By Charles Morgan and Hubert Walker for CoinWeek Notes …..
At a January 4 ceremony held at the Denver Mint, United States Mint Director Eva Adams celebrated the return of mintmarks on U.S. coins, ending a three-year transition period. Enough copper-nickel clad coins were produced to meet the country’s economic need for the first time in years, and the Mint’s concerns that collectors would hoard low-mintage mint-marked coins were alleviated. This was made possible by a provision of Public Law 90-29, enacted on June 24, 1967.
Collectors warmly welcomed the return of mintmarks, as they could now resume normal collecting activities. For 1968, one-cent coins made up the majority of the Mint’s overall production. Business-strike cents were produced at Philadelphia and Denver and the Proof version was struck at the San Francisco Assay Office (formerly the San Francisco Mint) and carried the “S” mintmark.
1968 Lincoln Cents have a distinctive look due to the Mint’s use of worn master hubs. The fine detail of Victor David Brenner’s portrait of President Abraham Lincoln is not present. Instead Lincoln is rounded, the fields are somewhat sunken, and the top of the letters of the motto IN GOD WE TRUST and the “L” of LIBERTY touch the raised rim. Designer Frank Gasparro’s Lincoln Memorial reverse image is often warped at the steps and columns with fine detail missing. A new master hub would be prepared for 1969, and the difference in appearance between the two issues is quite striking.
Much Ballyhooed General Motors Roller Press Experiment Fails
On September 18, the cornerstone was laid for the fourth Philadelphia Mint, located on Independence Mall. The new facility represented a major step forward for the Mint Bureau as it now had the world’s largest and most technologically advanced coining facility. Many of its new capabilities were put to good use, but not everything went according to plan.
As part of the Mint’s efforts to increase capacity, a contract was given to General Motors to build a high-efficiency press capable of striking 144 coins per revolution and up to 10,000 coins per minute.
The test coin pictured above was struck in 1967 or 1968 by General Motors from a design created by Frank Gasparro using dies supplied by Philadelphia. The inscribed 30 M references the position of the die in the press. The General Motors Superpress was installed at the Fourth Philadelphia Mint and 1969 Lincoln Cents struck on the machine were exhibited at the 1969 American Numismatic Association (ANA) Convention, which was held in Philadelphia.
Unfortunately, the Superpress was a spectacular failure. The intense heat and pressure caused by the high-speed rolling and striking caused critical die failure within 20 minutes of use. The press also failed to strike coins of acceptable quality. The Mint quickly gave up on the technology and the Superpress sat unused for a few years before its eventual removal.
Collecting the 1968 Lincoln Cent
The 1968 Lincoln Cent struck at the Philadelphia Mint is 40% less common than the 1968-D. Yet neither coin is scarce, as Philly pumped out more than 1.7 billion 1968 cents. It follows that the numismatic premium would amount to little more than a convenience fee. Brilliant Uncirculated (BU) rolls of Mint State examples sell on eBay for about $5 each – about 10¢ per coin. The most recent edition of the Guide Book has MS65RD coins priced at $1 each, which is probably aggressive, considering that one can purchase a 1968 Uncirculated Coin Set with one of every coin issued that year–including the 40% silver Kennedy Half Dollar–for $10. The Mint produced 2,105,128 Uncirculated Sets in 1968, and these offer a good value for the money. If one is solely interested in acquiring the 1968 Lincoln Cent, we estimate that a fair over-the-counter price in Mint State Red “raw” condition is between 35¢ and 50¢.
It is possible to find circulated AU or better examples in circulation. Americans are notorious for saving small change in rolls, jars, and jugs, and on occasion these accumulations will be deposited at a bank or an automated coin vending machine, only to reenter circulation. Acquiring coins in this manner to build a set has long been a popular pastime for a segment of the collecting community known as “coin roll hunters”.
Collecting the 1968 Lincoln Cent as a certified coin attaches additional costs and considerations. To date (September 2024), the leading grading services have combined to grade only 1,797 pieces, which is 0.0001% of the total mintage. In other words, today’s census data does not reflect the coin’s overall scarcity or condition rarity.
Sufficiently incentivized, dealers and collectors could produce a sufficient quantity of fresh uncirculated coins to initiate a surge of submissions. This would lead to price declines if, say, the certified population of 1968 Lincoln Cents in MS67+RD increased from four to 50.
At present, MS66RD appears to be the terminal grade for the issue. Examples sell for about $20, slightly above the cost of submission for bulk orders. MS67RD coins sell for a significant markup due to the fact that fewer than 100 have (so far) been certified. Coins with good eye appeal and devoid of staining have sold in recent months for $400 and above.
PCGS tops out its census at MS67+RD, with four pieces certified. NGC maxes out at MS68RD, with one. The first PCGS MS67+RD appeared at auction in 2018, where it brought $2,880. The sole NGC MS68RD was sold in August 2023 for a significant discount over the four public auction appearances of PCGS MS67+RD coins.
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Market Data and Noteworthy Specimens
Top Population: PCGS MS67+RD (4, 9/2024), NGC MS68RD (1, 9/2024), and CAC N/A (0:0 stickered:graded, 9/2024).
- NGC MS68RD #6604084-002: GreatCollections, August 13, 2023, Lot 1011089 – $1,293.75. Top pop, pop one when offered.
- PCGS MS67+RD #46281685: Heritage Auctions, November 6, 2023, Lot 92250 – $3,360. Fourth PCGS coin graded MS67+RD.
- PCGS MS67+RD #37906383: GreatCollections, August 11, 2019, Lot 716758 – $2,531.25. Third PCGS coin graded MS67+RD.
- PCGS MS67+RD #37866201: GreatCollections, August 4, 2019, Lot 666554 – $1,968.75. Second PCGS coin graded MS67+RD.
- PCGS MS67+RD #35012761: Stack’s Bowers, August 15, 2018, Lot 536 – $2,880. Pop one, none finer when offered.
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Design
Obverse:
The obverse of the 1968 Lincoln Cent was designed by Victor David Brenner and appears largely as it did when the type was first minted in 1909. The main difference on the 1968 obverse versus the 1909 version is the location of Brenners’ initials V.D.B., which were added under President Abraham Lincoln’s bust in 1918 after their removal from the reverse in late 1909. The date 1968 appears to the right of Lincoln, and the motto IN GOD WE TRUST appears above. On the coin’s left is the word LIBERTY.
Reverse:
Frank Gasparro designed the Lincoln Memorial reverse that replaced the original 1909 Brenner wheat stalk design starting in 1959. Gasparro’s initials FG appear on the lower-right side of the Memorial. Below the edifice and along the rim is the denomination ONE CENT, while the legend UNITED STATES OF AMERICA runs along the top half of the coin 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 1968 Lincoln Cent is plain or smooth.
1968-D Lincoln Cent Designers
Lithuanian-born coin designer Victor David Brenner is best known for his iconic design for the Lincoln Cent (1909-Present) (View Designer’s Profile).
Frank Gasparro was an American medalist and coin designer. He began work at the United States Mint in 1942 under John Sinnock, was Assistant Engraver under Gilroy Roberts, and served as Chief Engraver himself from 1965 through 1981. Gasparro died in 2001. (View Designer’s Profile).
Coin Specifications
| Country: | United States of America |
| Year of Issue: | 1968 |
| Denomination: | One Cent (USD) |
| Mintmark: | None (Philadelphia) |
| Mintage: | 1,707,880,970 |
| Alloy: | .950 copper, .050 tin and zinc |
| Weight: | 3.11 g |
| Diameter: | 19.05 mm |
| Edge: | Plain |
| OBV Designer: | Victor David Brenner |
| REV Designer: | Frank Gasparro |
| Quality: | Business Strike |
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