincoln penny may grade MS69RD, have a look at the picture on the prime of this text. That coin graded MS68.
Prime Inhabitants: PCGS MS69RD (3, 12/2024), NGC MS68+RD (1, 12/2024), and CAC MS67RD (1, 12/2024).
- PCGS MS69RD #49240943: GreatCollections, April 28, 2024, Lot 848345 – $5,906.25.
- PCGS MS69RD #43055196: eBay, December 11, 2021 – $7,500.
- PCGS MS69RD #42808435: GreatCollections, October 31, 2021, Lot 1071002 – $6,581.25.
- PCGS MS68+RD #47061699: GreatCollections, April 2, 2023, Lot 1265207 – View.
- NGC MS68+RD #6819789-002: GreatCollections, September 29, 2024, Lot 1381349 – $489.38. Prime pop, pop one at NGC when provided.
- PCGS MS68RD #73387481: Heritage Auctions, November 6, 2023, Lot 92322 – $1,320; GreatCollections, November 3, 2024, Lot 1682668 – $298.12.
- PCGS MS68RD #81203072: Heritage Auctions, November 6, 2023, Lot 92323 – $576. Huge AM, FS-901.
- PCGS MS68RD #35754844: Stack’s Bowers, Could 29, 2019, Lot 5350 – $168; GreatCollections, August 25, 2019, Lot 737411 – View.
- PCGS MS68RD #82616620: Stack’s Bowers, November 9, 2017, Lot 1184 – $340 Reserve Not Met.
- PCGS MS68RD #33578250: Heritage Auctions, March 6, 2016, Lot 7126 – $399.50; GreatCollections, April 15, 2018, Lot 53679 – View.
- PCGS MS68RD #73387481: Heritage Auctions, June 8, 2013, Lot 7321 – $528.75.
- PCGS MS68RD #08832995: Heritage Auctions, Could 14, 2007, Lot 7337 – $632.50; Heritage Auctions, September 6, 2014, Lot 7167 – $881.25; Heritage Auctions, January 29, 2017, Lot 29093 – $258.50.
- PCGS MS68RD: “Near Good Assortment #1 All-Time Most interesting Lincoln Memorial Cents-Primary Set on the PCGS Registry,” Stack’s, June 17, 2010, Lot 1426 – $900 Reserve Not Met.
- PCGS MS68RD #21010039: Heritage Auctions, September 18, 2003, Lot 5744 – $660.
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Design
Obverse:
The obverse of the 1988 Lincoln penny was designed by Victor David Brenner and seems largely because it did when the sort was first minted in 1909. The primary distinction between the trendy obverse versus the 1909 model is the placement of Brenner’s initials, V.D.B., which had been added underneath Lincoln’s bust in 1918 after their removing from the reverse in late 1909. The 12 months 1988 seems to the proper of Lincoln. The motto IN GOD WE TRUST seems above the president, and behind him (viewer’s left) is the phrase LIBERTY.
Reverse:
Frank Gasparro designed the 1959 Lincoln Memorial reverse, changing the unique 1909 Brenner wheat stalk design. Gasparro’s initials FG seem on the lower-right aspect of the Lincoln Memorial. The denomination written out as ONE CENT is beneath the Memorial and alongside the rim, 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 1988 Lincoln Penny is apparent or easy.
Lincoln Memorial Cent Designers
Lithuanian-born coin designer Victor David Brenner is finest identified for his iconic design for the Lincoln Penny (1909-Current) (View Designer’s Profile).
Frank Gasparro was an American medalist and coin designer. He joined the Mint’s Engraving Division in 1942 underneath John R. Sinnock and labored underneath Gilroy Roberts as Assistant Engraver. Gasparro succeeded Roberts as Chief Engraver of the U.S. Mint on February 23, 1965, and served till January 16, 1981. He died on September 29, 2001 (View Designer’s Profile).
1988 Lincoln Penny Coin Specs
| Nation: | United States of America |
| 12 months of Concern: | 1988 |
| Denomination: | One Cent (USD) |
| Mintmark: | None (Philadelphia) |
| Mintage: | 6,092,810,000 |
| Alloy: | Copper-plated zinc (core: .992 zinc, .008 copper) |
| Weight: | 2.50 g |
| Diameter: | 19.05 mm |
| Edge: | Plain |
| OBV Designer: | Victor David Brenner |
| REV Designer: | Frank Gasparro |
| High quality: | Enterprise Strike |
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