By Charles Morgan and Hubert Walker for CoinWeek Notes …..
The 1988 Lincoln penny is a one-cent coin struck for circulation at the Philadelphia Mint. The coin is made of copper-plated zinc and features 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 coins continue circulating today. However, most now exhibit a toned appearance and wear on the details.
1988 Lincoln pennies are more common than those struck in 1986 and 1987, thanks to a surge in demand for coins April through July that significantly decreased the United States Mint’s stock (the Mint reported an 8.8% increase in cent demand over Fiscal Year 1987, though demand for other coins was growing at a higher rate). To avoid a coin shortage, the Mint authorized its employees to work overtime.
To produce such a large quantity of pennies, the Mint consumed over 58 million pounds of one-cent blanks in Fiscal Year 1988. From FY87 to FY88, the cost of cent production increased by 1.4% to $639 per $1,000, according to the Mint Director’s Annual Report.
What to Know Before You Buy or Sell a 1988 Lincoln Penny
Circulated 1988 Lincoln pennies carry little, if any, premium over their one-cent face value and can be spent safely. Mint State specimens are plentiful as collectors saved tens of thousands of rolls. Additionally, Choice and better examples of every circulating coin struck at the Philadelphia and Denver mints can be acquired by purchasing a U.S. Mint 1988 Uncirculated Coin Set.
The 1988 Lincoln penny is one of 10 coins in the set. These sets had a face value of $1.82 and were sold at an initial retail price of $7 ($19.09 in 2024 inflation-adjusted dollars). The Mint sold 1,646,204 of these sets, which is on the low end of typical for the period. 1988 Uncirculated Coin Sets appear frequently on eBay and sell for $10 or less.
The condition of the coins found within these sets will vary, but the coins included in the 1980s cents are typically Gems that would grade MS65 or better if submitted to CAC, NGC, or PCGS for grading.
To submit a coin for certification, one must have submission privileges to one of the leading services. These privileges are available to the public for a small fee. Additionally, submitting a 1988 Lincoln penny for grading costs between $17 and $23, depending on the service, plus a shipping and handling fee. When all is said and done, expect to pay $30 to determine which Mint State grade your penny qualifies for. If the coin grades anything less than MS67RD, the submitter will likely lose money for their effort.
Many decades from now, the situation may be different. For the time, however, it costs more to certify a Superb Gem 1988 Lincoln penny than it costs to acquire one raw.
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Market Data and Noteworthy Specimens
The PCGS population of ultra high-end 1988 Lincoln pennies has increased from 22 at MS68RD with none finer at the end of 2016 to 33 at MS68RD with five finer, including three at MS69RD. As we mentioned in the previous section of this article, the pool of Superb Gem coins in Uncirculated Sets has not been exhausted and with PCGS comfortable applying the MS68+RD and MS69RD grades, it would not be a surprise to see the population continue to climb, albeit at a slow pace, in the coming years.
MS68RD coins, when that was the top pop grade, sold for $600 or more dollars a decade ago but now trade for $300 less.
At the time this article was published, only one coin earned NGC’s top pop grade of MS68+RD. That coin appeared at a September 2024 GreatCollections sale and realized $489.38. This is essentially what an upper-end example of a PCGS MS68RD might trade for on a good day. In April 2023, the same company sold a PCGS MS68+RD for roughly twice as much.
Two of the three PCGS MS69RD coins have also sold at GreatCollections, while the third sold on eBay. Chronologically, the first PCGS MS69RD reported sale occurred on October 31, 2021, when the top pop, pop one coin sold for $6,581.25. This price was beaten two months later when a second example sold on eBay for $7,500. The third auction appearance for 1988 Lincoln Penny in PCGS MS69RD occurred on April 28, 2024, where that coin hammed $5,906.25.
Before one assumes their 1988 Lincoln penny could grade MS69RD, look at the image at the top of this article. That coin graded MS68.
Top Population: 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. Top pop, pop one at NGC when offered.
- 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. Wide AM, FS-901.
- PCGS MS68RD #35754844: Stack’s Bowers, May 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, May 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: “Close to Perfect Collection #1 All-Time Finest Lincoln Memorial Cents-Basic 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 appears largely as it did when the type was first minted in 1909. The main difference between the modern obverse versus the 1909 version is the location of Brenner’s initials, V.D.B., which were added under Lincoln’s bust in 1918 after their removal from the reverse in late 1909. The year 1988 appears to the right of Lincoln. The motto IN GOD WE TRUST appears above the president, and behind him (viewer’s left) is the word LIBERTY.
Reverse:
Frank Gasparro designed the 1959 Lincoln Memorial reverse, replacing the original 1909 Brenner wheat stalk design. Gasparro’s initials FG appear on the lower-right side of the Lincoln Memorial. The denomination written out as ONE CENT is below the Memorial and along the rim, while the legend UNITED STATES OF AMERICA runs along the top half of the reverse along the rim. Between the top of the Lincoln Memorial and UNITED STATES OF AMERICA is the motto E PLURIBUS UNUM.
Edge:
The edge of the 1988 Lincoln Penny is plain or smooth.
Lincoln Memorial Cent Designers
Lithuanian-born coin designer Victor David Brenner is best known for his iconic design for the Lincoln Penny (1909-Present) (View Designer’s Profile).
Frank Gasparro was an American medalist and coin designer. He joined the Mint’s Engraving Department in 1942 under John R. Sinnock and worked under Gilroy Roberts as Assistant Engraver. Gasparro succeeded Roberts as Chief Engraver of the U.S. Mint on February 23, 1965, and served until January 16, 1981. He died on September 29, 2001 (View Designer’s Profile).
1988 Lincoln Penny Coin Specifications
| Country: | United States of America |
| Year of Issue: | 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 |
| Quality: | Business Strike |
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